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IfFKAlJ Wednesday JuneO IBM BROWNIES PROMOTED news Herald Correspondent Bronte Cenotaph The Mrs Clarke gave conducted her report from Synod to by the Airborne Padre St John an Sunday The lowers on the this Sunday were In memory of Mr and Mrs Edwin Hicken and son Ted A from area attended the Allied Day memorial service commemorating the anniversary of the Nor The following District Georgetown Broun flow up to Guillen last at Knox Church left to right front row Charter middle Kim ton Sara Hannah Heather back I Kim Kerslskc Sheila Stiles and Christie Summer fun for kids Registration has already begun for another bummer with the Hills Recreation and Department Programs packed with exciting and challenging games rifts swimming special events and much much more to keep children over the age of five entertained the summer long The Summer Activity Centres will be located at George Kennedy Public School in Georgetown and alternating weeks at Middle School and St Joseph Separate School in Acton Two week programs highlight this summer a Dramatic Arts Centre The sessions are full of theatre games and activities including a television production with Systems ChanneH and a stage production at the John Elliott Theatre HALTON ROMAN CATHOLIC SEPARATE SCHOOL BOARD 1983 FINANCIAL STATEMENTS AND AUDITORS REPORT BALANCE SHEET DECEMBER 31 with comparative figures for 1982 ASSETS LIABILITIES 1 3 311 12B54 OSS CURRENT LIABILITIES Bank and other short borrowing Accounts payable and accrued liabilities Over requisition Olhor charges duo and unpaid Otter current liabilities NET LONG TERM LIABILITIES Note RESERVE FOR WORKING FUNDS 1 325 164 5 909 595 5 9 Integral part tho financial si EQUITY IN RESERVE FUNDS Approved on of ho G Director Education The accompanying NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31 SIGNIFICANT ACCOUNTING POLICIES Tho financial statements have boon prepared by Board using ling principles that are prescribed by the Ministry of Education and are con appropriate for Ontario school boards Those principles are in with generally accepted accounting principles as follows a Accrual Accoutring Revenue and Icon the accrual method except I No provision Is made for Interest on unmatured debt from Die dale payment to the nd the fiscal year II No provision is made to record the liability for retirement until or sick leave benefits accruing over the working lives of employees Fixed Assets Fixed asset are charged lo expenditure unless financed by Ion term debl Principal and Interest charges on net long term are In eluded as expenditures In the period due Fixed assets described as capital outlay lo be recovered In futuro years ere Included on the balance sheet only to I ho of the balances the related net long term liabilities outstanding and I ho related temporary financing at the end of tho fiscal year Reserves and Reserve Funds Reserves and reserve funds represent funds appropriated lor general and specific purposes and are charged or credited to revenue fund operations In the year appropriated or drawn down Over Requisition Taxes The difference between the net expenditure ot any year and Ihe amounts received finance those expenditures Is carried forward lo sub sequent year to reduce the net revenue requirement from ratepayers NET LONG TERM LIABILITY Of the not long term liabilities outstanding of 909 429 principal amounting to I plus Into real amounting to Is payable noxt five years as follows Principal 553 393 536 Interest 507 468 405 217 365 4 876 DEBT CHARGES AND CAPITAL LOAN INTEREST 4 PREVIOUS YEAR OVER REQUISITION The requisition of local taxes at December 31 1082 has been resisted In the financial statements by a net Increase of 774 The requisition was Increased by the reversal of a liability on the Board a books In the amount of Such liability was or funds received for the purchase a school tile from a municipality prior to amalgamation local separate school boards was reduced by en over pay merit taxes to the Board by the Tow valvule In 1S82 the Town of Oakvllle reduced the Board a requisition 1983 accordingly Prior year figures presented for comparative purposes bib not resteled NOTES TO THE FINANCIAL STATEMENTS Continued LEASE COMMITMENTS The Board leases certain equipment for periods up live years Future minimum lease payments for tho next years for these operating losses areas RELATEDPARTY TRANSACTIONS Tho Board has transactions In with the Board of Governors of Catholic High Schools Halton Region with reaped to the operations of Assumption High School The Board of Governors the Board for Its shsra of op ting costs of the school end lis prorata shore of teachers salaries At year end Included In accounts receivable Is 292 953 duo from the Board Governors Catholic High Schools of Halton Region 7 SUBSEQUENT EVENTS On February 15 1984 Ihe Board purchased land In Town Milton lor from tho Roman Catholic Episcopal Corporation For the Hamilton An oiler purchase land from Gonslor Corporation closing on March 1984 has boon signed by lie Board Consideration for this purchase la 000 The land will bo used as the sits of a new high school in Oak Ontario The Board has approved construction Our Lady ol Victory School in Milton Ontario by Web or Construction Ltd of Ontario The londer amount IsS The Board has approved the tendering tor additions to and renovations of St School lor tho amount of 911 above expenditures ore bo funded by Ihe Province Ontario by direct capital grants REVENUE FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31 1983 with comparative figures for 1982 EXPENDITURE administration S Genera administration Computer services Instruction Plant operation and maintenance Transportation Tuition lees Capital expenditures non Olhor operating expenditure Debt charges and capital loan Interest Nolo 3 Nonoperating expenditure excluding transfers Total Expenditure RECOVERY OF EXPENDITURE Other school boards tuition fees and miscellaneous Government of Ontario miscellaneous Government of Canada Individuals tuition lees revenue excluding transfers from Total Recovery Expenditure NET EXPENDITURE FINANCING OF NET EXPENDITURE Government Ontario General Legislative Grants Local Taxation Previous year a over requisition 4 Local taxation raised In ihe current year Decrease Increase in 346 140 441 312 IIS 2 337 19 35 265 J 23956 456 5 353 taxation ISO 7B8 4 796 The accompanying notes form on Integral part of the financial statements CAPITAL FUND STATEMENT OF OPERATIONS FOH THE YEAR ENDED DECEMBER 31 1983 with comparative figures for 1 982 CAPITAL EXPENDITURE 1933 Fixed assets and work In progress Buildings furniture and School silos and Improvement to sites 1 426 2 789 736 Less federal sales lax refund NET CAPITAL EXPENDITURE CAPITAL FINANCING Balance at beginning year not permanently financed 109 Capital expenditure from revenue fund 376 360 Translerlorovonuolund I Balance at end year not permanently financed TOTAL The accompanying ni is lorm Integral part of financial statements AUDITORS REPORT We have examined the balance sheet of ihe Roman Cat hollo Separate School Board as at December 31 1983 revenue fund statement of operations and Ihe capital fund statement of operations for the year Ihon en Our examination was made In accordance with generally accepted auditing standards and accordingly Included such tests and other procedures as wo considered necessary In the circumstances In our opinion these financial statements present feirly Ihe financial position of tho Roman Catholic St pa rat School Board as December 31 and the results lis operations for the year onded In accordance with counting principles described In Note to the financial statements applied on a baals consistent wllh that of tho preceding year Burlington Ontario WE March Chartered Accountants Municipal Auditors Licence No tin Rev A Mrs Edgar Peter borough was a recent and Mrs J Stewart Wed June St Johns Guild Is meeting at Jack limners at the Hide House in Acton at to share our closing meeting for the si dairy sale mozzarella cheese Baden XXX SunPac sale apple jii SunPac pure 1 Litre bottle orangejf ie snoopMnrite SunPac frozen concentrated more than health beauty Tar tampons regular slender Loplaws weekly specials are not available superstore warehouse Juno9 196 Store reserve right to Ifiblaws