The URL can be used to link to this page

Home My WebLink AboutThe 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