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HomeMy WebLinkAboutThe Wingham Advance-Times, 1983-06-15, Page 12(d) Fixed Assets The historical cost and accumulated depreciation of fixed assets is not reported For munIcipel purposes. Instead, the "Capital outlay to be recovered in future y rs" which is the aggregate of the principal portion of unmatured long term liabilities, capital funds transferred to other organiza- tions, and the cost of capital projects not yet permanently financed is reported on the Balance Sheet. (e) Municipal Enterprises Municipal enterprises are those activities whose costs are substantially 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: Town of Wingham Hydro (f) 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 dates of the last interest payments to the end of the financial year. (g) Trust Funds Trust funds administered by the municipality amounting to $80,391 are only reflected in the Trust Funds, Statement 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 AIM Page 12 -The Wingham Advance -Times, June 15, 1983 East Wawanosh C • until i tends to • r - ss for new bridge on 10th East Wawanosh council has made the construction of a new bridge on the tenth concession one of its priorities and intends to pursue the matter with the Ministry of Transportation and Communications. Council discussed the matter at last Tuesday evening's meeting. When contacted later, Reeve Neil Vincent said an accident at the bridge two weeks ago has given him "more fight" to petition the ministry for a new bridge. The collision two weeks ago could have ended in tragedy, if not for the fact that one car was saved from going over the embankment by a Hydro guywire. The township has been "too lucky" at the site, said Mr. Vincent, adding the time to move is now, not after someone gets killed. Last year, council ap- proached the MTC about building a new bridge on the tenth, but members were told they might have to wait up to five years before the money would be available. Instead, ministry officials suggested repairing the old bridge, to the tune of ap- proximately $65,000. Councillor Jim Taylor said later that he does not think it is wise business to "pour good_ money_ after bad" and repair the old bridge. There is a dangerous situation at the site and he said he feels now is the appropriate time to build. The cost of building a new bridge on the tenth has been estimated at over $600,000. The bridge, built in 1911, is only part of the problem, said Mr. Vincent. The ap- proaches to bridge will require considerable work to upgrade their safety, especially to cut back the steep hill on its west side. The present weight restriction on the bridge is seven metric tons, which is barely adequate for empty milk and fe Th1icks, let alone full ones, said the reeve. Finally, council members decided to work with their engineer, Ken Dunn of B. M. Ross and Associates of Goderich, and the Stratford office of the MTC to see if they can press the govern- ment to make the funds available. Mr. Taylor said he believes East Wawanosh ratepayers have just as much right to government subsidies as those in larger municipalities because, per capita, East Wawanosh residents pay as much in taxes as anybody. In other business, a public meeting will be held June 28 at the East Wawanosh Public School to discuss installing lights at the Belgrave ball park. The reason a public meeting must be held is because the money to be used to pur- chase the -lights would come from the community cen- tre's renovation fund. The fund, approximately $12,000, is money left over from a fundraising cam- paign held several years ago to raise money for renovating the community centre in Belgrave. The lights are estimated to cost $19,900, but Clerk - Treasurer Winona Thomp- son said she did not know who would make up the difference in buying the lights, whether it would be council or a community project. The next meeting of East Wawanosh council is scheduled for July 5 at 7:30 p.m. at the township shed. Whitechurch Personals 1 Mr. and Mrs. Bill Mc- Burney from Toronto arrived at Mr. and Mrs. Victor Emerson's on Tues- day. We are sorry to report that Faye Irwin had the misfortune of being thrown off a horse Wednesday of last week at Seaforth. Her left leg was broken in the vicinity of the knee and she is at present in the Stratford hospital. The community wishes her a speedy recovery....-. ------------. Last Wednesday those high school pupils who had no exams to write completed school for the year. Many in the community achieved this goal and we extend our congratulations. Mr. and Mrs. Bill Mc- Burney of Toronto visited on Wednesday with Mr. and Mrs. Wesley Tiffin. Mrs. Velma Falconer of Culross visited on Wed- nesday with Mrs. Cassie Mowbray. Mrs. Connie Morrison of South Porcupine is visiting her son, Mr. and Mrs. Jim Morrison of Lucknow. On Thursday evening Mr. and Mrs. Art Burrows brought her out to visit Mr. and Mrs. Victor Emerson. Mr. and Mrs. Bill Mc- Burney of Toronto, Cassie Mowbray and Mr. and Mrs. Wes Tiffin spent Friday evening with Mrs. Isobel Tiffin at Lucknow. Chalmers Sunday School teachers were entertained at the manse .on Thursday evening by Mr. and Mrs. Rod Lamb. Congratulations to -Mr. and Mrs. Russell Gaunt .of Winghani, who on Saturday evening celebrated their 50th wedding anniversary. A large crowd was in at- tendance at lunch time. Murray Gaunt called them to the platform and spoke words of congratulations. Family members present for the occasion included Mr. and Mrs. Donald Gaunt and family, Chatham; Mr. and Mrs. Don Dirstein and family, Oshawa. On Sunday, June 19, there will be a communion service at the United church at 9:45 a.m. with Rev. Rea Grant of Wingham as the supervising pastor. Mr. and Mrs. Joe Corey of Clinton and Mr. and Mrs. Gordon Rintoul were Sunday visitors with Mr. an Mrs. Gary Rintoul, _Kevin and .. Coreyann. After a week's visit with Mr. and Mrs. Victor Emerson, Mr. and Mrs. Bill McBurney left for home on Monday morning. Wayne Black of Ashfield spent the weekend with Steven Rintoul. Mr. and Mrs. Bill Rintoul visited on Sunday with Mr. and Mrs. Gordon Caldwell. Little Stuart Rintoul spent Monday in the Wingham hospital having a toe nail removed. Permanently Engraved Signs & Nameplates NEXT INDO P1 GEORGE R. MURPHY.11111111111 BEll Ria KF LA 1ON°"" WRENCF USE ELEVTOR IN REAR Easy to read, Washable, stainproof, non -corroding. These signs are a must for any professional business or office. We sell: Door Plates Directional Signs Mailbox Plates Professional Signs House Numbers Badges Plant Labels Metal Plaques Legend Plates Door Knockers Desk Signs Identification Tags for: Dogs Keys Luggage For more information calls Listowel Banner = 291-1000, Wingham Advance -Times 357-2320 Mount Forest Confederate 3231550 Milverton Sun m 595=0921 WENGER PUBLICATIONS 0 TOWN OF WINGHA Financial .eport STATEMENT F REVENUE AND EXPENDITURE for the year ended December 31, 1982 Accumulated net revenue (deficit) at the beginning of the year Expenditures and transfers Municipal expenditures General government Protection to persons and property Transportation services Environmental services Health services Social and family services Recreation and cultural services Planning and development Other 1982 1982 Budget Actual $ $ 74,851 74,851 268,500 315,500 382,400 132,600 28,200 200,400 158,600 288.114 338,157 403,803 251,126 36,455 190,043 183,586 1981 Actual $ 128,598 218,455 285,636 355,366 353,127 34,503 173,663 155,139 Total expenditure 1,486,200 1,671,284 1,575,889 Transfers Transfers to region or county Transfers to school boards Total transfers Total expenditures and transfers Revenue by purpose Municipal purposes Taxation Payments in lieu of taxes Ontario grants Other grants Fees and service charges Other Revenue to pay for municipal pur- poses 129,917 131,919 115,020 570,285 579,289 525,003 700,182 711,208 840,023 2,186,382 2,382,492 2,215,912 708,300 14,000 500,800 70,800 141,900 41,100 846,369 27,844 532,570 96,265 165,158 79,324 739,558 24,203 456,814 70,927 132,526 80,339 1,476, 900 1,747,528 1,504,367 Region or county requisition Taxation 119,617 122,718 Payments in lieu of taxes 5,188 5,188 Ontario grants - Other Revenue to pay the region or county requisition 124,805 127,906 118,637 School board requisition Taxation 538,156 549,522 Payments in lieu of taxes 18,947 16,958 Other - Revenue to pay the school board re- quisition 555,103_ - __566,480-- . .539,161 Total revenue 2,156,808 2,441,914 2,182,165 Accumulated net revenue (deficit) at the end of the year 45,277 134,273 74,851 Analysed as follows: General revenue 4,096 Region or county School boards Special charges Special areas Local, boards-- Municipal oards-Municipal enterprises 41,181 66,463 41,181 113,616 5,021 522,723 16,438 64,358 13,396 1,099 5,112 2,353 15,182 45,277 134,273 74,851 .' fri' BALANCE SHEET ° ., as at December -31, 1982 ASSETS `'- ' Current assets Cash Taxes receivable Accounts receivable Other current assets Capital outlay to be recovered In future years Other long term assets LIABILITIES 1982 Actual 80,535 324,453 190,097 62,189 657,274 541,831 46,153 1,245,258 1982 Actual Current liabilities Temporary loans 168,000 Accounts payable and accrued liabilities 114,651 Other current liabilities 282,651 Net long term liabilities 541,831 Reserves and reserve funds 286,503 Accumulated net revenue (deficit) and unapplied capital receipts 134,273 1,245,258 1981 Actual 34,820 273,006 154,472 58,558 520,856 639,933 30,501 1,191,290 1981 Actual 230,501 73,710 304,211 639,933 172,295 74,851 1,191,290 NOTES TO THE FINANCIAL STATEMENTS 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 and municipal enterprise: Wingham Recreation and Community Centres Board Riverside Park Development Board Wingham Public Cemetery Wingham Public Utilities Commission - Water (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 enterprise 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 enterprise as described in note 1 (a). The assets and liabilities of local boards and enter- prises that have not been consolidated are reflected only to the extent of their related net long term liabilities and capital outlay to be recovered in future years. years from other sources: 1982 1981 1980 Special charges on benefitting lan- downers $ 7,089 $ 9,415 $ 11,563 Municipal enterprise 148,000 185,000 377,673 $155,089 $194,415 $389,236 (b) Capital outlays, including fixed assets and the transfers of capital funds in the amount of $277,695, 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, $44,531 was credited directly to ing recorded as revenues and expenditures of the source was 0.H.R.P. funds in the amount of $40 4. NET TERM LIABILITIES - The balance for net long term liabilities reported made up of the following: Total long term liabilities incurred by the municipality including those incurred on behalf of former school boards, other munici- palities and municipal enterprises and out- standing at the end of the year amount to 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 The total Mee of sinking funds and the balance in the Ministry of the Environment Debt Retirement Funds which have been accumulated to the end of the year to re- tire the outstanding long term liabilities included above, amount to Net long term liabilities at the end of the year reserve funds without be - Revenue Fund. The major ,000. on the Balance Sheet is $ 951,191 $(309,000) $(100,360) $ 541,831 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 (to be added to) the levies of the following classes of ratepayers: - --- _ . _ 1982 1981 1980 General ratepayers $ 64,358 $ 13,396 $ 114 School board ratepayers 2,353 15,162 4,338 County ratepayers 1 ,099 5,112 2,257 $ 67,810 $ 33,670 $ 6,709 8. CHARGES FOR NET LONG TERM LIABILITIES Total charges for the year for long term liabilities were as follows: 1982 1981 Principal payments including contribu- tions to sinking funds and to the Ministry of Environment Debt Retirement Fund Interest $ 88,743 $ 82,181 57,314 64,338 $146,057 $146,519 Of the total charges shown above, $91,738 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 $54;319 were recovered from municipal enterprises for which the related net long term liabilities were incurred. 7. LIABILITY- F()R VESTED SICK LEAVE BENEFITS Under the si k 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 be an employee on terminating, amounted to $46,670 at the end of the year. No provision has been made for this liability. RESERVE AND RESERVE FUNDS STATEMENT OF CONTINUITY AND ANALYSIS OF YEAR END POSITION for the year ended December 31, 1982 1982 Actual Available at the beginning of the year for future municipal purposes Revenue Contributions from the revenue fund Contributions from developers 0.H.R.P. 0.H.R.P. Loan Interest Miscellaneous Interest earned Expenditure Transfers to the capital fund Transfers to the revenue fund Transfers to municipal enterprises 0.H.R.P. loans forgiven and ad- ministration charges 1981 Actual $ S 172,295 91,586 95,700 53,000 40,000 1,161 3,370 140,231 15,000 30,000 559 819 4,433 88.811 2,952 2,300 8,071 5,802 26,023 8,102 Available at the year end for future municipal purposes 286,503 172,295 ANALYSIS OF YEAR-END POSITION as at December 31, 1982 1982 Actual Reserves Working Funds Contingen:ies Replacement of Equipment Other Reserve tunds O.W.R.C. 0.H.R.P. Year end position of reserves and reserve funds 68,447 34,700 54,916 8,371 1981 Actual $ 33,446 38,916 13,371 166,434 85,733 19,395 22,347 100,874 64,215 120,069 86,562 286,503 172,295 Current Assets Cash Taxes receivable Accounts receivable Other current assets Capital outlay to be recovered In future years 541,831 Other long term assets Total 1,045,335 748 227,854 ANALYSIS OF ASSETS AND LIABILITIES as at December 31, 1982 revenue fund 1 $ 15,030 324,453 164,021 503,504 consolidated local boards 2 8 consolidated municipal enterprises 3 s 7,548 748 29,512 42,794 748 79,854 148,000 Current liabilities Temporary loans Accounts payable and accrued liabilities Other current Ilabilities Net long term liabilities Baseness and reserve funds Balance (or deficit) at the year end Total 168,000 101,260 748 13,391 269,260 541,831 166,434 67,810 1,045,335 748 13,391 148,000 66,463 748 227,854 capital fund 4 $ reserve funds 5 $ 57,957 19,395 77,352 46,153 123,505 3,436 3,436 120,069 123,505 Internal fund eliminations 6 (4,184) (4,184) (148,000) (152,184) consolidated total 7 $ 80,535 324,453 190,097 62,189 657,274 541,831 46,153 1,245,258 168,000 (4,184) 114,651 (4,184) (148, 000) (152,184) 282,651 541,831 266,503 134,273 1,245,258