HomeMy WebLinkAboutThe Exeter Times-Advocate, 1976-07-15, Page 12PARKHILL
TURF CLUB
RACES
Saturday, July 17
5:30 p.m.
8 BIG RACES
Chicken Barbecue Supper
on Grounds
Notes to
Financial Statements
1. ACCOUNTING POLICIES
(a) Balance Sheet
The Balance Sheet reflects the combined assets and
liabilities of the revenue fund, capital fund, reserve funds,
and the following local boards:
Recreation, Arena and Parks Committee
Certain assets and liabilities are not reflected as described
in (b) and (d) of this note and in note 6.
(b) Fixed assets
No value is attached to fixed assets for municipal reporting
purposes. Expenditures on fixed assets are charged against
current revenues unless the expenditures are financed out
of long term debt. Debt retirement costs are charged
against current revenues in the periods in which they are
paid.
(c) Provincial road subsidy revenue and expenditure on roads
Provincial subsidy programmes are on a "receipt and dis-
bursement" basis which does not recognize accruals. The
municipality has expended amounts for which the road sub-
sidy will not be eligible for claim until the succeeding year.
(d) Charges for net long term liabilities
Charges for met long term liabilities include principal and
interest. Interest charges are hot accrued for the periods
from the dates of the latest interest payments to the end of
the fiscal year.
2. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for net long term liabilities were as
follows:
Principal payments including contributions to sinking funds
and to the Ontario Water Resources Debt Retirement
Fund $ 17,581
Interest 17,841
$ 35,422
Of the total charges shown above $17,880 was paid from the
revenue of the municipality and is included in expenditure,
classified under the appropriate functional headings, and $17,-
542 was recovered from the municipal enterprises for which
the related net long term liabilities were incurred.
Public Utilities Commission
Hydro
for the year ended December 31, 1975
1975
$
REVENUE
Sale of Electrical Energy:
Residential Sales 254,662
Sales to Public Authorities (other than own municipality)
Lighting, etc. 202,293
Sales to own Municipality
Street Lighting 7,295
Other Lighting, etc.
Miscellaneous Revenue:
Customers' Forfeited Discounts
and Late Payment Charges 1,965
Sales of Merchandise
Other: (specify)
Interest 2,280
Apartment rent 1,200
Water heater rental 2,669
Total Revenue 472,857
284
209
4,544
4,530
10,000
REVENUE
Sale of plots
Burial charges - opening and closing ,,,,,, - ,,,
Miscellaneous revenue (specify)
Foundations and markers 1,340
Transferred from perpetual care 11,244
Sundry 861
Provided by municipality from tax levy
Total revenue ....... ......................
EXPENDITURE
Administration and general
Maintenance and care of buildings,
and grounds (undeveloped land)
Total expenditure
Surplus (deficit) for year
Surplus (deficit), January 1, 1975
Surplus (deficit), December 31, 1975 .. .... .
Exeter Cemetery Board
for the year ended December 31, 1975
1975
32,519
1,151
29,575
30,726
1,793
17,488
19,281
65,000
10,829
9,747
10,984
19,816
3,242
804
137,200
133
67
1,484
1;827
1,604
1,041
9,202
7,938
16,231
350
58
4,004
4,359
975
22,133
1,175
, 2,499
61,005
136 985
215
Oil companies
drill in Stephen
Page 12 Times-Advocate, July IS, 1976
EXPLORING FOR OIL-Teledyne Explorations, a Calgary firm Is currently exploring for oil and gas in
the northern regions of Stephen township near Dashwood. Above, Ken Barnes watches as the air gun is
about to be activated. T-A Photo
Crews from a Calgary oil, and
gas exploration company are
working this week in northern por-
tions of Stephen township.
Happenings
from Parkhill
By MRS, HARRY SHEPPARD
PARKHILL
Mrs. Tom Ryan has returned
from Strathroy Hospital and
Leslie Mollard and Murray
Larkin are patients there.
Mr. & Mrs. Peter Gillies, Mrs.
John Waskin, Berkley, Mich.,
Mr. & Mrs. Hugh Gillies, Dod-
swarth, Covina, California visited
their cousins Mr. & Mrs. Hugh
Gillies, Ailsa Craig,
Graduations took place at
"Chateau Gardens" last week
with Mr. Jack Wall presenting
Certificates to Mrs. Ruby Isaac,
Kelly Wright, Marg Wiley,
Jeannette Sheppard, Annie
Thompson and Iola Hartle, Ruby
won the Ont. Nursing Home
Assoc.,Region award for most
outstanding grad of the class.
Mr. & Mrs. Newt Hayter, and
his sister Mrs. Lillian McLean,
Detroit, Mich., attended the
funeral of Mrs. Ione W. Hayter of
Detroit, Mich,, from Hopper
Hockey Funeral Home, with
interment in Exeter cemetery.
Teledyne Explorations have 24
men working this week, along the
road allowance of Highway 83
from the easterly edge of
Dashwood to Concession road 8-9.
Exploring will continue for a day
or two along the sideroad a mile
and a quarter south of Highway N.
Operator Bill Wilson told the T-A
Monday that a new air pressure
gun is being used to determine if
oil or gas reefs are located in the
area.
The seismic gun exploration
generates an energy signal to an
approximate depth of 2,200 feet.
Wilson said the air gun is being
used in this area instead of
dynamite because of the extensive
use being made of field tiling by
local farmers,
The tapes which record the
shock waves are taken to the On-
tario office of the exploration firm
at Oil Springs to determine if
further testing is required.
The Calgary based firm is the
first Canadian company to use an
air gun for exploration in Ontario.
Three new reefs were located
recently in the Oil Springs area.
Six of the 24 man recording and
survey crews are from Western
Canada. The balance come from
Oil Springs. Slim Petkau is the par-
ty manager.
The local explorations are being
conducted by the Calgary firm for
cities Service Petrolem.
Report to the Ratepayers of Exeter For The Year 1975
Statement of Revenue
and Expenditure
for the year ended December 31, 1975
Accumulated net revenue (deficit) at
the beginning of the year
EXPENDITURE
General municipal purposes
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and development
Region or county purposes
School board purposes
Total expenditure
REVENUE
General municipal purposes
Taxation
Payments in lieu of taxes
Ontario grants
Other grants
Other
Region or county purposes
Taxation
Ontario grants
School board purposes
Taxation
Total revenue
Accumulated net revenue (deficit) at
the end of the year
Analysed as follows:
General revenue
Region or county
School boards
Local boards
Statement of Capital Fund
Operations
for the year ended December 31,1975
Unfinanced capital outlay (Unexpended capital
financing) at, the beginning of the year
CAPITAL EXPENDITURE
General government
Protection to persons and property
Transportation services
Environmental services
Total expenditure
CAPITAL FINANCING
Contributions from the revenue fund
ContributionS froth reserve funds and reserves
Long term liabilities incurred
Total Capital financing
Unfinanced capital 'outlay (Unexpended)
capital financing) at the end of the year
Balance Sheet
as at December 31, 1975
ASSETS
Current assets
Cash
Accounts receivable
Taxes receivable
Other current assets
Capital outlay to be recovered in future years
LIABILITIES
Current liabilities
Temporary loans
Accounts payable and accrued liabilities
Net long term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts
EXPENDITURE
Administration and General 24,702
Customer's Billing and Collecting 29,936
Electrical Energy Purchased 340,779
Transmission and Transformation:
Operation
Distribution:
Operation
Other - Exclusive of Depreciation and Debenture
Debt Charges: (specify)
Building maintenance
Depreciation
Debenture Debt Charges Matured in Current Year
Interest
10,330
Total Revenue
EXPENDITURE
Power and Pumping
Water Transmission and Distribution
Administration
General administration
Billing and data processing
Rents
Total operating expenditure
Principal payments on long term debt
Interest charges on long term debt
Other
Provision for depreciation
Total expenditure
ASSETS
Cash
Investments - Exeter Industrial
Development Corporation
SURPLUS
Balance, December 31, 1975
Exeter Recreation
• Committee
for the year ended December 31, 1975
REVENUE t
Grants-Town of Exeter
8,100
200
Rentals-ice
8,478
Admission charges
Program registration fees
Canteen sales
Dance
Sundry
EXPENSES
Advertising and promotion
Bank charges
Conferences and meetings
Dance
Equipment purchased
Grants
Heat, light and water
Insurance
Instructors
Licences and fees
Miscellaneous
Office and administration
Repairs
Rent
Supplies
Telephone
Transportation..... .............. .40
Wages and benefits
Excess of revenue over expenses
138,764
13,458
13,458
865
500
616
440
2,421
154,643
22,348
6.608
10,188
6,039
2,748
18,975
47,931
11,000
3,105
14,105
40,820
102,856
3. CONTRIBUTIONS TO RESERVE FUNDS
The revenues for the year of reserve funds include con-
tributions from the revenue fund amounting to $29 which are in-
cluded in the "Statement of Revenue and Expenditure"
1975 classified under the appropriate functional headings, and the
following which were credited directly to the reserve funds:
Income from investments $ 2,821
5. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
Some capital outlay does not represent a burden on general 1975 municipal revenues, as it is to be recovered in future years
from other sources:
Municipal enterprises $430,378
6. 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
terminating, amounted to $6,796 at the end of the year,
7. RESTATEMENT OF COMPARATIVE FIGURES
Commencing in 1975 the financial statements combine the
assets and liabilities and results of operations of the Recrea-
tion, Arena and Parks Committee. Accordingly, the 1974
figures on the Balance Sheet and Statement of Revenue and
Expenditure have been restated to reflect appropriate com-
parative figures. This restatement resulted in the closing ac-
cumulated net revenue position for 1974 being decreased by $4,-
857.
An additional change in presentation has been required in 1975
to reflect deferred charge positions with the County and School
Boards as part of accumulated net revenue, The 1974 figures
have been restated to reflect a corresponding treatment and
this restatement results in accumulated net revenue at the end
of 1974 being increased by $977.
Other reclassifications of 1974 expenditures have been made to
reflect 1974 figures on a basis comparable to 1975. These
changes were necessitated because of reclassification of ex-
penditures by function which were required by the Province in
1975.
Auditor's Report
To: The Members of Council, Inhabitants and Ratepayers of the
Corporation of the Town of Exeter.
We have examined the 1975 financial statements of the Corpora-
tion of the Town of Exeter. Our examination included a general
review of the accounting procedures and such tests of accounting
records and other supporting evidence as we considered necessary
in the circumstances.
The 1974 financial statements were examined and reported on by
other auditors. Disclosure in these financial statements of com-
parative information for 1974 relies ,on the information contained
in 1974 financial statements and our opinion contained herein does
not extend to 1974 information.
In our opinion, except for statement 3-3, an analysis of cash flow
which has been prepared without audit, these financial statements
present fairly the financial position of the Corporation of the Town
of Exeter as at December 31st, 1975, and the results of their
operations for the year then ended, in accordance with accounting
principles generally accepted for Ontario municipalities applied
on a basis consistent with that of the preceding year.
London, Ontario ' Kime & Company
• March 8, 1976 Licence Number - 371
Public Utilities Commission
Water Supply System
for the year ended December 31, 1975
REVENUE
1975
Sale of Water
Residential 75,763
Non-residential 63,001
1975
Actual
(4,352)
85,396
144,119
265,864
118,686
10,662
2,500
140,687
3,447
771,361
161,891
231,030
1,164,282
373,787
14,347
285,907
41,663
92,190
807,894
138,124
23,044
161,168
230,383
230,383
1,199,445
30.811
35,846
(478)
85
(4,642)
30,811
1975
Actual
$
254,103
37,724
967
185,380
324,637
548,708
245,485
86,826
358,000
690,311
112,500
1975
40,152
76,573
40,296
31,615
188,636
728,725
917,361
100,000
44.110
144,110
616,225
126,215
30,811
917,361
2,162
29,057
5,315
Loss on street lighting contracts 3,146
23,797
1,721
Serial Debentures Principal Instalments 1,912
Total Expenditure 462,527
Surplus for Year carried forward
to Surplus (Deficit) Account
Total Expenditure Section 472,857
Fire protection
Own municipality
Other revenue
Investment income
Forfeited discounts and penalties
Commissions on collection of sewage or other charges.
Provincial sales tax rebate
Exeter Industrial
Development Committee
as at December 31, 1975
912
1.222
2,134
2,134
4. NET LONG TERM LIABILITIES
Total long term liabilities incurred by the municipality and out-
standing at the end of the year amount to $1.159.520
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 (496,000)
The total value of sinking funds and the balance in the Ontario
Water Resources Debt Retirement Fund which have been ac-
cumulated to the end of the year to retire the outstanding lon
term liabilities included above amount to 47 295
Net long term liabilities at the end of the year $ 616,225