For the year ended March 31
| (in thousands of dollars) | 2004 |
2003 |
|---|---|---|
| REVENUE | ||
| Interest | 7,600 | $7,600 |
| Cost recovery from the Province of Ontario (Note 4(ii)) | 13,423 | 12,791 |
| Total revenue | $ 21,023 | $ 20,391 |
| EXPENSES | ||
| Interest on long-term debt | 7,596 | 7,597 |
| Salaries, wages and benefits | 10,298 | 9,413 |
| Administrative and general | 2,338 | 2,458 |
| Amortization | 787 | 920 |
| Total expenses | $ 21,019 | $ 20,388 |
| Income from continuing operations | 4 | 3 |
| Net income from discontinued operations (note 7(i)) | - | 6,132 |
| Net income from operations for the year | 4 | 6,135 |
| Retained earnings, beginning of the year | 36 | 73,980 |
| Transfer of POSO retained earnings to the Province of Ontario (note 7(i)) | - | (80,079) |
| Retained earnings, end of the year | $ 40 | $ 36 |
see accompanying notes to financial statements.