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HomeMy WebLinkAboutThe Lucknow Sentinel, 1975-04-09, Page 13Consolidated Balance Sheet as at December. 31, 1974 ASSETS Current ASsets 1974 Cash $ 1,784 Accounts receivable 26,603 Taxes receivable 5,852 $ 34,239 1973 $ 7,916 39,209 6,826 $ 53,951 OR THE YEAR ENDED DECEMBER 31,1974 Auditor's Report '0: The Members of Council, and .Ratepayers of the. Corporation of the pillage of Lucknow _ Lhave examined the 1974 financial statements of the Corporation g the Village of Lucknow and its locarboards, which are listed on the doled Index. My examination included a general review of the ac- counting procedures and such tests of accounting records and other supporting evidence as I considered necessary in the circumstances. In my opinion these financial statements present fairly the fin- ancial position of the Corporation of the Village of Lucknow. and its local boards as at December 31s4.4974, and the results of their oper- ations for the year then ended! in accIrdance with accounting principles generally accepted. for Ontario municipalities applied on a basis con- sisted with that of the preceding year. (Signed) A. M. Harper Goderich, Ontario Date -- February 7, 1975 Licence Number --195 Statement of Revenue and Expenditure for the year ended December 31, 1974 Accuinulated net revenue (deficit) at e beginning of the year Expenditure neral government $ 16,994 otection to persons and property . 9,034 ansportation services . 61,564 nvironmental services 5,464 nservation of health 193 eation and community' services 13,751 immunity planning and development 3,340 ancial expenses 1,043 gion or county -- share of expenditure 22,272 cation . • 53,787 1974 1973 $ 4,064 $ 7;484 tatement of Capital Fund Operations emomparmmimmAk... ($1 :4: ,242) MI MI, nation , $125,401 ntributions from . other governments ' 55,563 ther 4,033' ..amonimormewom• ccumulated net revenue (deficit) at e end of the year $184,997 810. revenue 819 819 $ 16,336 13,998 25,991 5,284 1,028 11,976 .1,344 16,297 47,056 , - ($139,310) $ 05,620. 36,748 3,513 $135,890 4,064 4,064 4,064 r. and Mts. Roy Culbert and ily of Cambridge (Galt) visited day at the home' of his sister, and Mrs, Allan Ritchie and ly. ($ 57,231) ($ 44,755) ced Capital outlay (Unexpended capital financing) at the 'end of year . $ 47,972 $ 8,006 $144,311 $119,557 1. Capital outlay to be recovered in future years includes $47,972 which are progress payments on the Lucknow District Community Health Centre. A portion of this cost to be recovered from Province of Ontario Winter Works Program, 60% of the net cost to be assumed by other municipalities. Notes to Financial Statements 1. CHARGES FOR NET LONG TERM LIABILITIES • Total charges for the year for net long term liabilities were as follows: Principal payments Interest $ 12,500 4,399 $ 16,899 Of' the total charges shown above, $11,129 was paid from the re- venue of the municipality and is included in expenditure, classif- ied under the appropriate functional headings, and $5,770 was re- covered from the Lucknow Water System for which the related net long term liability was incurred. 2. BASIS OF CONSOLIDATION The Consolidated 'Balance Sheet reflects the 'assets and liabil- ities of the revenue fund and the capital fund ,of the municipality The assets and liabilities of the local boards have not been con- selidated. 3. NET LONG TERM LIABILITIES Total long term liabilities incurred by the standing at the end of the year amount to Of the long term liabilities shown above, payment of principal and interest charges the Bruce County Board of Education for principal amount of Net long term liabilities at, the end, of the year $ 62,100 4. CAPITAL OUTLAY TO BE 'RECOVERED IN FUTURE YEARS Some capital outlay does not represent 'a burden on general municipal revenues, as it is to be recovered in future years froth other sources:. Special charges on benefiting landowners Municipal enterprises 23,600 $ 23,600 5. LIABILITY FOR VESTED SICK LEAVE BENEFITS Under the sick leave benefit plan, unused sick leave can accum- ulate 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 'employee on ter- minating, amounted to Nil at the end of the year. `No provision has been made for this liability. municipality and out- $109,100 the responsibility for has been assumed by a $ 47,000 Barka fighter. ZION r, and Mrs. John Hunter and ily were supper guests on day at the home of her niece, and Mrs. Ronald Stanley in know; ODHESDAY, .APRIL 9, 1975 The Corporation Of The Village Of Lucknow Auditor's Report and Financial Statements 110,072 65,606 , $144,311 $119,557 $ 30,379 $ 34,896 -39,928 11,215 335 1,032 $ 70,642 $ 47,143 62,100 57,600 10,750 10,750 819 4,064 Named President Of Purple Grove Women'Onstitute The April meeting of Purple, Grove Women's Institute was held as a noon pot luck dinner at the bottle of Mrs.. Norval Stanley. After grace • was sung, everyone enjoyed dinner. Mrs. Earl Elliott, the president, opened the business part of the meeting in the usual way with the Ode and Collect. The roll call was answered by payment of fees and one month's program. The minutes were read. A nutrition workshop is to be held in Ripley on April 10th. Mrs. Cecil Sutton gave the "Smile for the day".' The District Director's report was given by Mrs. Cecil Sutton. The' annual meeting was then conducted. The minutes of last year's annual meeting were red. Mrs. Don Gillies gave the auditor's report. Reports were then heard from the conveners of the standing committees, the curator and the P.R.O. Gifts for perfect attendance over the year were presented to Mrs. • Francis Boyle, Mrs. Don• McCosh and Mrs. • . Morley Scott. The president gave her remarks and turned the meeting over to Mrs. George Harkness for' the election of officers. Mrs'. Norval Stanley presented the slate of officers for ,1975, which was 'accepted. They were then installed by Mrs. Harkness. The new offices are: Past President, Mrs. Earl Elliott; Pres- ident, Mr's. Harvey Needham; 1st Vice President, Mrs. Morley Scott; - 2nd Vice President, MrS:. Harvey Thompson; Secretary-Treasurer, 'Mrs. Don Reid; Assistant, Mrs. Don MacKay; P.R.O., Mrs. Norval Stanley; Curator, Mrs. , Wm. Arn- old. Mrs. Reid presented the out- going president with a token 'of appreciation. A display of crafts done by members during the, winter was held. Many lovely things were shown. Mrs. Elliott gave the courtesy remarks. The • meeting closed with the singing of the Queen. They then enjoyed the remaining goodies from noon!" The Sunshine Sisters' ;party will be held May 7th. An open Tupperware Party will be held in the centre April 23rd. THE LUCKNOW SENTINEL LUCKNOW, ONTARIO PAGE THIRTEEN Capital outlay to be recovered in future years LIABILITIES Current liabilities 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 for the year ended December 31,,1974 1974 nrmanced capital' outlay (Unexpended capital financing) the beginning of the year $ 8,006 pital Outlay neral government tection persons and property ansportation services 49,225 nservation of health ' 47,972 ation and community services Mr. and Mrs. Charles Wilkins and family were dinner guests on Sunday at the home of her mother, Mrs. William Irwin and Lloyd of Kinloss and celebrated Kenny Wilkins' eighth birthday. Kenny had his neighbour Paul_ Hackett spend Saturday night at his home. Mr. and Mrs. Lorne Cook spent Saturday and Sunday at a motel in Stratford and attended a Lion's Convention. The Cook children stayed with their aunt, Miss Lorraine Hamilton .in Lucknow, LANGSIDE A late 'winter storm 'blocked roads and gave school children an extra two days holiday last week. Mrs. Bell of Toronto spent last week with Mr. and Mrs. Philip Steer, returning home on Sunday. Mrs. Steer is spending this week in Toronto with Mrs. Bell. Mrs. Nets of Staytier is visiting with her daughter, Mr. and Mrs. Bob Bregman and family. Cliff Mann of TOronto sp6tt the week end with his parents Mr. and Mrs. Bob Mann; Mr. and Mrs. Clifford Young visited with his sister Mrs. May Richardson of, Wingham on Sun- day. ,Mr. and Mrs. Dave Bridle and family moved on Saturday to their new home near Shakespeare where Dave is employed on a dairy farm. They will be missed in this community. Because of the storm our student. minister. Bev Kay did not get home from Toronto. The sermon was given by his son Graham Kay. The Langside Whitechurch Young Peoples held their meeting at Whit church Sunday evening. They are holding a pancake supper at Langside Hall on Friday evening. Help crippled children with Easter Seals., / 687 455 40,478 11,141 $ 52,761 39,673 5,082 $ 97,197 pital financing ng term liabilities incurred 17,000 ntributions from other governments 36,692 ntributions from the revenue fund 3,539