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The Wingham Advance-Times, 1976-04-22, Page 15T.. r r, 4 Auditars R Tnw n 6 W 4 n n k ii The Wingham Advance Times, Thur,,., April 22, 1916 �- - - w -- • • r ■ . .iwa a a a i • • • • u Recxntly the Grade ti's madly and Public Utilities Commission, 1975 4 Turn b err y acme anise balls, hhelir oraa�tiss asa follow-up to their study d herbs. They enjoyed eatln$ tbsm To the Ratepayers and members of the Municipal Council of (d) Provincial road subsidy revenue bind expenditure/nroadsOF along with a cup of Bose gerad- The Corporation of Che Town of Win hamum tea. In full, they enjoyed lbs Wingham Provincial subsidy programmes are on a sec t and disbursement � so mut�l that �Y bad � g We have examined the 1975 financial statements of the Corporation of the basis which does not recognize accruals. Them ieiPality has expended a ,,bole herb tea with their lutlacb sa $ • Town of WiRgham and its local boards, which aur lasted on the attached index. amounts for which the road subsidy will not eligible for claim urtil�r Our examination included a general review of the accountingthe succeeding year. Such future subsidy r' roues have not been ac Covr�er the Thursday before Good Fri - such tests of the accounting records and other supporting procedures and crued in the current year. day. sidered necessaryPpoa-ting evidence as we con- They had fun looking at odd in the circumstances. (e) Charges fo>q, net long term liabilities i -n- c►'_ opir on these firarc stdtcd1eruis present faarly the financial pos,i- Charges for net long term liabilities inelpde principal and inrterest. 1M KINDERGARTEN ARTER' psi? Kyle Fewtress and Jtis . �� � cards' the eldest dat- ' tion of the funds of the Corporation of the Tow„ of Winghmn and its local terest charges are not accrued for the periods from the dates of the cgs are in the air �g Many e><LL7t3� g P Easter sur gr ,,lasted a uely -craze ill back t0 1ti1811. boards as at December,81, 1975 and the rlpsults of their operations for the year latest interest payments to the end of the fiscal year. Lilies here and lilies there; Kindergarten discoveries were made about the__ ended in accordance with accounting principles generally accepted for Ontario Municipalities2. CHARGES FOR NET LONG TERM LIABILITIES Joy is in m heart to stay ode cards. SomE of �r" applied; after giving retroactive effect to the changes Y Y The primary grades are busy Con - referred to in note 7 to financial statements, on a basis consistent with that of Total charges for the year for net long term' liabilities were as follows: Easter is a happy day. practising for their Spring Con- own � the preceding year. 1975 1974 cert on May 6th. old style. London, Ontario Principal payments including contributions to Easter is everywhere in our The Grade S's also were busy Thorne, Riddell & Co., sinking funds and to the Ontario Waiter Re Yw Grade One featured an inter- The made rintft February 20, 1976 Chartered Aceountanrts. sources Debt Retirement Fund Kindergarten room. Easter songs esting Easter assembly. There printing. Y P 30,014 $ 23,884 fill the air. were bunnies and chicks in the blocks using string and glue and License Number 225. Interest 39,323 30,437 printed cards and pictures. The creative corner is a busy Easter Parade. Jason Conley was STATEMENT OF REVENUE AND EXPENDITURE lace, which manufactures Preparations for Easter ren- , $ 69,337 $ 54,321 P the bud who lost his mother. teed around the Mea, story for the year ended December 31, 1975 cards, centerpieces and spring Chris Zinn was the Peer Rabbit designs. who didn't obs his mother and They listened to and discussed t 1975 1975 1974 Of the total charges shown above $39,527 (1974, $19,242) was paid from Y the Bibles as well as the Budget Actual Actual the revenue of the municipality and is included in expenditures classified Did you know that you can was chased by Andy Versteeg story g $35,079) make a "Happy Rock" at no Mr. McGregor. Superstar$35,079) "Jesus Christ $ $ $ under the appropriate functional headings, and $29,810 (1974, Accumulated net revenue (deficit) at the was recovered from the Waterworks for which the related net long term p: beginning of the year (10,424) (10,424) 28,857 liabilities were incurred. q, t ' Expenditure ; General municipal purposes 3. PROVISION FOR RESERVES AND ALLOWANCES k_ Provisions for reserves and al!owances : mounting to $11,940 (1974, General government 99,145 87,875 89,463 ` w $14,700) are included in the Statement of Rei roue and Expenditure. Protection to persons and property 147,800 140,521 114,273 Transportation services 149,960 167,234 157,693 4. NET LONG TERM LIABILITIES Environmental services 30,470 34,055 49,641 1975 1974 16 b Health services Total long 10,258 17,374 g term liabilities incurred by the munici- r Social and family services 40,215 39,372 30,263 pality and outstanding at the end of the year Recreation o:,3 cultural services 79,067 85,373 82,938 amount to $ 527,881 $ 556,132 + - Planning and development 1,000 649 32,035 The total value of sinking funds and the balance Y Other 4,700 9,625 14,700 in the Ontario Water Resources Debt Retirement Fund which have been accumulated to the end �3K, 568,397 574,962 588,380 end of the year to retire the outstanding long Region or county purposes 139,612 140,422 111,306 term liabilities included above amount to 46,853 41,965 School board purposes 193,173 194,928 163,572 Net long term liabilities at the end of the year $ 481,028 $ 514,167 e Total expenditure 901,182 910,312 863,258 5. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS Revenue5. capital outlay does not re resent a burden on P� Y P' general municipal *; General municipal purposes revenues as it is to be recovered in future years from other sources. Taxation 335,402 336,5$9 236,130 Special charges on benefitting landowners 18,345 20,051 Payments in lieu of taxes 23,345 22,415 39,601 Muncipal enterprises 380,410 399,931 Ontario grants 172,837 178,106 188,428 ° Other grants 25,000 25,373 17,722 $ 398,755 $ 419,982 Other 43,6W 40M 50,703 r e 600,184 612,373 532,584 6. LIABILITY FOR VESTED SICK LEAVE BFNFFITS Under the sick leave benefit plan, unused sick leave can be accumulated Region or county purposes and employees may become entitled to a cash payment when they leave ' Taxation • 93,745 94,173 106,540 the municipality's employment." Payments in lieu of taxes 1,655 1,655 1,445 The liability for this benefit, to the extent it has vested, and could be Ontario grants 25,829 25,830 18,694, taken in cash by an employee on termination, amounted to $14,879 at the end of the year. No provision h?s been made for this liability. 121,229 121,658 126,679 7. CHANGES IN ACCOUNTING PRINCIPLES The accumulated not deficit at the beginning of the year on the State- ment of Revenue and Expenditure has been restated to give effect to the Taxation 191,837 192,737 164,714 inclusion of the over or underlevies for county and school board purposes, Payments i n lieu of taxes 85 rod the rccumulrt^d net revenue of the local boards which are now con- solid-ted.The effect on the accumulated net deficit at the beginning of the 191,837 192,822 164,714 year has been an aggreg=ate decrease of $21.363 over that reported in the 1974 Financial Report. Total revenue 913,250 926,853 823,977 Analysed as follows Closing balance December 31, 1974 pre- AT THE CONCLUSION of Turnberry Central School's Easter assembly held Thursday Accumulated net revenue (deficit) at the viously reported (31,787) morning, students from the Grade One class' led other students and their parents in end of the year 1,644 6,117 (10,424) Adjustment for: C c un ty' singing the school song. 18,383 Analysed as follows School boards i 1,305 _ General revenue 4,817 (31,787) Local boards 1,675 21,363 MUNICIPAL ELECTRIC UTILITY _ Region or county (381) 18,383 Opening balance January 1, 1975, as restated (M.424) BALANCE SHEET School boards (31) (801) 1,305 Local boards 1,675 2,482 1,675. 8. SUBSEQUENT EVENTS December 31, 1975 The Town of Wingham entered into a contract on January 30. 1976 for the ASSETS 1,644 6,117 (10,424) construction of a day care centre in the amount of $202,877. The project Current is to be financed by a subsidy from the Province of Ontario of 100� of Cash 52,B41 the costs of construction, Investments 50,836 9. DEBENTURES FOR SCHOOL PURPOSES Accounts receivable 30,733 STATEMENT OF CAPITAL FUND OPERATIONS Debentures for school purposes in '\the :,mount of $719.000 in 1975 (1974, Less allowance for doubtful accounts 30,733 for the year ended December 31, 1975 - $779,000) have not been included in the financial statements under long Inventories 35,508 1975 1974 term liabilities. The payment of these debentures has been assumed by - Unfinanced capital outlay (unexpended capital financing the County of Huron School Board. at the beginning of the year Nil Nil The current portion payable in 1976 is 562.000 (1975, $60.000). Total Current Assets 169,718 Capital expenditure C&Oital General government Utility Plant Protection to persons and property 24,470 19,019Lands 6,127 Transportation services 127,226 67,343 P. U• C. Auditors' Report Buildings 33,625 Plant and Equipment 175,927 Social and family services 2,210 Transmission and Distrubtion System 385,127 Recreation and cultural services 16,385 WATERWORKS DEPARTMENT Other 11,167 611,973 Total expenditure 151,696 104,957 STATEMENT OF REVENUE AND EXPENDITURE Capital financing for the year ended December 31, 1975 Less Accumulated Depreciation 257,029 354,944 Contributions from the revenue fund 83,301 90,498 1975 1974 Other Capital Assets Contributions from reserve funds and reserves 15,895 14,459 $ $ Equity in H.E.P.C. System 505,604 Ontario grants 52,500 Accumulated net revenue (deficit) at the be;;inning of 505,604 Total capital financing 151,696 104,957 the year 47,319 96,500 Total Assets 11030,266 Expenditure Unfinanced capital outlay (unexpended capital financings Operations at the end of the year Nil Nil Water supply LIABILITIES Power and pumping 10,873 5.117 Current Water transmission and distribution 14,314 9,757 Account,, Payable 52,718 - BALANCE SHEETDeposits 5,824 Dep as at December 31, T975 Ministry of the Environment operating charges 4.002 1.713 Customers' Administration 13,184 11,559 Assets Total Current Liabilities 58,542 Current assets Total operating expenditure 42,373 28,146 1975 1974 Capital Cash 27,802 39,221 Principal Equity in If F, PC System 505,604 p payments and interest char•1,c ti on long term Accounts receivable 32,768 52,580 debt 48,349 33.365 505,604 Taxes receivable 45,011 48,923 Surplus - Capita.] expenditure out of current revenue 22,171 86.070 Other current assets 23,051 23,122 Other Loss on disposal of securities 3.037 Capital 141,483 Earned 324.637 466,120 128,632 163,846112,893 150,618 466,120 Capital outlay to be recovered in future years 481,028 514,167 Revenue Total Liabilities and Surplus 1,030,266 609,660 678,013 Sale of water- 101,366 95,744 Other revenue 692 5.693 LECTRICAL UTILITY -STATEMENT OF REVENUE AND EXPENDITURE LiabilitiesFor the year ended December 31, 1975 Total revenue 102,058 101,437 REVENUE Current liabilities Tempgrary loans 50•000 Accumulated net revenue (deficit) at end of year 36,484 47,319 Sale of Electrical F,nergy Accounts payable and accrued liabilities, 57,738 55,778 Residential Sales o 208,058 Other current liabilities 2.029 Commercial sales 359,446 - WATERWORKS -BALANCE SHEET Street Lighting 4,446 59,767 105,778 as at December 31, 1975 4,446 1975 1974 Miscellaneous Revenue Net long term liabilities 481.028 514,167 $ $ Cubo ers' Forfeited Discount.,, and Late Payment Reserves and reserve funds 62.748 68,492 Current Assets Char"'es 1.489 Accumulated net revenue (deficit) and unapplied capital Cash 1,837 27,881 Water heater re%enue 4.704 receipts 6,117 (10,424) Accounts receivable Interest 3,536 male of water 12,164 10,945 Rent 2.406 609,660 678,013 -services and materials 4,772 10.266 Pole rental 2,599 Inventories 11,846 13,5&9 rsccllaneouc 3,987 - 18,721 NOTES TO FINANCIAL STATEMENTS 30,619 62,675 1. ACCOUNTING POLICIES Capital out lay to be,recovered in future years Total Revenue Section 590.671 (a) Bads of Combination From waterworks revenue. Net fixed assets 418,238 439.603 e The finaatcial Statements include the accounts of the re0nue fund, EXPENDITURE F capital fund, reserve fund, and the following local boards: 448,857 502.278 Wingham Recreation and Community Centres Board __ ('uvl6merc' Admirrs' on and General 18,206 r Rillin, and Collecting 16,392 Riverside Park Development Boz'rd Current Liabilities Electrical Energy Purchased 491,455 Trust fund assets administered by thr munlelpal-Ity amount to 065,642 Accounts payable and accrued liabilities 2.023 25,140 Generation of F:lectrAty-(lperat'ion 665 (1974, $63,622) and have not been combined with those of the Town. Payable to own munitipalit.y, hydra 2,144 Transmission and Transformation -Operation 6,448 (h) Fixed assets- Customer deposits 846 1.094 No value Lg attached to fixed assets for municipal reporting purposes. _ - DrW&tst e t.rHeatOperation 13,835 Expenditures on fixed a4.4ets are charged against current revenues 5.013 26,,234 Wgter Heater Maintenance 1.283 unless the expenditures are financed out of long term debt. Debt retire- Long term debt financed by municipality 380,410 401,775 Building Maintenance -4.408 r ment costs are charged against current revenues in the periods in which Ga 1ta1 surplus 26,950 26,950 5,691 _ fl p Depreciation 16,379 they are paid. A Accumulated net revenue (deficit) 36,484 47,319 Surplus for Year carried forward to Surplus Acct. 21,600 (c) Supplies No value is a,tached to inventories of supplies. Expenditures on sup- 448,857 502,278 Total Expenditure Section 590,671 " plies are charged against current revenue.