HomeMy WebLinkAboutTimes-Advocate, 1978-06-29, Page 14Pane 14 Times-Advocate. June 29. 1978
GRADUATES OF NURSERY SCHOOL — Graduation ceremonies for students of the Grand Bend Nursery School were held
Friday morning. Back, left, Miss Cathy, Kent Robson, Danny Sageman, Jeff Farrington, Chris Watson, Dania Thurman, Terry
Genttner and Miss Faye. Centre, David Maguire, Sarah Patterson, Julie Uniac, Mary Lynn Dietrich, Jeff Sweitzer and Michael
Becker. Front, Matthew Anderson, Aaron Cassie, Matthew Venning, Carrie Rau, Luke Corrigal, Brad Page, Derrick Becker and
Jesse Morrice. T-A photo
Dashwood seniors picnic,
plan more special events Security Trust
By MRS. IRVIN RADER
DASHWOOD
Sixty seniorskat down to a
picnic supper Monday.
J. M. TiemaZ, president,
conducted the business Mrs.
Louella Tieman, Mrs. Ken
McCrae and Mrs. Ross Love
are in charge of the float for
Friedsburg days. Plans were
made to attend the chicken
barbecue at Huronview
which several attended. The
picnic for Zone Eight seniors
will be held Wednesday
August 23 at Seaforth
Community Park. The
seniors will be in charge of
bingo at Friedsburg,
Saturday evening, and the
draw for the quilt will also be
made.
Mrs. Ken McCrae con
vener of group I and her
committee conducted bingo.
Tour planned
Anyone wishing to go on a
four day colour tour the first
week in October through
Algonquin Park, Gatineau
Hills, Ottawa, Kingston and
a Thousand Island boat
cruise please call 238-2771
or 237-3606 before July 10.
Personals
Mr. & Mrs. Ross Love
spent a few days at Sudbury
with Mr. & Mrs. Don Love
and family.
Weekend visitors with
Mrs. Jean Walper were Mr.
& Mrs. Stan Slezak and
family and Miss Fran
Brough, London; Mrs. Ethel
Bauman, Mt. Clemens; Mrs.
Nora Willert, Sarnia; and
Mr. & Mrs. Ed Wurm,
Exeter.
Mrs. Charles McDowell
and Mrs. John Taylor,
Drayton, sisters of Mrs. E.
R. Guenther are vacationing
with Mr. & Mrs. E. R.
Guenther.
Doug and Nancy Nutt of
London, new residents of
Dashwood are proud to
announce the opening in
Dashwood of Doug’s &
Nancy’s General store
formerly Chandlers and
would like to thank everyone
for their kindness and best
wishes.
Word has been received
that Rev. & Mrs. Merrill
James of Windsor and for
merly of Dashwood have
accepted a call to St. Paul’s
United Church, Tillsonburg
effective August 1.
Flowers in Calvary United
Church Sunday were from
the funeral of the late Jim
Smith placed by Nancy,
Gary and Susanne Smith.IL
Canada, i
I want to shake
k yourhand.^
I
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 and consolidated municipal enterprises for the year ended December
31. 1977. Our examination was made in accordance with generally accepted auditing
standards and accordingly included such tests and other procedures as we con
sidered necessary in the circumstances.
In our opinion, these financial statements present fairly the financial position of
the Township of Stephen and its local boards and consolidated municipal enterprises
as at December 31. 1977 and the results of its 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.
Listowel. Ontario.
April 14.1978
LICENSE NO. 586
MacGillivray &Co.
Chartered Accountants
LIABILITIES
CURRENT LIABILITIES
Temporary loans................................................................... 406,969 219,300
Accounts payable and accrued liabilities....................... 20,285 86,098
Other current liabilities....................................................... 25,504 17,983
452,758 323,381
Net long term liabilities....................................................... 1,348,689 1,244,007
Reserves and reserve funds............................................... 160,139 135,484
Accumulated net revenue (deficit) and
unapplied capital receipts................................................ (13,202) (12,998)
1,948,384 1,689,874
Statement of Revenue and Expenditure
for the year ended December 31,1977
1977
Budget
Accumulated net revenue (deficit) at
the beginning of the year................................................ (25,269)
EXPENDITURES AND TRANSFERS
Municipal expenditures
General government............................................. 64,200
Protection to persons and property.............................. 78,382
Transportation services.................................................. 491,851
■ Environmental services.................................................. 17,400
Recreation and cultural services.................................. 15,300
Planning and development.............................................. :
Total expenditure......................................................................... 667,133
Transfers
Transfers to region or county......................................... 209,725
Transfers to school boards............................................. 469,769
Total transfers............................................................................... 679,494
Total expenditures and transfers............................................. 1,346,627
1977
Actual
$
(12,998)
84,212
85,092
358,274
49,327
30,631
201,502
809,038
215,322
487,096
702,418
1,511,456
Notes to the Financial Statements
For The Year Ended December 31,1977.
1. Accounting Policies
a) Statement of Revenue and Expenditure
This statement reflects the revenues and expenditures of the revenue fund and
the following local boards and municipal enterprises:
Township of Stephen - Waterworks
Centralia Centennial Community Centre
Dashwood Community Centre Board
Crediton Community Park Board
Stephen Township Community Centre Board
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 and its local
boards and municipal enterprises as described in note 1(a).
c) Balance Sheet
This statement reflects the assets and liabilities of the revenue fund, the
capital fund, reserve funds and local boards and municipal enterprises as
described in note 1(a).
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.
Interest annually \
Bonus available
to investors 60 years of age
or better
Other terms available
Rates subject to change
Consult your
local financial advisor
or Security Trust Company
P.O. Box 23, Bank Tower
Toronto-Dominion Centre
Toronto, Ontario M5K 1A1
(416) 361-1294.
Member: Canada Deposit
Insurance Corporation
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 ratepayers.
General ratepayers.............................
Designated ratepayers.......................
School board ratepayers....................
Region (County) ratepayers..........
1977
$(39,815)
22,199
429
3,985
$(13,202)
1976
$(28,528)
15,790
(160)
jrn
$(12,998)
6. Charges for Net Long Term Liabilities
Totalcharges for the year for long term liabilities were as follows:
Principal payments including contributions
to sinking funds and to the Ministry of
1977 1976
Environment....................................$149,238 $120,809
Interest..................................................58,741 40,973
$207,979 $161,782
Of the total charges shown above $201,471 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 $6,508 were recovered from municipal enterprises for which the
related net long term liabilities were incurred.
7. Changes in Consolidation
The 1976 figures have been restated to reflect the retroactive consolidation of the
Township of Stephen - Waterworks. As a result of this change, the accumulated
net revenue (deficit) as at December 31,1976 increased as follows:
REVENUE BY PURPOSE
Municipal purposes
Taxation.............................................................................. 182,057
Payments in lieu of taxes................................................ 40,055
Ontario grants.................................................................... 248,007
Other grants....................................................................... 770
Fees and service charges................................................ * 208,721
Other.................................................................................... 12,700
Revenue to pay for municipal purposes.......................... 692,310
Region or county requisition
Taxation...................................................................................... 152,447
Payments in lieu of taxes................................................ 8,430
Ontario grants.................................................................... 48,940
Revenue to pay the region or county requisition............ 209,817
School board requisition
Taxation.............................................................................. 469,769
Other.................................................................................... ...........
Revenue to pay the school board requisition................. 469,769
Total revenue........................................................................ 1,371,896
Accumulated net revenue (deficit) at
the end of the year.............................................................
Analysed as follows:
General revenue................................................................
Region or county................................................................
School boards....................................................................
Special areas......................................................................
Local boards.......................................................................
Municipal enterprises......................................................
214,747
46,549
259,493
8,134
245,399
29,838
804,160
158,203
8,647
52,557
219,407
487,516
___169
487,685
1,511,252
(13,202)
(44,708)
3,985
429
22,199
3,492
1,401
(13,202)
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:
Dashwood Public Utilities Commission - Hydro
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 dates of the latest interest payments to the
end of the financial year.
2. Capital Outlay to be Recovered in Future Years
a) Some capital outlay to be recovered in future years does not represent 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:
1977
Special charges on benefitting landowners. $1,622,916
Municipal enterprises......................... 59,397
$1,682,313
1976
$1,369,274
60,667
$1,429,941
b)Capital outlays, including fixed assets and the transfers of capital funds in the
amount of $81,756, which have been financed from general municipal revenues
of the current year, are reported on the Statement of Revenue and Expenditure.
3. Reserve Funds
During the year, $21,012 were credited d’rectly to reserve funds without being
recorded as revenues and expenditures of the Revenue Fund. Major sources were:
Interest earned..................................
O.H.R.P. grants...................................
$ 1,012
20,000
$ 21,012
Statement of Capital Operations
for the year ended December 31,1977
Net Long Term Liabilities
The balance for net long term liabilities reported on the Balance Sheet is made up
of the following:
Accumulated net revenue (deficit)
- as previously reported................. $(15,688)
Surplus of Waterworks................... ■ 2,690
Accumulated net revenue (deficit) - adjusted. ______ $(12,998)
8. 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. No provision has been made in these financial statements for any
possible effects of the legislation on this municipality.
9. Investments
The investments included in current assets of $11,500 are recorded at cost and
have a market value of $11,500 as at the end of the year.
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.............................................. 135,485
REVENUE
’ Contributions from the revenue fund................................ 8,064
O.H.R.P.................................................................................... 20,000
Interest earned...................................................................... 1,012
EXPENDITURES
Transfers to the capital fund..............................................
Transfers to the revenue fund
O.H.R.P. - loans forgiven...................................................
Available at the year end for future
municipal purposes...........................................................
29,076
1976
$
121,630
4,184
10,000
___621
14,805
2,500
1,447
___475
4,422
160,139 135,485
Unfinanced capital outlay (Unexpended capital
financing) at beginning of the year...............................
CAPITAL EXPENDITURE
General government............................................................
Protection to persons and'property..................................
Transportation services......................................................
Recreation and cultural services.......................................
Planning and development.................................................
Total expenditure.................................................................
CAPITAL FINANCING
Contributions from the revenue fund...............................
Contributions from reserve funds
and reserves........................................................................
Long term liabilities incurred..........................................
Ontario grants......................................................................
Other.........................................................................................
1977
$
185,931
891
8,326
299,084
4,122
333,200
645,623
81,756
1976
$
80,100
589
12,151
210,621
13,866
413,900
651,127
81,273
Total long term liabilities incurred by the municipality in
cluding those incurred on behalf of former school boards,
other municipalities and municipal enterprises and outstan
ding at the end of the year amount to
$1,597,185
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
242,684
The total value of sinking funds and the balance in the
Ministry of the Environment Debt Retirement Fund which
have been accumulated to the end of the year to retire the
outstanding long term liabilities included above, amount to
Analysis of Year-End Position
as at December 31,1977
RESERVES ,
Reserve for fire truck.......................................................... 7,900
Working capital reserve....................................................... 120,000
RESERVE FUNDS
O.W.R.C. debt retirement schedule................................. 3,860
O.H.R.P.................................................................................... -28^79
32,239
Year end position of reserves
and reserve funds............................................................... 160,139
3,200
120,000
123,200
2,760
9,525
12,285
135,485
Total capital financing..................................
Unfinanced capital outlay (Unexpended
capital financing) at the end of the year
2,500
254,300
76,545
82,829
497,930
333,624
441,100
22,923
545,296
185,931
Net Long Term Liabilities At The End Of The Year........................................... $1,348,Qgg
Balance Sheet
as at December 31,1977
ASSETS
CURRENT ASSETS
Cash..........................................................................................
Accounts receivable..............................................................
Taxes receivable.........................................................
Investments........................................................................
Other current assets..............................................................
Capital outlay to be recovered in
future years.....................................................................
Other long term assets......................................................
1977
9,140
96,545
104,232
11,500
5,950
227,367
1,682,313
38,704
1,948,384
1976
e
49,651
106,867
81,256
10,000
247,774
1,429,938
12,162
1,689,874
Analysis of Assets and Liabilities
as at December 31,1977
CURRENT ASSETS
Cash..............................................................
Taxes receivable.......................................
Investments...............................................
Other accounts receivable......................
Other current assets.................................
Capital outlay to be recovered
in future years........................................
Other long term assets.............................
Total..............................................................
CURRENT LIABILITIES
Temporary loans.......................................
Accounts payable and
accrued liabilites..................................
Other current liabilities..........................
Net longterm liabilities A...................
Reserves and reserve funds .................
Balance (or deficit) at the year* end ....
Total..............................................................
consolidated consolidated reserve
funds
internal
fund
revenue local municipal capital eliminations
fund boards enterprises fund
$$$$$
20 3,296 624 1,002 4,198
104,232
11,500
270,592 128 3,524 (177,699)
5,950
392,294 3,424 4,148 1,002 4,198 (177,699)
59,397 1,622,916
3,860 34,844
392,294 3,424 67,405 1,623,918 39,042 (177,699)
238,244 1,125 167,600
19,244 898 153 167,026 10,663 (177,699)
25,001 503
282,489 2,023 656 334,626 10,663 (177,699)
59,397 1,289,292
127,900 3,860 28,379
(18,095)1,401 3,492
392,294 3,424 67.405 1,623,918 39,042 (177,699)
consolidated
total
$
9,140
104,232
11,500
96,545
5,950
227,367
1,682,313
38,704
1,948,384
406,969
20,285
25,504
452,758
1,348,689
160,139
(13,202)
1,948,384