Times-Advocate, 1980-05-14, Page 15AUTOMOTIVE RADIATOR
• F E sP IA I AR 51 1 le I EN- to0i NR EE3
t Sales & Service
I MILT ROBBINS
;pc & SON LTD.
263 MAIN ST. N., 4.41vr_is
EXETER
235-2940
ASSETS
CURRENT ASSETS
Cash $2,225 $2,225
Bank certificates (at cost) 1,183,000 643,000
Accounts receivable
Local taxation
Municipal levy 111,333 141,262
Under requisition 159,949 .
Other school boards 9,103 131,443
Government of Ontario 1,063,860 803,832
Government of Canada 39,402 ' 23,797
Accounts receivable - other 29,495 18,542
Prepaid expenses 13,451 5,464
2,611,898 1,769,565
1979 1978
AUDITOR'S REPORT
To The Middlesex County. Board of Education.
We have examined the Balance Sheet of The Middlesex
County Board of Education as at December 31, 1979 and
the Revenue Fund Statement of Operations, •the Capital
Fund Statement of Operations and the Statement of Con-
tinuity of Trust Funds for the year then ended. Our ex-
amination was made in accordance with .generally
accepted auditing standards, and accordingly included
such tests and other procedures as we considered
necessary in the circumstances.
In our opinion, these financial statements present fairly
the financial position of the Board as at December 31, 1979
and the results of its operations and the changes in its
financial position for the year then ended in accordance
with generally accepted accounting principles for Ontario
school boards applied on a basis consistent with that of
the preceding 'year.
Chartered Accountants
Municipal Auditor's Licence No. 159
London, Ontario
March 21, 1980
CAPITAL FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1979
(with comparative figures for the previous year)
CAPITAL EXPENDITURE
1979 1978
FIXED ASSETS
AND WORK IN PROGRESS
Buildings, furniture and equipment. • $307,430
Other 809
308,239
Less: Federal sales tax refund
$308 239
$49,486
49,486
969'
$48,517 •
CAPITAL FINANCING
Unexpended Funds at Beginning of
Year or (Balance at beginning of
year not permanently financed)
- Elementary
- Secondary
Long term liabilities issued and
sold Capital expenditure from the
Revenue Fund •
( Balance at End of Year not
Permanently Financed) or
Unexpended Funds at End of Year
- Elementary
• Secondary
$
308,239 48,517
$308,239 $48,517
ROOKIES WIN CONSOLATION. - The consolation championship of the Exeter ladies
bowling league was won by the Rookies. Back, left Cathy Cronyn, Elain Gould,JulieBrittain
and Nina Knee. Front, captain Valerie Flynn, Gail. Fuller and Jane Penning°. Missing was
Jo ce Penning°. T-A photo
•c, ;4.
•
LADIES START GOLFING - the season for the ladies division of the Exeter Golf and
Country Club opened Tuesday. Shown already to go are dub president Fran Mickle, Gert
Middleton, Edna Busche and Lois Snell. T-A photo
Kit on "Save our Streams"
Cowgirli win first game
The Crediton Cowgirls 'Cowgirls kept their lead by
started off the season the getting five more runs. They
right way by defeating added five more in the fifth
29-10 in five innings Monday. Sandy O'Neill led the
LiellrY ladies by a score of to take their victory,
defeat ries:ft:nu:hoer first inby-
TIniwthCeowgsecirlsondst4trhteedl'athdeiews I/ode/vest and Myrna
by scoring five runs. Shelley
Crediton team at the plate
Seett were next with four
ning by taking an 8-1 lead. Weber, Michelle
reaching fifteen runs while.
Lieury still had two. The r°Mnsearnnieace cott was the third inning ended the same CreditOn pitcher and gained way with a 19-Cleacl and in
the fourth inning the the "victory.
_en ..r golf
year starts,
Play for the 1980 season of
the Men's golf club at the
Ironwood course started, this
Week,
In the "A" flight, Ken
Bergman emerged as the
low gross,,winner after en-
ding in a tie with Jim Russell
and Claude Daw, Larry
Johns with a 35 was the best
in low net.
Low gross winners in the
"B" flight were Scott Burton
and Gerry Smith while Pete
McFalls and Mery Cudmore
took low net honours,
Jerry MacLean and Barry
Baynham were tops in low
gross in the "C" flight while
Bill Gilfillan and Walt
Tiedeman were the low net
winners.
Larry Mason led the "D"
flight in low gross and the
best net score was recorded
by Roy Hunter.
Almost_ everyone enjoys
fishing. Unfortunately,
within the watersheds of the
Ausable and Bayfield
Rivers, there are relatively
few waterways left that can
support productive sport fish
populations. Chemical
pollutants, manyure and
unsightly garbage make
many of these natual
resources unfit for human
visitation, let alone game
fish populations.
Now there is an
organization devoted to the
conservation and restoration
of such waterways entitled
"Save Our Streams." S.O.S.,
centered in Toronto, has
developed an Action Kit
which is a self-contained
manual aimed at revitalizing
the fish and wildlife potential
of a river and its tributaries.
This Action Kit is now
available at the Ausable-
Bayfield Conservation.
Authority.
There are two major
criteria to be fulfilled before
the Action Kit can be used.
Firstly, there must be a
willing group of concerned
citizens who wish to "adopt"
a stream and with the
consent of landowners,
improve and maintain it.
Secondly, they must have
the resources and expertise
to discharge this respon-
sibility effectively.
Towards . the latter
criteria, the Ausable-
Bayfield Conservation.
Authority • is prepared to
sponsor such an interested
group of citizens by donatng
the S.O.S. Action Kit towards
their cause and providing
some technical expertise and
equipment to achieve such a
valuable end-that being,
making the river courses of
the • Ausable-Bayfield Con-
servation Authority
wateshed clean and ap-
pealing again.
Interested groups and
individuals are invited to
contact AUsable-I3ayfield
Conservation Authority
Headquarters, 175 Thames
Rd. W., Box 459 Exeter,
Ontario, 235-2610, for more •
information.
INVITATIONAL TRACK MEET WINNERS - Athletes from South Huron District High Schoolquite well in an i n-•
vitational track meet held at' the high school Wednesday. Junior Mat McClure had firsts in the boys 400 and 800 metres,
Faye Gaiser took the midget girls javelin title, Susan McClure won the midget girls 200 metres, Helen Muller placed first in
the senior girls 100 metre hurdles and Steve Pearce took top spot in the junior boys javelin. The school's track and field team
will be participating in the Huron-Perth championships which will take place tomorrow in London. T-A photo
Special - Lee coloured Jeans
$12. pair.
Bou let Western Boots
Stetson Hats
Lee Boot Cut Jeans 8, Jackets
Western Shirts & Belts
Riding Equipment
Horse Health. Centre
Scott's Leather
Tack Shop -----
120 Sanders W, Exeter, Ont.
235-0694.
/C.
FINANCING OF NET EXPENDITURE
Government of Ontario
General Legislative Grant
Local Taxation
Prior year's over (under) requisition....
Decrease (Increase) in reserve
Local taxation raised during the year....
Net under (over) requisition to be applied
to subsequent years
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 5
Non-operating
---.• ELEMENTARY SECONDARY
SCHOOLS SCHOOLS
,
$344,199 $177,111 $521,310
9,032,345 7,975,411 17,007,756
163,042 ' 190,582 353,624
11,869 7,947 19,816
1,411,717 1,056,048 2,467,765
1,343,965 1,264,032 . 2,607,99.7
8,113 2,069,234 2,067,347
154,237 80,265 234,502
67,106 35,365 102.471
569,955 761,559 1,331,514
40,240 39,713 79,953
13,146,788 13,647,267 26,794,055
CURRENT LIABILITIES
35,478
33,450
10,207,167
130,204
$25,494,899 $11,566,927
TOTAL ELEMENTARY
SCHOOLS
Capital outlay to be recovered in
future years
5,526,883 6,400,835
$8,138,781 $8,170,400
Balance December 31, 1978 $21,711
Capital Received 200
Revenue 2,040
Expenditures (1,949)
Balance December 31. 1979 $22,001
Cash
Capital
Liabilities
Held in Trust. December 31, 1979
NOTES TO THE
FINANCIAL STATEMENTS
1. Accounting Policies
has been used with the exception of reporting of charges for net
long-term liabilities. Principal and interest charges are not ac-
crued from the due date of payments to the end of the fiscal year..
a) Accrual Accounting
The accrual method for reporting revenue and expenditures
b) Road Assets
Fixed assets are charged to current expenditure unless financ-
ed by long term debt. Principal and interest charges on net long-
term liabilities are included in expenditures in the period due.
Fixed assets describe 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 outstan-
ding and of the related temporary financing at the end of the
SECONDARY TOTAL
SCHOOLS
fiscal year.
c) Net Long-Term Liabilities
Debentures are recorded as unmatured debenture debt in the
year of sale
2. Reserve for Working Funds
The reserve for working funds at Deceember 31, 1979 is
applicable to the elementary and secondary school operations of
the Board as follows:
Elementary * $376,893
Secondary 380,E
$757,573
3. Employee Sick Leave Plans - Retirement Gratuities
An employee shall be entitled to the payment of an allowance
on retirement if. immediately prior to retirement, he has com-
pleted ten or more continuous years of service with the Board or
,.its predecessors, and if he fulfills the requirements of one of the
following sections:
a) is not a contributor to the Teachers' Superannuation Fund
and is 60 or more years old or is the age eligible for receipt
of a Retirement Gratuity established by the Collective
Agreement applicable to the retiring employees.
b) is a contributor to the Teachers' Superannuation Fund and
is eligible for an "A" pension under the existing provisions
of the Teachers' Superannuation Act.
c) is a contributor to the Teachers' Superannuation Fund, is
more than 60 years of age, and is eligible for a pension under
the then existing provisions of the Teachers Superannua-
tion Act.
The Retirement Gratuity is calculated on the following basis:
i ) For Teachers
Accumulated Sick Leave x 1 x Annual Salary on Retirement
2 200
ii) For Other Personnel
Accumulated Sick Leave x 1 x Regular Annual Salary on
2 240 Retirement Excluding Overtime
Funding [or the plan is provided for in the year in which pay-
ment is due.
. Payments to retired employees during 1979 amounted to $53,-
434 ($38,557 in 1978),
4. Net Long-Term Liability Repayments
Of the net long term liabilities outstanding of $5,526,883 prin-
cipal amounting to $3,327,071 plus interest amounting to $1,400,-
111 is payable over the next five years as follows:
1980
1981
1982
1983
1984
$3,327,071 $1,400,111 $4,727,182 $3,926,329
1979 1978
$588,167 j 5. Debt Charges and Capital Loan Interest
40,106
loan interest includes principal and interest payments as
follows:
The Revenue Fund expenditure for debt charges and capital
350,269
Principal payments on long-term liabilities
978,542 i including contributions to, sinking funds
Interest payments on long-term liabilities
757,573
33,450
5,526,883
6,400,835
$8,138,781 $8,170,400
Elemintary
Equity in reserve fund,
Funding during 1979
January 1, 1979
Sale of Quad County School . - 34,862 34,862
Sale of Crumlin School 50,275 50,275
Provision from Revenue Fund. 70,512 44,594 115,106
(i•e: sale of Ailea Craig School). $33,450 $ - $33,450
120,787 79,456 200,243
Applied to cost of acquisition $154,237 $79,456 ;233,693
7. Accounts Payable - other
Other accounts payable totalling $1,208006 at December al,
1979 include a reasonable provision for unsettled wage contratts.
RECOVERIES OF EXPENDITURES'
Tuition fees
Other school boards
Government of Ontario
Government of Canada
Individuals
Other revenue excluding transfers from reserves
NET EXPENDITURE
6,990
466,049
192,188
3,041
164,975
• 833,243
$12,313,545
$7,070,671
38,190
33,450
5,188,558
(17,324)
$12,313,545
101,651
238,910
14,831
19,556
90,965
465,913
$13,181,354
$8,017,929
(2,712)
5,018,609
• 147,528
$13,181,354
108,641
704,959
207,019
22,597
255,940
1 299,156
$25,494,899
• 7.310
395.319
165.377
5.834
45,543
619,383
$11,566,927
The Middlesex County Board Of EduCation FINANCIAL STATEMENTS
December 31, 1979
REVENUE FUND STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1979 (with comparative figures for the previous year)
1979 1978
$290,185 $149,387 $439,572
8.461,130 7,279,982 15,741,112
123.942 173,028 296,970
13,742 12,308 26,050
1,300,460 986,629 2,287,089
1,264,596 1,102,524 2,367,120
8.293 1,901,754 1,910,047
(653) ' 3,835 3,182
56,139 26,766 82,905
646.698 776,953 1,423,651
21,778 31,763 53,541
12.186,310 12,444,929 24;631,239
116,133
226,874
. 21,831
18,793
44,165
427,796
$12,017,133
123,443
622,193
187,208
24,627
89,708
1,047,179
$23,584,060
$15,088,600 56,906.819 $7,567,743 $14,474,562
47,414 ' 47,414
(142.493) (114,930) (257,423)
4,755.187 4,564,320 9,319,507
$12,017,133 $23,584,060
BALANCE SHEET
AS AT DECEMBER 31, 1979
(With comparative figures for the previous year)
LIABILITIES
Principal
$895,737
712.248
633.786
535,352
549,948
Interest
$392,068
324,118
269,405
226,696
187,804
Total
$1,287,825
1,036,366
903,191
762,048
737,752
eh
for Ofent
$1,047,547
872,365
764,202
631,196
611,019
STATEMENT OF CONTINUITY OF TRUST FUNDS
For the Year Ending December 31, 1979
Reserve for working funds - note 2. 757,573
Equity in reserve funds - note6
Net long term liabilities - note 4
Due to bank - on overdraft $510,873
Accounts payable
Local Government
Over requisition - elementary. 29,745
Other school boards 105,401
Accounts payable - other - note 7. 1,208,306
1.854,325
APPROVED: Howard A, McLean, Chairman of the Board.
John A. GurnmoW. Director of Education.
623
21,663
(285)
$$22,001
6. Purchase of Administration Building
During the year the Board exercised its option to purchase its
previously leased administration building. The purchase price of
$233.693 was funded in the following manner:
Secondary Teta!
$873,951
457,563
$1,331,514
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