The Huron Expositor, 1978-06-08, Page 28SEAFORTH
JEWELLERS
for
DIAMONDS WATCHES
JEWELLERY, FINF CHINA
GIFTS FOR EVERY OCCASION
All Types of Repairs
Phone 527-0270
gricrpws will help
ers at .$99 1. day
THE HURON E POSITOR, JUNE 8, 1918 .
farm
Agricult4e tad Food Minister
Bill Newman has announced a,
pilot program, "Agrierew", to be
supervised by university students
working from several of the
ministry's local offices.
The university students will
recruit crews of local young
people and arrange work agree-
ments for them on farms in the
area.
Crews will be available to assist
with such work as painting, clean
up, general repairs, haying and;
harvesting.
-- During the period mid June to
services on a daily basis up to a w
maximum of 'five days, per farmer.
A fee of $90.00 per day wfirbe
charged for a crew of five young
People. At ' the end of the
program, farmers will be reim-
bursed $35.00 for each day they
' have used the service.
To date, Agricrew superyisors
are located at ministry offices in
Cayuga ,,,Ferg us , London, Milton,
Simcoe, Woodstock Walkerton
and Vineland.
, La+ at .0'0;1 !-
A.ro
GOING, GOING, GONE - This, was all the remained of the holise after 't was '
demolished last week to make way for a parking lot and eventually a dairy bar
to be built by the present owner, Jim Parkinson of the Queen's Hotel.
September 1, farmers needing ,
extra help will order a crew's •A
Perth County farm news....Perth County farm news... Perth county farm news
(Continued from Page 51
tinge similar to nitrogen de-
ficiency. The leaves ,often have
brmvu Or black spots on them.
The barley roots generally show
some sign of decay,
harlot dkoa•0 olfthipnod
oat plants. Manganese deficiency
appears as small, brown to
lightish grey flecks on the leaves.
Showers and cooler day-time
temperatures will bring both
crops out of these temporary
setbacks.
under the cool, wet weather
,during the early part of May.. The
hot .weather that followed' pre-
vented the disease from
spreading, but also slowed down
new_ growth, 'As a result, the
affected tissue has died and gives
a yellow appearance to the whole
field. As well, as atvazine residue
and barley brown rot. some oat •
plants are showing signs of
manganose deficiency. The hot.
dry weather has made the soil
manganese unavailable to some
BEFORE THE CRASH - The former home of Mrs. Harriet Ryan on Goderic.h
Street East, just before It fell to the wrecker's hammer last Thursday evening.
w (Expositor Photo)
•
Town of Seaforth -Auditor `s Report NU fES TO FINANCIAL STATEMENTS cont'd
(d) Fixed Assets
The historical cost and accumulated depreciation of 'fixed assets is
not reported for municipal purposes, Instead, the "Capital outlay to be recovered
in future years" Wrirarra '' tire principal portion of unmatured long term liabilities,
isaage-pc,,-rt4d on-the Balartec• She •
(e) Municipal Enterprises
Municipal enterprises are-those' activities whose costs are aub-
'stantially recovered from 'service 'charges on the users. The enterprise of this
municipality whose revenues and expenditures have not been consolidated in these
• f itantial statements is Waterworks. "
( f) Charges for Net Long Term Liabilities
Debt retirement costs includineprincipal-and rater -Cat are charged
against current revenues in the periods in which they. are paid. Interest charges
in our opinion, thase financial statements present fairly the
inane i al position of the Municipal Corporation of the Town of Seaforth as at .
December 31, 1977 and tne results of its ,operations for the year then ended in
The Mayor, Members of Council and
Ratepayers,
Municipal Corporation of the Town
of Seaforth
balance sheet of the Municipal Corporation of •accordance with accounting principles generally accepted for Ontario municipalities We have' examined ,the
the Town of Seaforth as at Decembei 31, 1977 and the related statements of revenue applied on' bas is consistent with that
mid expenditure, capital operations and reserve and reserve funds for the' year
then ended. Our examination was made in accordance 'with generally accepted
dud ititg standards, "and, accordingly included such tests and other procedures as we
London, Canada.
considered necessary in. the circumstances. nch 7 1978.
of the preceding year.
Chartered Accountants.
Licence Number 534.
•
STATWENT OF REVENUE AND EXPENDITURE'
for the year ended December 31, 197
1976
Actual
are not accrued for the periods from the date of the latest interest payment to the
end- of the financial year.
2. Capital outlay to be recovered
in future years
1977
Budget
S
1977
Actual
$
(36,776)
Region or county requisition
Taxation
Payments in lieu of taxes
• Ontario grants
Other
Accumulated net revenue (deficit) at
the beginning of the year
Expenditures and transfers
Muni ipal expenditures
General government
Protection to person's and property
Transportation services
-Environmental services
Health services •
Social and family services
Recreation and cultural services
Planning and development
Other
1 n.
Total expenditure
54,788
803
31,178
452 •
59,462 60,478 (36,776) _(14,127)
22,341 ' 22,341
, 82 2 819 _
1.68,711
Capital outlays, including fixed assets and the transfers of capital
funds in the amount of $301,238 which have been financed from general municipal
revenues of the current year, are reported on the Statement of Rearenue and Expenditure:
3. Net Long Term Liabilities
(a) The balance for net, long term liabilities reported on the Balance
Sheet is made up of the following:
82,200
117,711
• 78,775
149,367
7,575
61,475
8,505
73,884
125,356'
81,129
249,285
84,199
• 105,715
• 66,302
• 153,516
..812.221 _ 81,803_ Revenue to pay the region or county requisition
School boardreqUisition
Taxation
Payments in lieu of taxes
Other
Revenue to pay the school , board iequisition
165,879 130,426
753
131,179
716,721
7,324
• 226,756
6,617
2,038
98,474
4,079 165,879
790 066 ,
. 168,711
,1,635,966 Total long term liabilities incurred by the
municipality and outstanding, at the end
, . of the year amount to
Of the long term liabilities shown above, the
responsibility for payment of principal and
interest charges has been assumed by 'others
for a principal amount of
505,608 . 770,351 . '514,323 Total revenue •
$523,000 Transfers
Transfers to region or county
Transfers to school boards
Total transfers
AccUrriulated net revenue (deficit) at
the end 'of the year 81,803
165,879
247,682
753,290
82,613
_168 162_,
. 250,775
.1,021,126
(21,936)_
, (29,278)
(73)
(227)
. 86,768
. 138,279
225_,047
739,370 '
(36,776) 0
Analysed as follows:
General revenue
Region or county
School boards
Special charges
Special areas--
Local boards
Municipal enterprises
. Waterworks.operations
. (36,791)
15
449,000 Total expenditures and transfers
Revenue by purpose
Municipal putpdses
Taxation •
Payments in lieu of taxes
Ontario grants ,
Other grants " -
Fees and service charges
Other - transfer from working capital fund
Revenue to pay for municipal purposes
Net long term liabilities at the end of the'
year $ 74,000
278,227
. 13,871
• 132,054
15,640
- 58',529' •
498,321
• 281,409 .
• 16,924
• 358,450
• -45,718
69,741'
42,194
784',.436
278,269
. 11,761
216,021
15,718
20,615
(b) On January 1, 1969, the Huron County Board of Education assumed from the
municipality the responsibility for the payment of .the principal and interest
charges on the debentures issued for school board purposes.
7,642
(21,936) (36,776) 542,384 4, Accumulated net revenue (deficit) at the,
end of the year
STATEMENT OF CAPITAL OPERATIONS The balance in the revenue fund at the year end is available to
for the year ended December 31,1977 to the levies,of' the following classes o.f. ratepayers:
1977 1976
be added
1977 Capital financing Actual
1976
Actual General ratepayers
School board ratepayers
Region (county) ratepayers
$(21,636) $(36,791)
(227) 15
(73)
$(21,936), $(36,776)
• Contributions from'the revenue fund. •
Contributioif's from reserve funds '
and reserves . •
Long term liabilities incurred
Ontario grants .
Other
150,800 97,480 •Untirianced capital outlay (Unexpended capital .
financing) at the beginning of the year 39 717 80,711
77,025
Capital expenditure
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and development
Other
Total expenditure
. 150,438
301,238
I 0
5. Charges' for net long term liabilities
Total charges for the year for long term liabilities were as follows:
1977 1976
5,537 Total capital financing 174,505
1,800
97,851 30.,215 Unfinanced capital'outlay (Unexpended
capital financing) at the end of the year 39,717 Principal , payments including '
contributions CO sinking funds and to
the Ministry of Environment Debt .
Retirement Fund
Interest
. 158,133 101,496
$ 5,000
7,775
$12,775
$ 7,166
7,602
$14,768
on•panying notes are an integral part
olthqman.alsmemern 261;521 133;511
BALANCE SHEET
as at December 3'1, 1977 .Of the total charges shown above $12,775 were paid from general
assets
-Current assets
municipal revenues of the municipality and are included in expenditure on the
Statement of Revenue and Expenditure classified under the appropriate functional
headings.
6. Contractual obligations
At December 31. 1977 the municipality had an option to purchase land
for a cash consideration of $18,000. This option was exercised on January 12, 1978.
7. Liability for vested sick leave benefits
Under the sick leave benefit plan, unused sick leave can accumulate
and employees may become entitled to a cash payment when. they leave the municipality's
employment.
liabilities
Current liabilities
- 197'6
S .
1977
Cash
Accounts receivable
Taxes receivable
Investments
Other current assets
8,322
87,252
33,653
24,500
15,282
124,542
20,062
21,182
24,500
Temporary loans (secured by investments)
Accounts payable and accrued liabilities
Other current liabilities
95,000 40,000
78,698 160,604
173,698 200 ,604
79,000_
84,9.65
Net long term liabilities ,
Reserves and reserve funds
74,000
169.009 190,286 45,815
Capital outlay to be recovered in
future years
Other long term assets
Accumulated net revenue (deficit) and
79,000 unapplied capital receipts The liability for these accumulated days to the extent that they have'
vested and could be taken in cash by an employee on terminating, amounted to $4,00C
at the end of the year. No provision has been made for this liability.
8. Changes in consolidation
In 1977 the municipality has included in its revenues the net revenue
74,000 .
28,568
271,577
(21,936) (3 6,776)
58,507,
2/1,577 327,793
327,793 . The accompanying notes are an integral part
of this financial statement
NOTES TO THE FINANCIAL STATEMENTS of Waterworks amounting, to $7,642.
9. The Anti-Inflation Act
The 'municipality is by agreement
•
1. Accounting policies
(a) Statement of Revenue and Expenditure
(b) Statement of Capital Operations between the Govtritileht of Canada
January 13, 1976, subject to The
and
This statement reflects the capital expenditure of the ,municipality to
be, recovered from the general municipal revenue of the municipality.,
the Government of the Province of Ontario dated
Anti-Inflation Act (Canada) and the national guidelines. This legislation limits
increases in compensation payments effective October 14, 1975.
This statement "reflects the revenues and expenditures of the revenue
fund, There are no local boards or municipal enterprises consolidated in these
resul ts .
(c) Balance Sheet
10. Investments
a The investments included in current assets of $24,500
a.nd have d market value of $20,548 as at the end of the vim.
This ---s•tatement reflects the assets and liabilities of the revenue
fund, the capital fund and reserve funds.
are recorded at
cost
ti