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HomeMy WebLinkAboutTimes-Advocate, 1981-08-19, Page 13Many valuable prizes offered Prize lists are now available for Exeter fall fair Sy PAULINE SIMMONS Exeter Fair time is next month and --e have a new prize book which may be picked up at .he Exeter Times -Advocate if you wish to exhibit your prize creations. The livestock, poultry, pigeons, rabbits, 4-H and Feeder Club Auction Calves will be on exhibit in our brand new livestock building. There are many, many prizes to win such as $20.00 for a market barrow, $7.00 for a ewe lamb, trophy and prizes for dairy goats, fash for a muscovy duck, antail pigeon and a pen of cute rabbits. Perhaps you have been busy during the previous winter months with a needlepoint project in arts and crafts, or vegetables and flowers you are so proud of from your garden this summer. Can you believe ,you could win $20.00 for best display of fruit or vegetables and $25.00 for most points, even $20.00 for a loaf of homemade bread? Also included for amateur photographers there is a competition for pictures taken at the 1981 Exeter Fair. Cash prizes are offered by the`Exeter Agricultural Society and specials in cash, gifts and vouchers are donated by the generous supporters to the Fair. Would your organization or business like to enter in the parade ! ? There is a prize for this too! We cater to all age groups, both male and female! There are Junior classes, ages 12 to 20, which includes woodworking, drawings, sewing and baking, and Oh, the Golden age (65 and over) which began to stir great interest last year, includes knitting, best handwriting and an old fashioned Christmas decoration. It's fun to win and par- ticipate in this community organization, so feel free to give me a call and ask how to enter in the Exeter Fair. Pauline Simmons, Secretary, 235-0528. Entry fee so $2.00 excepting the Junior and Golden Age classes, Parade, School Fair and Organization Displays. Join us, there is a lot to do and see at the Exeter Fair - "Where Town and Country Meets". Times -Advocate A Luton house league players ride in Sunday's Fair parade Stephen Township 1980 Financial Statement TO: The members of council, Inhabitants and Ratepayers of the Township of Stephen. We have examined the consolidated balance sheet of the Township of Stephen as at December 31, 1980 and the consolidated statements of revenue and expenditure, capital operations, continuity of trust funds, and reserve and reserve funds continuity and analysis of year end position for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests and other procedures as we considered necessary in the circumstances, except as explained in the following paragraph. Due to a lack of internal control, our examination of the books and records of the local boards was limited to an examination of the receipts and disbursements as. recorded in the books of the local boards. Accordingly, we were unable to determine whether any adjustments might be necessary to municipal revenue - fees and service charges, municipal expenditures - recreation and cultural services, cash, accounts receivable, accounts payable and local boards accumulated net revenue. In our opinion, except for the effect of adjustments, if any, which we may have determined to be necessary _concerning the above, these consolidated financial statements present fairly the financial positioin of the Township of Stephen as at December 31, 1980 and the results of its operations for the year then ended in accor- dance with generally accepted accounting principles for Ontario municipalities applied on a basis consistent with that of the preceding year. Goderich. Ontario, March 27, 1981. License No. 274 MacGillivray & Co. CHARTERED ACCOUNTANTS Statement of Revenue and Expenditure for the year ended December 31, 1980 1980 Budget $ Accumulated net revenue (deficit) at the beginning of the year (26,00.0) Expenditures and transfers Municipal expenditures General government 120,000 Protection to persons and property 116,847 Transportation services 411,939 Environmental services 26,489 Health services Social and family services Recreation and cultural services 95,436 Planning and development 312,946 312,946 Total expenditure 1,083,657 Transfers Transfers to region or county Transfers to school boards Total transners Total expenditures and transfers Revenue by purpose Municipal purposes Taxation 327,492 Payments in lieu of taxes 53,000 Ontario grant 270,399 Other grants 2,300 Fees and service charges 406,806 Other 42,048 Revenue to pay for municipal purposes 1,102,045 Region or county requisition Taxation 186,885 184,466 Payments in lieu of taxes 6,415 Ontario grants Revenue to pay the region or county requisition 186,885 190,881 1980 Actual $ (41,795) 1979 LIABILITIES Actual Actual Current liabilities $ $ Temporary loans 324,700 • 284,963 Accounts payable and accrued liabilities 125,501 64,172 Other current liabilities 1,033 667 451,234 349,802 Net long term liabilities 1,871,236 1,773,844 Reserves and reserve funds 299,515 280,179 Accumulated net revenue (deficit) and unapplied capital receipts 99,954 41,795 2,721,939 2,445,620 Notes To The Financial Statements for the year ended December 31, 1980 1. Accounting Policies a) Statement of Revenue and Expenditure This statement reflects the revenues and expenditures of the revenue fund and the following local boards, police villages, and municipal enterprises: Township of Stephen - Waterworks Stephen Township Arena Centralia Centennial Community Centre Police Village of Crediton Dashwood Community Centre Board Police Village of Dashwood Crediton Community Park Board Police. Village of Centralia Stephen Township Community Huron Park Community " Centre Boards Centre Board. b) Statement of Capital Operations This statement reflects the capital expenditure of the municipality to be recovered from the general municipal revenue of the municipality and its local boards and municipal enterprises as described in note 1 (a). c) Balance Sheet This statement reflects the assets and liabilities of the revenue fund, the capital fund, reserve funds and local boards and municipal enterprises as described in note 1 (a). d) 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 is the aggregate of the principal portion of unmatured long term liabilities, capital funds transferred to other organizations, and the cost of 130,478 capital projects not yet permanently financed is reported on the Balance Sheet. 119,736 e) Municipal Enterprises 320,778 Municipal enterprises are those activities whose costs are substantially 72,091 recovered from service charges on the users. The enterprises of this municipality whose revenues and expenditures have not been consolidated in these financial statements are: 149,749 Dashwood Public Utilities Commission - Hydro 1,105,778 f) Charges for Net long Term Uabilities Debt retirement costs including principal and interest are charged against current revenues in the periods in which they are paid. Interest charges are not 194,879 186,889 accrued for the periods from the dates of the latest interest payments to the end 675,575 682,272 of the financial year. , `ar` , 870,454 " 869,161 g) Trust Funds 1,954,111 1,974,939 Trust funds administered bythe municipality amounting to $1,057 are only reflected in the Trust FundStatement of Continuity and Balance Sheet. 2. Capital Outlay To Be Recovered In Future 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: 1980 1979 356,754 55,578 227,284 13,203 436,674 68,864 Special charges on benefitting landowners $1,918,252 $1,886,732 1,158,357 Municipal enterprises 54,778 56,451 $1,973 030 $1,943,183 School board requisition Taxation 691,181 Payments in lieu of taxes Other Revenue to pay the school board requisition 691,181 Total revenue 1,980,111 Accumulated net revenue (deficit) at the end of the year 99,954 Analysed as follows: General revenue Region or county School boards Special charges Local areas Local boards Municipal enterprises 683,367 429 64 683,860 2,033098 Statement of Capital Operations for the year ended December 31, 1980 30,323 4,432 1,609 25,030 39,132 (885) 313 99,954 1980 1979 Actual Actual $ $ Unf1nanced capital outlay (Unexpended capital financing) at the beginning of the year 169,343 155,708 Capital Expenditure General government Protection to persons and property Transportation services Environmental services Health services Social and family services Recreation and cultural service 29,925 3,727 Planning and development 289,900 219,300 Other 1,842 Total expenditure 832,852 544,956 Capital Financing Contributions from the revenue fund 157,603 77,204 Contributions from reserve and reserve funds Long term liabilities incurred Ontario grants Other Total capital financing Unfinanced capital outlay (Unexpended capital financing) at the end of the yeal• 2,419 61,296 408,893 189,414 42,838 128,254 ASSETS Current Assets Cash Taxes receivable Accounts receivable Other current assets Balance Sheet as at December 31, 1980 Capital outlay to be recovered in future years Other long term assets 10,000 319,500 314,700 268,434 71,724 144,864 167,693 900,401 631,321 101,794 169,343 1980 $ 107,685 186,415 293,326 11,980 599,406 1979 $ 93,140 175,646 127,905 10,239 406.930 1,973,030 1,943,183 149.543 95,507 2,721.939 2,445.620 b)Capital outlays, including fixed assets and the transfers of capital funds in the amount of *157,603, 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, $47,118 recorded as revenues and Interest earned O.H.R.P. grants were credited directly to reserve funds without being expenditures of the Revenue Fund. Major sources were: 1980 1979 $7,118 $ 5,395 40.000 70.000 $47,118 $75,395 4. Net long Term Uabilltios The balance for net long term liabilities reported on the Balance Sheet is made up of the following: Total long term liabilities incurred by the municipality including those incurred on behalf of farmer school boards, other municipalities and municipal enterprises and outstanding at the end of the year amount to $2.056.004 Of the long term liabilities shown above, the responsibility for payment of prin- cipal and interest charges has been assumed by others for a principal amount of (174,337) The total value of sinking funds and the balance in the Ministry of the Environment Debt Retirement Fund which have been accumulated to the end of the year to retire the outstanding long term Liabilities included above, amount to .. (10,431) Net Long Term Liabilities At The find Of The Year $1.871.236 S. Accumulated Net Revenue (Deficit) et the End on the Year The balance in the revenue fund at the year end is available to reduce (to be added to) the levies of the following classes of ratepayers. 1980 General ratepayers $ 29,751 Designated ratepayers 64,162 School board ratepayers 1,� County ratepayers 4,432 $99,954 6. Charges for Nat long Term liabilities Total charges for the year for long term liabilities were as follows: 1979 $(19.630) 37.502 21 440 ;18333 1980 _ 1979 Principal payments including contributions to sinking funds and to the Ministry of Environment 8221,325 8209.840 Interest.. 98,129 97 436 $319 454 83077 276 Of the total charges shown above $312,946 were paid from general municipal revenues of the municipality and are included in expenditure on the Statement of Revenue and Expenditure classified under the appropriate functional headings. The remaining $6,508 were recovered from municipal enterprises for which the related net long term liabilities were incurred 7. liability For Vested Sick leave Credits Under the sick leave benefit plan. unused sick leave can accumulate 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 terminating, amount to $9,388 at the end of the year. No provision has been made for this liability. 8. RESTATEMENT OF 1979 ACCUMULATED NIT REVENUE Accumulated net revenue as at December 31, 1979 has been restated to reflect a reallocation of tile drain prelevies of $23, 462 from other current liabilities to Ac- cumulated Net Revenue 9. COMMITMENT The township entered into a contract totalling $430,000 for construction of a bridge in 1980 and 1981. As at December 31, 1980, the estimated cost of completion of this bridge was $210,000. Statement of Continuity and Analysis of Year End Position as at December 31, 1980 Available at the beginning of the year for future municipal purposes Revenue Contributions from the revenue fund Contributions from developers O.H.R.P. Grants Interest earned 1980 Actual • $ 208,179 587 40,000 1979 Actual • $ 207,824 10,687 70,000 7,118 5,395 47.705 86.E Expenditure Transfers to the capital fund 10,000 Transfers to the revenue fund 6,814 6,477 0.H.R.P. Loans forgiven 11,555 7,250 28.369 13.727 Available at the year end for future municipal purposes ANALYSIS OF YEAR-END POSITION Reserves Working capital Reserve for fire truck Reserve funds 0.W.R.C. debt retirement O.H.R.P Year end position of reserves and reserve funds Township of Stephen Police Village of Dashwood Balance Sheet for the year ended December 31, 1980 (with comparative figures for 1979) ASSETS Due from Township of Stephen Surplus Surplus - beginning of year Revenue Requisition - Township of Hay -Township of Stephen Fire retainer fees - Township of Hay. Township of Stephen Fire calls Ontario grants - roadways EXPENDITURE 299,515 $280,1.79 120,000 $120,000 10000 120,000 130.000 7,182 6,069 172.333 144,110 179,515 150,179 299,515 280.179 1980 1979 15,282 17.847 815.282 17,847 17.847 13,737 4.338 4.677 4.693 4.614 1.200 1.200 3.019 3.010 1,125 1.700 1,006 863 15.381 16,064 General government 1.344 1.186 Protection to persons and property - fire10.557 4,619 Transportation services - street lights. 2,127 1,586 roadways 718 2.012 Environmental services 3,050 2,301 Recreation 150 250 17,946 11,954 Surplus - end of year 15,282 17,847 Township of Stephen Police Village of Crediton Balance Sheet for the year ended December 31. 1980 (with comparative figures for 1979) ASSETS 1980 1979 Current Due from Township of Stephen Loan - Crediton Parks Board 1,000 7.991 7.020 SUR PLI'S Surplus 8,991 Statement Of Revenue And Expenditure Surplus - beginning of year Revenue Requisition. Ontario grants - roadways 8.991 7.020 7,020 7.020 5.893 4.017 4.017 4.052 447 4.499 Expenditure General government 412 372 Transportation services - roadways 267 1.163 -street lights 1,367 1837 2046 ____3_,372 SURPLUS end of year 891 Township of Stephen Police Village of Centralia Balance Sheet for the year ended December 31. 1980 (with comparative figures for 1979h 7,020 ASSETS 19_80 1979 Current Accounts receivable 303 101 Due from Township of Stephen 14,556 12,534 14,859 12.635 SUR PIA IS Surplus 14859 12,635 Surplus - beginning of year REVENUE Requisition ..... Ontario grants - roadways Rent 12,635 9,814 3.370 2.837 35 _1,212 1,212 _4,582 4,084 Expenditure General government... 449 29. Protection to persons and property - fire. 89 30 Transportation services - street lights. 1.773 854 Recreation 47 82 2,358 1,263 Surplus - end of year ........ _ 14,859 12,635 • 1 '