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Terrace Bay-Schreiber News, Wednesday, June 27, 1984, page 11 ur Future Grads! Graduating Class '84 - St. Martin School Pictured above are Carmela Auger, Derek Boucher, Karen Fournier, Linda Gerlach, Denis Jean, David Lalonde, Jill Marcella, KerriLynn McColeman, Jennifer McLeod, Shawn Prill, David Sodaro and Dawn Wawia. Graduating Class '84 - Terrace Bay Public School Pictured above (Back Row I. - r.) John Gosslin, Phil Jenson, Simon Pollard, David Heinrich, Jeff Pope, Karen Kraehling, David Ludington, and Harry Kaari. : Middle Row (i-r) Mr. Ditchfield, Mandy Ray, Kerri Doucet, Monica Wenzlaff, David Scollard, Jeff Meagers, Chris Merkley, Nick vanNes. Front Row (l-r) Lana Phillips, Tracy Moon, Julie Kenny, Cheryl Fowler, Mrs. Wilson and Principal Don Davey. Best Wishes to all of you! Congratulations students! Continued from page 10 _ NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1983 1. ACCOUNTING PRINCIPLES The financial statements have been prepared by the Board using accounting principles that are prescribed by the Ministry of Education and are considered appropriate for Ontario School Boards. These principles are in accordance with generally accepted accounting principles except as follows: Acrrual Revenue and expenditure are accounted for on the accrual method except that: (a) No provision is made for interest on unmatured debenture debt from the date of the last principal payment to the end of the fiscal year. (b) No provision is made to record the liability for retirement and/or sick leave benefits accruing over the working lives of employees. Fixed assets : Fixed assets are charged to current expenditures unless financed by long-term debt. Principal and interest charges on net long-term liabilities are included as expenditures in the period due. Fixed assets including capital leases, described as capital outlay to be _recovered in future years, are included on the balance sheet only to the extent of the balances of the related net long-term liabilities outstanding and of the related temporary financing at the end of the fiscal year. Reserves and reserve funds Reserves and reserve funds represent funds appropriated for general and specific purposes and are charged or credited to revenue fund operations in the year appropriated or drawn down. , Under/over-requisition of taxes The difference between the net expenditures of any year and the amounts received to finance these expenditures is carried forward to the subsequent year to either increase or reduce the net revenue requirement from ratepayers. 2. INVESTMENTS : 1983 1982 Revenue fund - mortgages $130,489 $168,600 3. OTHER CURRENT ASSETS 1983 1982 Revenue Fund - inventory, at cost $ 15,513 ¢ 13,464 4. NET LONG-TERM LIABILITY 1983 1982 Unmatured debenture debt $1,158,300 $1,267,700 Of the unmatured debenture debt outstanding of $1,158,300, principal amounting to $616,300 plus interest amounting to $363,556 is payable over the next five years as follows: Principal Interest Total 1984 $116,900 $ 90,294 $207,194 1985 127,400 82,010 209,410 1986 125,000 72,945 197,945 1987 135,000 64,000 199,000 1988 112,000 54,307 166,307 . $616,300 $363,556 $979,856 5. DEBT CHARGES AND CAPITAL LOAN INTEREST The revenue fund expenditure for debt charges and capital loan interest includes principal and interest payments as follows: 3 1983 1982 Principal payments on long-term liabilities $109,400 $166,143. Interest payments on long-term liabilities 98,011 109,855 $207,411 $276,998 6. RESERVE FOR WORKING FUNDS The reserve for working funds at December 31, 1983 is applicable to the elementary and secondary school operations of the Board as follows: 1883 1982 Elementary $113,228 $113,228 Secondary 363,202 156,528 $476,430 $269,756 7. EQUITY IN RESERVE FUNDS The equity in reserve funds at December 31, 1983 is applicable to the elementary and secondary school operations of the Board as follows: 1983 1982 Elementary $ 57,474 $ 54,646 | Secondary 263,414 250,220 $320,888 -- $304,866) 8. RESERVE FOR RETIREMENT GRATUITIES The Board has established a reserve for retirement gratuities. The retirement gratuities are payable to employees on retirement after five years' continuous service provided one year's notice is given of the intent to retire. The reserve for retirement gratuities at December 31, 1983 is applicable to the elementary and secondary school operations of the Board as follows: 1983 1982 Elementary $ 5,198 $ 5,000 Secondary 6,188 5,000 ° $10,396 $10,000 bs above amounts are included on the.balance sheet in equity in reserve funds (see Note FT}. 9. 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 (Lahontan), Port Coldwell and Jackfish (Syine). The amounts required from those areas for 1983 include outlay by the Board in respect of performing duties of a municipal council. This outlay is not included in the revenue fund statement of operations of the Board. The amounts are reported by area ina separate statement. 10. PRIOR YEAR'S ADJUSTMENTS Adjustments to the prior year's grants by the Ministry of Education have resulted in a decrease to the 1982 over-requisition for elementary schools in the amount of $2,331 (1982 - increase in the 1981 under-requisition in the amount of $485) and a decrease to the 1982 over-requisition for secondary schools in the amount of $4,990 (1982 - decrease in the 1981 over-requisition in the amount of $1,465). 11. NET EXPENDITURES BY MUNICIPALITIES The amounts of the net expenditures allocated to each of the participating municipalities have been determined on the 'basis of available information. Adjustments of provincial grants for current and/or prior years may change these allocations.