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Home My WebLink AboutTimes-Advocate, 1980-06-18, Page 231979 Actual 5.e96. 68,197 43,584 135,280 20,738 84 21,317 22,075 317 2114 49,521 204,473 253,904 571 27R 153,961 2,191 54,019 5,906 64,010 27.603 302.708 50,362 178 283 50,823 • 200,950 680 . 201.638 . 555.249 (10.5011 (501) 1,319 1,736 (13,057) (10,503) To the Members of Council, Inhabitants and Ratepayer of the Corporation of the Village of Grand Bend We have examined the 1079 financial statements of the Corporation of the Village of Grand Bend which are listed on the attached index, except for the six year financial review. Our examination was made in accordance with generally accepted auditing standards and accord- ingly included sech tests and other procedures as we considered necessary in the circumstances. In our opinion, these finlmecial statements present fairly the financial position of the Village of Grand Bend as at December 31, 1979 and the results of its operations for the year then ended in accordance with accounting principles genenally accepted for Onttrio municipalities applied on a basis consistent with that of the preceding year, R.E. Holbrook & Bartnees Chartered Accountants Licence #072 Sarnia, Ontario April 3, 1980 1979 Actual 13,327 45,602 18,207 58,221 135,437 318,075 453,512 Current assets Cash Taxes receivable Accounts receivable - Dreher turrent assat ‘ae. .1 Capital outlay to be recovered in future years Other long terns assets 1978 Actual 48,869 20,228 53,806 122,703 309,527 432,230 . 205,217 . 110,721 (10,5031 453,512 Current liabilities Bank overdraft Temporary loans Accounts payable and accrued liabilities Other current liabilities Net long term liabilities Reserves and reserve funds Accumulated net revenue (deficit) and unapplied capital receipts • 207,255 . 114,306 5,526 432,230 Rec committee gets funding Times-Advocate, Juno 18, 1980 9e A N111110111111111.11....11N1.1110.111.11011016,„ VILLAGE OF •GRAND BEND 1979 .FINANCIAL REPORT A Cheque for $117.4 is being Sent to the Grand Bend rec committee from the Ministry' of Culture and recreation to fund two employees for the summer. At last week's meeting of the rec committee , Judy Uniac reported that she is interviewing the prospective employees. She intends to hire a playground supervisor for the Eilber Street parketee, as well as two helpers. It was decided by the rec committee that windows in the small building at the parkette will have to be replaced. They also suggested having the area sodded. Also at the rec meeting it was reported that the fireworks display planned for June 30 will be twice as long as last year, Bob Wright of the Southwestern Ontario Organization of Parachuting attended the meeting and said that weather per- mitting, his group will do some precision jumping on the beach before the fireworks. Wright also said that they will do promotional jumps on the beach on Wednesday evenings and Sundays. He added that they Will be using the public address system at the bathhouse to announce the events. He requested the aid of the rec committee in promoting the jumps. The committee offered to help with the funding for ad- vertising. In other business: - the rec committee decided to tell the soccer association that the new Porta Pot located on the soccer field is their donation for the 1980 season. - Mrs. Uniac reported that Judy Jennison is organization T-Ball for children age 6 to 10 at the public school on Monday nights. The Optimist Club is supplying T-shirts for the T- ball - it was reported that life guards will be starting work on July 1. They will be cleaning the beach as part of their duties. rT7 VILLAGe OF GRANO BEND 1] STATEMENT OF REVENUE Mvehipeity AND EXPENDITURE for Mg year ended December 31. 1979 AUDITOR'S REPORT Moeulptslp OF GRAND PEND _ STATEMENT OF CAPITAL. OPERATIONS far the year ended December 31. 1979 VILLAGE OF GRAND BEND 1979 Budget S 1978 Ado) 1979 ActuW 1928 Achsil 'A 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 :Other Total expenditure • Unfinanced capital outlay (Unexpended capital financing) at the beginning of the year Colonials trounce Huron Park 63,550 57,890 42,011 69,780 22,806 132 300 26,911 22,403 Capital expenditure General government Protection to persons and property Transportation services Environmental serviceS Health services Social and family servatcs Recreation and cultural services Planning and development Other Total expenditure 34,207 97,000 32,556 25,555 1,000 . 253.058 241,310 Transfers Transfers to region or county Transfers to school boards Total transfers Total expenditures and transfers The Colonials senior soccer team were in fine form Sunday when they beat Huron Park 4-0, Bill Van- denbygaart played an ex- cellent game, and scored three goals. Tony Mennen supplied the fourth count. The Grand Bend B's had the week off to practise. This Sunday they'll have to be in top shape as they take on their mentors The Colonials will be meeting the B's at the soccer field next to the Legion Hall at 2:00 p.m. The teams are hoping for plenty of spectators at this wrap-up to Burgerfest festivities. There should be plenty of action in this grudge match as the former team mates square off against one another. The atom team didn't have a good week. They lost to Kincardine 6-0. 49,522 200.931 250.453 e04.411 . 50,280 182.715 . 4114-314 Capital financing Contributions (runs the revenue fund Contributions from reserve funds and reserves Long term liabilities incurred Ontario grants Other Rank loan Total capital financing Revenue by purpase Municipal purposes Taxation Payments in lieu of taxes Ontario grants Other grants Fees and service charges Other Revenue to pay for municipal purposes Region or county requisition Taxation Payments in lieu of taxes Ontario grants Other 136,780 2,000 54,911 6,000 33,600 70.708 131,850 1,952 41,161 6,142 35,049 20.40e 10.:1+2 • ,---440a,U, a.'.$74. _1920124.. Y.,PPA!, 253.999 236,582 49,971 48,742 158 657 200 Unfinanced capital outlay (Unexpended capital financing) at the end of the year Revenue to pay the region or county requisition School board requisition Taxation Payments in lieu of taxes Other Revenue to pay the school board requisition 50,171 49,557 The accompany.", motet ere a* tontra. pan Ma financial ,edirment 195,795 • 193,360 600 602 190.39_5 . 193.967 Total revenue =oo 565 Accumulated net revenue (deficit) at the end of the year 1 .6110 Analysed as follows: General revenue 979 Region or county 666 School boards 39 Special charges Special areas Local boards Municipal enterprises Porting lots . 480,081 5.576 938 17 4,571 RESERVE AND RESERVE FUNDS STATEMENT OF CONTINUITY AND ANALYSIS OF YEAR END POSITION for the year ended December 31, 1979 Municipality VILLAGE OF GRAND VEND 5,526 1979 197B Actual Actual The oceompanyfne nolo are an tomegral pan of eln. finenend mermen, MunKtp•Illy muntdemeg BALANCE SHEET as at December 31, 1979 ASSETS NOTES TO THE FINANCIAL STATEMENTS L VILLAGE OF GRAND BEND VILLAGE OF GRAND BEND Available at the beginning of the year for future municipal purposes 114 lnA . 100,745 Revenue Contributions from the revenue fund Contributions from developers 668 1. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Consolidation Those financial statements reflect the consolidation of the revenue fund, capital fund, reserve funds, parking lot operations, and the Grand Bend Recreation Committee. 5oo 5,08 • Sale of equipment Interest earned Expenditure Transfers to the capital fund Transfers to the revenue fund The Grand Rend Public Utilities Commission (Electric and Water) is is not consolidated except to the extent of their related net long term liabilities and capital outlay to be recovered in future years. The financial statements of the commission appear separately. (b) 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 represents the principal portion of unmatured long term liabilities and capital expenditures to be financed from revenues from future years is reported on the Balance Sheet. The total is comprised of the following: 1879 1978 Available at the year end for future municipal purposes 1140.6. $256,467 38,750 22,858 $310 075 $267,255 42,272 $300,527 Water Supply System Parking lot - long-termbank loan Other unfinanced capital expenditures ANALYSIS OF YEAR.END POSITION as at December 31, 1979 LimmullEs The amount expended on the Water Supply System was originally financed by a long-term liability to the Ministry of Environment under the ggater service agreement, which will be recovered from the Water Supply System in future years. Reserves . Working Funds 2. CHARGES FOR NET LONG TERM LIABILITIES Total charges for long term liabilities recovered from the Water Supply System for 1979 with comparisons for 1978 are: 1979 1978 60,9_10 Contributions to the Ministry of Environment sinking fund and debt retirement fund Interest Reserve funds . Equipment Replacement . Cemetery Road Repair • Ministry of Environment $ 10,788 $ 9,807 19,862 $ 31,431 570 16,e69 21,735 1n,147- . 1$,014 20,19e Accordingly those charges are reflected in the financial statements of the Water Supply System. 3. RESERVE FUND Year end position of reserves and reserve funds 114,306 cle ct. Interest income of $4,415 (1978: $3,890) wan credited directly to the reserve fund without being recorded in the revenue fund. Tbe a companyl", notes are an integral p.rt of It, Antacid IldlIMON 4. CONTINGENT LIABILITIES The accompawyin, notes ore en interal part Pr di. fineoreid tatement. :1,:eic =an,vgyaz7d defendant in two legal canes during 1979, both of 11) A lawsuit was initiated by an individual who is disputing the village's title to the beach property which it occupies And maintains. The indi- vidual has filed a declarntion that he owns the property in question, requested an injunction preventing the village from using the bench, and sued the village for $50,000for trespassing. 12) A local marina has filed a decleration that the village does not own property on which the marina is occupied and had previously leased and sued the village for $25,000 in dAmngeS for slarder of title. BUTTER CHURNING -- Judy Gingerich of Zurich, an employee at the Lambton Heritage Museum, demonstrates how butter is made. Staff photo GRAND BEND PUBIE UTILITIES COMMISSION E/ectri,ity Museum hires summer staff GRAND BEND PUBLIC UTILITIES COMMISSION Water GRAND BEND PUBLIC UTILITIES COMMISSION Water BALANCE SHEET December 31, 1979 with compariscre at December 31, 1978 STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31, 1979 with comparisons for the year ended December 01, 1578 BALANCE SHEET December 31, 1876 with comparisons at December 31, 1978 ASSETS 1979 1078 ASSETS CURRENT ASSETS CURRENT ASSETS REVENUE 1979 1978 $ 26,015 $ 21,038 9,748 9,190 $ 35,763 $ 30,228 9256,467 $267,255 11,997 11,907 9304,227 $309,480 The Lambton Heritage Museum has been successful in obtaining a $10,300 grant sponsored by the federal program, Canada Student Employment. Four students have been hired for seven- teen weeks to assist wih group tours, museum promotion, and im- provement of exhibits. The new workers are Angela Dekort, Dashwood, Mary Easton, Exeter, Judy Gingerich, Zurich and Maureen Hartman, Dash- wood. The grant will be used to cover the costs of wages for the students, and materials necessary for the work. An Ontario Experience '80 grant was also awarded to the Museum. The $3,300 grant will be used as wages for three students, Sally Braun, Forest Cathy Fleming Mt. Carmel and Donna Mennen, Grand Bend will spend fifteen weeks cataloguing a number of the Museum's 15,000 artifacts. $ 14,•All• 1.4'' Cash on hand and on bock Accounts receivable Inventbeies Sale of water Frontage and collection charges Fire protection charges Sundry $ 70,454 $ 72,657 18,845 16,846 14,110 18,119 0,250 1,086 $104,160 $108,708 Cash Accounts receivable FIXED ASSETS CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS bISTRIBUTION SYSTEM TOTAL ASSETS EXPEWITURE Purchase of water t 41,900 $ 37,527 Principal and interest on long term debt 30,650 31,431 Maintenance of system 5,287 4,307 Administration _21035 21,621 $101,542 $ 94,886 NET REVENUE FOR THE YEAR 9 2,618 $ 13,822 ACCUMULATEO NET REVENUE AT THE BEGINNING OF THE YEAR 24,773 10,9e1 ACCUMULATED NET REVENUE AT THE END or THE YEAR $ 27,291 $ 24,773 $ Lard Buildings Plant and equinemnt Transmi,sion and di,tribualon equipment Let.s accumulated depreciation LIABILITIES AND ACCUMULATED NET REVENUE CURRENT LIABILITIES Accounts payable COMMUTED PAYMENTS LONG TERM LIABILITIES DUE MINISTRY OF ENVIRONMENT ACCUMULATED NET REVENUE TOTAL LIABILITIES AND ACCUMULATED NET REVENUE OTHER ASSET Due from village for street liget,rq TOTAL ASSETS 7,604 $ 4,687 12,785 12,785 256,467 267,255 27,391 24,773 $304,227 9300,480 4r7.1,..1.:- 9. .9. GRAND BEND PUBLIC UTILITIES COMMISSION ElectriCity STATEMENT OF REVeNUE AND EXPENDITURE for the year ended December 31, 1970 with Comparisons for the year ended December 31, 1978 LIABILITIES AND EQUITY CURRENT LIAB/IITIFS ATTENTION $ $ ) Accounts payable Other turrent linbalities 1979 1978 $157,016 $139,250 117,178 104,757 8,985 7,825 9283,777 $251,842 10.955 9,921 $294,73e 9281,763 $211,716 $10o,265 25,773 28,534 34,290 20,887 10,017 9,175 $291,805 $2eP,E105 $ 12,027 9 4,058 pcc* REVENUE EQUITY Residential service Commercial Service Street lighting Do you have money on your property that your are not aware that's there? This money is in the form of scrap Lake Port Iron & Steel (St. Marys) Ltd. purchase scrap copper, brass, aluminum, steel, batteries, cars, trucks, machinery. $ $ 141,13, Debenture!: redeemed Retained earnings TOTAL SERVICE REVENUE OTHER INCOME TOTAL REVENUE eXPENDITURE Power burChated Oporetions and maintenance Adminietration bepreeistion s. TOTAL LIABILITIEr, AND EQUITY for more information Or a priCe quote coil LAKE PORT IRON 'St STEEL SubMitted with Our at-co9p:0yr.9 report dated April 5, 1080. Submitted With OUP accompanying PhpOtt dated April 3, 1090. St. Marys Ltd. .; cr• al.V4,',;ea.4...-1 1,e-11 Chertered AtcOuntants TOTAL eXPENbITURES NET INCOME FOP THE TEM) at 284-2800 or 284-2808 and ask for home or Will or drop into the yard in St. Marys. Chartered Accountants