Name of Board \_THE LAKE SUPERIOR BOARD OF EDUCATION ] CAPITAL FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1975 ps y 1. Capital Expenditure a, : Fixed Assets and Work in Progress 1973 1974 Buildings, Furniture and Eauipment . 691,631 . 146,967 td ' School Sites and improvements to sites v . Pupil Transportation Vehicles . . Other P, 5,635 . 600 Total . 697,266 . 147,567 Less Federal Sales Tax Refund . . 4,752 Total Capital Expenditure 697,266 142,815 Capital Financing Unexpended Funds at Beginning of Year, or 2. (Balance at Beginning of year not permanentlv financed) ~' Flementary «(32,2 ~ Secondary . 2D 3k, 5TL Long-Term Liabilities issued and sold . 697,626 vr . 4 : Contributions from Government of Canada . Capital Expenditure from the Revenue Fund 46,892 109,869 3 . ' of » . Transfer to the Revenue Fund xX ) .{ 32,647. ) Balance at end of Year not Permanentlv Financed or (Unexpended Funds at End of Year) - Elementary J 1 16,230 ) : - Secondary . NIL 3,072 Total 697,266 142,815 mt) » THE LAKE SUPERIOR BOARD OF EDUCATION 2 of 3 NOTES TQ THE SECONDARY AND ELEMENTARY FINANCTAL STATEMENTS 'YEAR ENDED DECEMBER 31, 1975 ; 4. Long-term liabilities 1975 19 2h Debentures Secondary schools Elementary schools $ 942,917 $1,030,798 1,415,516 789,569 $2,358,433 $1,820,367 Capital bank loans and mortgage Secondary schools ™ $ 19,399 § S200 Elementary schools 12,829 28,10: § 2,85 110,844 1.03 THE LAKE SUPERIOR BOARD OF EDUCATION == LORE OUFTERIUR BOARD OF EDUCATION NOTES TO THE SECONDARY AND ELEMENTARY FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31 DED DECEMBER 31, 1975 Accounting policies The Board follows accounting practices which are Ontario school boards. (i) generally accepted for Of special significance are. the following: The accrual method of accounting is used with the exception of reporting of charges for long-term liabilities. Principal and interest are not accrued from the due date of payment to the end of the fiscal year. (ii) Fixed assets are charged to cutrent expenditure unless financed by long-term debt. Capital purchases charged to expenditure during the year amounted to $46,892 (elementary schools - $27,705; secondary schools - $19,187) (1974 - $109,869: elementary schools - $42,286; secondary schools - $67,583). It is the practice of the Board to carry fixed assets at a value corresponding with the principal amount of the outstanding debentures and capital loans at the end of each fiscal year. (Note 4) Buildings and equipment valued at replacement costs for insurance coverage purposes amount to approximately $11,030,000 and $1,406,000 respectively (1974 - $10,372,304 and $1,111,017 respectively). i Accounts receivable - other 1975 1974 Supplementary taxes - ol 741 $ 4,801 Other school boards 1,410 4,397 Government of Ontario 78,953 146,521 Government of Canada 4.973 5.755 Other - 4,709 3,471 $ 90,786 $164,945 Em---- Other current assets Revenue Fund Inventory - at cost - items for resale to students $ 4, '$ ' Reserve Fund S20 LI Deposit made re: offer to purchase teacherage *$ 1,000 Agcrued interest 1,325 § 269 ah $ 2,335% 269 $ 6,555 $ 4,641 *The Board has made an offer to purchase a teacherage for a total consideration of $32,500. THE LAKE SUPERIOR BOARD OF EDUCATION NOTES TO THE SECONDARY. AND ELEMENTARY FINANCTAL STATEMENTS YEAR ENDED DECEMBER 31, 1975 8. The Board performs the duties of levying and collecting taxes in territories without municipal organization. The amount required for the elementary and secondary panels, from those areas for 1975 in respect to performing duties of a municipal council was $54 and $55 respectively (1974 - $258 and $259 respectively). The territories without municipal organization are Pic (Heron Bay), Rossport, Port Coldwell and Jackfish. 9. Adjustments to prior years grants by the Ministry of Education has resulted in adjustments 'to the 1973 and 1974 over requisitions for elementary and \ 3 of 3 $2,390,661 $1,931,211 --_-- Principal payments due in the ensuing twelve months ] amount to approximately $ 191,000 $ 217,600 5. Reserve for working funds The reserve for working funds at December 31, 1975 for elementary and secondary schools amount to $190,438 and $153,928 respectively (1974: elementary schools - $130,438; secondary schools - $148,928). 6. Unapplied capital revenue The Board has substantially completed the alterations to the Marathon public school, the cost of which to December 31, 1975 amounted to $690,375. The balance of $16,230 rep s the ded portion of capital revenue received during the year to cover the aforementioned alterations. It is anticipated that this amount will be used for final expenditures relating to the alterations. 7. Contingent liability During the year, the Board by agreement with its elementary and secondary school employees discontinued its sick leave benefit plan whereby certain employees were entitled to a cash payment upon leaving the Board's employment. The Board by so doing, established the date of June 1, 1976 as the last day that cash payments may be claimed for the sick leave credits. The estimated liability at December 31, 1975 in respect to the above plan regarding certain Board employees amounted to approximately $15,700. The Board has not specifically provided for this liability in its financial statements. Amounts paid out during the year and included in expenses regarding the sick leave benefit plan were as follows: Plan termination payment to certain employees $35,290 Payments to departing employees 15,586 : ; $50,876 - Ri. 11. secondary schools in the amounts of $13,638 and $16,836 respectively (1974 - $1,524 and $12,057 respectively). > 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. 3 Anti-Inflation Legislation 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. Accordingly salaries and wages paid by the Board are subject to restraint under the Federal program.