HomeMy WebLinkAboutThe Exeter Times-Advocate, 1976-07-15, Page 24Women's Women's White
MAIN ST. EXETER 235-1933 CHARGEX
Continues This Week
Dress Shoes
Values
$
1 099 MOSTLY
to $18.95 BROWN
Men's & Boys'
Sandals
20% Off
ALL SALES FINAL
SMYTH'S SHOE STORE
Shop in the T A pages
FOOD STORES
AIL
PRICES EFFECTIVE 'TILL
Tuesday, July 20
CLOSE FINISHES - Finishes in many of the heats in Friday's soap box
derby were very dose and several dead heats were declared. Above
judge Tracey Campbell watches an extremely close finish. T-A photo.
Blue Bonnet
MARGARINE
3 Lb.
Pkg.
{
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White or Coloured
1.29 79'
E.D.Smith
-PIE FILLING
Cherry or Blueberry
19 Oz.
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mz.. 5/1.00
mom"
VILLAGE OF HENSALL AUDITORS REPORT 1975
To: The Members of Council, Inhabitants
and Ratepayers.
We have examined the 1975 Financial Statements of the
Corporation of the Village of Hensall and its local boards which
are listed on the attached Index. Our examination included a
general review of the accounting procedures and such test of
accounting records and other supporting evidence as we con-
sidered necessary in the circumstances.
In our opinion, these financial statements present fairly the
financial position of the Corporation of the Village of Hensall
and its local boards 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.
Respectfully submitted
MONTEITH, MONTEITH & Co.
Chartered Accountants
License No. 284
Stratford, Ontario
April 19th., 1976
Statement of Revenue and Expenditure
for the year ended December 31, 1975
1975 1974
Accumulated net revenue (deficit) at '
the beginning of the year 124163 97,222
EXPENDITURE
General municipal purposes
General government 56,954
Protection to persons and property 10,841
Transportation services 20,474
Environmental services 4,859
Social and family services 232
Recreation and cultural services 46,312
139,672
Region or county purposes 46,113
School board purposes 74,550
Total expenditure (Statement 5 Note 2) 260,335
REVENUE
General municipal purposes
Taxation 42,460
Payments in lieu of taxes 486
Ontario grants 19,823
Other grants 5,471
Other 18,095
86,335 92,958
Region or county purposes
Taxation 34,195
Ontario grants 3,302
37,497
School board purposes
Taxation
Total revenue
Accumulated net revenue (deficit) at
the end of the year
Analysed as folloWs:
General revenue 47,191
Region or county (3,869)
School boards ( 40)
Local boards 17,964
61,246
Statement of Capital Fund Operations
for the year ended December 31, 1975
1975 1974
$ $
Unfinanced capital outlay
at the beginning of the year Nil Nil
(Unexpended capital financing)
CAPITAL EXPENDITURE
General government.. - .... , ........ „...., 24,118 632
Transportation services .......... ....... .. 23,776
Recreation and cultural services ..... .... 36,431
Other 6,000
Total expenditure 84,325 6,632
CAPITAL FINANCING
Contributions from the revenue fund 63,049 632
Ontario grants „ iy."44 0 .44 21,276
Other . ..... . . .4(...1, . . ....... 6,000
Total capital financing.........„.... ....... - 84,325 6,632
Unfinanced capital outlay
(Unexpended capital financing)
at the end of the year, ... -.... -,.-.... Nil Nil
Notes to Financial Statements
Note 1. Accounting Policies
(a) Balance Sheet
The Balance Sheet reflects the combined assets and
liabilities of the revenue fund, capital fund and the Recrea-
tion Board. Certain assets and liabilities are not reflected
as described in (b) and (e) of this note.
(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) Inventories of Supplies
No inventories of supplies are included in other current
assets,.
(d) 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.
Such future subsidy revenues have been accrued in the
current year.
(e) Charges for Net Long Term Liabilities
Charges for net long term liabilities include principal and
interest, Interest charges are not accrued for the periods
from the dates of the latest interest payments to the end of
the fiscal year.
(f) Retroactive Adjustments to 1974 Financial Statement
Where it was necessary to present financial information for
1974, on a comparable basis to that of 1975, the 1974 infor-
mation has been restated to conform with the 1975 state-
ment presentation requirements.
Note 2. Charges for Net Long Term Liabilities
Total Charges for the year for net long term
liabilities were as follows:
Principal Payments $ 1,691.
Interest 755.
$ 2,446.
Of the total charges shown above, an amount of $906.
was paid from the general revenues of the municipali-
ty, and is included in expenditure, classified under the
appropriate functional headings, and $1,540, was
recovered from the municipal enterprise for which the
related net long term liabilities were incurred (State-
ment 1).
Note 3. Net Long Term Liabilities;
Total long term liabilities incurreclby the
municipality and outstanding at the end of
the year amount to (Statement 3) $7,379
Note 4. Capital Outlay to be Recovered in Future Years
Some capital outlay does not represent a burden on
general municipal revenues, as it is to be recovered in
future years from other sources:
Municipal Enterprises (Statement 3) .$ 5,000.
Note 5. The accumulated net revenue at the beginning of the
year on the Statement of Revenue and Expenditure
(Statement 1) has been restated to give effect to the in-
clusion of the overlevies for county and school board
purposes and the accumulated net revenue of the
recreation board which is now consolidated. The effect
on the accumulated net revenue at the beginning of the
year has been an aggregate increase of $13,500. over
that reported in the 1975 Financial Report. '
Analysed as follows: •
Closing Balance, 31st December, 1974,., $110,763. Adjustment for
County $ 4,747,
School Boards 1,024,
Recreation Board 7,729, 13,500.
Opening Balance, 1st January, 1975 $124,263.
Balance Sheet
as at December 31, 1975
ASSETS
Current assets
Cash 63,948 118,533
Accounts receivable 24,807 4,174
Taxes receivable 3,000 4,231
91,755 126,938
Capital outlay to be recovered in
future years (Statement 5, Note 4) . 7,379 9,070
99,134 136,008
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities, 30,509 2,675
30,509 2,675
Net long term liabilities (Statement 5, Note ........ 7,379 9,070
Accumulated net revenue (deficit) and
unapplied Capital receiptS...., ....... 61,240 124 263
99,134 136,008
25,370
7,109
7,828
4,120
224
24,685
69,336
37,189
65,253
171,778
51,180
451
20,368
3,456
17.503
30,157
10,482
40 ,639
110,763
4,747
1,024
7,729
124,263
1975 1974
$
73,486 65,222
73,486 65,222
197,318 198,819
61,246. 124,263
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470 10 Oz,
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Purina
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WE RESERVE THE RIGHT TO
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SHOP IVEITY-571717757=1711=S70176§-
PF194 24 Times-Advocate, July 14, 1.976
•
Improve school bus safety
By JACK RIDDELL
MPP Huron-Middlesex
At the Annual Convention of the
School Bus Operators Association
of Ontario, the Minister of
Transportation and Com-
munications, Mr. James Snow,
said that the MTC have prepared
a submission to the Ontario
Cabinet to improve school bus
transportation.
One of the main recom-
mendations involves a closer
examination of the school bus
driver's driving record, as well
as his or her moral character.
Based on recent research
conducted by the University of
Toronto, which clearly indicates
that demerit points are a reliable
predictor of future accident in-
volvement and future driving
behaviour, the Ministry is
proposing that an applicant for a
school bus licence would be
refused when his or her driving
record shows more than six
demerit points.
A licence could be withdrawn
from the holder if his/her driving
record showed an accumulation
of at least nine demerit points.
Another area under scrutiny is,
the denial of a licence to drive a
school bus to any applicant who
has had a licence suspension
within the past year resulting
from a driving offence under the
Highway Traffic Act or under the
Criminal code of Canada within
the past five years.
A licence would also be with-
drawn from anyone with two or
more motor vehicle related of-
fences under the Criminal Code
of Canada within the past five
years.
A licence would also be denied
or withdrawn if an applicant or
driver has been convicted of a
moral offence such as rape or
indecent assault within the past
five .years.
Improvements recommended
by the Ministry would include
regulations that on a one-time
basis, a defensive driving course,
or a course in modern driving, or
a school bus driver improvement
course would be required before
a licence would be granted to
operate a school bus. A St.
John's Ambulance course in First
Aid would be a pre-requisite to
the granting of renewal of a
licence.
The Ministry would recom-
mend an increase in the
minimum amounts of public
liability insurance required to be
carried by a school bus operator.
The Ministry is asking that a first
aid kit be carried on every school
bus, and this would be the kit
prescribed by the Workmen's
Compensation Board for 5 to 15
employees. The Ministry would
also seek a regulation that an
adult supervisor be present when
children are being transported by
a school bus on a field trip and on
such a field trip standees would
be prohibited.
The Ministry proposes to make
it mandatory for school buses to
be examined twice yearly; that
all wheels be removed and
brakes inspected at least once a
year.
These inspections would be
carried out and certified by a
licenced motor vehicle inspection
licencee who would apply a
Ministry approved sticker to the
school bus window certifying that
Utopia
TOMATO E
28 Oz.
Tin
2 /1.00
the bus had met inspection
standards.
It is gratifying to know that
steps are being taken to afford
more protection for students
travelling by school bus. I have
always felt the crying need for
action to improve the safety of
our schoolbuses . I have in-
troduced two Private Members
Bills in the Legislature. These
bills addressed themselves to two
major areas in school bus safety,
the school bus driver and the
school bus itself.
I have also stressed in the
numerous speeches I have made
that standees should not be
permitted and that first aid kits
should be carried on the buses
and a course in first aid be
mandatory for the drivers.
The Minister said the proposals
put forward, will serve to
increase the safety and efficiency
of what he felt is already an
excellent school bus operation.
On the last day of the Session
the Minister of Agriculture and
Food announced details of the
1976 beef calf income
stabilization program. The
premiums for this year are to be
$5 per cow and the support price
will be 50 cents per pound, the
same as last year. Enrolment
closes this year on the 16th
August, and only cows in the
producer's possession as of June
22 may be registered. All con-
tracts will expire in June 1980.
York
PEANUT
BUTTER
Smooth
3 Lb. 1.79
According to the Minister, the
support price is calculated on 100
percent of the producer's
operating cost. All beef calf
producers and cream shippers in
Ontario are eligible. Producers
who participated last year will
receive enrolment forms in the
mail and new participants may
obtain forms from their
agricultural representatives
after July 12.
The Ontario Federation of
Agriculture has attempted to
determine the costs of beef-calf
production on Ontario farms in
1975. Twenty-five farms were
selected, all reputedly producing
at above-average efficiency. The
farms were visited by a
researcher in mid-summer last
year, and again early in 1976.
Two producers had ceased or
greatly reduced production and
the farm records of two others
proved insufficiently reliable, so
that final calculations included 21
farms only.
An attempt was made to select
farms engaged solely in beef-calf
production, or farms where the
costs of other enterprises, such as
cash crop or hog production,
could be accurately excluded
from the cow-calf costs. The
growing of feed for the animals
was also included in calculation
of the production costs. Most
producers had adjusted to the
cow-calf prices in the fall of 1974
by wintering at least some of
their 1974 calves in 1975 and
carrying some 1975 calves into
1976 for sale this year.
It was not possible to isolate the
costs of feeding and caring for
these yearling animals, so the
O.F.A. survey results included
the costs and also the pounds
gained, of steers and heifers. The
average herd size in the group
was 74 cows, with an ap-
proximate calf yield of 85 per-
cent.
For the purposes of the O.F.A.
survey, land values were
established at $130 an acre for all
land in beef production. This
figure was based on current sales
values modified by revised
assessment schedules for the
area. Building values were based
on the operators' estimates, often
using the insuredvalue as a guide.
Machinery and equipment was
valued on depreciated value of
actual cost, and purchased feed
was charged at actual cost with
home-grown feed covered under
For Your Shopping
Convenience
We Are Open Every
THURS. and FRI.
Night 'Till 9 o'clock
U.S. Vine Ripened
Tomatoes
49' Lb,
English
Cucumbers
49!
Green
Cabbage
3/1.00
BIAKE 'YSpecials
•Ims •••• 0/110
Westons
Plain , Sugar or Cinnamon
figures for fertilizer, machinery,
fuel, labour etc,
The receipts for cull cows were
subtracted from total expenses
and from each category pro rata,
Where herd replacements were
not specifically designated or
selected, it was assumed that 15
percent of the heifers were
destined to become brood cows.
Their pounds gained were not
counted as net pounds produced.
Operators' equity in the en-
terprise was charged at 8 percent
interest, and operators were
allotted a full industrial wage of
$10,4000 for managing a 150-cow
herd, or any portion thereof on a
per coW basis. No management
fee was assessed,
This survey by the O.F.A. was
carefully carried out, and would
seem to be an accurate estimate
of the situation. The O.F.A.
production cost per pound is 71,7c
- considerably higher than the
Minister's 50 cents a pound. This
production cost differential is
very important when considering
the effectiveness or otherwise of
the beef calf stabilization
program.
As the Minister stated the
scheduled payment under the
program is based on four factors
- "the support price for calves,
which is 50 cents a pound this
year; the weighted average
market price for calves, which
will be calculted from fall sales;
the average number of calves
from 100 cows, which when
calculated for the whole province
is 85; and the average weight of
the calves in the fall, which is 450
pounds each."
w4
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