The Lucknow Sentinel, 1978-11-01, Page 15'
Notes to FinancioL.$tatements
1.
Accounting Policies:
(a)
(b)
(c) Balance Sheet:
This statement reflects the assets and liabilities of the revenue fund,
the capital fund and reserve funds.
(d) Fixed Assets:
Statement of Revenue and Expenditure:
This statement reflects the revenues and expenditures of the revenue fund,
There are no local boards or municipal enterprises consolidated in these
results.
Statement of Capital Operations;
This statement reflects the capital expenditure of the municipality to be
recovered from the general municipal revenue of the municipality.
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" mhieh 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 pprmenently
financed is reported on the Balance Sheet.
Municipal Enterprises:
There are no municipal enterprise activities carried on by the municipality.
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 date(s) of the latest interest
payment(s) to the end of the financial year.
2. Capital Outlay to be Recovered in Fixture 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:
1977 1976
Special Charges on Benefitting
Landowners $47,415. $ 35,785.
CO Capital outlays, including fixed assets and the transfers of capital funds
in the amount of $34,576. 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, $572. was credited directly to reserve. funds without being
recorded as revenues and expenditures of the Revenue Fund, Major sources mere:
Interest Revenue $ 572.
4. Net Long Term Liabilities:
(a) The balance for net long term liabilities reported on the Balance
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
$ 62,415.
' In addition,. the municipality has assumed
. responsibility for the payment of principal
and interest charges on certain long term
liabilities issued by other municipalities.
At the end of the year, the principal amount
of this liability is 19,142.
Net Long Term Liabilities at the
land of the Year $ 81,557.
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
added to) the levies of the following classes of ratepayers.
19771976
General Ratepayers $(39,911• $( 7,900.
Designated Ratepayers ( 116.) ( 549.)
School Board Ratepayers 3,423. ' 2,625.
Region (County) Ratepayers 2,050. 2,714.
$(34,554.).$( 3,110.)
1
6. Charges for Net Long Term Liabilities:
Total charges for the year for long term liabilities were as follows:
1977 ,1976,
Principal Payments $ 7,911. $ 3,461.
Interest 3,545. 1,075.
$ 11,456. $ 4,476.
•
Sheet
(to be
w
Ot the total charges shown above $11,456. was paid front general municipal
revenues of the municipality and are included in expenditure on the Statement
of Revenue and Expenditure classified under•the appropriate functional headings.
7. •The Anti -Inflation Act:
The municipality, its local boards and commissions are by agreement between
the Gover:leent of Canada and the Government of the Province of Ontario dated
January 13;1976, Subject to The Anti...Inflation Act (Canada) and the national
guidelines„ This legislation limits increases in compensation payments
effective October 14, 1975.
Luckn w Sentinel, Wednesday, November 1,19711 --Pace 15
GIANT STORE WIDE
"'CHRISTMAS
HANNAS Mens and Boys Wear
WINGHAM ...•
it e
... Come On Qver To This Great Sale
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Yes - Sportshirts - Top Coats - Outerwear
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•. +, • on Boys Wear Suits -Jackets =Shirts -Pants "
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Open Daily Monday to Saturday and on Friday Evenings.
"Charger' "Master Charge” ,
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HANNAS -- WINGHAM
Mens and Boys Wear