HomeMy WebLinkAboutThe Lucknow Sentinel, 1976-06-09, Page 161975 • 1974
$ 8,432 $ 2,728
* 89,427 85,443
64,712 66,386
$162,571 $154,557
Capital outlay to be recovered in
future years 327,522. 246,632
--
$490,093 ' $401,189
•
LIABILITIES
Current liabilitiei
Temporary loans $ 90,000 $110,000
Accounts payable and accrued liabilities 22,762 16,586
ASSETS ' •
Corm* assets'
Cash
Accounts receivable
Taxes receivable
$112,762 $126,586
Net long term liabilities 313;522 246,632
Reserves and reserve funds
61,935 . 60,835
Accumulated net revenue, (deficit) and
unapplied capital receipts 1,874 (32,864)
$490,093 ` $401,189
Notes to Financial Staiement
for the year_ended December 31, 1975
ACCOUNTING POLICIES
(a) Balance Sheet
The Balance Sheet reflects the combined assets and liabilities of
the revenue fund, capital, fund and reserve funds..
(b) Fixed Assets
No value is attached to fixed assets for municipal reporting pur-
poses. Expenditures on fixed assets are charged against current
revenues unless the expenditures are financed out of, long term.
debt. Debt retirement costs are charged against current revenues
in the periods in which they are paid.
(c) Provincial road subsidy revenue and expenditure: onroads
Provincial subsidy programmes are on a "receipt and,disburse-
ment" basis which does not recognize accruals. The municipality
has expended amounts for which the road subsidy will not be
eligible for claim until the succeeding year. Such future subsidy
revenues have been accrued in the current year.
(d) Charges for net long term liabilities
Charges for net long term liabilities include principal and inter-
est. Interest charges are not accrued for the period from the
date of the latest interest payment to the end of the fiscal year.
2:
foll
COMPARATIVE FIGURES ,
The 1974 comparative figurei have been restated to reflect the
owing: .
(a), under levies, previously disclosed as current assets are now
included with accumulated -net revenue.
(b) reclassifications of expenditures, as required by changes in
disclosure requirements.
CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year' for net long term liabilities were, as
`follows:
Principal payments including contributions to sinking funds and
to the Ontario Water Resources' Debt Retirement Fund $41,610
Interest , 9;966
$51,576
The total charges shown above were paid from the revenue of
the municipality and are included in expenditure, classified under
the appropriate functional headings.
4. PROVISION FOR RESERVES AND ALLOWANCES '
Provisions for reserves and allowances amounting to $1,000 are
included in the "Statement of Revenue and Expenditure."
5. NET LONG TERM LIABILITIES
Total long term liabilities incurred by the municipality and
outstanding at the end of the year amount to , $651,522
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 338,000
Net long term liabilities at We end' of the year $313,522
6. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
Some capital outlay does not represent a burden on general mun-
icipal revenues as it is to be recovered in future years from
,other sources:
Special charges on be/wilding landowners $313,522
Total expenditure
Revenue
General municipal purposes
Taxation -
Ontario' grants
Other
$571,936 $584,121° $564,237
132,646 1.34,641, 101,375
136,569 139,374 126,408
59,018 58,338 51,822
$328,233 $332,353
$279?605
85,441
2,839
101,203 102,682
4;471 4,499
4105,674 $107,181 $ 88,280
Capital financing
Contributions from the revenue fund 59,470
Long term liabilities incurred ..' ...... : ......... . 115,300
Total capital financing $174,770'
THE LUCKNOW SENTINEL, LUCKNOW, ONTARIO WEDNESDAY, JUNE 9, 1976')
11,N
PAO' SIXTE$ti
Township Of Ashfield
editor's Report and Financial Statements
Auditor's Report
FOR THE YEAR ENDED
DECEMBER 31, 1975
TO: Members of •Council, Inhabitants and
Ratepayers of the Township of Ashfield
,We have examined the fcial tatements of the Township of
Aishfield for the year ended December s31, 1975: Otu• examitiation in-
cluded a general review of• the accounting procedures and such tests
of: accounting records and other •supporting-evidence as we considered
necessary in the circumstances.
in our opinion these financial statements present fairly the fin-
ands' position of the Township of Ashfield as at December 31, 1975
andthe results of its operations for the year then ended, in accordance
„ 'accounting principles generally accepted for. Ontario municipal
. ities applied, after giving retroactive effect to the changes as re-
ferred to in note 2 to the financial statements, on a basis consistent
with that of the preceding year. •
- The comparative figures as at December 31, 1974 and •for the
year 'then ended are based upon financial statements which were re-
ported on by another auditor.
License No. 350
Listowel, Ontario
March 9, 1976
Chartered- Accountants
MacGillivray and Co.
Statement of Revenue and Expenditure
1974
Actual
( 959)
Recreation and cultural services
Planning and development
Other
Region or county purposes
School board purposes
Region or county purposes
Taxation.
Ontario grants
School board purposes
Taxation 176,893 179,325 164,447
$176,893 $179,325 $164,447
total revenue $610,800, $618,859 532,332
Accumulated net revenue (deficit) at,the
at the end of .the year 1,874 (32,864)
Analysed 'as follows:
'General revenue 2,092 (32,641)
Special areas 4 33
Region or County
( 75) ( 44)
School boards , '( /147) ( 212)
$ 1,874 ( 32,864)
Statement of Capital Fund Operations
for the year ended December 31, 1975
1975
1974'
Actual
Actual
Capital expenditure
Protection to persons and property $ 14,694
Transportation se/Aces' * ' .. . 58,246
Recreation and cultural services 530
*. Other 115,300
29,851
67,000
alms.•••••••••mmo
Total expenditure $188,770 96,851
Holyrood Brownies ,•
Hold Banquet
' The 1st Holyrood' Brownie moth-
er, and daughter banquet was held ,
on Wednesday, 'May 26th in •the •
To ipTwhneshbanHqaulelt. comm
,
enced with
the singing of grace, a' toast to the
queen, and an introduction of the
head table guests, who were Mrs.
Leo Murray, wife of Township
Reeve; Mrs. Wm. MacPherson,
president of Worneres . Institute;
Nolfs C: Mallory, District Commis-
signer; Mrs. B. Hill, former District
Commiisioner; Miss M:.Buehlow-,
manager of Hanover Tours; Tawny
Owls, Mrs. B. Smith and Mrs. J.
Bair; Brownies, Cheryl Smith and
Dawn Nicolson; and Mrs. Ann
Nicolson, Brown Owl.
After a delightful buffet meal,
supplied by mothers, the Brownies
and mothers were given a most
interesting slide show by Miss
Buehlow, followed by some singing
and a story about the origin of the
left handed shake used by scouts,
-guides and brownies. A demon-
stration of dances learned by the
Brownies - Was given in which the
mothers were encouraged to parti-
cipate.
Badges were then presented by
testers for cooks, singers, skaters,
toymakers,• 'crafts, collectors, writ-
ers, book lovers, housekeeping and
needlecraft. •
Members of the Brownie Com-
pany consist of Golden Hand,
Cheryl Smith, Dawn Nicolson, •
Marlene. Murray, Rose Marie
Hanna, , Lisa Webster, Tammy
Da&on and Cathy `Stanley; Golden
Bar, . Kirsten Peterit, Gabreile
Peterit," .Heather Smith, Susan .
Meyer, Terry Johnstone, Heather
Schachow ,
Moulton, , JaDneetim? Siechaaahn K ocr
Err:renia;'
Hedley, Winnie Wisser, Liane
Young, Renee Duiker; Linda Sear-
le, Katrina flowald; Tweenies,
Laurie Gingrich, Kathy Ansbn,
Pauline Price. •
Following the program a draw
was held' for. a travelling bag .
presented by Hanover. Tours and
won by Marlene Murray. .This was
folloWed by singing "Goodbye till
we meet again", which ended the
meeting.
Special, thanks to the Busy Bee
Group. who helped serve.
WHITECHURCH•
There will be no Sunday School,
nor church at Chalmer's Presbyter- .1
ian.Church on June 13 so all can
attend the United Church anniver-
sary.
Mr. and Mrs. Paul Laidlaw of
Windsor spent the weekend with
his parents, 'Mr. and Mrs. Elroy
Laidlaw and her parents, Mr. and
Mrs.. Walter Elliott. '
Bruce Elliott, who is assisting his
brother Jim of Port Albert with
carpentry work, on, Sunday attend-
ed Chalmer's Presbyterian Church
and visited with Graham Kay, Mrs. • 1
Bev Kay and. Wendy.
On Sunday Graham Kay had
charge of the services at Langside
and Chalmer's Presbyterian as his
father Mr. Bev Kay was attending
General Assembly at Ottawa. '
We are pleased to report that
Miss Annie Kennedy returned on
Saturday, after a weeks stay at St.
Joseph's Hospital, London.
Mrs. Earl Caslick and 'Mrs.
Wallace' Conn accompanied Mr.
Conn to St. Helens Church where
the Masonic service was held on
Sunday.
Mrs. Ben McClenaghan returned
home on Tuesday after a week's
visit with Mr. and Mrs. Harry Mos,s
and family of Plattsville ,
Mrs. Victor Emerson accompan -
ied Mrs. George Fisher, Bruce
South .District .VVJL president to•
Arrnow on Tuesday to 'attend their
tea and sale.
Balance Sheet
•as at Decembei 31,1975
for the year ended December 31, 1975
/
1975 1975
Budget Actual
Accumulated'net revenue (deficit) at the
beginning of the year ( 32,864) ( 32,864)
General municipal purposes .
Expenditure ,
General government
Protection to persons and property 5,150 6,756 7,168
Transportation' services
Environmental services"
Health services
30,300 36,219 31,855
197,545 193,363 213,445
5,000 5,192 5,161
1,000 1,000 ..
7,200 5,420 8,389 -
49,468 49,699 42,452
220
$295,883 $297,649 $308,470
105,597 107,212 91,199
176,456 179;260 164,568
29,851
67,000
$96,851
Unfinanced capital outlay (unexpended capital,
financing) at the end of the year 14,000