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Terrace Bay-Schreiber News, Wednesday, September 30, 1987, page 9 Schreiber Recreation Department News Tae Kwon Do The recreation department will be offering a 10-week beginner instruction course from Oct. 6 to Dec Classes' will be held on Tuesday and Wednesday from 8-9 p.m. The instructor will be Joe Thipphawong of the Marathon Tae Kwon Do Club. This course will be available to males and females 10 years-of- age and older. The deadline for registrations will be 4 p.m. on Friday, Oct. 2. There is limited space so register now. Afternoon Art Sessions An interest has been shown in starting an afternoon art club. This would be open to anyone wishing to get together with other artists to work on their projects or to share ideas and techniques. If enough interest is shown arrangements may be made for some instruction. If you are interested please contact the recreation office at 824-2317. Fall Programs Anyone who has an idea or wishes to see a specific program offered please contact the recre- ation office. Capital Expenditure Pupil Transportation. Vehicles Other Less Federal Sales Tax Refund CAPTIAL FUND STATEMENT CF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1986 (with comparative amounts for the year ended December 31, 1985) Fixed Assets and Work in Progress Buildings, Furniture and Equipment School Sits and Improvements to Sites We will advertise any program or offer any course where suffi- cient interest is shown. Aerobics The aerobic classes began on Tuesday, Sept. 29. This Friday, Oct. 2, will be the final day for registrations. Classes are held each Tuesday and Thursday from 1:30-2:30 p.m. in the afternoon and from 8- 9 p.m. in the evening. For more information please contact the recreation office at 824-2317. Children's Christmas Crafts 'Once again this year we will be offering the Children's Christmas Crafts Workshop under the instruction of Donna Mikeluk. It has been scheduled for Saturday, Dec. 5 from 1-3 p.m. in the recreation office. Space is limited so register early. * Mom and Me Program The Mom and Me Program began on Tuesday, Sept. 29 in the Art Room of the recreation com- plex. Sessions are held each Tuesday and Friday from 10- 11:30 a.m. If you would like more infor- mation on the program contact Mrs. Roseann Pellegrino. 1986 0141 $1,089,056, 0142 270,963 0143 0144 Arena Schedule 1987-88 The regular arena schedule is slated to commence Tuesday, Oct. 13, providing the weather co- operates. We are presently working on the speical events calendar. Anyone with special events they wish to schedule into the arena should get their request into the recreation office as soon as possi- ble. Torch Relay Medals and Certificates Anyone wishing to nominate names for the Celebration '88 medals and certificates can do so by calling the recreation office at 824-2317. Categories are as follows: One male and female athlete, and one referee, volunteer, and coach. see page 16 in each of the following: sponsor, Help Wanted The Child Development Program requires one part-time service provider. Training will be provided for this position. Hours: 10/wk for 24 wks. @$6.00/hr. For more information contact Edie at 824-3028 THE LAKE SUPERIOR BOARD OF EDUCATION . requires ue for TERRACE BAY PUBLIC SCHOOL A Relief Secretary For further information contact the school office at 825-3253 during school hours NOTICE The Municipality is seeking five inter- ested individuals to serve on the Property Standards Committee. This voluntary committee is established by council to hear appeals from an order of the Property Standards Officer, but may adopt its own rules of procedure. Interested individuals should apply in writing to the Municipal Office on or before October 09, 1987. W.L. Mitchell Deputy Clerk-Treasurer Township of Terrace Bay P.O. Box 40 Terrace Bay, Ontario POT 2WO 1985 $ 870,492 Zs INVESTMENTS Revnue fund - mortages 3. NET LONG-TERM LIABILITY Unmatured debenture debt Repayments over the next five years as follows: 1985 $96,714 1986 $81,177 1985 $346,780 "1986 $285,353 ( ) ( ) $1,360,019 $870,492 Total Capital Expenditure 0146 Principal Interest Total 1987 $66,846 $22,609 $89,455 Capital Financing 1988 54,063 18,003 72,066 : 1989 21,153 14,029 35,182 Unexpended Funds at Beginning of year, or 1990 23,209 12,243 35,452 (Balance at Beginning of Year 1991 25,013 10,285 35,298 not Permanently Financed) $2 $ Thereafter 95,069 16,570 111,639 Elementary 0147 : $285,353 $93,739. $379,092 Secondary 0148 2,000 2,509 4. DEB CHARGES AND CAPITAL LOAN INTEREST The revenue fund expenditure for debt charges and capital loan interest includes principal and Long-Term Liabilities Issued and Sold 0149 Contributions from Government of Canada 0150 Capital Expenditure from the Revune Fund 0151 1,360,019 870,492 ' ; Ttafisfer to the Revenué Find 0152 2,560 ( ) parege natpetast aban dake ee Balance at end of Year not ' Permanently Financed or Principal payments on long-term "$61,427 $127,400 (Unexpended Funds at liabilities , , End of Year) Elementary 0153 Interest payments on long-term Secondary 0154 (2,550) liabilities : 26,841 82,010 Total Capital Financing 0155 $1,360,019 $870,492 $88,268 $209,410 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 provid- ed one year's notice is given of the intent to retire. The reserve for retirement gratuities at December 31, 1986 is applicable to the elementary and secondary school opera- tions of the Board as follows: THE LAKE SUPPERIOR BOARD OF EDUCATION (Elementary and Secondary Schools) NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1986 ACCOUNTING PRINCIPLES 1986 1985 The financial statements have been prepared by the Board using accounting prin- Elementary $42,906 $21,220 ciples that are prescribed by the Ministry of Education and are considered appropriate Secondary 59,100 21 ,220 for Ontario School Boards. These principles are in accordance with generally ac- $102,006 $42,440 cepted accounting principles except as follows: The above amounts are included on the balance sheet in equity in reserve funds. 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 accruing over the working lives of employees. AREAS OF JURISDICTION WITHOUT MUNICIPAL ORGANIZATION The Board performs the duties of levying and collecting taxes in the territory without municpal organization of the Lake Superior Locality. The amounts required from this area for 1986 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 in a separate statement. Fixed assets Fixed assets are charged to current expenditure 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 irf 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. PRIOR YEAR'S ADJUSTMENTS Grants from the Ministry of Education for the year ended December 31, 1985 have not yet been finalized. : Adjustments, reflected in the prior year, to the grants from the Ministry of Education in respect of the year ended December 31, 1984 resulted in a decrease in the 1984 over-requisition for elementary schools of $5,872 and an increase in the 1984 over- requisition for secondary schools of $6,242. 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 ap- propriated or drawn down. 8. NET EXPENDITURES BY MUNICIPALITES The amounts of the net expenditures allocated to each of the participating munic- palities have been determined on the basis of available information. Adjustments of Provincial grants for current and/or prior years may change these allocations. 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.