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Heveen If it had not been for the poor attendance at the July 3 Reveen show, Terrace Bay's extensive Canada Day celebrations held earl- ier this month would have probably made money in- stead of ending up over budget, town clerk Larry Simons explained. At the July 14 meeting of Township Council, Sim- @ns was asked about the évent, so he brought out a preliminary budget which did not include a few more expenses and revenue still to come in. "*Right now we are on- ly about $1,100 over what was projected," he told Council. Reveen, a world famous mentalist, put on a show in Terrace Bay on Ju- ly 3. It was well received by those who did attend, but the audience was not large enough to cover the, 2. INVESTMENTS LAKE SUPERIOR BOARD OF EDUCATION 1985 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FROM THE PREVIOUS PAGE) Revenue fund - mortgages 3. OTHER CURRENT ASSETS Revenue fund - inventory at cost Reserve funds - accrued interest 4. NET LONG-TERM LIABILITY Unmatured debenture debt 1985 1984 $ 96,714 $ 111,097 1985 1984 $ 691 7,723 $ 8,414 1985 1984 $ 346,780 $ 1,041,400 During the year the unmatured debt outstanding was reduced by $694,620 to $346,780 and repayments over the next five years are as follows: Principal Interest Total 1986 $ 61,427 $ 26,841 $ 88,268 1987 66,846 22,609 89,455 1988 54,063 18,003 72,066 1989 21,5153 13,928 35,081 1990 23,209 12,243 35,452 ; $ 226,698 $ 320,322 $ 93,624 5. DEBIT CHARGES AND CAPITAL LOAN INTEREST The revenue fund expenditure for debt charges and capital loan interest includes prin- cipal and interest payments as follows: 1985 1984 Principal payments on long-term liabilities $ 127,400 $ 116,900 Interest payments on long-term liabilities 82,010 90,294 $ 209,410 $ 207,194 6. RESERVE FOR WORKING FUNDS The reserve for working funds at December 31, 1985 is applicable to the elementary and secondary school operations of the Board as follows: 1985 1984 Elementary $ 253,228 $ 228,228 Secondary 627,202 443,202 $ 880,430 $ 671,430 7. EQUITY IN RESERVE FUNDS The equity in reserve funds at December 31, 1985 is applicable to the elementary and secondary school operations of the Board as follows: 1985 , 1984 Elementary $ 81,634 $ 66,422 Secondary 571,749 428,064 $ 653,383 $ 494,486 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, 1985 is applicable to the elementary and secondary school operations of the Board as foliows: 1985 1984 Elementary $21,220 $ 10,741 Elementary 21,220 10,741 $ 42,440 $ 21,482 The above amounts are included on the blance sheet in equity in reserve funds (see Note 7). : 9. AREAS OF JURISDICTION WITHOUT MUNICIPAL ORGANIZATION The Board performs the duties of levying and collecting taxes in the territory without municipal organization of the Lake Superior Locality. The amounts required from this area for 1985 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. Fhe amounts are reported by area in a separate statement. 10. PRIOR YEAR'S ADJUSTMENTS Adjustments to the prior year's grants by the Ministry of Education have resulted in a decrease in the 1984 over-requisition for elementary schools in the amount of $5,872 (1984 - decrease in the 1983. over-requisition in the amount of $5,492) and an increase in the 1984 over-requisition for secondary schools in the amount of $6,242 (1984 - increase in the 1983 under-requisition in the amount of $4,366). 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. 12. CAPITAL COMMITMENTS As at December 31, 1985, the Board had advanced $150,000 towards purchase of land, the toal cost of which approximates $247,000. The closing date of the purchase is April 1, 1986. Terrace Bay-Schreiber News, Wednesday, July 23, 1986, page 7 Revue put Canada Day over budget: clerk cost of the show, budgeted ,, at $5,000. "Apart from Reveen, Canada Day would have come out under budget,"' Simons noted. A_ final budget figure will be prepared once all the amounts are in, he added. Money was also a con- cern when it came to a decision about a donation for the Multiple Sclerosis Society. Council had received a letter from the Township of Barclay requesting support for a Canoe-A-Thon on the Albany River to raise funds for MS. "We just made a cont- ribution to MS last week,"' George Ramsay, Acting Reeve pointed out. He had presented a $100 cheque to Richard Beecroft, who is cycling across Canada on a fund-raising trip for the crippling disease. '*Unless someone makes a motion, maybe we should not entertain this," he add- ed. The letter was then put on file. A motion was passed, though, to request that the Ministry of Transportation and Communications re- paint the runway markings at the Terrace Bay Airport this year. Doug Baker, township engineer, explained that the projected cost for such a project is $3,700, plus an additional $240 for lines on the road to the airport from Highway 17. Baker noted that the run- way markings are equival- ent to seven miles of high- way lines. "'We considered doing this last year and we pro- crastinated on it," he told Council. "It needs to be done, and there is an amount in the budget for it this year."' Later in the meeting, Councillor Chris Joubert asked Baker about a pot- entially dangerous curve on Terrace Heights Drive. That portion of the road is protected with a number of large posts, but Joubert said they are not complet- ely satisfactory. Baker said he would come up with some alter- natives, which would be presented at a future Coun- cil meeting. Cable wants more $ A recent news release from the Canadian Radio- Television and Telecom- munications Commission (CRTC) noted that it has received an application from Sissons' Cable TV of Schreiber for an_install- ation fee increase. The application has ask- ed for an amendment to its licence by increasing the authorized maximum in- stallation fee from $25 to $50. The present maximum installation fee was auth- orized on January 12, 1981 by the CRTC. The Sissons' application is number 86- 1084200. Any person wishing to intervene in the application must submit a written inter- vention to the Secretary General of the CRTC. The address is CRTC, Ottawa, Ontario, K1A ON2. A true copy of the inter- vention must also be serv- ed upon the applicant on or before the deadline date of August 15, 1986. A proof of such service must be in- cluded with the original document addressed to the Secretary General. The release, dated July 11, added that interven- tions must be actually re- ceived on or before the deadline date and not mere- ly posted on that daté. An examination of the application and documents can be conducted during normal office hours at the Commission's Quebec off- ice (CRTC, Central Build- ing, Les Terrasses de la Chadiere, 1 Promendade du Portage, Room 561, Hull, Quebec, K1A 0N2), or at 224 Park Street in Schreiber. Ministry of Natural Resources Ontario tario, POT 2WO. Ney's Provincial Park will be hosting a four day long Festival focusing on The Human History of the park and vicinity. If you have any photographs, scrapbooks or other items of interest dating from past to present and you would be willing to lend them to the Park for the period of August 15th to 18th, please contact Ney's Provincial park at 229-1624 or write to the Ministry of Natural Resources, P.O. Box 280, Terrace Bay, On- Hon. Vincent G. Kerrio Minister AT YOUR SERVICE Gilles Pouliot, MPP Lake Sa Helping You Is My Job! CALL TOLL FREE: 1-800-268-7192 Monday to Friday. during business hours