Times-Advocate, 1979-07-04, Page 22Statement of Revenue and Expenditure
for the year ended December 31, 1978
1978 1978
Budget Actual
Accumulated net revenue (deficit) at
the beginning of the year (44,708) a (13,202)
EXPENDITURES AND TRANSFERS
Municipal expenditures
General government 91,000 100,799
Protection to persons and property 94,067 100,821
Transportation services 302,200 350,806
Environmental services 23,00 76,098
Recreation and cultural services 15,500 37,025
Planning and development 227,252 248,610
Total expenditure 753,019 914,159
Transfers
Transfers to region or county 207,082 216,778
Transfers to school boards 513,838 522,443
Total transfers 720,920 739,221
Total expenditures and transfers 1,473 939 1,653 380
REVENUE BY PURPOSE
Municipal purposes
Taxation 229,591 270,834
Payments in lieu of taxes 50,610 53,512
Ontario grants 270,666 235,555
Other grants 770 8,839
Fees and service charges 232,252 272,110
Other 13,838 43,288
Revenue to pay for municipal purposes 797,7"7 884,138
Region or county requisition
Taxation 164,620 171,927
Payments in lieu of taxes 7,650 7,304
Ontario grants 34,812 34,499
Revenue to pay the region or county
requisition 207 082 213,730
School board requisition
Taxation 513,838 521,921
Other 161
Revenue to pay the school board requisition 513,838 522,082
Total revenue 1,518 647 1,619 950
Accumulated net revenue (deficit) at
the end of the year (46,632)
Analysed as follows:
General revenue (73,617)
Region or county 937
School boards 68
Special areas 29,444
Local boards 7,362
Municipal enterprises (10,826)
(46,632)
Statement of Capital Operations
for the year ended December 31, 1978
Unfinanced capital outlay (Unexpended
capital financing) at the beginning
1978
Actual
1977
Actual
of the year 333,624 185,931
CAPITAL EXPENDITURE
General government 3,904 891
Protection to persons and property 45,457 8,326
Transportation services 242,480 299,084
Environmental services 10,362
Recreation and cultural services ......... ....... ,„.. 12,947 4,122
Planning and development 498,800 333,200
Total expenditure 813,950 645,623
CAPITAL FINANCING
Contributions from the revenue fund 147,986 81,756
Contributions from reserve funds
and reserves 7,900 2,500
Long term liabilities incurred ..... - ........ 497,600 254,300
Ontario grants 102,552 76,545
Other 167,976 82,829
Total capital financing"-, ......... ........ 924,014 497,030
Urifineneed capital outlay (Unexpended
capital financing) at the end
Ofthe year ........ ............ .............. 223,560 323,624
A 1 ._ 4 Ai. * H '
Page OA Times-Advocate, July 4, 1979
Many visitors in Brinsiey area
By GORPON MORtEY
BRINSLEY
Mr. and Mrs. Earl Lewis
and Mr. and Mrs. Harvey
By MRS. PETER MARTIN
CREDITON
Induction service for Rev.
REV. BRIAN ELDER
Morley were recent visitors
with Mr. and Mrs, Stuart
Gilbert, London.
Mr. and Mrs, Wes Hodgson
Brian Elder was held Sunday
in Zion United Church.
Participating in the ser-
vice were Rev. Camille La
Rouche chairlady, , Rev.
Maurice Francis,
Thamesview 'Chairman of
Huron Perth Presbytery,
Acting Secretary, Rev Stan
McDonald.Hensall, and Rev,
James Forsythe Exeter,
gave the message.
Miss Doris Swartz sang a
solo. A social hour followed
in the Sunday School
Auditorium.
We welcome Rev. Elder,
his wife Mary and their son
Robert to our community
and hope they will enjoy
living here.
and family spent the week
end holiday at Trillium
Woods trailer park.
Mr. and Mrs, George Prest
and family, Mr. Cecil
Ellwood and Mr. and Mrs.
Lloyd Odd, London spent
Sunday afternoon with Mr.
and Mrs, Bill Fenton and
family of Belgrave.
Rae Lewis, Exeter spent a
couple of days with Mr, and
Mrs. Wilbert Lewis.
Angela Hodgson is
holidaying with Mr. and Mrs.
Harvery Morley.
Mr. and Mrs. Jack
Trevithick and Ruth Mr. and
Mrs. Neil Trevithick, Colleen
and Carol Newey and Mr.
and Mrs. Jack Dorman
attended the 50th wedding
anniversary of Mr. and Mrs.
Melvin Trevithick at
Chatham.
Mr. and Mrs, Paul
Hodgson and family en-
tertained his grandmother
Mrs. Mary Hodgson of Lucan
recently on her 91st bir-
thday. Thirty-six guest at-
tended.
Mr. and Mrs. Harold
Hamilton, Mississauga and
Mrs. Terry McGovern ,
Toronto visited a few days
with Mr. and Mrs. Earl
Lewis.
Mr. and Mrs. Robert
McNaughton, Sutton West,
Mr. and Mrs. Arthur Mercer
and family, London and Mr.
and Mrs, Neil Trevithick
visited with Mr. and Mrs.
Doug Lee and family Sun-
day.
A $7.5 million booster
station for the Lake Huron
water supply system was
officially put into operation
June 18 by Ontario
Environment minister,
Harry Parrott. It is located
about 3 4 mile west of
13rinsley.
Mr. and Mrs, Cyril Morley
attended the 40th wedding
anniversary of Mr. and Mrs.
Ken Hodgins Saturday at the
Centralia Community
Centre.
Politican addressing
crowd: "and to those who
say the cost of living is
spiraling, I say isn't that bet-
ter than going straight up."
New minister is
inducted at Crediton
STEPHEN GRADE EIGHT CLASS - annual grade eight graduation exer-
cises were held at Stephen Central School, Monday night. Back, left, Frank
Kohl, Irene Gobson, Roxanne Woods, Dean Watt, Fred Miller, Lorraine
Labelle, Peter Dearing and Tim Cant. Third Row, teacher Fred Nigrijn, David
Gill, Arlene Wolper, Rick Tiedemon, Robin Kraft, Victor Rempel, Greg Ratz,
Russell Hayter, Todd Case, Susan McClure, Steven Walper, Ron Nienhuis and
Fred Miller, Second row, principal Don Finkbeiner, Robert Mitchell, David
Hewitt, Connie Schroeder,, Faye Gaiser, Lisd Becker, Gary Smith, Randy
Bowers, Ian Morden, Mark Ormandy, Paul Kinsmen, Tom Maier, Terry
Hodgins, and teacher Howard Lawrence. Front, Beverly Volk, Robin Geilnik,
Karen Hodge, Kim Galloway, Geraldine Tyler, Cheryl Payne, Martine
MacDonald, Kim Kipfer, Lori Anne Boogemans, Vicki Collett, Kim Horner and
Karen Hoist. T-A photo
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, 1978. 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, 1978 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 5, 1979.
LICENSE NO. 8361
MacGillivray & Co,
CHARTERED ACCOUNTANTS
Balance Sheet
as at December 31, on
ASSETS
1978 1977
CURRENT ASSETS
Cash
67,673
Taxes receivable 116,861
Accounts receivable
120,000
Other current assets
18,128
322 662
Capital outlay to be recovered in
future years 1,893,201 1,682,313
Other long term assets 61,940 38,704
1,955 141 1,721 017
2,27 803 1,926 978
LIABILITIES
CURRENT LIABILITIES
Temporary loans 413,761 406,969
Accounts payable and accrued liabilities 30,999 20,285
Other current liabilities 2,206 4,098
446,966 431,352
Net long term liabilities 1,669,645 1,348,689
Reserves and reserve funds 207,824 160,139
Accumulated net revenue (deficit) and
unapplied capital receipts (46,632)
1,830 837
2,277 803
Notes To The Financial Statements
for the year ended December 31, 1978
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
Huron Park 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 historial 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:
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
burden on general municipal revenues, as it is to be recovered in future years
from other sources: /
1978 1977
Special charges on benefitting
Landowners $1,611,653 $1,622,916
Municipal enterprises j:Lp91 59 397
$1,699,644 $1,682,313
b)Capital outlays, including fixed assets and the transf6rs of capital funds in the
amount of $147,986, 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, $58,961 were credited directly to reserve funds without being
recorded as revenues and expenditures of the Revenue Fund. Major sources
were:
0.H.R.P, grants
Interest earned
$ 2,961
$58,961
56,000
4. Net Long Term Liabilities
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 including those incurred
On behalf of former School boards, other municipalities and Municipal enterprises
and outstanding at the end of the year amount to ........ „ ...... $1,898,294
Of the long term liabilities shown above, the responsibility for payment of prin•
cipal and interest charges has been assumed by others for a principal amount
of (221,432)
The total value of Sinking funds and the balance in the Ministry of the Environ-
ment Debt Retirement Fund which have been accumulated to the end of the year
to retire the outstanding long term liabilities included above, amount to„„, (7,21.8)
Net Long Term Liabilities At The End Of The Year ........... „ „." „ $1,669,644
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.
1978 1977
General ratepayers $(77,081) $(39,815)
Designated ratepayers 29,444 22,199
School board ratepayers 937 429
Region (County) ratepayers 68 3,985
$(46,632) $(13,202)
6. Charges for Net Long Term Liabilities
Total charges for the year for long term liabilities were as follows:
1978 1977
Principal payments including contributions
to sinking funds and to the Ministry of
Environment $176,128 $149,238
Interest 75,543 58,741
$251,671 $207,979
Of the total charges shown above $245,163 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. Investments
Other current assets include investment of $11,500 recorded at cost having a
market value of $11,500 as at the end of the year.
8. Liability for Vested Sick Leave Credits
Under the sick leave benefit plan, unused sick leave can accumulate and
employees may become entitled to a cash payment 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, amount to $8,781 at the end
of the year. No provision has been made for this liability,
Township Of Stephen
Waterworks
Statement Of Revenue And Expenditure
for the year ended December 31, 1978
(with comparative figures for 1977)
1978 1977
Accumulated net revenue - beginning of year 3,492 2,690
EXPENDITURE
Operations
Water supply 26,517 14,441
Water transmission and distribution 14,110 612
Administration 1,477 4,280
Total operating expenditure 42,104 19,333
OTHER
Principal payments and interest charges
on long term debt 6,508 6,508
Transfers to reserves and reserve funds _774 864
49,386 26,705
REVENUE
Sale of Water, 22,430 15,970
Municipal contribution 3,346 3,082
Other revenue 9,292 8,455
Total revenue 35,068 27,507_
Accumulated net revenue (deficit)
end of year (10,826) 3,492
Township Of Stephen
Municipal Electrical Utility
Statement Of Revenue And Expenditure
for the year ended December 31, 1978
(with comparative figures for 1977)
1978 1977
Accumulated net revenue - beginning of year ..... ....... $61,235 $59,062
REVENUE
Sale of Energy
Residential 50,089 47,604
General 35,183 34,553
Street lighting 1,413 1,327
86,685 83,484
OTHER
Late payment charges 644 500
Water heater rental 151 171
Bank interest savings account 303 289
1,098 960
87,783 84,444
EXPENDITURE
Energy Coat 70,826 72,438
Operation Maintenance .... ,„-,„„„,-, ....... 1,300 1,934
Administration ...... ... ...... „ ......... ,
Billing and collecting ........ ..... . ....... - .. . •
2,386
3,724
2,271
s,g6a •
Depreciation 0 ......... •., ..... ......
Water heater maintenance 2,392
2,260
Excess revenue refundable 1,631
82,367 82,271
Accumulated net revenue 4 end Of year $66,651 $61,235
$
9,140
96,545
82,826
17,450
205,961
(13,202)
1,495 626
1,926 978