The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

' » > » Auditors 7 Report To The Northumberland and Newcastle Board of Education. ' We have examined the Balance Sheet of The Northumberland and Newcastle Board of Education as at December 31, 1979 aiid the Revenue Fund Statement of Operations and the Capital Fund Statement of Operations for the year then ended. Our examination 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 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. Cobourg, Ontario March 27, 1980 Langhorne & Lynch, License number 068 Chartered Accountants. The Northumberland and Newcastle Board of Education Balance Sheet as at December 31,1979 Assets Current Assets Accounts Receivable Under-requisitions - ( elementary ) Under-requisitions - (secondary) Other Prepaid expenses Capital outlay to be recovered in future years Liabilities Current Liabilities Bank and other short-term borrowing $ 96,242 122,048 1,740,226 1.072 $ 1,959,588 13,004,887 $14,964,475 Accounts payable and accrued liabilities Reserve for 1980 tax reductions - (elementary) - (secondary) Other current liabilities Net long-term liabilities Reserve for working funds Equity in reserve funds Unexpended capital funds , $ 647,795 720,936 80,143 106,338 51,202 $ 1,606,414 13,004,887 178,847 94,660 79,661 $14,964,475 The accompanying notes are an integral part of these financial statements. The Northumberland and*Newcastle Board of Education Revenue Fund Statement of Operations FOR THE YEAR ENDED DECEMBER 31,1979 Expenditure • Business Administration Computer services Instruction ' . . Educational services Attendance, health and food services Plant operation and maintenance Transportation. Tuition fees Capital expenditure (non-allocable) Other operating expenditure Debt charges and capital loan interest Non-operating expenditure excluding transfers to reserves < Total expenditure Recovery of Expenditure Other school boards - tuition fees and ' miscellaneous Government of Canada Individuals - tuition fees Other revenue, excluding transfers from reserves Total recovery of expenditure Net expenditure H Elementary Secondary $ 444,900 $ 263,829 79,753 203,916 ' 14,110,417 / 14,082,480 358,927 97,263 12,719 109,586 2,575,850 1,967,200 1,693,658 1,255,450 34,850 74,795 117,502 1,153 134,474 81,296 1,169,148 1,172,275 95,637 159.918 $20,827,835 $19,469,161 $< 13,951 $ 154,425 18,812 102,305 1,174 126,240 132,761 137,216 $ 16$,698 $ 520,186 $20,661,137 $18,948,975 Joanne Smith exhibits at Samuel Gallery An exhibition of new works on canvas by Joanne Smith will open on Saturday, May 10 at the Margot Samuel Gallery, Gallery, Oshawa. Joanne Smith was born in Toronto in 1942 and is a graduate in fine arts from the Ontario College of Art. She has recently exhibited her work in Cobourg, Montreal and with the National Ballet of Canada^ and in a one man show at the Marianne Fried- land Gallery in Toronto in 1976. Ms. Smith was the recipient of the Cartier Artist of the Year Award, 1976. This award is presented annually by Les Must de Cartier in Canada to an artist on the basis of talent, background, training, seriousness of commitment, commitment, discipline and dedication. dedication. Her work is included in private collections in the United States, Italy and Israel. She says of her work, "The challenge is not in defining an object or subject, but in constantly redefining it; thus we have movement and motion. Anything can be, redefined by a mere glance; ■' or by a different viewér." Viewers are invited to' attend the opening to meet the artist or to visit the Margot Samuel Gallery from noon to 4:00 p.m,, Tuesday through Saturday. Orono Weekly Times, Wednesday, May 7th, 1980-9 Humorous skit lllllE'SlI liifiiiii I iün I v ""A-ifoi ' Leslie Gibson and Deanna Kanelargen. at Lockharts School. present a humorous skit' last Friday afternoon during the retirement party , -• for Mr. Jack Crago. The students throughout the afternoon afternoon displayed their appreciation appreciation to Mr. Crago while custodian at the school. Financing of Net Expenditure Government of, Ontario General Legislative Grants ! Local Taxation . , • Previous year's over (under) réquisition Local taxation raised in the current year Decrease (increase in reserve other than reserve for refund of taxes)' Total • To be applied to the following year's taxation Reserve for refund of taxes for reason of employees' withdrawal of services or lockout Net under (over) requisition $12,868,357 $12,242,781 14,437 " (34,838) 7,710,493 6,725,322 51,751 ' $20,645,038 $18,933,265 (80,143) (106,338) 96,242 122,048 $20,661,137 $18,948,975 The Northumberland and Newcastle Board of Education A Capital Fund Statement of Operations FOR THE YEAR ENDED DECEMBER 31,1979 Capital Expenditure Fixed assets and work in progress , Buildings, furniture and equipment School sites and improvement to sites Federal sales tax refund Total capital expenditure Capital Financing T 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 , -- Total , V $1,089,245 1,153 (12,535) $1,077,863 $(345,780) 17,845 1,280,000 205,465 (61,822) (17.845) $1,077,863