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CAPITAL FUND STATEMENT UF OPERATIONS ~~ -- © 2 POW ok P L T ATEMENT OF OUTLAY FOR Pt. (-ORMING SITIES JF rh FOR THE YEAR ENDED DECEMBER 31, 1977 MUNICIPAL COUNCIL IN TERRITORY WITHC JT WUNGEAL RGANIZATION . FOR THE YEAR ENDED DECEMBER 31, . (RECOVERABLE THROUGH LEVY ON ASSESSMENT IN Te APPLICABLE AREAS) Capital Expenditure : " Fixed A d Work i he Set mn ork in Progress 77 976 "| NET EXPENDITURE OF A EXPENDITURE ON ACCOUNT Buildings, Furniture and Equipment 0141 177,748 127,877 NAME OF AREA gf RECREATION COMMITTEE OF VOTERS' LISTS, TOTAL School Sites and Improvements to Sites © 0142" i J ELT TIONS, LEVYING AND : CJLLE" TING TAXES, ETC. Pupil Transportation Vehicles 0143 y 2 3 < g Other 0144 . 33,062 2523 Less Federal Sales Tax Refund 0145 A) Ple (Caron Bay) EY E Total Capital Expenditure 0146 Tort Coldwell 1s 13 3 Fozsport (Lahontan) 32 32 a Capital Financing Jackfish (Syine) 33 33 Unexpended Funds at Beginning of Year, or (Balance at Beginning of year not permanently financed) TOTAL | 0157 » 0158 ' 0159 Elementary 0147 wa 16,23 1% C2 Secondary 0148 Nil See accompanying notes. Long-Term Liabilities issued and sold 0149 126,000 a ! Contributions from Government of Canada 3 } Y i 0150 THE LAKE SUPERIOR BOARD OF EDUCATION 1of2 Capital Expenditure from the Revenue Fund 0151 212,810 113,170 ' Transfer to the Revenue Fund 0152 (97,700 ) ii N28, NOTES TO THE SECONDARY AND ELEMENTARY FINANCIAL STATEMENTS Balance at end of Year not Permanentlv Financed or : CEMB! . (Unexpended Funds at End of Year) Elementary 0153 |. | TRA% ENDED DRCTMRER ML, 1977 Secondary 0154 .€__26,300 ) SAP » 1. Accounting policies Total 212,610 129,400 0 The Board follows accounting practices which are generally accepted for 0155 =A 400. = > . Ontario school boards. Of special significance are the following: See accompanying notes. (i) The accrual method of accounting is used with the exception of PH) '8 wi reporting of charges for long-term liabilities. Principal and STATEMENT OF REVISED NET REVENUE FUND REQUIREMENT og interest are not accrued from the due date of payment to the end of the fiscal year. Z0R_. SCHOOL PURPOSES (ii) Fixed assets are charged to current expenditure unless financed ELEM, OR $2C. % L by long-term debe. Capital purchases charged to expenditure during 'OR THE YEAR ENDED DECEMBER 31, 1977 (OMIT CENTS) 5! the year © $35,244 ( y schools - $17,369; ee oT T "Col 2 is Cola [7X Coie Cai 7 Gis © secondary Te ®s17,875. | H a | | oo | It is the practice of the Board to carry fixed assets at a value | CIR I i | Meine 1977 corresponding with the principal smount of the outstanding School Board | Performi 7. | Aetna 1976, § for 1977 Uoedee debentures and capital loans at the end of each fiscal year. MUNICIPALITY | en LL A fit st (Geer tengo bl. SamerSanz 1] 20, a Buildings and equipment valued at t costs for | 1977 Operetions Gounaibin || Ruswiviioms 1 "thao | EL CEH | Requisition 'esl. 6 ww coverage amount to ly $13,048,000 and | Pr | orion [* racket $1,626,000 respectively. \ | Maniaat i | | pee i | | L (iii) Debentures are as debt in the year I i i of sale. _ Pic (Heron Bay) : 3,849 27 « 201) 3,675 | 4,081 | ¢ 406) 2 Oitier corsint desecs : 1414! | i Revenue Fund Port Coldwell i 1145 9 i 12) ; 1,142 1,263 | (121) Inventory - at cost - items for resale to students C i | L 3 2,563 3 i 172) 2,408 2,683 : C 275) Reseeve: Fund | Jacksish (Syime) 3 27 injom i 50) i 1,957 2,175 ( 28) Accrued interest receivable | i | 16 3 _ Township of Terrace Bay : 252,412 i 2644) ; 235,768 _ 262,686 | (26,918) Nore oars TALITY eomonks Township of Schreiber o 31,778 (3,22 28,566 31,850 3,284, Net long-term liabilities consist of > v : hie) t " £3,204) Unmatured debenture debt %$2,122,267 Township of Harathon ! 265,474 (20,813) 244,661 273,888 | (29,227) Deferred revenue 10,52 i i : IF 2,132,791 Township of Manitouwadge 235,440 " (19,575) i 215,865 241,078 | (25,213) 92,350,701 To | : 1 : i Ea *0f the net long-term liabilities outstanding of $2,122,267 principal i i! | amounting to $854,568 plus interest amounting to $672,764 is payable t 7 he 1 3 TOTALS | 794,69 | 67 i" 60,719) i 734,042 819,704 [¢ 85,662) over the next five years as follows 3 : Principsl Inter Total Ses accompanying notes. 1978 ~ § 174,667 $159,629 § 334,296 1979 182,867 147,181 330,048 STATEMENT OF REVISED NET REVENUE FUND REQUIREMENT 1980 170,867 134,116 304,983 1981 159,16, 121,684 280,851 FOR____ SECO:DARY SCHOOL PURPOSES . 1982 167,000 110,154 277,154 ELEM. OR SEC § 854,568 $672,764 $1,527,332 FOR THE YEAR ENDED DECEMBER 31, 1977 (OMIT CENTS) : = r I 18 ag BREE EA 8 oy ee - THE LAKE SUPERIOR BOARD OF EDUCATION 2¢r2 | Board Tout i og Seren gourd | ied vor Radu stnt 1 NOTES TO THE SECONDARY AND ELEMENTARY FINANCIAL STATEMENTS Requirement | Duties of a : i 177 | igi il | Wren | Gaorw rt CME . YEAR ENDED DECEMBER 31, 1977 | | Tereory lens Col. 5) Col. 7, i ; Nrunicipst | askanid 4. Debt charges and capital loan interest {miei d Stonizetion i H | = The Revenue Fund expenditure for debt charges and ganteal Toan interest | i i ] includes principal and interest payments as follows: -- Pie (Noroa Day). 3,640 #_.( Im 350% = 3,615 1 519) P 1 on 1 abilities $196,153 ot GIR] 1,083 6 | (27 | s02 959 l¢ 157) Interest payments on long-term liabilities 160.284 __ Post 1 = 356 Bosaport (Labontsa) 2,42 15 ¢ wn | 2,192 | 2,51 [( \349) lt n i - __ Jeckeish (Syiso) 1,92 9 | ( 253) | 1,690 1,962 [(. 2712) 5S. Reserve for working funds 25 1 1 I The reserve for working funds at December 31, 1977, is applicable to __Townslip of Terreco Day | 259,837 { 41,036) | 218,800 256,066 | ( 37,265) the elementary and secondary school operations of the Board as follows: Township of Schratber ! 53,358 (8,645) | | 713 30,686 (( 5,971) | Elementary ' $220,438 OND | : { y 253,928 Township of oh 251,203 { 43,091) 208,112 264,916 (36,806) $474,366 TE ante er t + t ------ Township of Manditowwadge | 275,407 ( 46,375) | 229,032 269,486 [( 40,454) | . 1 . Equity in reserve funds ! i | i The equity in reserve funds at December 31, 1977, is applicable to the er T 5 1 + J elementary and secondary school operations of the Board as follows: | ~ " ' . | I Elementary $ 72,250 TOTALS y £48,876 | 67 | ( 140,505) | 708,438 630,229 | ( 121,791) | Secondary 68,051 5 ; | $140,301 See accompanying notes. 7. Areas of jurisdiction without municipal organization The Board performs the duties of levying and collecting taxes in the territories without municipal organization of Pic (Heron Bay), Rossport, Port Coldwell and Jackfish. The amounts required from those areas for 1977 include outlay by the Board in respect of performing duties of a municipal courdeil. This outlay is not included in the Revenue Fund « Statement of Operation of the Board. The amounts are reported by area in » , a separate statement. . - 8. Prior years' adjustments Adjustments to prior years' grants by the Ministry of Education has Y resulted in decreases to the 1976 over requisitions for elementary and secondary schools in the amounts of §1,312 and $6,488 respectively. _ 9. Net expenditures by municipalities The amount of the net expenditures %allocated to each of the participating -- municipalities has been determined on the basis of available information. © Adjustments which may result from re-assessment of provincial grants for current and/or prior years would change these allocations. iA PR 10. Anti-Inflation Legislation 2 Pursuant to the terms of the Federal-Province of Ontario agreement of January 13, 1976, 'the Board is subject to Part IV of the guidelines issued under the Federal Anti-Inflation Act in respect to the restraint of salaries and wages. According to tests and inquiries made the Board appears to have fully complied with the anti-inflation legislation for the cpa dle © o December 31, 1977.