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Social Evening for Seniors June is Senior Citizens month, so it only seem fit- ting that the Senior Citizens of Terrace Bay be. honoured. The Township of Ter- race Bay has once again put on its annual Social Even- ing for our Seniors at the Legion. They were treated to an evening of music and dance as well as an even- ing luncheon. The music was presented by "The Outlaws" (a local group). They held spot dances and gave out prizes such as chocolates and plants, (home grown by Peter Romanuk). Council members were out having a fun time, with Ollie Chapman and Peter Romanuk tending to the refreshments. Also present were Bill Houston and his wife Presca. The evening was a great success with fifty or more turning out for a fun time. Tripping the light fantastic left a few folks a little worn out but a good time was had by all. Accrual accounting Revenue and expenditure are accounted for by 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 accru- ing 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 , 1984 1983 Revenue fund - mortgages $111,097 $139,489 3. OTHER CURRENT ASSETS 1984. 1983. Revenue fund - inventory at cost 691 15,513 Reserve Funds - accrued interest 7,723 $8,414 $15,513 4. NET LONG-TERM LIABILITY 1 100 Unmatured debenture debt $1,041 1,158, Of the unmatured debenture debt outstanding of $1,041,400, principal amounting to $571,400 plus interest amounting to $318,965 is payable over the next five years as follows: Principal Interest ' 1985 ~"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 1989 45,703 serta00 $318,965 $890,365 5. DEBT CHARGES AND CAPITAL LOAN INTEREST : a The revenue fund expenditure for debt charges and capital loan interest includes principal and interest payments as follows: 91183800 9100400" Principal payments on long-term liabilities Interest payments on long-term 90,294 98,011 liabilities j $207,194 $207,411 6. RESERVE FOR WORKING FUNDS The reserve for working funds at December 31, 1984 is applicable to the elementary and secon- dary school operations of the Board as follows: -- 1 ; itt | Secondary a TARE 7. EQUITY IN RESERVE FUNDS eeacines TSS The equity in reserve funds at December 31, 1984 is applicable to the elementary and secon- dary school operations of the Board as follows: : 1984 -1983_ pie 1 66,422 57,474 8.RESERVE FOR RETIREMENT GRATUITIES a 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, 1984 is applicable to the elementary and secondary school operations of the Board as follows: Be 1983 Elementary 10,741 51s" Secondary eae " O38 The above amounts are included on the balance 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 1984 in- clude 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 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 1983 over-requisition for elementary schools in the amount of $5,492 (1983 - decrease in the 1982 over-requisition in the amount of $2,331) and an increase in the 1983 under-requisition for secondary schools in the amount of $4,366 (1983 - decrease in the 1982 over-requisition in the amount of $4,990). 11. NET EXPENDITURES BY MUNICIPALITIES g 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. : Elementary