Zurich Citizens News, 1975-03-27, Page 14PAG1 14
• ZURICH CITIZENS NEWS
THURSDAY, MARCH 27, 1975
W WW
TOWNSHIP OF HAY -AUDITOR'S REPORT - 1974
TO: The Members of Council, and Ratepayers of the Corporation of
the Township of flay.
I 'rave examined the 1974 financial statements of the Corporation
o‘• the Township of Hay and its local boards, which are listed on
the attached Index. My examination included a general review of
the accounting procedures and such tests of accounting records and
other supporting evidence as I considered necessary in the circum-
stances.
In my opinion these financial statements present fairly the fin-
ancial position of the Corporation of the Township of Hay and its
local boards as at December 31st, 1974, and the results of their
operations for the year then ended, in accordance with accounting
principles generally accepted for Ontario municipalities applied
on a basis consistent with that of the preceding year.
Goderich, Ontario
February 27, 1975
Licence Number 195
A.M. Harper
STATEMENT OF REVENUE AND EXPENDITURE
for the year ended December 31, 1974
Accumulated net revenue (deficit) at
the beginning of the year
General government
Protection to persons and property
Transportation services
Environmental services
Conservation of health
Social and family services
Recreation and community services
Community planning and development
Financial expenses
Region or county - Share of expenditure
Education.
Other
EXPENDITURE
Taxation
Contributions from other governments
Other
REVENUE
Accumulated net revenue (deficit) at
the end of the year
Analysed as follows:
General revenue
1974 1973
$ $
4,383 (2,326)
27,752
22,770
199,272
6,734
234
95
1,141
305
774
105,027
196,102
3,843
564,049
21,996
12,262
175,978
5,247
56
105
986
1,105
808
82,279
185,666
7,459
493,947
393,880 358,928
93,764 83,836
74,359 57,.892,
562,003 500,656
2,337 4,383
2,337 4,383
2,337 4,383
STATEMENT OF CAPITAL FUND OPERATIONS
for the year ended December 31, 1974
Unfinanced capital outlay (Unexpended capital
financing) at the beginning of the year
Capital expenditure
Transfers to others
CAPITAL OUTLAY
Capital financing
Long term liabilities incurred
Other
Unfinanced capital outlay (Unexpended
capital financing) at the end of the
year
CONSOLIDATED BALANCE SHEET
as at December 31, 1974
ASSETS
Cash
Accounts receivable
Taxes receivable
Other current assets
Capital outlay to be recovered in
future years
LIAB1LI'1T5S
Temporary loans
Accounts payable and adcrued liabilities
Other current liabilities
Not long term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts
391 767
535,315 94,500
535,315 94,500
532,300 94,500
3,406 376
535,706 94,876
Nil • 391
82,186
74,321
34,827
404
191,738
1,073,537
1,265,275
107,620
43,967
48,296
199,883
612,893
812,776
19,900 22,675
68,610 67,066
4,633
88,510 94,374
1,073,537 613,284
100,891 100,735
2,,337 4,383
1,265,-''5 812,776
NOTES TO FINANCIAL STATEMENTS
CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for net long term
liabilities were as follows:
Principal payments
Interest
'69,032
29,717
S 98,749
Of the total charges shown above, 855,349 was paid from
the revenue of the municipality and is included in expenditure
classified under the appropriate functional headings, and
$43,400 was recovered from Hay Municipal Telephone 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, the capital fund and all reserve
funds of the municipality. Trust fund assets administered by
the municipality, amounting to $377 and the .assets and liabil-
ities of the local boards have not been consolidated.
3. NET LONG TERM LIABILITIES
Total long term liabilities incurred by the municipality and
outstanding at the end of the year amount to 1,311,254
Of the long term liabilities shown above, the responsibility
for payment of'principal and i'nterest charges has been
assumed by the Huron County Board of Education for a
principal amount of 237,717
Net long term liabilities at the end of the year 1,073,537
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 from other sources:
Special charges on benefiting landowners
- Tile drain loans
Municipal enterprises - Shoreline Property
improvement loans
ANALYSIS OF REVENUE
for the year ended December 31, 1974
Taxation
Realty - Residential and farm
-Commercial and industrial
Business
Contributions from other governments
Municipal Tax Assistance Act
Ontario Hydro
Ontario
Per Capita
General support grant
Resource equalisation grant
Specific -
Roadways
Other revenue
Licenses and permits
Rents, concessions and franchises
Penalties and interest on taxes
Income from investments
Tile drainage
Provision for deferred revenue
Discount on county rates
Sale of gravel, logs, etc.
Sundry
1974
Budget
387,398
700
12,990
5,170
75,000
93,160
93,860
2,000
1,500
5,000
55,694
1,200
500
65,894
Total Revenue 547,152
371,237
11,300
382,537
1974
Actual
$
367,215
19,150
386,365
7,515
393,880
771
55
826
12,990
2,702
3,559
73,687
92,938
93,764
4,129
1,073
4,622
207
55,349
5,037
2,396
1,437
109
74,359
562,003
ANALYSIS OF EXPENDITURE
for the year ended December 31, 1974
General government
Members of council
General administration
Unclassified
Protection to persons and property
Fire
Protective inspections
Unclassified
Transportation
Roadways
Drainage
Tile drainage
Unclassified
services
Environmental services
Garbage collection and disposal
Conservation of health
Social and family services
Unclassified
Recreation and community services
Parks and recreation
Community planning and development
Planning and zoning
Industrial development
Financial expenses
Interest on temporary borrowing
Unclassified
Region or county -share of
expenditure
Elementary - public
- separate
Secondary
Other
Police Village of Dashwood
Provision for deferrec'revenue
Total Expenditure'
1973
Actual
337,843
16,192
354,035
4,893
358,928
640
51
691
9,783
5,649
67,713
83,145
83,836
2,609
1,114
5,579
45,029
1,251
2,231
79
57,892
500,656
4,500 5,427 3,818
20,500 22,144 18,178
500 181
25,500 27,752 21,996
14,500
150
6,700
21,350
147,800
55,694
203,494
6,800
6,800
55
55
15,269
373
7,128
22,770
139,676
4,247
55,349
199,272
6,734
6,734
234
234
5,337
130
6,795
12,262
127,363
3,086
45,029
175,978
5,247
5,247
56
56
95' 105
95 105
700 1,141 986
700 1,141 '986
500
15 773
290 332
500 305 1,105
1,000 138
636
1,000 ' 774
_97,646
74,538
22,759
93,400
190,697
3,805
3,805
551,517
105,027
77,298
22,875
95,929
196,102
3,843
3,843
564,04.9
808
808
82,279
84,737
21,395
79,534
185,666
2,809
4,650
7,459
493,947