HomeMy WebLinkAboutThe Huron Expositor, 1989-06-28, Page 101LIA- 'ME 'HURON -EXPOSITOR :1t1NE 28, T989-
rrlf ^you wifti6 Ito suture-4r
^lifetime Pintonee'from on
(RR5P
Or are interested In Other investments
al very competitive rotes cull
glenoid J. Stlnnlissen
1517 041:[)
SunLjfe
BERGSales - Service
Installation
Free Estimates
^Barn Cleaners a Stabling
e Bunk feeders
Donald G. Ives
R.R. 2 Blyth
Brussels 887-9024
ift ngreensdo
at play in mixed pairs fa n o
teens find a good entry on � r n t&'lturda m `th
,af.,
Seaforth lG
Y e mixed' pairs' tournament
sponsored by Etue Insurance. Fifteen
greens were in play .with bowlers from
many out
nof.towplaces,
Firstone hundred dollars
the team
of `Tom and Jean Wilson of went
est
with,3 w plus 50 .op 16. Second went to Jack
and Mary Fisher Lucknow - 3 w plus 49;
third to Brad Fleming and Rev Sarnia - 3w
plus 47 op 7; fourthlo4Walter`Newcombe and
Della Slavin Clinton 3w plus 41 op 13; fifth to
Don and Doris Sibley' Woodstock - 2w plus 47
op 4 ; sixth to Neil and Edna Bell Seaforth - 2
wThelma4Combsn eaford) t2w plusses Con-
solation prize went to Don and Lois Haines
Clinton.
The greens were in excellent shape as
many of the bowlers attested to in their
comments.
7h. cdiisurt,-: THI testi Gi sr:AFu?T...
To the Members of Council, Inhabitants
and Ratepayers of the Corporacion of
the Town of Seaforth
We have examined the consolidated balance sheet of the Corporation of the
Town of Seaforeh as at December 31, 1988 and the consolidated statement of
operations for the year then ended. Our examination was made in accordance
with generally accepted auditing standards, and accordingly included such
testa and other procedures as we considered necessary in the circumstances-
in our opinion, these consolidated financial statemeata present fairly the
financial position of the Corporation of the Town of Seaforth as at December
31, 1988 and the results of Ica operations for the year then ended in
accordance with the accounting principles disclosed in note 1 to the
financial statements applied on a basis conaiscenc with that of the preceding
ear.
London, Ontario
February 20, 1989.
Chartered Accountants
Licence No. 1239
CONSOLIDATED STATEMENT
OF OPERATIONS
fol- the year ended 31, 19$8
SOURCES OF FLNANC848:
Taxation and 0ser charges
Residential and (arm taxation
Commere:a., indyetrial and
businea.s Caxetinn
Taxa140,1 11,10. aura: • government.
vs..: ended,.•., and fee
Grants
...overtimes: van44,,
Pros/nes 0i wntarr,.
Vtnel municipalttle'.
Ocher
inveaLne,., dicast
De4ul•t: Amounts received U' reselyas,,
tscant,. and action anarm.
MUNICIPAL FUND BALANCE. AT T11E 884154494.
OF TIIE. YEAR Oa,:
1 e. ,, dna: t . a-r,1,4ute aur 0.,, .,
APPLLEU TO.
Current operation.
,•. ,. v,•t user'
E'tvid,ti,, .. per aJns alt
.,:4.11 4ir,,:, 4 1,114),.!
aetv,nr.
c ,r4mrn:,,, servi,es
ne s., e
bu,:.ei . 'r •
t Amo„ aero.tr'
ece?t:tun JUJ siltura• service,
1'la onto• Inl ueve,opmen:
Capital
es], , v•tnmen•
Pr a, ••c:iun , per„uns ars, proprrt
, Its r,„r1Jt t,,. aer '.
Ln ,lunmenta• service,
Neiendt,n„ ane :.slur.. nervine,
apprupriaeinn,r
t 444rve• an,'
V4t.t v,• luau.,
611Nl41p44 FUND BALANCE AT TNL ENO OF
THh YEAR (sets ,
•_..-• oriel r.. 03)9.- 4,i.rt,u,, u•
Budget Actual
1984'_ 19de
by a ba Friday
30 bowlers turnollowed
ed out
and all 'reported a most enjoyable evening.
Winning bowlers were Tom "Phillips and
Lydia Doering and Betty Tilley and Theo
Van Bakel. Low scores were held by Olive
mayPryse and be held Jim
inethe seasonr being this
one' was so successful,
The June potluck supper and social was
held on June 20 at 6 p.m. Forty-four
members and associates were present for
the supper. Special thanks to Sandy Pepper
for the treat of fresh strawberries to Grace
Broadfoot, Helen Connell and Rachel Riehl
who stemmed them all.
President Jack Muir informed members a
letter had been received from Helen Brady
re memorial donation sent from the late Dr,
Paul Brady estate, Helen stated she was
pleased to read the Lawn Bowling News,
also the poem 'written by Donald Dale to
commemorate
etas'annidA ntteoftks's also et to J
Keyes'for his many years as treasurer of the
men's club. A card of thanks will ,also be
sentto Jim Etue and the Seaforth Legion for
their generosity to the club.
Winners at bowling after the supper were
Edna Bell and Thelma Coombs 'for the
ladies and Neil Bell and Sandy Pepper for
the men. Euchre winners were high scores:
hands Idea Diehl and Thelma Dand Ethel ale, Lone
Con-
solation James Keyes and Sue Dick. d Con-
MBridge
riel ad winners were Grace Cornish and
Last Wednesday the District Ladies Pro-
vincial Pairs were bowled at the Seaforth
Greens, The winning team was Edna Bell
(lead) and Eileen Adamson (skip). They
will now advance to the nowt gtHPp homer
PI OF SE.AFOITH
JIOR'S REPORT
FUND BALANCES Al THi561 G} 1H1. YEAP
To be used to offset taxation or user
charges (Weir 7)
Reserves (Note 8i
Reserve tunas (Note B,
54,49, 10..,731
7r,,;1r 7u,:10
146.83_• 85,734
,..2,JD_LL GIs 267,175
1513,44, S54(,,241
The accompanying note.,, are at, i Meara part of tui„ fr nancia; statement.
NOTES Ti -1 THE
FINANCIAL STATEMENT
December 31, 1988
1. Accounting Po8cies
The consolidated 3'nanrial statement, g the Lorporat ton are ch,
representation dt management precured rr accordance win: acrount)ny
policies prescribed tut tlntari . 4o:ttcinn:r ties by the Ministry o:
Municipal Affairs, Since precise determination o: many asset,. and
Liabilities is dependent upon i't'n' events, trio preparation of periodic
finanria; Statements necesenr( I I nvn)vett the use n) estimates and
approxrmaci.one. These have bee'. man„ us, m' carelu: lu1)1044nts,
011 (7, Basis 2: Lonsulidaiiie
These consolidated statement/ r,et..
of financing and expenditure,, 01 rP•, ivy assets, lca capital
)Un , sources
funds and reserves and In4ludr t)'.444:4' 0'.nue t oof. all, CO0m1 tend, ) reserve
Actua. Council and the eullowi nl: boards. mune mmirteeh of
1981 ! which are under ch) cuner0t of Loun.a tea: enterpriser and ut it It les
5 797.826 $ 796,680 2 710,743
449,023 454,881 447,230 '
21,50u 31,248 30,356
21.2,53', 226,649 204,381
3,89:
541,231
37, 00,
4, Ou.
23,304
1,83,
535,63,
35,20'
12,31,
19,554
2,681
663,24.
28,46.:
5,5):
b.,')
(501,115, (549,944; (578,8591
40.,,14,
5,,611,91: 3„6•.'l,77"
Si,u/+,65r
252,030
203,830
440,811
10u,88
001.
2, 4u,,
254,01.
296,36:
229.57,
193,129
25
1,674
5 238,49,
272,21'0
228,63,
191,609
18),
161, Ubu2,85,•
141,525 109,169
-_9% 86.65L ___„2/,210
,- 1-2t?SkattL 1.202 866
Sunset - Actual
4,- HtlH 1988
51,454 44,360
25,790 18,40'
180,980 212,688
4:,004 49,66'.
.11_7...921? - 4,184
.--L12.12' 32_315
45,199
Seaforth 8usines4 lmprnvemv.• , 4,,
All intertund assets and llabillt14., al,' sources al financing and
expenditures have been..elimtinate1,4 h .ch4,exception of loans or
advancer; between reserve funds and. 440s
cher resulting interest tnrome.add�^e°petnditnres. -n municipality
(it l Doti -Consolidated Ent(ttes
The following local boards, (01ne local boar,.,, municipal encerpriaes
and utilities are not consolidated:
- - Seaforth and District Lummunliv Gen: ren Management Cummltce
Seaforth Area Fire Department
Seaforth Public Utill n' Commission - Waterworks Oepar@ment
' Seaforth Public Utlllcv Commission - aectrica) Department
(till AcCountlnq for Counts end S:huo1 Board Transactions
The taxation, other revenues, expenditures, asset, and liabilities with
respect to the operations of the sent,,. uu8rds, and the County et Huron
are not reflected in the municipal tun' ualanc,• of these financial
statements, OverlevLes (underlevle::. ire reported on Inc Consolidated
Balance Sneer as "ocher current 1iab:Itllr4" ("other current assets").
Iv. lrust Funds
frust tundra and their related operation.. administered by the
monictpatio. are not conboLtdaced, bit: are reported separately un the
lrusr Funds Statement of Lott lnut•. and 8s.(enc,, Sneer,
(n) basis 0f Accounting
(1)
4cerualbasis Sources
of accounting rt with ch0 exceptioncing anare report edam the
long term 110611141.es which are charged against operations ) in 4theeprinci9941ods
in which they are paid.
(11) The accrual basis of accuunting recognizes revenues as they
_1,120,91} become available and measurable; expenditures are recognized as they are
Incurred and measurable as a result 01 receipt of goods or aervtces and
Actual the creation of a legal obligation to pay.
1"87
' (11i) Fixed Assets
.The historical Cunt and accumulated depreciation for fixed
assets are not recorded fur municipal purposes. Fixed assets are
reported as an expenditure on the Lunx,LldaLed Statement of Operations in
the year of acquisition,
._.44_8.75!,
52,306
1,168
343,354
45,498
6,436
62,094 25,
,,, den,,ideier:.
Jur.n: tie' tea.
$1,611,91- 51,649,770 $1,67.,,656
, .r ,Com outs, ta
ere, del loins,. part 0, 1410 Inn.
1'•0meta: sta1,,,•- t9man 4.
CONSOLIDATED • ;BALA=NCE SHEET
as at :December ;31, 1988
A8 SETS 1988 1981
Unrestricted
Cash
Taxes receivable
Accounts receivable
Other current assets
Restricted
Cash
Accounts reoelvable
Due from revenue fund
Capital outlay financed by 10ng-term Llab111cles
end to be recovered in future years (Note 1(b)(iv)
1A814I TES
Bank indebtedness
Acdounts payable and -accrued liabilities
Deferred revenue
.Net Long -.term liabilities (Note 6)
.Commitments (Note 13)
5 36,664 2 6,656
88,898 125,277
142,182 242,524
100
270,613 374.557
147,888
944
85,620
14
(iv) Capital Outlay to be Recovered to Future Years
"Capital outlay to be recovered in future years," which
represents the outstanding principal portion of unmatured long term
liabilities for municipal expenditures of capital funds transferred to
other organizations, Is reported on the "Consolidated Balance Sheet."
2 Operatic= of the School Board and tho County nl Huron
Further to note l(a)(111), the taxatlun, richer revenues, expenditures and
ovecleviea (underleviee) of the school boards and the County of Huron are
comprised of the following:
Legation
Payment, In lieu of taxes
Requisitions
Supplementary taxes
(Underlevles4 for the year
Overie0iee (underleviee) at the beginning
of the year
(Underlevles) at the end of the year
_1481832 83t )'
-- S.,)000 riquti000 to Unconsolidated Joint Boards
194000 Further t-• nuts I,n)(I1 ,, the a.,,,; And 1140,11E1
__ 000 8D 000 ' Joint boards have 1101 been tuns•, ,lated and are no
"Gunanildated 8alanto Sheet',
$613,445
2540,-291
5 - 5 74,000
139,412 :99,814'
1. 9,r3A2; f9
_142411 „.J42.14
L6rR
4D8o
School'
Boards County
8432,152 9123,899
25,17,2 8,746
457.324 132,645
456,056
I 26f
457,324
S - s
132,276
399
.132 645
nt aleonan,td•ited
e p,,rted or the
The operations of the joint boors. have also nor been consolidated.
Consolidated Statement of Opera. ons" includes ,on:. the luliowlne
contributions made by the munte)p11)t, to those boards:
Sea'forch and District Cummu,,,
Management Committee
Seefomth Area Fire Department
11988 1987
The
944,481 410,369 , The Corporatlpr, of the
,w14h .t eh Torn of Seaford) hes. entered into an agreement
x.24, e. 33,7[7 3 he llesicage Canada FOuhdat,lon to participate ,'091 ldpplomont e
•) 9t,reet Canoga r009 ,lme. The A$r,eement ex Sr,e QQ A Main
868,830 564,486 d total coat of .the pro 4ot la ;apprpx(matelyp0109,000uom r , 1989 c the
089,Evreovvovust agreements. To {Jape 891•,416,Ita9 been expended psor the life e! the
iY Co 81'1 9,.BU3 is avgir;te)7},e to fins me the AAd a rear of 00
our'nam nt
'held at the -Burlington -Club on July 8. Good
Inch girls.
Members have been active in out of town
tournaments, At Bru Gels mixed pairs Neil
and Edna Bell were second, Gladys and San-
dy
D n Doig
third and Sandy Pepper and
EileAt Mitch- ladiesnsnre pairs on Thursday the
team of Jean Lunn (lead) and Eileen Adam-
son (skip) 'placed °first. Consolation prize
was won by Olive Papple and Mary
Finlayson,
Fred Tilley and Neil Bell also placed sixth
in men's pairs at Exeter last Wednesday.
On Monday the rink of Theo Van Bakel,
Olive Papple and Mary Finlayson will be
competing in Exeter in the Senior Games
and on Wednesday'a car load of ladies hope
to compete in ladies pairs in Lucltrfow.
Good Bowling to all
11. Truer Funds.
Trust Lunde admtni,cereu bo the 090,41nnli r•, amiinrt0,4 r,,. 911(1,98' :98'
88',562) hnvo no' hone Included in the Cnnsnlidared Ralanse Sheet nor have
their operation, been included in ins Lunso) 14002 .Statement
Opee rat tuna,
of
Penalon Agreement
The municipality makes rnntrfhutlein, r,' Inv )1ntd'),• muniripal F,m,l v
Retirement Fund 1u,M.r,R•S,7 whlrh {r, „ multi-employer
16 members, n) ern staff. I o res
specifies clffes the The plan is a defined br•net {. plan do hrhalf n.
specifiers baser, nnun3 rho: 1l length retirement benefit re b,. nl 04 w9)'
roar vied. reserved hr she
dolt rate, of nae.
The amount contributed to '.#.8.13.6. cur 19815 wa, :,en
)or current service and Is Ine)uded, a, ,an expenditure Statement of O '1415 �=5.51:)
Operations. w env Consul ld nr eu
6. Net Long Term Liabilities
(a' The balance of net liabilities renurted on the 'Consolidated
Sheet" 1s made un u: the following'
luta( lung term irabiticfen Incurred he 'nn
municipal lit inciudinp those lncur'red on
behal: 01 achnul 'bnardb,'uther
municipalities and municipal enterprises
and outstanding at rhe year end amount c„
Net long-term liabilities at the
end of the veer
1987 1`87
51900), 58Q 0017
0194,006 580,000
b 0( the net long-term liabilities
lr reported tr. aJ 93 this note, rom,D0f1
principal payments are pa va, e• flow. ;9Ra - 1993, 5109,000 from
1494-149D and are summarized a!, ldllowa:
19134
to
1991
1994
to
199E
From general municipal revenues
From unconsolidated municipa: enterprises : 75.000
34,000
5 85,000 0)09,00],
"®se
r) Approval of ,,the Dntario dfuni4ipai Board has been obtained for the
?y`.4''l4Sttpted;:dn the 00449 of the muni ci Pa lloy.
Municipal Fund Balance at the End of the Year
The Municipal Fund Balance on the "Consolidates Statement of Operations"
of 55.,.9; (1987 - 4)0',,731) is eonprised of the following;
1988 1987
5 45,000
40,000
Fur general reduction o) carat lot' or
user dnarges
Reserves and Reserve Foods
a' T)e total balance of reserves and reserve funds of $225,542 (1987 -
5163,44a) respectively are made UP of the (o11o.fee:
' 1988 1987
S 54,491 SlOa,731
•
Reserves Set aside for specific purpose by
Council - for working capital
Total reserves
Reserve funds set aside for specific purpose
by Council - fur industrial development
- fur working capital
- ler heritage
- for business fmpruvemenr
- for sick leave
Total reserve funds
e. Unfunded Pea6ien Lieb1llty
5 76.710 5 76,710
5 76,710 5 76,710
r - tip'
5 37,098
76,469
10,507
19,803
5 38,876
10,846
9,69..
26,3th
0148,832 5 85,734
During 1985 the town amended by-law, number 667 such that policemen are
140 en4 ,tied cwt der ire, et 60 years of age as opposed to 65 years of age.
The net elle, n: chi,, change wab an underfunding in the policemen's
pension plan of 526,111 at January 1, 1985, the effective date of the
Change.
The town since made tour equal annual Instalments of principal and
)7l407est amounting. to 0',041 (or each 00 the years 1985 14 1988.
Thr• unfunded balance as at December 31, 1888 of 56,539 has 001 been
accrued In these. llnanrisl statements,
111• Charges for Net Long -Term liabilities
lural charge, ler the• year fur aer long term liabilities which are
reported un the "Conso:)dater, Statement of Operations" are as follows:
1988 1987.
.etc rear
II. Mon -Accrual of interest on Long -Tens Liabilities
'•o provision has been made in these financial statements for the accrual
of interest on the. net long-term li abliitie9, Had this provision been
made, mwn)e)pa) fund balances as at December.)), 1988 would have
decreased by 54,915 (1987 - 84,144),
11. Contractual Obligation - Minlatry of the 8nvlronment
In accordance with a service agreement entered lilts by the Town In 19/5
with, the Ministry of the tovlronmenc, the existing sewage system is owned
and operated by the Ministry. The Town is obligated to meet all
popero3 ret.ra Ling 200(4 and repay the long-term liabilities related to this
Included In the "Consolidated Statement of Operations" are the 1988
charges (rum the Mtniatry of 5117,561. The "Consolidated Balance Sheet"
does not reflect any assets or liabilities pertaining to the•sewage
system except to the extent of service ehacges due to the Ministry.
Information received )rum the Mlnfatry as at March 31, 1988 indicates the
following:
5 6,000 5 5,000
7.800 8,288
813,800 013,188
Accumulated net surplus
Debt charges
Total outstanding long-term liabilities
13' CAMedroPenta
ARM 1987
9263,7'53
S 75,382
9768,919
5250, 743
8 75,379
8776,476
9