HomeMy WebLinkAboutThe Lucknow Sentinel, 1973-08-15, Page 13Auditor's Report
Members of Council and Hatepayers of the Corporation of the
of Kinloss
bavetexamined the 1972 financial statements of the Corporation
vmsbip of Xinloss which are listed on, the attached Index. My
on included a general review of the accounting procedures
tests of accounting records and other supporting evidence
ered necessary in the circumstances.
ray opinion these financial statements present fairly the fin-
'don of the Corporation' of the Township of •Kinloss as at
' 31st, 1972, and the results of its operation for the year then
in accordance with accounting prinmples generally accepted
o municipalities applied on a basis consistent with that of
year. •
(Signed) A. M. Harper
Goderich, Ontario
June 27, 1973
Number - 4440
ement of Revenue and Expenditure
for the year ended December 31, 1972
1972 1971
slated net revenue (deficit) at
of the year (1,172)
hors
government 12,299
n to persons and property 4,191
works , 110,077
n and waste removal , • 4,186
Won of health 102
n and community services 4,686
expenses ' 7,318
n 59,366
or county - share of expenditure ..... .... . . ,.... 26,623
840
$ 8,474
11,228
019
142,306
241
1,032
14,657
7,111
38,464
26,714
725
$229,688 $245,497
• $225,067 $235,851
ted net revenue • (deficit)
end of the year (5,793) revenue (5,793)
(5,793) (1,172)
for l'afety.ii Sake
LET
Fan Belt
Worn? May
Be Trouble
A worn fan belt is dangerous. Don't take
chances riding around 'with an old belt..
Bring your car in for a complete safety
check-up, soon. Stay away from- trouble.
Drive a' Safe Car.
(1,172)
(1,172)
$142,880
77,569.
4,618
$126,123
104,945
4,783
tions from other governments
The Corpoktion of the. Township of Kinloss
Auditor's • Report and Financial Statements
HE YEAR ENDED DECEMBER 31, 1972 A. M. HARPER - Auditor GODERICH, ONTARIO
f.
OAT,. AUGUST 15,1
THELLICKNOW SENTINEL, LU,CKNOW, ONTARIO.
,
Statement of Capital Fund Operations
for 'the year ended! December. 31, 1972
4 .1972 1971
Transfers to others
Public works
Capital outlay
Sanitation and waste removal 1,252
Recreation and community services
3,800 10,000
$ 1,155
.9,467
$ 5,052 $ 20,622
Capital financing
Long term liabilities incurred $ 3,800
Contributions froni the revenue fund 1,252
( 5,052) ( 20,622)
Consolidated Balance Sheet
as, at December 31, 1972
ASSETS
1972 ' 1971
Current assets
Cash/
Accounts receivable
Taxes receivable
Oth.:.r current assets
Capital outlay to be recovered in
future years
LIABILITIES
Current liabilities
Temporary loans •$ 33,500
Accounts payable and accrued liabilities 11,186
Other current liabilities 36
$ 44,722
Net long term liabilities 54,071
30,643
Notes To Financial Statements •
_CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for net long term liabilities
were as folloWs:
Principal payments , $ 8,953
Interest 2,634
$ 11,587
Of the total charges shown above, $11,587 was paid from 'the
revenue of the municipality and is included in expenditure,
classified under the appropriate •functional headings.
2. BASIS OF CONSOLIDATION
The Consolidated Balance Sheet reflects the assets and liabilities
of the revenue fund and the capital fund of the. municipality.
3.. NET LONG TERM LIABILITIES
Total long term' liabilities incurred by the municipality and
outstanding at, the end of the year amount to $109,071
Of the long term liabilities shown above, the responsibility for
payment of principal and interest charges has been assumed
by the Bruce County Board' of Education' for a principal
amount of $ 55,000
Net long term liabilities at the end of the year '$ 5071.
4. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
Some capital outlay does not represent a burden on general
municipal revenues, as it is to be recovered in' future years
from other sources:
Special charges on benefiting landowners $ 50,371
$ 50,371
5. LIABILITY 'FOR VESTED SICK LEAVE BENEFITS
Under the sick leave benefit plan, unused sick leave can ac-
cumulate and employees may become entitled •to a• cash pay-
ment when they leave the municipality's employment,
The liability for these accumulated days, to the extent that they
have vested and could be taken in cash by an employee on ter-
minating, amounted to Nil at' the end of the year.
ZION
Mrs. D.• A. Hackett and Mrs.
'Donald Hackett, leaders of the
Zippy Trinettes 4-H girls' club,
are taking a two day's course
Monday and Tuesday of this week
at the .Wingham high school on
"World of 'Food in Canada".
Mr. and Mrs. Roy Culbert * Du-
ane Glen 'and Nancy of Galt
visited Tuesday of last week with
'his sister, Mr. and Mrs. Allan
•Ritchie, Brenda and Bryce.
Linda. Swan spent a week's
holidays at her grandparents, Mr.
and Mrs. Gordon Emmerton of
Kincardine. ' •
Mrs. Douglas Raynard and
Donna spent part of last week at
St. Joseph's Hospital, London,
where Donna had surgery on her
knee.
Mr. and Mrs. Wayne Jerome
had her brdther Mr. and Mrs.
Lyle Jeakins and Michelle of Dun-
das on Saturday.
mr. and Mrs.'Thomas Culbert
Cheryl and Linda of Crewe visited
Sunday 'evening with' his sister,
Mr. and Mrs. Allan Ritchie.
Barbara Wilkins left Saturday
for• Five Oakes United Church,
Camp at Paris.to be a councillor
for one week for small children. •
from one parent family.
Eldon Ritchie, Jim,Donald and
Harvey Ritchie, Brian and Mel
attended a cattle dispersal sale
on Wednesday of last week for
their sister and her husband Mr.
and Mrs. James Smith (Violet
Ritchie) of Mblesworth. The sale',
was held at' Brubacher sales
arena, Guelph. Smiths sold their
'home farm and are moving to
Molesworth to live.
Donna Ritchie of Owen
Sound spent part of the week end
at the home of her parents, Mr.
and Mrs. Harvey Ritchie and
family.
LOcHAI$H
Rev. Cecil. Carnochan is taking
Rev. 'K. Rooney's place 'at Ash-
field .Presbyterian Church for the
. month of August Rev. Carnoch-
an is the new' minister.at Ripley
St. Andrew's United Church, hav-
ing recently arrived With his fam-
ily from Alberta. '
Mr. and Mrs. Ewan MacLean
were guests at a wedding in Col-,
lingwood recently.
,Scott and Heather McCharles
returned home to Chatham after
a holiday with their grandparents,
Mr. and Mrs. Oliver McCharles.
Recent visitors with Mr. and
Mrs. Henry MacKenzie were •
Misses Viola and Edna Cook,
Miss Edna Cook is remaining with
the•MacKenzies for a few days.
Rev. and Mrs. Pillen of
Hawkesbury were recent visitors
of •Mr. and Mrs. Eldon Bradley.
• The Andrew Lane picnic was
held on Sunday at Ashfield Park.
Mrs.. Irwin Campbell has been
on holidays this past couple 'of
weeks from her duties at Wing-
ham Hospital.
harvesting of the grain crop
is in full swing. Tractors are
humming at all hours drawing
grain and straw.
The MacDonald reunion was
held as usual on the holiday week
end at the "Grove".
SympathS, is extended the Mac-
Gregor families in the death of
Mrs. Brock,' who was bnried at
Kintail Cemetery on Monday.
'Several of the young folk from
the community are employed in
the tobacco harvest near Delhi.
Mr. and Mrs. Dan Rose and
family called on several in the ,
community. They are on holiday
from their work in Ghana , 'A frica .
$ 10,000
10,622
$ 3;354 '$ 528
44,055 207,589
21,338 24,300
825 1,794
$ 60,572 $234,211
54,071' 60,224
$123,643 $294,435
$194,100
10,640
ReserVes and reserve' funds
Accumulated net revenue (deficit) and
unapplied capital receipts ( 5,793)
$123,643
$204,740
60,224
30,643
( 1,172)
$294,435