Times-Advocate, 1980-05-14, Page 91979 1978
Municipal enterprises, $634,190 $663,549
(b) Capital outlays, including fixed assets and the
transfers of capital funds in the amount of $228,555
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 $45,498 were credited directly to
reserve funds without being recorded as revenues and
expenditures of the Revenue Fund. The sources were:
Contribution from Twp.
of Stephen $ 560
Contribution from Twp.
of Usborne 1,200
Contributions from subdividers 2,000
Investment income 13,973
Ontario Home Renewal
Plan Grants _ 67,765
$85,498
6. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for long term liabilities
were as follows: 1979 1978
Unfinanced capital outlay
(Unexpended capital financing)
at the beginning of the year ..... ,...
CAPITAL EXPENDITURE
General government 317 1,536
Protection to persons and
property 81,040 5,809
Transportation services 158,657 189,303
Environmental services 350,997 235,426
Health services 1,414 -
Recreation and cultural services 7,430 28,203
Other - 54,270
Total expenditure 599,855 514,547
CAPITAL FINANCING
Contributions from the revenue fund. ,228,555 382,876
Contributions from reserve funds
and reserves • - 9,000
Long term liabilities incurred 242,000 190,000
Ontario grants 69,948 162,869
Other 59,352 89,205
Total capital financing , 599,855 833,950
Unfirianced capital outlay
(Unexpended capital finanting)
at the end of the year
BALANCE SHEET
a8 at December 31,1979.
ASSETS
CURRENT ASSETS
1979
Actual
1978
Actual
$
319,403
TOWN OF EXETER
SOUTH HURON RECREATION CENTRE
STATEMENT OF REVENUE,
EXPENDITURE AND ACCUMULATED
NET REVENUE
for the year ended December 31, 1979 (with comparative
figures for the year ended December 31, 1978)
REVENUE: 1979 1978
Contributions
Town of Exeter $ 52,000 $ 63,442
Township of Usborne 6,000 4.000
Township of Stephen 1,200 1,200
Township of Hay 800
Province of Ontario 6,000
Rental of facilities 50,128 50,447
Admissions and registrations 26,687 22,163
Food and beverage sales 44,916 46,776
Miscellaneous 940 2.500
188,671 190,528
EXPENDITURES:
Administration
Salaries and benefits 25,889 21,731
Advertising 1,969 1,628
Insurance 9,996 9,998
Supplies and general 2,936 2,116
Utilities 29,020 27;643
Arena operations
Salaries and benefits 38,120 23,859
Repairs and supplies 10,870 6,602
Bar, hall and kitchen
Salaries and benefits 7,632 13,593
Supplies and purchases 14,526 13,698
Concession booth
Salaries and benefits 2,168 _
Stock purchases 14,808 22,134
Programs
Salaries and benefits 1,629 2,286
Special events -676 2,145
Supplies 666 4,259
Utilities 552 865
Community park
Utilities and maintenance
Swimming pool
Wages and benefits 7,552 9,698
Utilities 2,288 2,474
Supplies and repairs 1,839 2,106
Capital expenditures _ 7,430 23,113
185.396 189,944
Excess of revenue
over expenditure 3,275 580
Accumulated net revenue,
January 1 r 580
Accumulated net revenue,
December 31 $ 3,855 580
3,930
582,000
22,000
560 .000
601,000
19,000
582 OOQ,
'Tintes.-A.decieUtet. May 14, 19,f) Pc' go 9-
LIABILITIES
CURRENT LIABILITIES
Temporary loans .........
Accounts ayable and
accrue
Other current liabilities
09,342
57,732 82,423
11__-,__653
Net long term liabilities ........ ....... 1,190571,°75941 917416 27 1,7
Reserves and reserve funds -„ 384,376 340,094
Accumulated net revenue
and unapplied capital s)
receipts 269,212 13 867
2,712;253 2,165,419
NOTES TO THE
FINANCIAL STATEMENTS
South Huron Recreation Committee
Exeter Public Utilities Commission -
Water Department
(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 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 as described in note 1(a), The
assets and liabilities of 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 pur-
poses, Instead, the "Capital outlay to be recovered
in future years" which is the aggregate of the prin-
cipal portion of unmatured long term liabilities,
capital funds transferred to other organizations,
and the cost of capital projects not yet permanent-
ly 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:
Public Utilities Commission -
Hydro Department
(f) Charges For Net Long Term Liabilities
• Debt retirement costs including principal and in-
terest 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:
4. NET LONG TERM LIABILITIES
(a) The balance for net lon
mademade 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 $2,297,524
Of the long term liabilities shown above, the
responsibility for payment of principal and other
interest charges has been assumed by others for a
principal amount of (324,000)
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 (71,933)
Net long term liabilities at the end of the year
$1,901,591
5, ACCUMULATED NET REVENUE
(D
THE
EFICIT
Y)EAR
AT THE END
OF
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
School board ratepayers
County ratepayers
_ 1979 1978
$120,036 $(78,452)
452 5,383
1,693 3,611
$122 181 $(69,458)
Principal, payments including
contributions to sinking
funds and to the
Ministry of Environment
Debt Retirement Fund
Interest
Of the total charges shown above $207,945 Were paid
from general municipal revenues of the municipality
and are included in expenditure on the Statement of
Revenue and Expenditure classified under the, ap-
propriate fiffictional headings. The remaining $16,602
were recovered from municipal enterprises for which
the related het long term liabilities were incurred and
are not reflected in the statement.
1, ACCOUNTING POLICIES
(a) Statement of Revenue and Expenditure
Thisi statement reflects the revenues and expen-
ditures of the revenue fund and the following local
boards:
31, 1978) Exeter Cemetery Board
Y. LIABILITY FOR VESTED SICK
LEAVE BENEFITS
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
1,717,382 employee on terminating, amounted to $16,500 at the
96,645 end of the year. No provision has been made for thi$
2,165 419 liability.
TO. The Mentheraof. -inhabitantS and
Ratepayers. of the Corporation of the TOWN OF .'
EUTER,
We have examined :the conspiidated, haiance
sheet of the Cerperatien of the Town of Exeter as at
December 31; 1979 and the consolidated statements
Of revenue and expenditure and capital' operations,
for the year then ondod..Qur examination was made.
in accordance with generally accepted auditing an-
4ard$, and accordingly included such tests and other
procednres as we considered necessary he 'the cir-
cumstances.
In our opinion, these consolidated financial
statements present fairly the financial position of the
Corporation of the Town of Exeter as at December
31,1979, and the results of its operations for the year
then ended in accordance with accounting. principles
generally accep
consistentario
municipalities
applied on a basis with that of the previous'
year.
Kime, Ditchfield,
Chartered Accountants
Mills & Dunlop
London, Ontario
February 29, 1980
Licence Number - 130
TOWN OF EXETER
PUBLIC UTIUTIES COMMISSION
ELECTRIC DEPARTMENT
BALANCE SHEET
December 31,1979.
(with comparative figures at December 31, 1978)
ASSETS
Current:
Cash
Investments - at cost
Accounts receivable
Inventory - at cost ,
Total current assets
Fixed - at cost:
Land ,
1979 '1978
$ 82,537
11,000
2,903
1,207
$ 86,937
11,000
8,052
787
97,647 106,776
4,124 3,664
Building, plant and equipment 1,154 533 1,050 691
1,158,657 1,054,355
Less accumulated depreciation .,,, 395,551 354,796
763,106 699,559
Other:
Unamortized discount 1,217 1,217
Equity in H.E,P.C. 601,438 560,308
Deferred past service
pension cost . 60,847 64 027
663,502 625,552
Total assets $1,524,255 $1,431,887
LIABILITIES AND SURPLUS
Current:
Accounts payable $ 111,612 $ 107,910
Consumer deposits 2,080 3,734
Current portion of
long-term debt 11,404 9,600
Total current liabilities 125,096 121,244
Long-term:
Bank loan 34,000 41,500
Debenture debt outstanding 18,190 '21,049
Past service pension
cost liability,,.; 60,847 .64,027
113,037 126,576
Less portion dueWithin
one year i 11,404 9,600
101,633 116,976
Reserves: Equify in H.E.P.C. ,, ,.,, • .601,438 560,308
Capital surplu f
Equity in ass is financed
by debent , e
ii
Contributed apital
46,810
91,872
43,951
84,084
, t Retained earnings
138,682 128,035
557,406 505,324
Total lia6ilities and surplus $1,524,255 $1,431,887
TOWI OF EXETER
PUBLIC UTILITIES COMMISSION
ELECTRIC DEPARTMENT
STATEMENT OF OPERATIONS
for the year ended December 31, 1979
(wth comparative figures for the year ended
December 31, 1978)
Ravenue 1979 1978
Sale of energy
Residential $ 539,465 $ 487,572
Commercial 419,182 355,679
Street lighting 16,267 14,770
Rental 11,760 8,372
Interest and late payment
charges 10,700 5,146
Miscellaneous 9,116 8,152
1,006 490 879,691
Expenses '
Energy cost 766,383 637,770
Operation maintenance 72,924 64,004
Administration 73,575 69,183
Financial expense 9,120 7,401
Depreciation 32,406 30,370
954,408 808,728
Net Income $ 52,082 $ 70,963
TOWN OF EXETER
PUBLIC UTILITIES COMMISSION
ELECTRIC DEPARTMENT
STATEMENT OF RETAINED EARNINGS
for the year ended December 31, 1979
(with comparative figures for the year ended
December 31, 1978)
19791978
Retained earnings, January 1,.$ 505,324 $ 459,388
Add: net income 52,082 70,963
Less: excess earnings to be
refunded - (25,027)
Retained earnings, December31 $ 557.406 $ 505,324
TOWN OF. EXETER
'PUBLIC UTILITIES COMMISSION
WATER DEPARTMENT BALANCE SHEET
December 31,1979
(with comparative figures at December 31, 1978)
ASSETS
Current: 1970 1978
Cash $ 124,646 $ 62,711
Accounts receivabl6 2,714 2,386
1,950 1,824 Inventory
11,770 18 958 Prepaid expenses,'
Total current asset; 141,080 85879
Fixed - at cost: '
Land 6,000 6,000
Pumphouses aid Welts 431,849 431,808
Transmission'ind distributien
system 1,550,515 1,509,755
33,316 28,038 Equipment 4 ,
2,021,680 1,975,601
Less accuntlated depreciation 599,680 538,231
Other:
Debentut4 discount 3,870, 4,085
Total ass4 $1,566,950 $1,527,334
LIABILI/IES AND SURPLUS
current
Accoitits payable $ 324 5,402
Due tielectric department 3,773- 4,348
careit portion Of
14-term debt 22,000 19,000
Tote current liabilities .. 26,097 28,750
Long-term:
quity in assets financed
by debenture .......... . .. 307,400 288,400
Contributed capital 316,357 291,875
623,757 580.275
Retained earnings 357 096 336 309 '
Total liabilities and surplus $1,566,950 $1,527,331
TOWN OF EXETER
PUBLIC UTILITIES COMMISSION
WATER DEPARTMENT
STATMENT OF OPERATIONS
AND RETAINED EARNINGS
for the year ended December 31, 1979
(with comparative figures for the year ended December
Revenuealeo
water
1979 1978
Sale
Domestic ,
Commercial
Fire protection
Investment income
Late payment charges
Miscellaneous
$ 135,558
84,483
25,447
6,057
988
3,200
$ 131,691
89,522
25,126
1,305
902
4 518
255,733 253,064
Expenses
General administration 18,384 18,251
Billing and data processing 9,761 8,823
Power and pumping 37,900 40,566
Maintenance
Mains 17,582 10,326
Meters 226 3,171
Services 4,415 5,600
Rent '7 3 720
Principal and interest charges.., 79
:
992 80,854
Depreciation 59,498 58,273
234,-946 229,584
Net income . 20,787 23,480
Retained earnings. January 1, 336,309 312,829
Retained earnings. December 31 $ 357,096 $ 336,309
STATEMENT OF REVENUE
AND EXPENDITURE
for the year ended December 31, 1979
1979 1979
Butt Actual
Accumulated net revenue
(deficit) at the beginning
of the year 13,867 13,867
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 179,862 183,857
Transfers to school boards 466,985 481,764
Total transfers 646,847 665,621
Total expenditures and
transfers 2,140 876 2,052 037
REVEWE '" ::
Revenue by purpose
Municipal purposes
Taxation 874,910 901,106
Payments in lieu of taxes 17,388 18,811
Ontario grants ... . ............. , 400,777 366,637
Other grants 86,870 98,278
Fees and service charges 184,845 167,845
Other 68,143 95,934
Revenue to pay for municipal
purposes 1,632 933 1,648 611
Region or county requisition
Taxation 126,088 126,472
Payments in lieu of taxes 1,532 1,604
Ontario grants 52,236 53,863
Revenue to pay the region or
county requisition 179,856 181,939
School board requisition
Taxation 463,340 472,953
Payments in lieu of taxes 3,630 3,879
Revenue to pay the school board
requisition 468,970 476,832
Total revenue 2,279 759 2,307 382
Accumulated net revenue
(deficit) at the end
of the year 152,750 269 212
Analysed as follows:
General revenue -120,036
School boards
3,60 5 1,693 Region or county
5,368 452
Local boards 2,924 6,178
Municipal enterprises 140,853 140,853
152,750 269,212
STATEMENT OF CAPITAL
OPERATIONS
for the year ended December 31, 1979
Ac
9 1978
tual Actual
Cash 241,633 141,592
Taxes receivable 58,773 49,953
Accounts receivable 70,269 83,771
Other current assets 316,778 76,076
687,453 351,392
Capital outlay to be recovered
in future years 1,901,591
Other long term assets 123,209
2,112253
e Year
TOWN OF EXETER
CEMETERY BOARD
BALANCE SHEET
December 31.1979
'(with comparative figures at December 31, 1978)
ASSETS 1979 1978
Current:
Cash $ 2,255 2,634
Accounts receivable 51 348
Due from perpetual care
fund 379 105
2,685 3,087
Fixed at cost:
Land 10,225 10,225
Buildings 7,793 7,287
Tools and equipmetit ...„ ..... 5,306 4,398
23,324 21,910
Less accumulated
depreciation 3,576 1 753
19,748 20,157
173,309 162,093
1,693 1,463
175_;_,_002 163,556
$197,435 $186,800
LIABILITIES AND SURPLUS
Current:
Accounts payable. $ 363 557
Total current liabilities 363 557
Reserves:
Reserve for Perpetual
Care Contracts 173,309 162,093
Reserve for Pre-Need
Service Contracts 1,693 1,463
175,002 163,556
Surplus 22,070 22,687
Total liabilities and
surplus $197435 $186,800
TOWN OF EXETER
CEMETERY BOARD
STATEMENT OF REVENUE,
EXPENDITURE AND SURPLUS
for the year ended December 31, 1979
(with comparative figures for the year ended
1979 1978
Revenue
Sale of plots $ 5,856 $ 5,679
Burial charges 6,275 6,060
Foundations and markers 2,267 1,164
Interest transferred from
Perpetual Care 16,164 15,474
Transfer from Town of Exeter 13,000 13,000
Sundry 1,441 1,025
45,003 42,402
Expenses
Administration and general._ ...... 1,664 1,487
Depreciation 1,824 584
Heat and light 1,459 454
Supplies and repairs - 1,927 3,469
Wages and benefits 38,746 36,653
45,620 42,647
Excess of (expenditure over
revenue) (617) (245)
Surplus, January 1 22,687 22,932 -
Surplus, December 31 $22,070 $22,687
TOWN OF EXETER
SOUTH HURON RECREATION CENTRE
BALANCE SHEET
December 31, 1979
(with comparative figures at December 31, 1978)
ASSETS 1979 1978
Current:
Cash $ 1,228 $ 690
Accounts receivable 5,837 10,750
Inventory at cost 2,924 1,667
Total assets $ 9,989 $13,107
LIABILITIES AND ACCUMULATED NET REVENUE
Current:
Deferred revenue $ 400
Accounts payable 5,734 $ 12,527
6,134 12,527
Accumulated net revenue 3,855 580
Total liabilities and
accumulated net revenue $ 9,989 $13,107
4
eport to the Ratepayers of Exeter For T.
$ 57791 $ 39,791
166
,
756 158,516
$224,547 $198,307
1,422,000 1,437 370
Debenture debt outstanding
Less: portion due within
one year
Capital surplus:
107,223 107,068
248,659 272,450
336,455 252,648
525,480 485,604
45,210 45,210
800 349
205,652 206,336
1,494 029 1,386 416
Other - at cost:
Perpetual Care assets
Pre-Need Fund assets
Total assets