HomeMy WebLinkAboutThe Exeter Times-Advocate, 1976-05-13, Page 16Pa • e 16 Times-Advocate, Ma 13, 1976
LOOKS AREN'T EVERYTHING! Patti Shapton, left and Brenda Mitchell right, said it took them about two
months to build their handsome friend, Big Foot. He was their entry in this week's History Fair at Stephen
Township Central Public School. T-A photo by Sharon Specht.
NFU calls meeting
to discuss dairy crisis
By URSULA REIG12
The National Farmer's Union,
Region 3, Ontario, has been
requested to call an emergency
meeting of its, country officials to
lay plans to combat the current
serious crisis facing dairy far-
mers in Ontario.
District 7, N.F.U., comprising
of Wellington, Dufferin, Grey and
Bruce counties, issued the call
during a meeting this week at
Walkerton. Fred Kabbes, District
Director, said the new dairy
policies emerging from Ottawa
and Toronto are having very
adverse effects on dairy farmers'
incomes, He said the meeting
concluded that in view of the
Ontario Government's in-
centa tive program that en-
couraged farmers to increase
production last year, it should
now help bear the burden and
match the federal dairy subsidy
dollar for dollar for in-quota
milk.
1,667,979 1,014,782
193,611 193,611
$1,861,590 $1,208,393
Brinsley church group donates to camp
••••••••11•1110
By GORDON MORLEY
BRINSLEY
Mrs. Fred Lewis was hostess
for the UCW May meeting. The
opening hymn was sung and
followed by prayer. Mrs, Wesley
By MISS JEAN COPELAND
WOODHAM
Kathy Dunnell and Jeffrey
Preszcator of Eighth Line spent
the weekend with Mr. & Mrs.
Fred Parkinson and family.
The Kirkton-Woodham Young
People held a car wash Saturday
and raised a nice sum of money
to help sponsor the Korean Foster
child they recently began sup-
porting.
Janet Hartwick spent Fridzy
and Saturday with Deanna
Copeland,
Mrs. Roger Miller, Steven and
Jeffrey of Fenwick and Mrs.
Victor Roland, Linda, Roger of
Avonton and Jean Copeland
were Sunday visitors with Mr, &
.11/1•••11111•11•01111•1111111111k
Watson presented the theme
"Relieving tensions in Modern
Living."
Psalm 46 was read by Mrs.
Fred Lewis. Mrs. Edwin Morley
gave two poems "June in the
Mrs. Glenn Copeland, Cynthia,
Ellen and Deanna.
Mrs. Grace Mills of St. Marys
visited on Saturday with Mrs.
Arthur Hopkin.
Mr. & Mrs. Lloyd Jaques and
Mr. & Mrs. Al Eveleigh spent last
weekend with Rev. & Mrs. John
Roundell of Greenbank, Ontario.
Joanne Constance Mabel,
daughter of Mr. & Mrs, Robert
Corbett was baptized on Sunday
by Rev. Grant Dawson. The choir
sang the anthem "God Give Us
Christian Homes."
Mr. & Mrs. Ray Corsaut and
Adrienne of Birr and Mrs. Robert
Corsaut of St. Marys visited
Sunday evening with Mr, & Mrs.
David Wheeler, Steven and
Bobby.
country" and "Love Rules"
followed by the hymn "Savior
Breathe an Evening Blessing"
and prayer, Mrs. George Lee
began the business with a poem
"God Cares", 13 members an-
swered the roll call and $10 was to
be paid to "Shady Pine Camp,"
Lunch was served by the hostess.
The St. Mary's Anglican Guild
meeting was held Wednesday in
the church basement. Hostesses
were Mrs. Jim Scott and Mrs.
Jim Rowe,
Gayle Fenton visited with her
parents Mr. & Mrs. William
Fenton and family of Belgrave on
the weekend,.
Baptism was administered by
Rev. C. West haver to Sherri
Marie Hodgson, daughter of Mr.
& Mrs. Paul Hodsgson, during the
church service Sunday.
Mrs,,Lois Whittard of Niagara
on the Lake visited on the
weekend with her father Mr.
Cecil Ellwood,
Mr. & Mrs. Donald Newey,
Carol and Colleen, Kingston,
Ruth Trevithick, Toronto, Bill
Johnson, Parkhill, and Mr. &
Mrs. Harvey Walper and family,
Greenway visited Saturday
evening with Mr, & Mrs. Jack
Trevithick.
Pete Voison had a successful
Auction Sale on Wednesday.
Mrs, Violet Allison and
Kathleen Morley visited with
Mrs. Beatrice Carson Sunday
afternodn,
Mr. & Mrs. Howard Hodsgson
and Murray attended "Open
House" at the Strathroy District
Collegiate Institute last Wed-
nesday evening, where Murray is
a student.
Joyce Hodgson daughter of Mr.
& Mrs. Howard. Hodgson entered
the Ladies Great Ride for Cancer
last Sunday May 2 at London.
Joyce entered along with two
other secretaries from UWO and
managed to earn $350.00 in
pledges for the fight against
Cancer.
Joyce Hodgson from London
spent the past weekend with her
parents Mr. & Mrs. Howard
Hodgson and Murray.
THE MIDDLESEX COUNTY BOARD OF EDUCATION
FINANCIAL REPORT 1975
Auditor's Report
Woodham young
people stage car wash
EXPENDITURE
Elementary
Schools
1975
Secondary
Schools
Revenue Fund Statement of Operations
FOR THE YEAR ENDED DECEMBER 31, 1975
(with comparative figures for the previous year)
1974
Elementary Secondary
Total Schools Schools Total
To the Middlesex County Board of Education:
We have examined the Revenue Fund and Capital Fund
Balance Sheets of The Middlesex County Board of Education
as at December 31, 1975, the Revenue Fund - Statement of
Operations, the Capital Fund Statement of Operations and
the Statement of Continuity of Trust 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 in
the circumstances.
ASSETS
CURRENT ASSETS
1975
Cash
$ 85,634
Bank certificates (at cost)
1,100,000
Accounts receivable
Local Taxation
Under requisition - elementary
- secondary
Supplementary levy
Other school boards
Government of Ontario
General legislative grant
Education mill rate subsidy
Other
Government of Canada
Other current assets
Prepaid expenses
Due from capital
In our opinion these financial statements present fairly the
financial position of the Board a$ at December 31, 1975 and
the results of, its operations 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 preceding year except for the change in accounting for
fixed assets as described in note 1 (b).
Davis, Martindale Et Barnes
London, Ontario Chartered Accountants
April 5, 1976 Municipal Auditor's License No. 331
LIABILITIES
CURRENT LIABILITIES
1975
1974
Accounts payable
$
Local Government
Over requisition - elementary
- secondary 54,805
Other school boards . 773,980 419,071
Trade 821,558 595,711
Due to capital
17,636
Reserve for working funds - note 2
1974
51,652
250,000
50,119
309
89,636 56,158
9,960 49,448
269,859 542,753
7,592
186,428 154,169
52,508 31,334
13,003 14,834
4,134 26,887
23,566
$1,861,590 $1,208,393
Revenue Fund Balance Sheet
AS AT DECEMBER 31, 1975
(with comparative figures for the previous year)
Capital Fund Balance Sheet
RECOVERIES OF EXPENDITURES
Other school boards
Government of Ontario
Tuition fees and miscellaneous
Individuals
Other revenue excluding transfers
from reserves
NET EXPENDITURE $9,140,768
Business administration
Instruction
Educational services
Attendance, health and food services
Plant operation
Plant maintenance
Transportation
Tuition fees
Capital expenditure (non-allocable)
Other operating expenditures
Debt charges on capital borrowing - note 4
Non-operating expenditures
$ 261,697
5,751,069
73,532
10,191
738,386
312,518
969,085
7,196
484,514
51,049
657,308
13,524
9,340,069
11,730
23,285
106,663
2,512
55,111
199,301
59,729
368,183
$8,993,599
$ 137,594 $ 399,291 $ 208,730 $ 101,248 $ 309,978
5,366,474 11,127,543 4,621,646 4,289,505 8,911,151
102,241 175,773 44,902 82,446 127,348
8,118 18,309 10,869 8,816 19,685
629,297 1,367,683 688,769 524,851 1,213,620
161,207 473,725 219,795 138,296 358,091
812,109 1,781,194 842,863 731,909 1,579,772
1,490,574 1,497,770 5,098 1,217,815 1,222,913
44,726 529,240 435,417 499,035 934,452
26,024 77,073 10,228 3,751 13,979
566,386 1,223,694 652,868 457,052 1,109,920
17,032 30,556 8,990 13,290 22,280
9,361,782 18,701,851 7,750,175 8,068,014 15,818,189
132,230 143,960 12,490 157,930 170,420
163,144 186,429 67,837 98,697 161,534
11;418 118,081 80,433 7,596 88,029
11,662 14,174 2,653 9,722 12,375
18,134,367
104,840 36,382 48,896 85,278
567,484 199,795 317,841 517,636
$7,550,380 $7,750,173 15,300,553
FINANCING OF NET EXPENDITURE
Government of Ontario
General Legislative Grant
Local Taxation
Prior years over (under) requisition - note 5
Decrease in reserve
Local taxation raised during the year
Net under (over) requisition to be applied
to subsequent years
$6,212,970
(70)
2,877,749
50,119
$9,140,768
$6,526,275 12,739,245
49,851 49,781 94,647 150,344 244,991
115,097 228,792 343,889
2,471,969 5,349,718 2,248,950 1,851,264 4,100,214
(54,496) (4,377)
$8,993,599 18,134,367
$5,091,686 $5,519,773 10,611,459
$7,550,380 $7,750,173 15,300,553
Capital Expenditure
J.A. Gummow,
Director of Educaton
Approved: J.E. Duffin,
Chairman of the Board
ASSETS
CURRENT ASSETS
Cash
Bank certificate - at cost
Due from revenues
Capital outlay to be recovered
in future years
AS AT DECEMBER 31, 1975
(with comparative figures for the previous year)
1974
$ 249,840 CURRENT LIABILITIES
100,000
Bank - indebtedness
Accounts payable
Due to revenue
$8,037,643 $8,534,379
FOR THE YEAR ENDED DECEMBER 31, 1975
(with comparative figures for the previous year)
1974
Capital Financing
$1,912,177
2,000
26,647
14,239
$1,197,855 $1,939,891
LIABILITIES
1975 1974
$ 23,998
90,349
- 23,566
23,998 113,915
7,935,007 8,184,539
78,637 235,925
$8,037,642 $8,534,379
8,184,539 NET LONG TERM LIABILITIES
Unapplied capital revenue
1975
$ -
85,000
17,636
102,636
7,935,007
349,840
1975
Fixed Assets and Work in Progress
Buildings, furniture Et equipment $1,181,919
School sites Et improvements to sites 15,186
Pupil transportation vehicles
Other - appraisal fees 750
1,197,855
Less: Federal sales tax refund
1,955,063
15,172
Capital Fund Statement of Operations
6,232
1,155,000
1,018,840
(-)
$1,197,855
31,853,
(272,034)!
$1,939,891
Unexpended Funds at Beginning of Year, or (Balance
at beginning of year not permanently financed)
- Elementary $(31,853)
- Secondary 272,034
Long term liabilities issued and sold 415,000
Capital Expenditures Reserve Fund 636,857
Transfer to the Revenue Fund (15,546)
(Balance at end of Year not Permanently Financed) or
Unexpended Funds at End of Year
- Elementary (72,842)
- Secondary (5,795)
Notes to Financial Statements
DECEMBER 31, 1975
1) Accounting Policies:
(a) Accrual Accounting
The accrual method for reporting revenue and
expenditure has been used with the exception of
reporting of charges for n et long-term liabilities.
Principal and interest charges are not accrued from the
due date of payments to the end of the fiscal year.
(b) 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 in expenditure in the period due. Fixed assets
are included in the Balance Sheet only to the extent of
the balance of the related net long-term liabilities
outstanding and of the related temporary financing
at the end of the fiscal year, For 1974 and prior years,
fixed assets were reported at cost.
(c) Net Long-Term Liabilities
Debentures are recorded as unmatured debenture
• debts in the year of sale.
2) Reserve For Working Funds:
The reserve for working funds at December 31, 1975 is
applicable to the elementary and secondary school operations
of the board as follows:
Elementary
$159,903
Secondary
33,708
$193,611
3) Employee Sick Leave Benefit Plans:
Under the sick leave benefit plan unused sick leave
benefits can accumulate and employees may become
entitled to a cash payment when they leave the board's
employment. These accumulated days to the extent that
they could be used to determine the cash payment to an
employee on terminating amount to $21,506 as at
December 31, 1975. No provision has been made on
account of the sick leave benefit plan.
4) Debt Charges and Capital Loan Interest: '
The expenditure for debt charges and capital loan interest
reported in the Revenue Fund Statement of Operations
includes principal and interest payments as follows:
Principal payments on long-term liabilities
including contributions to sinking funds $ 664,532
Interest payments on long-term liabilities 559,162
Interest payments on temporary financing
of capital projects
$1,223,694
5) Prior Years' Adjustments:
The prior year over (under) requisition has been restated
to (70) elementary and 49,851 - secondary to reflect
additional information received subsequent to the prepara-
tion of the 1974 financial statements: The 1974 compar-
ative figures have not been restated. The changes occurred
primarily in the grants received from the Province of
Ontario.
6) Contractual Obligations:
During the year the Board entered into agreements with
general contractors for the construction of buildings and
additions to buildings, Some of the contracts have not
been completed at December 31, 1975 and all funds had
not been expended. The unexpended amount of these
commitments is $872,389.
Statement of
Continuity of Trust Funds
Total
Balance December 31, 1974
Capital
Income
$15,800
393
16,193
Revenue - Interest
Capital contributions
Expenditure
• milMatam.410
1,555
844
1 296
Balance December 31, 1975
Capital
Income
Amount held in Trust
16,644
652
$17,296 %.,)
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