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HomeMy WebLinkAboutThe Exeter Times-Advocate, 1973-07-19, Page 8The Lambton County Board of Education ASSETS CURRENT Cash investments - at cost an' -arket value Accounts receivable - Note 1 Inventory - at average coat Prepaid expenses NON-CURRENT Arbitrators' adjustments - Note 2 Deficits, January 1, 1969 - Note 3 CURRENT Due from other funds NON-CURRENT Fixed assets INVESTMENTS - at cost and market Elementary Secondary DUE FROM OTHER FUNDS REVENUE FUND STATEMENT OF REVENUE AND EXPENDITURE - ELEMENTARY YEAR ENDED DECEMBER 31, 1972 1 9 7 2 1 9 7 1 Expenditure Business administration Computer services Instruction Educational services Attendance, health and food service Plant operation Plant maintenance Transportation Tuition fees Capital expenditure (non-allocable) Other operating expenditure Debt charges on capital borrowing Non-operating expenditure Arbitration settlement (Note 2) Total expenditure Recoveries of expenditure Other school boards Government of Ontario - tuition fees and miscellaneous Government of Canada Transfer from capital fund (Note 9) Other $ 324,833 $ 373,497 Net expenditure $12,038,270 $11,580,313 Financed by: Government of Ontario - Grants $ 6,979,850 $ 6,258,636 Local taxation (Note 6) 5,010,371 5,392,346 (Increase) in reserves (Note 7) 70,669) Net under requisition required to be applied to $11,990,221 $11,580,313 1973 taxation $ 48,049 Nil FINANCIAL STATEMENTS FOR YEAR 1972 BALANCE SHEET, DECEMBER 31, 1972 REVENUE FUND 1 9 7 1 1 9 7 2 (Note 3) Net expenditure Financed by: Government of Ontario - Grants Local taxation (Note 6) (Increase) in reserves (Note 7) Net (over) requisition required to be applied to 1973 taxation The accompanying notes form part of this statement. 3,029 $ 3,061 800,001 900,001 644,673 813,689 117,241 174,172 20,341 16,253 $ 1,585,285 S 1,907,276 Nil 414,385 43,396 $ 1,628,681 $ 2,321,661 REVENUE FUND STATEMENT OF REVENUE AND EXPENDITURE - SECONDARY YEAR ENDED DECEMBER 31, 1972 1 9 7 2 1 9 7 1 miscellaneous$ 14,450 $ :8,086 116,638 83,653 41,398 122,519 105,839 $ 295,005 $ 197,578 $12,098,518 §11,597,298 $ 8,042,683 $ 6,948,091 4,064,249 4,745,110 95,903) $12,106,932 $11,597,298 ($ 8,414) Nil Expenditure Business administration Computer services Instruction Educational services Attendance, health and food services Plant operation Plant maintenance Transportation Tuition fees Capital expenditures (non-allocable) Other operating expenditure Debt charges Non-operating expenditure Arbitration settlement (Note 2) Total expenditure Recoveries of expenditure Government of Ontario - tuition fees and Government of Canada Transfer from capital fund (Note 9) Other 1 9 7 1 1 9 7 2 (Note 3) $ 855,405 $ 889,923 492,015 406,829 8,045 10,695 114,965 565,749 78,994 Nil 202,899 $ 1,470,430 $ 2,155,089 158,251 166,572 $ 1,628,681 $ 2,321,661 $13,031,545 $13,832,385 27,020,945 24,802,727 $40,052,490 $38,635,112 500 $ 500 4,600 4,600 5,100 $ 5,100 sen•1•1=•••••=r1.2•=.10 CAPITAL (BUILDING)FUND LONG-TERM LIABILITIES $ 112,965 $ 563,749 Unmatured debenture debt Investment in fixed assets 39,939,525 38,071,363 $40,052,490 $38,635,112 TRUST FUND EQUITY 500 $ 500 Elementary 2,600 2,600 Secondary 2,000 2 000 5,100 $ 5,100 The accompanying notes form part of this statement. $ 228,049 $ 209,792 5,096 12,186 8,306,719 7,758,396 157,516 132,615 80,285 65,000 1,062,113 960,358 311,484 283,920 662,565 641,387 525,571 470,539 136,661 541,880 45,643 9,659 719,217 662,264 31,567 46,880 121,037 $12,393,523 $11,794,876 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1972 1972 CAPITAL FUNDS YEAR ENDEDEE C: EAAS EE Ft 31, APPLICATION Real property and buses acquired in arbitration settlement Fixed assets Buildings Furniture and equipment School sites and improvements thereto Buses STATEMENT OF SOURCE AND APPLICATION OF Transfer to revenue fund (Note 9) (Decrease) increase in capital funds for the Unexpended funds or (amounts not permanently financed) Balance, January 1 Balance, December 31 SOURCE 1 9 7 2 1 9 7 1 Par value of debentures issued $ 78,000 $ 736,000 Contributions from Government of Ontario 258,563 Arbitration settlement recovered from municipalities 353,117 Capital expenditure from the Revenue Fund 1,062,034 1,772,936 Other 44,459 39,495 $1,537,610 $2,806,994 The accompanying notes form part of this statement. $1,988,394 $2,101,238 ($ 450,784)$ 705,756 year 563,749( 142,007) $ 112,965 $ 563,749 ,. $ '353,117 1,231,324 $1,692,702 250,006 268,016 56,863 35,554 104,966 $1,891,310 $2,101,238 97,084 AUDITOR'S REPORT To the Supporters of The Lambton County Board of Education: We have examined the Revenue Fund, Capital (Building) Fund and Trust Fund balance sheets of The Lambton County Board of Education as at December 31, 1972 and the Revenue and Expenditure and Source and Application of Capital Funds for the year then ended, Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we considered necessary inthe circumstances. Grants and subsidies receivable from the Government of Ontario are subject to final calculation by the Ministry of Education, Ontario. In our opinion, except for the calculation of the grants, these financial statements present fairly the financial position of the Board as at December 31, 1972 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 boards applied on a basis consistent with that of the previous year. Sarnia, Ontario June 5, 1973. Chartered Accountants Licence Number 4370 Approved on behalf of the Board (Sgd) Carolyn Ellis Chairman of the Board (Sgd) N.L, Cheeseman Director of Education $ 223,703 $ 206,467 2,345 1,740 7,614,584 7,292,135 262,883 304,783 25,041 29,933 1,239,373 1,122,244 315,391 239,917 576,088 616,919 3,240 3,199 704,550 914,929 81,717 66,022 1,033,229 1,084,832 48,879 70,690 232,080 $12,363,103 $11,953,810 35,717 $ 40,048 17,314 15,419 157,188 206,740 55,686 58,928 111,290 LIABILITIES CURRENT advances Accounts payable and accrued liabilities • Note 4 Deferred income Due tc other funds - Note 5 Surplus, Ot Ier January 1, 1969 - Note 3 RESERVE FOR WORKING FUNDS-Note 7 CONTINGENT LIABILITY - Note 8 Best Interest We represent many. Trust Companies, We are often able to arrange for the highest interest be- ing offered on Guaranteed Investment Cer- tificates, Today; Rate IPA % a Guaranteed Trust Certificates are term deposits by which $100.00 or more can be left on deposit for periods of one to five years „ „interest and principal are fully guaranteed . , . ideal for churches, societies and associations as well as private investors ... an excellent legal investment for estate funds. All companies represented are members of Canada Deposit Insurance Corporation, Every depositor is insured up to $20,000. HODGSON LIMITED INSURANCE - REALTOR EXETER 235-2420 By MRS. ROSS SKINNER Messrs. Amos and Herman Herdman, and Mr. and Mrs. Squire Herdman attended the Whiteford-Archer wedding & reception at the Trinity United Church in Ingersoll on Saturday. Mr. & Mrs. Ron Parsons, Mr. Alvin Cooper and Mr. & Mrs. Don. Parsons of Hensall are on a vacation trip to the West Coast. Miss Vicki Parsons is spending two weeks with her aunt & uncle Mr. & Mrs. Laird Finlayson & family of Kippen. Mr, & Mrs. Ross Skinner & family, Mr. Harry Jaques of Zion visited on Sunday with Mr. & Mrs. Jim Wilkinson of Wheatley. Barbara & Bradley Skinner are visiting this week with the Wilkinsons & Miss Kimberley Jaques returned home after spending 2 weeks there. Don't forget to get tickets from the Elimville & Thames Road Committee for the Big Beef Barbecue at Thames Road on Tuesday July 24th from 5-8 p.m. FACES AMONG BALLOONS - At times during Saturday's Fun Day parade at Granton the two youngsters shown above had a bit of trou- ble finding their way. Steve Bannerman and Melissa Harding peer through an array of balloons T-A photo RVRORgRVII1R8RVR OR You Can't Take A Vacation From Dental Health Proper dental hygiene is a 365 day job. By adopting a few new habits you can help eliminate plaque and cavities. We all know about decay, but what about plaque? This is a combination of bacteria and food which col- lects on teeth along the gum line. If not re- moved it will destroy the boney support around your teeth and healthy teeth may be loosened and lost. Brushing helps remove plaque but cannot reach crevices between teeth. Disclosure tab- lets, dissolved in the mouth show where plaque has been missed in brushing. Dental floss can then be used to remove that which has been left, Bob Middleton, PhmB Stan Horrell, PhmB MIDDLETON Ora /27 PHONE 235-1570 EXETER Fl Ri'VdR"kd AR\WI R, 1 9 7 2 1 9 7 1 $112,965 $563,749 2,000 2,000 $114,965 $565,749 Elementary Secondary $4,705,686 $3,915,721 232,080 121,037 72,605 27 491 Crediton native to Russia for congress on research Mr. & Mrs. Emerson Wein received word that their son Dr. Ross Wein is leaving for a few weeks in Yakutol, USSR, where he will attend a research congress on the Alberta pipeline in the Northwest Territories. He has been in Inuvik and the high Arctic islands the past several months. Stratford Teachers' College, 1908-1973, held a reunion Sunday for all graduates and former staff members to mark the closing of the college. About 1300 people arrived, necessitating the staging of the programme in the Shakespearean Theatre. One member of the first graduating class was present. Attending from Creditor) were Mr. & Mrs. Irvin Finkbeiner, Mrs. Clayton Sims and Mr. & Mrs. Gordon Morlock. Laura Mathers suffered a fall in her home. She was admitted to St. Joseph's Hospital, London. Last Wednesday Mrs. Robert Bushfield, Mrs. Clayton Sims, Nola Faist, Doris Schwartz, Mrs. Gordon Morlock, Mrs. Irvin Finkbeiner, Mrs, Ed Hendrick, Ella Morlock and Mrs. Cliff Kenney joined women of the UM of Centralia United Church on a bus trip to the Silknit Mills at Cambridge and the Botanical Gardens and Dundurn Castle at Hamilton. Paul Fydenchuk, Perry Preszcator, Brenda Neil and Barbara Ratz left Saturday for two weeks' involvement with the Beach Mission activities at Sauble Beach. Mrs. Earl Neil and Mrs. Gordon Ratz took the group to the Beach. About seventy-five members of the Schenk family were present for the family reunion in Crediton Community Park Sunday af- ternoon. Besides people from Exeter and Crediton, three carloads came from Michigan, Mrs. Tait from Hamilton and Mrs. Joe Finkbeiner from Huronview, Clinton. Mr. Hathaway of Courtright, representative of Alcohol and Drug Concerns, conducted the service in Zion United Church Sunday morning. Steve Dundas provided special music with his violin. Next Sunday Audrey Fink- beiner, on furlough from St, Lucia, will speak. Mr. & Mrs. George Hodgson and family of Manitou, Manitoba, visited with Mrs. Clayton Sims Friday. Nola Faist and Ella Morlock visited Mrs. Goodwin (Mary Holtzman)and Mrs. Jack Rosser, who was Gertrude Amos when she taught school in Crediton, in Ailsa Craig Sunday. Mrs. Winthrop, sister of Mrs. Finkbeiner, and her son David and Mrs. Finkbeiner's niece, Mrs. Monroe and her daughters Louise and Heather of Kelwood, Manitoba, were guests of Mr. & Mrs. Allan Finkbeiner. Aunts and uncles of Mr. & Mrs. Wilmar Pfaff were invited to the Austin Mini Days A great time to bti?-one of the most economical cars ever built SOUTH END SERVICE EXETER 235-2322 Pfaff home Sunday for a picnic, Mrs. Mildred Cora, sister of Mrs, Fahner, of Dearborn, Michigan, spent several days with Mr. & Mrs. Clarence Fahner. Mr. & Mrs. Clarence Fahner and Mrs. Marg Gould of London motored to Dearborn, Michigan, on Saturday to attend the funeral of Mrs. Fahner's brother-in-law, Mr. Walker Haines. Mr. & Mrs. Don Finkbeiner Valerie and Suzanne are holidaying on Manitoulin Island, Allan G. Sparling graduated as By MRS. STAN PRESZCATOR Barbara Glanville spent last week with her sister Mrs. Barry Bullock, Parkhill. Mr. & Mrs. Stan Preszcator spent last Monday with Mr. & Mrs. Ed Regele Walton, also Mrs. Joe Thornton who just returned home from Seaforth Hospital. Brenda Glanville spent last week with her sister Mrs. Elaine Foran, Huron Park. Also visiting her mother was Karen Foran Belgrave. Wesley Heywood returned home Saturday after spending sometime in South Huron Hospital Exeter. His sister from Chatham is visiting him. Mr. & Mrs. Jack Dye attended the wedding Friday 13th of their grandaughter Nancy Helemkay London to Douglas Patterson. It was also Mr. & Mrs. Dye's 41st anniversary, Mr. & Mrs. Jacques England spent the weekend with friends in Douglas Point. Lorraine and Mark Beavers, Pittsburg and Dianne and Jim Beavers, Crediton West spent last Wednesday with Mr. & Mrs. Sam Lawson. Mr. & Mrs. Stan Preszcator, Brenda and Barbara Glanville, visited Sunday with Mr. & Mrs. Ron Preszcator and family Kincardine. They also traveled to Douglas Point. Mr. & Mrs. Bill Payne and family spent a few days with Mr. & Mrs. Bill Payne Sr. Wingham. 4-H delegates at conference Huron County delegates at- tended the Provincial Girls' Conference for 4-H Homemaking Club Members, July 10-13 at the University of Guelph. The delegates were Ann Stewart, Seaforth, Darlene Porter, Exeter; Debbie Smart, Grand Bend; Joanne Stoll, Kippen; Marie Nolan, Brussels; Louise Lovett, Londesboro; Beverly MacPherson, Lucknow; Jacquie Guy, Ethel. Dr. Ethel Chapman, Toronto spoke on Horizon's '73 which was the theme of the Conference. Highlights were a panel on Career Explorations and demonstrations on Dining Round the World and Floral Arrangements. Honourable Wm. A. Stewart, minister of Agriculture and Food was guest speaker at the banquet held in Creelman Hall. Miss M. McGhee, associate principal (Home Economics) Centralia College of Agricultural Technology gave leadership to the Effective Speaking interest groups. There were also Choral Singing, leathercrafts and needlepoint groups. Dr. W.C. Watson, Victoria Hospital, London spoke on "Medicine and the Modern Ms." and how it related to the delegates attending. The girls would like to thank all who made it possible especially the Home Economist and 4-H Leaders. a Wood Products Technician from Conestoga College in Kit- chener. He has accepted a position as Industrial Engineer in Electrohome's recently pur- chased plant in Wingham. Allan is the son of Mr. & Mrs. Clare Sparling and grandson of Mrs. Hilliard Sparling of Walkerton. Mr. & Mrs. Donald Finkbeiner attended the graduation. Robin Lambie of Kingston and Jane Laconte of Brigden spent the weekend with Mr. and Mrs. Ross Haugh. Linda Haugh of Toronto spent the weekend at her home here and was the guest of honour at a graduation party Saturday night. She recently graduated from the University of Western Ontario. Guests were present from London, Toronto, Kingston, Brampton, Dashwood, Exeter, Zurich and Grand Bend. 1. Accounts receivable 1 9 7 2 1 9 7 1 Municipalities - under requisitions $ 89,493 - other 53,238 $ 25,208 Government of Ontario 310,646 585,368 Government of Canada 135,794 90,947 Other school boards 30,122 36,193 Other 25,380 75,973 $644,673 $813,689 2. The arbitrators' adjustments arose pursuant to valuation of certain assets and liabilities of predecessor school boards at January 1, 1969. During 1972 $353,117 (elementary $232,080, secondary $121,037) was requisitioned from the municipalities and redistributed as payrnentofthe arbitrated value of real properties and buses. The balance of the arbitrators' adrustments in the amount of $61,268 (elementary $47,873, secondary $13,395) representing inventory and other operating assets and liabilities which had been carried Since amalgamation were charged to the current year's operations, 3. Deficits and Surpluses Elementary Secondary Total (Surplus) beginning of year ($ 198.499)6 4,400)6202,899) Distribution of arbitration settlement to trunicipalitirs 232,080 121,037 353,117 Repayment to municipalities 253 253 Deficits of adjoining boards amalgamated in records in 1969 and subgeouently transferred to applicable boards ( 61,_274)( 61,274) Deficit assistance grants from Province of Ontario ( 12,249)( 28,728)( 40,977) Adjustment to deficit of predecessor board, receivable in grant other than deficit assistance grant 6,220) 1,396 (_ 4,824) Deficit end of year $ 15,365 $ 28,031 S 43,396 The balance of the deficits is expected to be recovered through Deficit Assistance Grants in 1973. have been netted to conform to the 1972 riresentarion. The comparative figures for predecessor hoards Deficits and surplus 1 9 7 2 1 9 7 1 4. Accounts payable and accrued liabilities $ 49,858 Municipalities - over requisition 33,119 $ 90,071 Other school boards 26,778 Governtent of Ontario 382,260 316,758 Trade accounts payable and accrued liabilities $492,015 $406,829 5. Due to other funds Capital Trust - Secondary 6. Local taxation raised in 1972 on account of 1972 Local taxation raised in 1972 for current operating purposes Special levy for payment of arbitrators adjustments Adjustment of prior years grants (Note 10) $5,010,371 $4,064,249 7. Reserve for working funds provision in the original estimates for 1971 as permitted by Section 31 (1) (e) of The Secondary Schools and Boards of Education Act (R.S.O. 1970 Chapter 425). The reserve was established by resolution of the Board dated December 20, 1971 rather than by During 1972, this reserve has been reduced by an amount equivalent to the adjustment of the 1971 grant calculations, which amount would otherwise have reduced the reserve as previously established. Elementary Secondary Total Balance, January 1, 1972 $ 70,669 $ 95,903 $166,572 (Decrease) increase in 1971 grant (Note 10) ( 26,778) 18,457( 8,321) $ 43,891 $ 114,360 $158,251 Balance, December 31, 1972 8. uSnicdkerletahvee sick benefits a leve benefit plan unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the board's employment. These accumulated dyas, to the extent that they may be used to determine the cash payment to an employee on terminating, amount to $369,405 at the end of the year. No provision has been made on account of the sick leave benefit plan 9. Excess capital funds from completed capital projects in the amount of $97,084 (elementary $55,686, secondary $41,398) were transferred to the revenue fund to reduce the amount of net requirement from the municipalities, 10. Adjustment of prior years grants As a result of changes in grant calculations applicable to prior years, the grants available for 1970 were increased $100,096 and decreased $8,321 in 1971, The adjustment of the grant necessPr tes a compensating change in the amounts required through local levies for those years. Due to the time lag between completion of the fiscal year and final calculation Of the applicable grants, any adjustment of prior years has been applied in the year of which the final approved grants are determined,