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Home My WebLink AboutThe Exeter Times-Advocate, 1977-05-19, Page 23GET COUNTY HONOURS - A number of County Honours were presented Saturday at the South Huron 4-H Achievement Day held at Crediton. Back, left, Deb Morrissey, Anne Glavin, Donna Glavin and Barb Mitchell. Front, Valerie Finkbeiner, Betty Rosenberg and Charlene Hartman. T-A photo Times-Advocate, May 19, 1977 rage 23 1.1011111101111110111101H PI 0101111 I ill 'MIMI I Mill !! II 111110 Irn WIWI 10 I (11111110111WHIIV WANTED Motocross Riders for Suzuki RM's APPLY AT vluLLI'QULLI 262-5809 MOTOCROSS RACES THIS SUNDAY, MAY 22 1.;:k3uirG uL 0 V 3iiminimmtuesmunimmummiummilimatirinitaitit°mneut;m111thummumilimitimismiminta HI 1 11 1 11 1 f f i l l y 1 11 1 1 1 11 1 1 1 1 mu u m u u ! ! RENOVATE AND WIN! Huron County Farmstead and Home Improvement Competition. Class .Entry Fee $5.00 Name Address Lot Conc Municipality Phone Date Signature Rules of the competition may be obtained at your municipal office. Send to Jim Morlock Route 2, Crediton NOM IMO DEADLINE: JUNE 1 4It Two weeks left for cornpetetion Renovated kitchen dedicated at church Yes, polio shots still needed The Huron County Homestead and Farm Improvement Com- petition is entering its final two weeks before your entries should be in so let us remind everyone again of the classes open for competition as of June 1: Class 1 - Most improved farm- stead and entrance. Class 2 - Most improved rural dwelling and grounds. Class 3 - Most improved urban dwelling and grounds. Worthy entries will share in the prize money that is not,/ being ob- tained through grants from each local municipality. There will be a County Champion in each class plus winners prim in each Township. A prize list will be sent to all who enter as soon as avail- able prize money and prizes is known. Participants in the past have been well rewarded for their en- deavors and til pride and amount of achievement you ac- complish will be ;hared by your neighbors and appreciated by all visitors to the conty. With the help lof all the resi- dents of Hurori County 1978's Farmstead and( Home Improve- ment Committee know their competition wit, be bigger and better than eve/. An entry forri for this competi- tion appears or/the same page as this article sod FILL ONE OUT NOW AND BECOME A WIN- NER. There seems to be some con- fusion about whether or not adults need polio shots. The answer is YES, according to the Ontario March of Dimes. There are relatively few cases of polio being reported today, although the disease is on the increase in Central and South America, two currently popular vacation spots. Texas had one case recently; London, England reported several. So with jet travel being what it is, shouldn't you play it safe? Adults who have not been immunized in the past five years should get a "booster". If you have never within memory been immunized, a complete course of immunization is indicated: that is, a first shot, followed by two boosters ap- proximately 3 to 4 weeks apart. Your Public Health Unit or your family physician will give you the necessary shots, and it's all covered by OHIP. So don't take chances . . . .get your polio shots NOW. By MRS. FRED BOWDEN CENTRALIA The newly renovated United Church kitchen was dedicated Sunday in a service conducted by Rev, John Beaton assisted by Mrs. Harvey Smith and Mrs. Alvin Lobb. Taking part in the ribbon cutting ceremony were Mrs. Harvey Smith, Margaret Cook, George Aikens, Earl Dixon and George Fradgley. After viewing the kitchen everyone enjoyed the smorgasbord lunch and the social time together. The floral arrangements and pots of mums By MRS. RENA CALDWELL Mr. & Mrs. Ed Yamamota have moved into the house of the late Jean Ivison. Mrs. Yamamota is the former Karen Littleton. Welcome back Karen and welcome to Ed. Miss Mabel Whiteman has returned to her home in Kippen after being in Seaforth for many years. Lorne and Edgar McBride visited with their brother Wilbur in Kitchener during the week. Mr. & Mrs. Alex McGregor visited recently with Mr. & Mrs. TomBurke in Gorrie, Mrs. Frank Gemmell, Moose Jaw and Mr. & Mrs. Orm Francis Alliston visited relatives in the area last Saturday. The executive and leaders of the Standing Committees met at the home of the President of the Kippen East W.I. Monday May 9 to compile the programs for the 1977-78 term. made an attractive setting for the happy occasion, . Personals Mrs. Lloyd Vogan and grand- daughter, Shawn Taylor, Mrs, Wayne Brown and Trevor of Listowel were visitors with the former's Mother Mrs. Fred Cunnington, Thursday of last week. Mr. & Mrs. Tom Kooy were Saturday visitors with Mr. & Mrs. Maurice MacDonald, Grand Bend. Mr. & Mrs. Lawrence Hirtzel, Mr, & Mrs. Bill Hirtzel and family, Exeter were camping at Bayfield for the weekend. Mrs. Fred Cunnington was a Sunday visitor with Mr. & Mrs. Howard Cunnington and family, Thames Road. Ladies wishing to go to Mitchell to visit the United Church Resource Centre Tuesday evening, May 24 are asked to meet at the church at 7:15. THE MIDDLESEX COUNTY BOARD OF EDUCATION FINANCIAL REPORT 1976 Auditor's Report Revenue Fund Statement of Operations FOR THE YEAR ENDED DECEMBER 31, 1976 (with comparative figures for the previous year) 1976 1975 SECONDARY ELEMENTARY SECONDARY SCHOOLS TOTAL SCHOOLS SCHOOLS TOTAL ELEMENTARY SCHOOLS $ 266,083 7,190,036 86,500 11,892 1,129,038 1,025,276 11,710 546,596 47,805 712,540 15,002 To the Mddlesex County Board of Education: We Ilive examined the Revenue Fund and Capital Fund Balance Sheets of the Middlesex County Board of Education as at December 31, 1976, the Revenyb Fund - Statement of Operations, the Capital Fund Statement of Opera tons and the Statement of Continuity of Trust Funds for the year then ended Our examination included a general review of the accounting procepres and such tests of accounting records and other supporting evidetce as we considered necessary in the circumstances. ASSETS CURRENT ASSETS 1976 1975 Cash $ 348,506 $ 85,634 Bank certificates (at cost) 1,100,000 Accounts receivable Local Taxation Under requisition - elementary 50,119 -secondary 264,640 309 Municipal levy 184,243 89,636 Other school boards 17,817 9,960 Government of Ontario 997,736 456,287 Government of Canada 36,433 52,508 Other current assets 21,949 13,003 Prepaid expenses 5,333 4,134 Due from capital 384,489 $2,261,146 $1,861,590 In our opinion these financial statements present fairly the financial position of the Board as at December 31, 1976 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. Davis, Martindale & Barnes London, Ontario Chartered Accountants March 30, 1977 Municipal Auditor's License No. 508 LIABILITIES CURRENT LIABILITIES 1976 1975 Bank loan $ 945,000 $ - Accounts payable Local Government Over requisition - elementary - secondary 54,805 Other school boards 54,341 773,980 Trade 928,113 821,558 Due to capital 17,636 1,927,454 1,667,979 Reserve for working funds - note 2 333,692 193,611 $2,261,146 $1,861,590 EXPENDITURE Business administration Instruction Educational services Attendance, health and food services Plant operation and maintenance Transportation Tuition fees Capital expenditure (non-allocable) Other operating expenditures Debt charges on capital borrowing - note 6 Non-operating expenditures RECOVERIES OF EXPENDITURES Other school boards Government of Ontario Tuition fees and miscellaneous Individuals Other revenue excluding transfers from reserves NET EXPENDITURE FINANCING OF NET EXPENDITURE Government of Ontario General Legislative Grant $ 6,863,645 Local Taxation Prior year's over (under) requisition - note 5 (66,486) Increase in reserve (140,081) Local taxation raised during the year 4,107,995 Net under (over) requisition to be applied to subsequent years $ 140,299 $ 406,382 $ 261,697 $ 137,594 $ 399,291 6,203,297 13,393,333 5,761,069 5,366,474 11,127,543 122,831 209,331 73,532 102,241 175,773 7,764 19,656 10,191 8,118 18,309 850,810 1,979,848 1,050,904 790,504 1,841,408 937,004 1,962,280 969,085 812,10E, 1,781,194 1,791,288 1,802,998 7,196 1,490,574 1,497,770 552,501 1,099,097 484,514 44,726 529,240 22,408 70,211 51,049 26,024 77,073 559,495 1,272,035 657,308 566,386 1,223,694 16,851 31,853 13,524 17,032 30,556 $ 7,003,286 $13,866,931 $ 6,212,970 $ 6,526,275 $12,739,245 (20,833) (87,319) (70) 49,851 49,781 - (140,081) 3,649,253 7,757,248 2,877,749 2,471,969 5,349,718 264,640 264,640 50,119 (54,496) (4,377) Revenue Fund Balance Sheet AS AT DECEMBER 31, 1976 (with comparative figures for the previous year) 11,042,478 11,204,546 22,247,024 9,340,069 9,361,782 18,701,851 10,123 130,600 140,723 11,730 132,230 143,960 28,705 103,026 131,731 23,285 163,144 186,429 133,403 18,234 151,637 108,663 11,418 118,081 3,751 11,934 15,685 2,512 11,662 14,174 101,423 44,406 145,829 55,111 49,729 104,840 277,405 308,200 585,605 199,301 368,183 567,484 $10,765,073 $10,896,346 $21,661,419 $ 9,140,768 $ 8,993,599 $18,134,367 $10,765,073 $10,896,346 $21,661,419 $ 9,140,768 $ 8,993,599 $18,134,367 Capital Fund Balance Sheet ASSETS AS AT DECEMBER 31, 1976 (with comparative figures for the previous year) LIABILITIES, Capital Fund Statement of Operations FOR THE YEAR ENDED DECEMBER 31, 1976 (with comparative figures for the previous year) 1975 $1,181,919 15,186 750 1,680,119 1,197,855 CURRENT ASSETS 1976 1975 Cash $ 4,489 $ Balk certificate - at cost 380,000 85,000 Due from revenues 17,636 384,489 102,636 Capital outlay to be recovered in future years 7,663,321 7,935,007 $8,047,810 $8,037,643 CURRENT LIABILITIES Bank - indebtedness Accounts payable Due to revenue NET LONG TERM LIABILITIES - note 4 Unapplied capital revenue Approved: Marilyn Wearring Chairman of the Board 1976 1975 $ $ 23,998 384,489 384,489 23,998 7,663,321 7,935,007 78,637 $8,047,810 $8,037,642 J.A. Gummow, Director of Education Capital Expenditures 1976 Fixed Assets and Work in Progress Buildings, furniture and equipment $1,646,770 School sites and improvements to sites 33,349 Other - appraisal fees Less: Federal sales tax refund Capital Financing Unexpended Funds at Beginning of Year, or (Balance at beginning of year not permanently financed) • Elementary $ 72,842 Secondary 5,795 Long term liabilities issued and sold 445,000 Capital expenditures from the Revenue Fund 1,121,726 Transfer to the Revenue Fund (Balance at end of Year not Permanently Financed) or Unexpended Funds at End of Year 34,756 - Elementary - Secondary $ (31,853) 272,034 415,000 636,857 (15,546) (72,842) ( 5,795) $1,645,363 $1,197,855 $1,645,383 $1,197,855 Notes to Financial Statements DECEMBER 31, 1976 1) Accounting Policies (a) Accrual Accounting The accrual method k* reporting revenue and expenditure has been used with the exception of reporting of charges for net long term liabilities. PrinciOal and interest charges are not accrued from the due date of paymbnts to the end of the fiscal year, (b) Fixed Assets Fixed assets are chiirged to current expenditure unless financed by long term debt. Principal and interest charges on net long-term liabilities ae inclucf3d in expenditure in the peed due, Fixed assets described as capital outlay to be recovered In future years, are includild on the Balance Sheet only to the extent of the balances of thelfelated net long-term liabilities outstanding and of the related temdorary financing at the end of the fiscal year, (c) Net Long-Term L'Abilities Debentures ale recorded as unmatured debenture debt in the year of sale. 2) Reserve For Working Funds The reserve for working funds at December 31, 1976 is applicable to the elementary and secondary school operations of the board as follows: Elementary $299,984 Secondary 33,708 $333,692 3) Liability for Sick Leave Plans Under the sick leave 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 days, to the extent that they could be used to deter- mine the cash payment to an employee on terminating, amount to $35,017.67, 4) Net Long-Term Liability Repayments Of the net long-term liabilities outstanding of $11,081,924 principal amounting to $7,663,321 plus Interest amounting to $3,418,603 is payable over the next five years as follows: Principal Interest Total 1977 $ 793,196 $ 544,764 $1,337,960 1978 827,200 488,900 1,316,190 1979 795,951 428,853 1,224,804 1980 810,737 370,713 1,181,450 1981 619,248 310,752 030,000 Total $3,846,422 $2,143,982 $5,990,404 5) Prior Year's Adjustment The prior year over (under) requisition has been restated to ($66,486) elementary and ($20,833) secondary to reflect additional information received subsequent to the preparation of the 1975 financial statements. The 1975 comparative figures have not been restated. The changes oc- curred primarily in the grants received from the Province of Ontario. 6) Debt Charges and Capital Loan Interest The Revenue Fund expenditure for debt charges and capital loan interest includes principal and interest payments as follows: Principal payments on long-term liabilities including contributions to sinking funds $ 716,687 Interest payments on long-term liabilities 553,570 Interest payments on temporary financing of capital projects 1,778 $1,272,035 7) Anti-Inflation Act (Canada) Under an agreement between the Government of Ontario and the Gov- ernment of Canada, authorized by the Anti-Inflation Agreernents Act (1976), remuneration paid by an Ontario school board to its employees Is subject to the provisions of the Anti-inflation Act (Canada). 8) Contractual Obligations During the year the Board entered Into agreements with general con- tractors for the construction of buildings and additions to buildings. Some of the contracts have not been completed at December 31, 1976 and all funds have not been expended. The unexpended amount of these OoM- Mitmentt is $703,098. Statement of Continuity of Trust Funds FOR THE YEAR ENDED DECEMBER 31, 1976 Total Balance December 31, 1975 Capital $16,644 Income 652 17,296 Revenue - interest 811 Capital Contributions 500 Expenditure 1,180 Balance December 31,1976 Capital 17,144 Income 283 Amount held in trust $17,427