The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Wednesday, June.21, 1989 TERRACE BAY/SCHREIBER NEWS Page 9 CAPITAL FUND STATEMENT OF OPERATIONS STATEMENT OF OUTLAY FOR PERFORMING DUTIES OF A MUNICIPAL COUNCIL IN TERRITORY FOR THE YEAR ENDED DECEMBER 31, 1988 WITHOUT MUNICIPAL ORGANIZATION (with comparative amounts for the year ended December 31, 1987 FOR THE YEAR ENDED DECEMBER 31, 1988 Capital Expenditure (RECOVERABLE THROUGH LEVY ON ASSESSMENT IN THE APPLICABLE AREAS) SR oem carro _1988 1989 NAME OF AREA NET EXPENDITURE = EXPENDITURE ON TOTAL Buildings, Furniture and Equipment 0141 $6,046,701 $3,670,578 OFA RECREATION ACCOUNT OF VOTERS coi1 &2 School Sites and Improvements to Sites 0142 2,320 2,532 COMMITTEE LISTS, ELECTIONS, Pupil Transportation Vehicles 0143 LEVYING AND Other 0144 COLLECTING TAXES, Less Federal Sales Tax Refund 0145 ( ) ( ) Total Capital Expenditure 0146 $6,049,021 $3,673,110 LAKE SUPERIOR LOCALITY (ELEMENTARY) : 3,368 3,368 Capital Financin P 9 TOTAL 0158 «3,368 0159. 3,368 Unexpected Funds at Beginning of Year, or (Balance at Beginning of Year not Permanently Financed) Elementary 0147 Secondary 0148 (123,084) Long-Term Liabilities Issued and Sold 0149 Contributions from Government of Canada 0150 LAKE SUPERIOR rancor ees from ee Fund He: -- . mig LOCALITY ransfer to the Revenue Fun Balanced at end of Year not Permanently Finances or (SECONDARY) 3,368 3,368 (Unexpended Funds at End of Year) Elementary 0154 Secondary 0154 TOTAL 0158 3,368 0159 3,368 Total Capital Financing 0155 $6,049,021 3,673,110 : 5. 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, 1988 is applicable to the elementary and secondary school operations of the Board as follows: NOTES TO THE FINANCIAL STATEMENTS December 31, 1988 1. ACCOUNTING PRINCIPLES The financial statements have been prepared by the Board using accounting principles that are prescribed by the Ministry of Education and are considered appropriate for Ontario School Boards. These principles are in accordance with generally accepted Lage ise accounting principles except as follows: Elementary $161,050 $150,025 Accrual ti Secondary 162,189 89,637 $323,239 $239,662 Revenue and expenditures are accounted for by the accrual method except that: The above amounts are included on the balance sheet in equity in reserve funds. (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. 6. 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 1988 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 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 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. The amounts in reserves and reserve funds are approved 7. PRIOR YEAR'S ADJUSTMENTS Adjustments, reflected in the prior year, to the grants from the Ministry of Education are as follows: Elementary Secondary Year Increase (decrease) --_ Increase (decrease) by the Board and are within the limits defined in the Education Act. 1984 $ - $ (538) 1985 - 22,433 'citi 1987 -$ (2,029) --_(33.664) Under/over-requisition of taxes The difference between the net expenditures of any year and the amounts received to --$ (2,029) --$ (11,769) finance these expenditures is carried forward to the subsequent year to either increase or reduce the net revenue requirement from ratepayers. 8. NET EXPENDITURE BY MUNICIPALITIES 2. INVESTMENTS The amounts of the net expenditure allocated to each of the participating municipalities have been determined on the basis of available information. Adjustments of Provincial Revenue fund - mortgages = : grants for current and/or prior years may change these allocations. 3. NET LONG-TERM LIABILITY 1988 1987 9. PENSION PLAN COSTS Ghevatured debenture:dobt $164,444 $218,508 All non-teaching employees of the school board are eligible to be members of the Ontario Repayments over the next five years as follows: : Municipal Employees Retirement System which is a mutli-employer final average pay Principal Interest Total contributory plan. Employer contributions made to the plan during the year by the Board 1989 $ 21,153 $ 14,029 $ 35,182 amounted to $54,626 ($49,032 in 1987). These amounts have been included in employee 1990 23.209 12.243 35 452 benefits expense in the schedule of expenses. et ase het pe Not shown in the financial statements of the Board are the employer's contributions to the 1993 24 467 6043 30.510 Teachers' Superannuation Fund. The funding for such is provided directly by the Thoroatiér 43,560 5.968 49.528 Provincial Government. $164,444 $ 56,743 $221,187 10. ONTARIO SCHOOL BOARD INSURANCE EXCHANGE 4. DEBT CHARGES AND CAPITAL LOAN INTEREST The revenue fund expenditure for debt charges and capital loan interest includes principal and interest payments as follows: The school board joined, effected April 19, 1987, for a period, ending December 31, 1991, the Ontario School Board's, Insurance Exchange (OSBIE), a reciprocal insurance company licensed under the Insurance Act. OSBIE insures general public liability, property damage 1988 1987 wand certain other risks. Principal payments on long-term liabilities $ 54,064 $ 66,846 Interest payments on long-term liabilities 18,003 22,609 11. CONTRACTUAL OBLIGATIONS Interest payments on temporary financing of capital projects 67.111 The school board has committed to a sum of $577,552 for the construction of an $139,178 $ 89.455 administration office. Of this commitment, $78,252 has been spent in 1988 and is included in capital expense in the schedule of expenditure.