Times-Advocate, 1999-02-03, Page 21Wednesday, February 3. 1999
Exeter Times -Advocate
19
Business
Credit Union reports year of growth
What happens to taxes after amalgamation?
By Scott Nixon
TIMES -ADVOCATE STAFF
EXETER — While residents may be
curious to know how their taxes will be
affected after the amalgamation of
Exeter and Stephen and Usborne
Townships, it is still not known what
will happen to taxes when the Town of
South Huron is born.
Town of South Huron organization
committee coordinator Larry Brown
spoke of the matter at the group's Jan.
26 meeting.
In a subsequent interview with the T-
A, Brown cautioned his tax figures
were "very hypothetical" and admitted
he wasn't sure what will happen after
amalgamation.
Brown presented pro -rated numbers
from a 1996 amalgamation study
which predicted a minimum savings of
22 per cent. Using 1998 figures, that
amounts to a savings of $568,783 for
the three municipalities. The savings
come from reductions in municipal
staffing and buildings.
The study, done by KPMG Consulting
of Waterloo, also predicted a 28 per
cent reduction in taxes after re-engi-
neering, or governing in a different
way. That figure represents a savings
for the three municipalities of
$723,905.
ftusiness
Directory
bryflb 01 9130v t.l
AUCTIONEER
Under the speculative figures, Town
of Exeter residents owning a $100,000
house would see a $200 savings under
the 22 per cent savings structure and a
$232 savings in the 28 per cent struc-
ture; Stephen Township residents
would see savings of $67 and $95
respectively, while Usborne residents
would see their taxes rise between $68
and $96.
What makes the figures "very hypo-
thetical", according to Brown, is that
the figures do not include services that
will be area rated.
Those services include street lighting
and sidewalks, which would increase
taxes in Exeter and decrease the tax
load in the rural areas.
Brown said the future of taxes in the
Town of South Huron, set to become
official on Jan. 1, 2001, really depends
on decisions the transition board
makes on municipal services.
That board, which will consist of two
members from each of the -three
municipalities, has not yet been
formed.
The study also predicted 'a one-time
net cost of amalgamation of $86 per
$100,000 household.
That cost comes from amalgamation
expenses such as moving, consolidat-
ing tax systems, remuneration and
severance packages.
Agri -tourism keeps
tourist dollars at home
Tourism is a big indus-
try in Ontario.
However, many people
living ;i>i southwestern
Ontario often spend a lot
of money to go out of
our province for their
holidays and entertain-
ment rather than appre-
ciating what is here at
home.
Whether we wish a
day tour or longer, the
counties of Middlesex,
Huron, Perth and other
REPAIRS
Sewing Machine
Repairs
to ali makes
Fres est -Iu
90
Waneaty
Ex ed since 1902
Sew and Save
Centre Ltd.
149 Downie St,
Stratford
Phone 271-9660
Flower tenders
requested
EXETER - Exeter coun-
cil had a light agenda on
Monday night, adjourn-
ing the meeting before
9:30 p.m.
The town will request
tenders for cemetery
flowers from Plant
Paradise, Jansen's and
Huron Ridge Acres.
Although council was
pleased with the service
provided by Huron Ridge
Acres, they wanted to
see if they could get a
better price. The con-
tract will be for a one-
year period.
CLINTON - The Clinton
Community Credit Union,
held its 47th annual meet-
ing of members on Jan.
13, at the Town Hall in
Clinton.
Another excellent year
of growth was reported to
the membership that
attended. Assets grew by
13 percent to $116.8 mil-
lion, with capital and
reserves in place as
required under the Credit
Union Act.
Seventy-three percent of
the Credit Union's 1.967
million -in income before
taxes and reserve require-
ments, was returned to
the members in the form
of a three and one-half
percent cash dividend and
a one and one-half per-
cent patronage dividend.
Member confidence and
loyalty to the Credit •
Union, plus a staff dedi-
cated to providing quality
service and products,
were the main reasons for
the excellent asset
growth and dividend
return to members this
past fiscal year.
They agree with the
view of guest speaker Don
Cooper, members services
manager, Credit Union
Central of Ontario, that
there is need for change
and the Credit Union sys-
tem must move forward,
based on the vision of
growing together and
becoming the financial
institution of choice in the
community.
Whatever changes take
place must strengthen
their ability to be a com-
munity leader in provid-
ing a wide range' of value
added financial services
and advice for their mem-
bers.
The release last year of
the "McKay Task Force
Report" on the future of
the Canadian financial
service sector recom-
mended Credit Unions in
Canada have the option of
becoming a federally reg-
ulated bank.
The board and manage-
ment of Clinton
Community Credit Union
de not support the con-
cept of becoming a bank.
Cooper reported it was
obvious from the financial
results in the annual
report the Credit Union
has been successful
because of its sound
financial performance
practices.
neighbouring counties
are leaders in agricul-
ture and there is much
to be learned ri
at home through y or
longer tours. •
Many farmers and
agri-related businesses
are eager to show
tourists what they do
and can teach us a lot
about the business of
agriculture and the.
rural way of life. There
is a real need for urban
people to learn more
about life in the country.
Farmers, themselves,
are always eager to
travel through the coun-
try to see what other
farmers are doing.
Farm women and
seniors always enjoy a
day's outing and local
cuisine.
With this need in
mind, Marion Foster is
promoting agri-tours in
southwestern Ontario
that are both education-
al and entertaining.
For further informa-
tion on tours for your-
self or your group,
phone Foster at (519)
229-8718.
He also stated recent
statistics showed Clinton
Community Credit Union
was the 88th largest
Credit Union in Canada
and the 19th largest in
Ontario.
Any individual, organi-
zation or business can
become a member of the
Credit Union by making a
maximum investment.
Members have a vote at
the annual meeting of
members to elect board of
directors, credit commit-
tee members and to vote
on bylaw amendments
regarding the operation
and future direction of the
Credit Union. Credit
Union members help
other Credit Union mem-
bers. Deposits invested in
a Credit Union are rein-
vested within the commu-
nity to assist the borrow-
ing members within the
community.
Elected to the Credit
Committee by acclama-
tion for another three
year term was Doug
Mann. Elected by the
membership in atten-
dance to the board of
directors for another
three year term were -
Peter McFalls and J.
Murray Taylor.
In their continuing
efforts to meet the mem-
bers' needs, CEO, Steve
Tyndall, said a survey will
be sent to members ask-
ing them to identify areas
of satisfaction and ser-
vices they would• like to
see developed or
improved. Tyndall hopes
members will fill out the
survey.
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Gaiser
Kneale
Exeter Grand Bend
235-2420 238-8484
ROYAL BANK
FINANCIAL GROUP
Please accept this as your invitation
to join us on
Tuesday, February 16,1999
at the Exeter Legion, 7:00 p.m.
Guest Speakers include:
Bill Hill, District Sales Manager
Royal Bank Mutual Funds
and other members of Royal Bank
Financial Group.
Doug Lamond - Dominion Securities
Darren Scrimgeour - Dominion Securities
Carole Preece - Investment Retirement Planner
You will have the opportunity to speak
with these specialists one on one, share
ideas and obtain advice. .
This is also a chance for Royal Bank to
convey its sincere appreciation to our
valued clients for their business.
Please RSVP by February 10, 1999
Phone Jane at 235-2111
ROYAL BANK
When you could be cruising at lightning speeds
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