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HomeMy WebLinkAboutThe Exeter Times-Advocate, 1976-06-03, Page 7Times-Advocate, June 3, 1976 Page 7 Ey GORDON MORLEY BRINSLEY A number of students from McGillivray Central School took part in the Middlesex County Board of Education spring concert which was held in the Alumni Hall at Western University. Honor bride-elect A community shower was held at St. Mary's Anglican church Wednesday in honor of Bonnie Morgan bride-elect of June. A large number of ladies of the community were present. Mrs. Leslie Gibbard of Ancaster and Mrs. Harold Hamilton of Mississauga at- tended the funeral of their aunt Mrs. Elsie Morley Saturday and later visited with Mr. & Mrs. Earl Lewis on the weekend. The UCW met at the home of Mrs. George Prest Wednesday for their June meeting. Sympathy is extended to Mr. Mrs. Leslie Morley and family in the recent passing of a mother and grandmother, Mrs. Elsie Morley, buried from Stephen- son's Funeral Home, Ailsa Craig Saturday. Mrs. George Lee & Mrs. Jack Trevithick attended the Geranium Tea held at Carlisle church last Thursday. Field days were held at McGillivray Central School last week. Gayle Fenton attended the wedding of her cousin in London last Saturday. Mr. & Mrs. Gerald Hamilton & family of London, Mrs. Dorothy McDonald and Kathleen Morley were Sunday afternoon visitors with Mrs. Violet Allison. Dale and Jim Fenton were weekend visitors with Mr. & Mrs. George rest and Cindy. Mr. & Mrs. William Fenton of Belgrave visited with friends here on Sunday. Students attend concert TOWNSHIP of STEPHEN AUDITOR'S REPORT To: The Members of Council, Inhabitants and Ratepayers of the Township of Stephen We have examined the financial statements of the Township of Stephen and its local boards for the year ended December 31, 1975, 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. Our examination of the books and records of the local boards was limited to an examination of the receipts and dis- bursements as recorded in the books of the local boards. The accumulated net revenue of local boards at the beginning of 1975 has been adjusted as disclosed in note 3 to the financial statements, In our opinion, subject to the above comments, these finan- cial statements present fairly the financial position of the Township of Stephen and its local boards as at December 31, 1975 and the results of its operations for the year then ended, in accordance with accounting principles generally accepted for Ontario municipalities, after giving retroactive effect to the changes referred to in note 2 to the financial statements, on a basis consistent with that of the preceding year. The comparative figures as at December 31, 1974 and for the year then ended are based upon financial statements which were reported on by another auditor. Listowel, Ontario MacGillivray & Co. April 23, 1976. Chartered Accountants License No. 350. Statement of Revenue and Expenditure for the year ended December 31, 1975 Accumulated net revenue (deficit) at 1975 Actual 1974 Actual the beginning of the year 41,408 72,709 EXPENDITURE General municipal purposes General government 60,618 39,047 Protection to persons and property 39,128 27,837 Transportation services 257,646 286,565 Environmental services 13,792 12,142 Recreation and cultural services 16,733 8,034 Planning and development 115,064 101,695 502,981 475,320 Region or county purposes 188,588 159,216 School board purposes 304,591 263,471 Total expenditure 996,160 898,007 REVENUE General municipal purposes Taxation 199,312 91,422 Payments in lieu of taxes 46,097 9,134 Ontario grants 174,480 219,661 Other grants 1,000 3,805 Other 152,817 122,515 573>706 446,537 Region or county purposes Taxation 137,705 126,045 Payments in lieu of taxes 7,337 9,572 Ontario grants 30,417 21,199 175,459 156,816 School board purposes Taxation 306,642 262,091 Payments in lieu of taxes 178 Other 1,191 1,262 308,011 263,353 Total revenue 1,057 176 866,706 Accumulated net revenue (deficit) at the end of the year 102,424 41,408 Analysed as follows General revenue 65,651 (2,492) Police villages 14,368 19,189 Region or county 9,637 22,766 School boards 3,321 (99) Local boards 9,447 2,044 102,424 41,408 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 1975 Actual $ Nil 1974 Actual Nil General government 836 Protection to persons and property 1,550 Transportation services 36,412 Environmental services 259,239 Recreation and cultural services 2,187 Planning and development 400,800 149 038 Total expenditure 441,785 408,277 CAPITAL FINANCING Contributions from the revenue fund 40,985 Long term liabilities incurred 320,700 283,519 Ontario grants 122,620 Other 2,138 Total capital financing 361,685 408,277 Unfinanced capital outlay (Unexpended capital financing) at the end of the year.,, 80,100 Nil Balance Sheet as at December 31, 1975 ASSETS Current assets 1975 1974 Cash 31,786 25,007 Accounts. receivable 154,377 172,448 Taxes receivable 92,546 86,871 Other current assets 3,118 3,505 281,827 287,831 Capital outlay to be recovered in future years 1,084,18/ 697,012 Other long term assets 73,989 1,866,014 1,058 832 LIABILITIES Current liabilities Temporary loans 138,400 73,400 Accounts payable and accrued liabilities 51,103 99,518 Other current liabilities 3,505 189,503 176,423 Net long term liabilities 1,004,087 771,001 Reserves and reserve funds 70,000 70,000 Accumulated net revenue (deficit) and unapplied capital receipts 102,424 41,408 1,366 014 1,058,832 Trust Funds Statement of Continuity for the year ended December 31, 1975 Balance at the beginning of the year Capital receipts Province of Ontario 10,000 10,000 10,000 10.000 Balance at the end of the year 10,000 10,000 Balance Sheet as at December 31, 1975 Assets Other Accounts receivable - revenue fund Liabilities Balance-capital 10,000 10,000 10,000 10,000 Notes to Financial Statements For The Year Ended December 31, 1975 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: Stephen Township Community Centre Board Centralia Centennial Community Centre Crediton Community Park Board Dashwood Community Centre Board (b) Fixed Assets No value is attached to fixed assets for municipal repor- ting 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 disbursement" basis which does not recognize accruals. The municipality has expended amounts for which the road subsidy will not be eligible for claim until the succeeding year. Such future subsidy revenues have been accrued in the current year. (d) Charges for net long term liabilities Charges for net long term liabilities include principal and interest. Interest charges are not accrued for the period from the date of the latest interest payment to the end of the fiscal year. 2. Comparative Figures The 1974 comparative figures have been restated to reflect the following: (a) consolidation of local boards, other than joint boards and municipal enterprises. (b) over levies, previously disclosed as current liabilities are now included with accumulated net revenue. (c) reclassifications of expenditures as required by changes in disclosure requirements. 3. Local Boards The accumulated net revenue at the beginning of 1975 has been adjusted to include the surplus (deficit) of the follow- ing local boards which were not reported in previous years. (a) Centralia Centennial Community Centre $ 806 (b) Crediton Community Park Board 586 (c) Dashwood Community Centre Board (1,950) $ (558) The above figures represent cash balances only of the local boards as at December 31, 1974. Comparative figures for these local boards have not been reported. 4. Charges For Net Long Term Liabilities Total charges for the year for net long term liabilities were as follows: Principal payments including contributions to year amount to $1,289,194 Of the long term liabilities shown above, the responsibility for payment of principal and in- terest charges has been assumed by others for a principal amount of (281,736) The total value of sinking funds and the balance in the Ontario Water Resources Debt Retire- ment Fund which have been accumulated to the end of the year to retire the outstanding long term liabilities included above amount to (3,371) Net long term liabilities at the end of the year $1,004,087 6, 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 benefitting landowners $1,022,349 Municipal enterprises 01,838 $1,084,187 Ontario Home Total Renewal $ Nil 10,000 10,000 10,000 10,000 10,000 10,000 sinking funds and to the Ontario Water Resources Debt Retirement Fund $ 91,747 Interest 31,638 $123,385 Of the total charges shown above, $115,064 was paid from the revenue of the municipality and is included in expenditure, classifed under the appropriate functional headings, and $8,- 321 was recovered from the municipal enterprises for which the related net long term liabilities were incurred. 5. Net Long Term Liabilities Total long term liabilities incurred by the municipality and outstanding at the end of the 6 ft WOOD 6145 loaf insulated sealed units are constructed with tempered safety glass encased in non- conductive smooth vinyl for maximum resistance to the transmission of heat and cold. Moveable panels operate with steel rollers on a metal track and are easily adjustable to maintain ease of operation. Matching fixed sidelites glazed in individual frames are available to increase the glass area if desired. Door tomes completely assembled - ready for all installation. Feature Price L ° LL 11R12c17 TD. Seaforth 527-0910 Hensail 262-2418 Clinton 482-9514 ) t aulanOM AEU MANUFACTURER'S SUGGESTED RETAIL PRICE $498°° 43/ LIL I FORMING LEO CLUB - The Exeter Lion's Club is trying to get a Leo Club started for young people between the ages of 13 and 18. An organizational meeting was held last week at the Exeter Scout Hall. From the left: Const, Frank Giffi n, Lions' president, Dougall Campbell, Church gives attendance awards Leo organizer, and Glen Kells, past Lions president. The next meeting has been set for Wednesday, June 9 at 8 p.m. at South Huron High School, By MRS. E. SUMMERS GRANTON At the United Church Rev, Mary McInally was in charge of the service, when the sermon was taken from various passages of Scripture, read at appropriate times through the message which was entitled "People called Christians". Being a Christian involves three important things said the minister, belief, com- mitment and action. The Banns of Marriage were published between Leslie John Youngson and Beverly Maria Kemp, Sunday School attendance awards were awarded. First Pin: Bill Jacklin, Debbie Wissell and Becky Bryan, Second pin; Carol Hutchison, Jeff Marshall and Ann Harrett, Third pin: Cindy Hofrichter, Dana Hofrichter, Kenny McGuffin, Diane Garrett and David Knapman. Members who were to receive their wreath and first bar, will be presented with them next Sunday, owing to a delay in their arrival in time for the Service. Sunday School pupils plant flowers The flowers planted by Sunday School pupils in beds in front of the United Church have taken a good hold and look very pretty. This was a project started by Mrs. Gordon McRoberts class, but the whole school took part in a small ceremony outside at the planting, singing hymns, Each boy planted a flower. The girls disdained this chore, as they did not want to soil their Sunday dresses. Just a reminder that the minister still has sponsor sheets available for the Bible Society Walkathon, which starts at Lucan United Church June 5, Friendly neighbors Drop in at the Centre on Thursday afternoon, join in the various .pastimes, work at your favorite crafts and enjoy a cup of tea or coffee and cookies mingled with good fellowship, The directors would like to get a few items of business settled such as the final plans for the bus trip to Niagara Falls. Scout news The scouts and their leaders had good weather on the holiday weekend, where they attended the Perth County Camporee at Wildwood Park, Their a clivites included fishing, hiking and backpacking. The Granton Scout Troop and Cub Pack and their leaders are to be congratulated for turning in $40 ( part of the proceeds from their variety show) to the Bunny Bundle Crippled Children's Fund. Teen dance A teen dance was held at the Forester's Hall ,on Friday night. Mrs. Wm. Pennington, Mrs. Steven Rooney and Mrs. Bonnie Heist were chaperones. Winners of the spot dance prizes were, Donna Lyn Thomp- son and Kerry Westman. Correction The date for the dance being held at Kirk ton-Woodham Community Centre should have read Saturday, June 19 not July 19 as it appeared May 20. VAINSVASESISSOUNINNIMENSIMEr BALL•MACAULAY LTD.