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Times-Advocate, 1978-05-25, Page 9Times-Advocate, May 25, 1978 Working Women of Ontario join Fleck strikers at Huron Park LIABILITIES Balance — capital — income... ASSETS Cash................................. Guaranteed Investment Certificates................... Shower bride at Brinsley By GORDON MORLEY was held in the Brinsley A miscellaneous shower Community Centre, Thur- sday evening for Karen Morley, June bride-elect. Many lovely gifts were presented to Karen who expressed her appreciation to the committee in charge of the party and to those who gave the gifts. Mr. & Mrs. David Hall and family have the latter’s parents visiting with them from British Columbia. June Harris and family, Nobleton, and Shepherd were Sunday visitors with Mr. George Prest. Congratulations to Mr. & Mrs. Tom Daley who were married Saturday. Sunday May 28 St. Marys Anglican Church are holding their 115th Anniversary with Bob Heywood as soloist and Rev. Ralph’s farewell ser­ vice. Service’s at Brinsley St, Marys Church were can­ celled Sunday as it was Ailsa Craig anniversary. After the Church service at the United Church Sunday everyone sat down to pot luck dinner. It being Mr. Snell’s birthday everyone had a piece of birthday cake. Following the dinner everyone enjoyed several musical numbers and singing. Mrs. Merle Lewis spent the holiday week end with friends at Belleville. Miss Ruth Trevithick, Etobicoke and Mr. & Mrs. Neil Trevithick, Brantford spent the week end with Mr. & Mrs. Jack Trevithick. 'Mr. & Mrs. Eugene Thompson and Arlene were Monday evening visitors with Gordon and Kathleen Morley. Elmer & Mrs. Page 9 Have Fun at the Fair! TOWNSHIP OF HAY AUDITOR'S REPORT 1977 Balance Sheet as at December 31.1977 TO The Member of Council, Inhabitants and Ratepayers of the Corporation of the Township of Hay. We have examined the 1977 financial statements of the Corporation of the Township of Hay. Our examination was conducted in accordance with generally accepted auditing standards, and accordingly included such tests and other procedures as we considered necessary in the circumstances. In our opinion these financial statements present fairly the financial position of the Corporation of the Township of Hay and the Hay Municipal Telephone System as at December 31,1977 and the results of their operations for the year then ended, in accordance with accounting principles generally accepted for Ontario Municipalities and their enterprises applied on a basis consistent with that of the preceding year. Goderich, Ontario March 3,1978. Durst, Vodden & Bender Chartered Accountants. Municipal Auditor’s License Number 567 154 200 200 354 . 354 354 154 200 200 354 354 354 E E EE s E= = E= s = = == = = Statement of Revenue and Expenditure for the year ended December 31,1977 Accumulated net revenue (deficit) at the beginning of the year................................................ EXPENDITURES AND TRANSFERS Municipal expenditures General government......................................................... Protection to persons and property.............................. Transportation services.................................................. Environmental services.................................................. Health services................................................................. Social and family services............................................. Recreation and cultural services.................................. Planning and development............................................. Total expenditure................................................................. Transfers Transfers to region or county......................................... Transfers to school boards............................................. Total transfers......................................................................; Total expenditures and transfers...................................... Revenue by purpose Municipal purposes Taxation............................ Payments in lieu of taxes Ontario grants.................. Fees and service charges Other .................................. Revenue to pay for municipal purposes............. Region or county requisition Taxation................................................................. Ontario grants....................................................... Revenue to pay the region or county requisition School board requisition Taxation................................................................. Revenue to pay the school board requisition .... Total revenue............................................................ Accumulated net revenue (deficit) at the end of the year.................................................... Analysed as follows: General revenue.................................................... Region or county.................................................... School boards.......................................................... I s Notes to the Financial Statements 1. Accounting Policies (a) Statement of Revenue and Expenditure This statement reflects the revenues and expenditures of the revenue fund. There are no local boards or municipal enterprises consolidated in these results. (b) Statement of Capital Operations This statement reflects the capital expenditure of the municipality to be recovered from the general municipal revenue of the municipality as describ­ ed in note 1(a). (c) Balance Sheet This statement reflects the assets and liabilities of the revenue fund, the capital fund and reserve funds as described in note 1(a). the assets and liabilities of local boards and enterprises that have not been consolidated are reflected only to the extent of their related net long term liabilities and capital outlay to be recovered in future years. (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’’ which is the aggregate of the principal portion of unmatured long term liabilities, capital funds transferred to other organizations, and the cost of capital projects not yet permanently financed is reported on the Balance Sheet. (e) Municipal Enterprises Municipal enterprises are those activities whose costs are substantially recovered from service charges on the users. The enterprises of this municipality whose revenues and expenditures have not been consolidated in these financial statements are: Hay Municipal Telephone System (f) Charges for Net Long Term Liabilities Debt retirement costs including principal and interest are charged against current revenues in the periods in which they are paid. Interest charges are not accrued for the periods from the date(s) of the latest interest paymentfs) to the end of the financial year. (g) Trust Funds Trust funds administered by the municipality amounting to $354 are only reflected in the Trust Funds, Statement of Continuity and Balance Sheet. 2. Capital Outlay to be Recovered in Future Years (a) Some capital outlay to be recovered in future years does not represent a burden on general municipal revenues, as it is to be recovered in future years from other sources: = 33,845 1977 Budget (3,633) 1977 Actual $ .(3,663). 51,108 51,389 29,275 31,065 289,800 293,330 7,800 7,937 400 385 25 25 8,900 8,329 101,288 102,300 488,596 494,760 109,863 111,124 345,895 350,034 455,758 461,158 944,354 955,918 200,555 203,245 1,050 1,687 179,211 181,478 100,812 101,857 10,350 25,757 491,988 514,024 104,764 106,233 5,247 5,478 110,011 111,711 346,018 350,536 346,018 350,536 948,017 976,271 -16,690 (15)15,857 18 457 (3)376 ------L_16,690 1977 1976 $$ 6,576 10,250 84,477 3,615 15,600 249,317 184,450 340,370 203,665 88,750 27,763 190,100 175,900 23,216 10,252 38,304 • 340,370 213,915 capital reserve consolidated fund funds total $$$ 7,341 29,110 53,255 53,283 23,734 4,735 118,775 31,075 225,313 special charges on benefitting landowners municipal enterprises.. 1977 1976 a 700,297 881,500 $1,581,797 583,909 721,500 $1,305,409Statement of Capital Operations for the year ended December 31,1977 Unfinanced capital outlay (Unexpended capital financing) at the beginning of the year....................... CAPITAL EXPENDITURE Protection to persons and property......................... Transportation services............................................. Environmental services............................................. Planning and development......................................... Total expenditure....................................................... . CAPITAL FINANCING Contributions from the revenue fund....................... Long term liabilities incurred.................................... Ontario grants................................................................ Other..............................,x.............................................. Total capital financing..................................................... (b) Capital outlays, including fixed assets and(b) Capital outlays, including fixed assets and the transfers of capital funds, in the amount of $88,750, which have been financ­ ed from general municipal revenues of the current year, are reported on the Statement of Revenue and Expenditure. 3. Reserve Funds During the year, $34,706 were credited directly to reserve funds without being recorded as revenues and expenditures of the Revenue Fund. Sources were: Contributions from subdividers:........................... Province of Ontario Home Renewal Plan grants Other............................................................................ 4. Net Long Term Liabilities (a) The balance for net long term liabilities reported on the Balance Sheet is made up of the following: Total long term liabilities incurred by the municipality in­ cluding those incurred on behalf of former school boards and municipal enterprises and outstanding at the end of the year amount to..........................................................................$1,770,002 Of the long term liabilities shown above, the responsibility for payment of principal and interest charges has been assumed by the Huron County Board of Education for a prin­ cipal amount of......................’..............................................188,205 Net long term liabilities at the end of the year $1,581,797 5. Accumulated Net Revenue (deficit) At the End of The Year The balance in the revenue fund at the year end is available to reduce (to be added to) the levies of the following classes of latepayers: E HURON CENTRAL AGRICULTURAL SOCIETY BILL FLYNN, President R,R. 4, Clinton, Ontario ROBERT M.GIBBINGS, Secretary-T reasurer R.R, 1, Clinton, Ontario 1:00 P.M. — Western Horse Association of On­ tario (Approved Show) — Beef Cattle Classes — Ladies' Exhibits Ontario's Largest Spring Fair CLINTON " SPRHG MIR OVER *22,000 IN CASH PRIZES CLASS "B" 124th YEAR CLINTOH COMMUNITY PARK FVT' JUNE 2-3-4 ..— FRIDAY JUNE 2. 11:00 A.M. — 4-H Open Classes 12 Noon Ontario Jersey Show 12:30 P.M. — Huron Hols­ tein Show 3:00 P.M. — Arena Concessions Open to Public 6:00 P.M. — Ladies' Ex­ hibits in Auditorium 6:00 P.M. — Western On­ tario Tractor Pull (Sanc­ tioned) Open Classes * Out of Field Classes - $2,- 500. in Prize Money JOYES MIDWAY IN FULL OPERATION ALL THREE DAYS Kxxxxxx.itfcxxxxxxxxx.xx: LUNCH COUNTERS : Operated by Ladies Division 3>XXXXXXXXXXXXXXXXXXXXXXXX'XXXXXrf SATURDAY, JUNE 3 12 Noon — Ladies' Exhibit 12:30 P.M. — Horse Show (Line Classes Begin) 1:00 P.M. — Parade Through Town - Livestock Judging — Baby Show 7:00 P.M. — Teams in Harness 9:00 P.M. — Evening Grandstand Show SUNDAY, JUNE 4 Analysis of Assets and Liabilities as at December 31,1977 CURRENT ASSETS Cash...................................... Taxes receivable............... Other accounts receivable Capital outlay to be recovered in future years........................... Other long term assets Total............................................. CURRENT LIABILITIES Temporary loans.................. Accounts payable and accrued liabilities................ Other current liabilities...... Net long term liabiliities.................. Reserves and reserve funds............. Balance (or deficit) at the year end Total.................................../................ ..5,000 29,000 ....706 revenue fund $ 16,804 53,283 90.306 160,393 160.393 1,581,797 IMS. 50,581 1.581,797 —.16-736. 1,823,846 16,686 i 18,936 13,972 >49,594 ■ 1,612,872 31,075 47,761 18,936 JUL2Z2- 31,075 1,581,797 80,669 1,581,797 50,581 144,690 1.612.872 5.0.,581.112.3J.46 General ratepayers........... Designated ratepayers...... School board ratepayers... Region (County) ratepayers. 1977 1976 = 5,579 (2,978)= -(429)E (26)(126)S 293 (130)z 5.846 (3,663)E 6. Charges for Net Long Term Liabilities Total charges for the year for long term liabilities were as follows: Reserve and Reserve Funds Statement of Continuity and Analysis of Year End Position for the year ended December 31.1977 Available at the beginning of the year for future municipal purposes................................................. REVENUE Contributions from developers..................................... Sale of land....................................................................... Ontario Home Renewal Plan grants........................... Interest earned.................................................................. EXPENDITURE Planning & development — residential development.................................. Available at the year end for future municipal purposes............................... Analysis of Year End Position as at December 31,1977 RESERVES For working capital........................... For construction of steps................. RESERVE FUNDS Parklands - subdivider’s contributions Ontario Home Renewal Plan................ Year end position of reserves and reserve funds................... Trust Funds Statement of Continuity for the year ended December 31,1977 Balance at the beginning of the year ..................................................................... Interest earned............................................................ Expenditure Maintenance Balance at the end of the year....................... 110,014 108,754 IQ6 706 Principal payments... Interest....................... = E 30 30 (554) (554) 144,690 110,014 Of the total charges shown above $100,812 were paid from general municipal revenues of the municipality and are included in expenditure on the Statement of Revenue and Expenditure classified under the appropriate functional headings. The remaining $106,352 were recovered from municipal enterprises for which the related net long term liabilities were incurred and are not reflected in the state­ ment. 7. The Anti-Inflation Act The municipality, its local boards and commissions are by agreement between the Government of Canada and the Government of the Province of Ontario dated January 13. 1976. subject to The Anti-Inflation Act (Canada) and the national guidelines. This legislation limits increases in compensation payments effective October 14.1975. = E E E E E 94,000 109 94,109 12,871 37,710 50,581 144,690 342 J? 22 IQ io 354 94,000 ....109 94,109 8,707 7,198 15,905 Hillsgreen Cemetery $ 342 22 22 10 10 354 Balance Sheet as at December 31.1977 ASSETS Current assets 1977 1976 $$ Cash.................................................................................53.255 41,988 Accounts receivable....................................................118.775 78,011 Taxes receivable..........................................................53,283 49.542 225.313 169.541 Capital outlay to be recovered in future vears........................................................................1,581.797 1,305,409 Other long term assets....................................................16.736 8.462 1.823,846 1,483,412 LIABILITIES Current liabilities Temporary loans...........................................................47,761 41.538 Accounts pavable and accrued liabilities...............18.936 20.768 Other current liabilities..............................................13,972 9.346 80,669 71,652 Net long term liabilities...................................................1,581,797 1,305,409 Reserves and reserve funds...........................................144,690 110,014 Accumulated net revenue (deficit) and unapplied capital receipts..............................................16,690 (3,633) 1,823,846 1,483,412 i