The Lucknow Sentinel, 1972-06-28, Page 12Auditor's Report
To: The Members of Council and Ratepayers of the Corporation of the
Village of Lucknow
I have examined the 1971 financial statements of the Corporation
of the. Village of Lucknow 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 circumstances.
In my opinion these finanCial statements *sent fairly the Un-'
andel position Of the Corporation of the Village of Lucknow and its
local boards as at December 31st, 1971, and the results of their opera-
tions for the year then ended, in accordance with accounting principles
generally accepted for Ontario municipalities applied on a basis con-
sistent with that of the preceding year.
(Signed) A. M. Harper
City Goderieh, Ontario
Date: - May 15, 1972
Licence Number - 4223
Statement of Revenue and Expenditure
for the year ended December 31, 1971
General government 13,544 14,492
Protection to persons and property 12,251 14,024
Public works 34,031 34,597
Sanitation and Waste removal 3,005. 2,292
Recreation and community services 7,245 16,344
Financial expenses 7,768 6,823
Education 34,830 56,193
Region or county - share of expenditure 22,636 23,893
-Total expenditure
it. $135,310 $168,658
Excess of revenue over expenditure for the year 11,927
(Excess of expenditure over revenue for the year)
Surplus (deficit) at the beginning' of the year (5,330) '
Surplus (deficit) at the end of the year $ 6,597 '
(14,057)
8,727
(5,330)
. 1971 1970
Taxatioii $102,853 $108,621
Contributions from other governments 37,841 39,438
Other 6,543 6,542
Total. revenue $147,237 $ 4,601
.Statement of. Capital Fund,. Operations
for the year ended December 31,1971
Unfinanced capital outlay (unexpected capital
financing) at the beginning of the year
1971
$ '6,465
1970
$ 44,465 CAPITAL EXPENDITURE
Public works ' 663 Recreation and community_ seryices „.„, , 22,606
663 $ 22,606
CAPITAL FINANCING/ /
Long term liabilities Meurred
Contributions from other governments
$ 6,465 • 21,000
35,220 Contributions from the revenue fund ...... . „ 663 4,355
($ 7,128) ($. 60,606)
Unfinanced capital outlay (Unexpended
capital financing at the' end of the year
, $ 6,455
Consolidated Balance Sheet
Capital outlay to be recovered 'in
future years
LIABILITIES
Temporary loans $ 18,128
Accounts payable and accrued liabilities 6,693
Other current liabilities 35
$ 24,856
Net long term liabilites $ 59,014
Reserves and reserve funds 10,750
Surplus (deficit) and tmapplied capital receipts 6,597
. $101,217 $140,109
$47,698.
23,751
$ 71,449
$ 68,440
5,550
:(5,330)
$ 59,014 $ 74,905
$101,217 - $140,109
2. BASIS OF. CONSOLIDATION
The Consolidated Balance Sheet reflects the assets and liabilities
of the revenue fund and the capital fund of the muncipality. The
assets and liabilities of the local_ boards , have not been con-
solidated.
municipality and out-
' ' $139,030
the responsibility for
has been assumed by \
a principal amo unt of
$ 80,016
t 59,014
3. NET LONG TERM LIABILITIES
Total long term liabilities incurred by the
standing at the end of the year' amount to
Of the long term liabilities shown above,
payment of principal and interest charges
the Bruce County Board of Education for
-- -Net long-term liabiligps-at-the -end of .the, year-_---
4. *CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
Some capital outlay does not represent a burden on general intitt-
icipal revenues, as it is to be recovered in future years from
other sources:
Municipal enterprisei .9 8,000 Municipal'
as at Dicember 31, 1971
ASSETS
1971 1970
Cash $ 5,876 $ 4,155
Accounts receivable • 28,875 52,044
Taxes-receivable „ 7,452-- 8,967-
Other current assets 38
Notes to Financial Statement:
1. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for net' long term liabilities
were as follows:
Principal payments s 15,891
Int 4 659
Ago
/I
WIN $3,500
KINCARDINE DISTRICT GENERAL
HOSPITAL BUILDING FUND
SWEEPSTAKE # 1
PROCEEDS TO BE USED FOR EXPANSION
AND EQUIPPING AT HOSPITAL
JACKPOT DRAW
SEPT. 161972
1st Prize - 1.000"
1ed Prize - sS00"
PRIZES
200
PER
TICK ET
EARLY BIRD DRAW
1 -JULY 1. 1972-$200.00
2 --JULY .15. 1972-S200:00
3 - JUL Y 29 '1972- S200.'00
4 - AUGUST 12, 1972-$200 00
5 - A,UGUS T 26 197i -$200 00
FOR TICKETS WRITE:
BOX 2,000. KINCARDINE, ONTARIO
PAGE TWELVE
Festival Notes . .
Contributed
With less than six weeks before
the Lucknow Craft Festivai, there's
lots to do and see accomplished..
Have you any ideas you'd like to
see put into action about the big
show? Contact one of the Festival
Committee and let them know.
They are all anxious to make
the• Festival a gab affair and have
been working hard to make it‘so.
There's still plenty to do and
just, maybe you could lend a help-
ing hand. Remember, this is a
community project , everyone
wools .for one general aim, - to
provide a selling place for those
people who make things in their
own free time. For many years
there has been a need for such
an outlet. The Craft Festival
Committee are trying to meet
this need. They are working hard
to help all crafters in the area
and have done their best to ac-
commodate as many as possible.
The 1972 Committee is as col
lows: Conveners, Oliver •and Mar-
ion McCharles; Secretary, Mrs.
Marlene Struthers; Treasurer,
Dan McInnes; Committee mem-
bers, Omar and Dora Brooks , Bob
Struthers. Anne McInnes, Russ
and Pat Ritchie , plus many sub-
Exhibitors are coming from
Toronto, Kitchener, Brantford,
Galt, London, Sarnia , Owen
Sound, as well as all the places
in between.
Some of these people, have
asked for Billets. How about it?
Do' you have a flare for clerking,
taking tickets, selling ice cream,
soft drinks or helping serve as a
guide. You are needed. You
remember the large crowds that
came to Lucknow last year. You
mustremernber how many hours
of work went into the= event. Its
all taking place again this year
on August 4th and 5th.
THE LUCKNOW SENTINEL, LUCKNOW, ONTARIO..
WEDNESDAY,: JUNE. 28th, 1972
coriiinittee members ,and. the
President and Secretary of the
Lucknow Agricultural Society.
• Why not drop a note to one of
the comMittee. if,you care to be-
part of this big cortmunity. pro-
ject, •
FOR THE YEAR ENDED DECEMBER 31, 1971
EXPENDITURE'
The Corporation Of The Village Of Lucknow
Auditor's 'Report and Financial Statements
A. M. HARPER -,Auditor GODERICH, ONTARIO
Of the 'total charges shown above, $16,991 was paid from the
revenue of the municipality and is included' in ex,penditure, clas-
sified under the appropriate fanctional headings, and $3,559 was
recovered from the Lucknow Water System for which the related
net long term liability was incurred.
$- 42,203
$ 65,204