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PAGE 10 TERRACE BAY NEWS AUGUST 23, 1972 We have examined the revenue fund and capital fund balance sheets of The Lake Superior Board of Education as at December 31, 1971 and the statements of revenue fund revenue, revenue fund expenditure, revised net requirement and source and application of capital funds for the year then ended. Our examination included a general review of the accounting procedures and such fests of accounting records and other supporting evidence as we considered necessary in the circumstances. In our opinion, these financial statements present fairly the financial position of the Board as at December 31, 1971, and the results of its operations and the source and application of its capital funds for the year then ended, in accordance with accounting principles generally accepted for Ontario School Thunder Bay, Ontario, June 23, 1972, AUDITOR'S REPORT TO: THE LAKE SUPERIOR BOARD OF EDUCATION Boards applied on a basis consistent with that of the preceding year. Licence No. 4131. THE LAKE SUPERIOR BOARD OF EDUCATION Elementary REVENUE FUND STATEMENT OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED DECEMBER 31, 1971 EXPENDITURE Business Administration 63,544 Computer Services Instruction : 716,888 Educational Services 25,919 Attendance, Health and Food Services 477 Plant Operation 102,401 Plant Maintenance 38,515 Transportation 26,903 Tuition Fees 339 Capital Expenditures (Non-Allocable) Other Operating Expenditure 27,883 Debt Charges on Capital Borrowing 118,697 Non-Operating Expenditure, Excluding Transfers To Reserves RECOVERIES OF EXPENDITURE "GLENDINNING, JARRETT, GOULD & CO." Chartered Accountants. PRCT LW TOTAL EXPENDITURE _1,126,682 Other School Boards 6,718 Government of Ontario, Tuition Fees and Miscellaneous 4,011 Government of Canada 1,497 Individuals Other Revenue, Excluding Transfers from Reserves 27,315 39,541 NET EXPENDITURE 1,087,141 cont'd next page .......