The Huron Expositor, 1976-07-22, Page 18WATCHING THE FINALS - A good crowd was on hand Monday night and over
the weekend to watch the finals in the Industrial B'all Tournament held over the
weekend. The Queen's Hotel won the A group trophy and the Travelers took the B
group trophy. 9 (Staff Photo)
REVENUE
Taxation - ,statement 3
Contributions from other governments:
,Payments in lieu of taxes
SUbsidiei - Province of Ontario -
General support grant
Resource equalization grant
Per capita grants
Roadways ,
Recreat on
o nitiatives Program Grant
Municipalities'-
Huron County Road Rebate
. Municipal utilities
Other revenue:
Licences and permits
Rents, concessions and franchises
Pines
Penalties and interest bn taxes
Parking meters
Sundry
Sale et land
Sale of Harket Street Sewer to
ProViride -of Ontario (note `6)
', rinorsie' Tibiti"iiitidigthdtite '
-% r evenue
Akeetiantiated net revenue dificit)
be,ginititig of oat.
1975 1974
Budget Actual Actual
p161, "'$309,355 $269.480
9,675
70,328
28,672
52,800
4,914
9,385
166 ,0'99
11,452'
13,623
7L,854
28,672
58,600
5,661
1,103
179 ,513
11,337
17,559
43,942
22,484
66,559
150,544
14,953' 14,954 10,412
1,058
14,953 14,954 11,470
190,72) 208,416 173,351
Accumulated net revenue (deficit),
':(24.726) (4726) 36,402 end of year
catita $60910.62 035073,
(See, accompanying notes)
Expenditures:
7)-
General government
Protection to persons and property
Public works
Sanitation and waste removal
Social and family services
Recreation and community services
Community planning and development
Financial expenses
Region or county - share of expenditure
EXPENDITURE
1975
1974
Actual
BudgetActual
936 1,072 Education
40,700 40,517 41,361 .
448 221
1,536 1,767 2,623
3,700 3,310 3,685
405 6,375
2 (,191104)
, .
45,478 45,929
' 1;600" ' ' 1: in . " I' E(15 '
,i3.2M litlg, -34476.
600,334 611,788 499,271 Total expenditure
$ b1,286
81,420
' 173,100
57,622
1,665
20,870
7,800
4,600
82,278
12 7 21.11
$ 61,981 $ 58,755
82,645 96,596
163;552. 133,374
72,936 57,072
2,047
28,112 29,042
10,541 1,000
12,592 5,597
82,852 63,411
, 107,978 51,505
597,658
623,189 538,399
- (50). (14,127) (2,70)
$S97 OS $609.64 0555,673
Accounts receivable:
Government o Cahada
Province of ntario
Local oards
Sundry
faxes receivabl i.
Less allowance for uncoiiectiole taxes
Other assets.
4J.2 7. Government of Canada Savings Builds,
due . September 1, 1983 -- at cost
(market value:. $18,865 1975).
capital outlay to be recovered in future years:
Funded - • - • Cost of sewer projects to extent of
balance of related,de t
Unfunded -
Cost of expenditures on the Seaforth
Memorial Community. Ce tre (note •5)
Expenditures net of donations on
recreation park building
Statement of Revenue and Expenditure
YEAR ENDED DECEMBER 31, 1975
(and comparison with budget estimates and 1974 actual)
2,956
31,756 27,642
8,261 - 7,569.
o,058' 4,772
49 031.0 39,983
15,485 19,346
1,200 1 .592
14,285 17,754 (Reserves - statement 5
Lb,990 17,'86,1 Accumulated netrevenue (deficit).- stat ement 2
Accounts payable and accrued charF,es:
Local Boards
Sundry
Province of Ontario
Unexpended capital program grant
Net long term liabilities applicable
Lu sewer projects
24,500 24,50G'
135,018 . 147,083
79,404 79,404
1 ,307
215 ,729
$375,986
8,093
234 ,580
$354 254
(See accompanying, notes)
Town of Seaforth-Auditor's Report
The Mayor, Members of Council and Ratepayers,
Municipal Corporation of the Town Of Seaforth.
We have examincd the combined balance sheet of the Municipal
Corporation of the Town of Seaforth as at December 31, 1975 and the related
statements of re,,enue and expenditure and capitalfund operations for the
year then ended. Our examination included a general review of the
accounting procedures and such tests of accounting records and . other
supporting evidence as we considered necessary in the circumstances.
In our opinion these financial statements present fairly the financial
position of the Municipal Corporation of the Town of Seaforth as at December
31, 1975 and the results of its 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.
London, Canada. Chartered Accountants.
May 6, 1976. Licence No. 170
Combined Balance Sheet
DECEMBER 31, 1975
(with comparative amounts at.December -31, 1974)
ASSETS LIABILITILS
1
1975. 1974
8 55,451 $ 19,576 Dec to bankers on demand loan $150,000 8105,000 Cash,
li
1
a
picnic in
Bayfie
Correspondent
Mrs. Bertha MacGregor
Mr. and Mrs, James gangster
and Brad returned from a
vacation at Tobermory,
Mrs. Harry Horton who has
been a patient in South Huron.
Hospital, Exeter returned to her
home on Friday.
A large representation of
members of the "Three Links
Senior Citizens Club" attended
the Picnic of Zone 8 held at the
park-in Bayfield on Sunday. They
enj6yed a program of violin
selections,. organ playing, mouth
organ selections, The Bones,
readings etc. Mrs. Mary Gregg,
Clinton is president and Mrs.
Rosa Harris, Hensall is secretary.
Mr. and Mrs. Clarence Wrath
and Mrs. Bertha Cook of Belgrave
were visitors with Mrs. Pearl
Shaddick on Sunday.
Mrs. Pearl Shaddick returned
home last week after visiting with
her cousin Mrs. Bert Wiggins in
Brantford. Mrs. Wiggins
accompanied Mrs. Shaddick
home and spent the weekend with
her.
Corresponde'nt
Mrs. Rena Caldwell
The regular meeting of the
U.C.W. of St. Andrew's Church)
Kippen was held at the church,
May 11 with a good attendance.
Mrs. Emerson Anderson opened
the meeting with the worship and
Mrs. David Cooper presided over
the business \meeting. The roll
call was answered by a song title
with the word mother in it.
The Finlayson sisters favoured
with two tap dancing numbers. It
Glen Stelk, Clearwater,
Florida, who has not been in the
vicinity for 50 year visited with
W,L. Mellis and Elgar Mousseau
on 'Saturday evening.
A number of children from the
Kippen area have been attenclijig
Bible School at Brucefield.
Mrs. Steve Pine and daughter
Sherri Lynn have been the guests
was decided to have the annual
pie Vile at Zurich Bean Festival
and to have a bake sale July 17 at
11 a.m. at Homestead.
Mrs. Shirley Bond gave a
demonsation on working with
fun fur, after which Mrs. Cooper
thanked everyone for taking part
in the meeting and also thanked
the committees in charge of
carpet laying and the cleaning
bee. The hostesses Mrs. Ida
Deckert and Mrs. G. Love served
lunch.
of Mr. and Mrs. Ed McBride.
They were joined on Saturday by
Steve Pine and all attended the
wedding of Miss Bonnie
Dalyrymple of Brucefield.
Mr. and Mrs. Robert Kinsman,
Lyle and Bill have holidayed in
the Western ProVitices recently.
Mr.. and Mrs. Garry Alderdice
and Family of Nova Scotia are
visiting _relatives in the area.
Seniors at Kippen UCW plans pie sale
HOLIDAY
come but once a year!
We'll be dosed
July 24 to August 7
when . we'll be back to
SERVE YOU EVEN BETTER I
Canadian
Furniture
Restorers
Hwy. 83 across from Acme Signs
EXETEtt 235.0131 or 262.2648
OWNED AND OPERATED BY EUROPEAN TRAINED CRAFTSMAN
WITH 24 YEARS EXPERIENCE IftEMITURE.RESTORI,
READ and USE EXPOSITOR CLASSIFIED -
Kippen visitor returns
after 50 years away
2,325
21,000 37,646'
5,955
16,630
45,910 46,856
135,018 147,083
59,185 58,041
(14,17) (2,726)
Notes to 'Financial Statement
DECEMBER 31, 1975
1. Accounting policies
The Town of Seaforth follows accounting principles generally
accepted for Ontario Municipalities. As a result of this policy:
Fixed assets
Fixed assets are only capitalized on the balance sheet to the
extent that there is a related debt or debenture outstanding against them. In
other cases, fixed assets a e expensed when incurred, -
Combined balance sheets '.
The combined balance sheet reflects the assets and liabilities
of the revenue fund, the capital fund and all reserve funds of'the municipality.
Assets and liabilities of local boards of the municipality have not been included
in thtlegMbI4A,balance sheeE.
2. Charges for net long term liabilities
Total charges for the year for net
Principal payments
Contributions to the debt
retirement fund of Ontario
Water Resources Commission
(Ministry of, the Environment)
Interest
$19,322
All charges shown above were paid, from the general revenue of the
municipality and are included inexpenditures, classified under the appropriate
3. Net long term liabilities
Total long term liabilities incurred
by the municipality and outstanding
at the end of the year amount to $737,579
Of the the outstanding long term liabilities
shown above, the responsibility for
payment of principal and interest
charges has.been assumed by others •
for.an amount of. • (540,000) .
The balance in the debt retirement fund
the Ontario Water Resources Commission
which has accumulated to the end of the
year to retire the outstanding long term
liabilities shown aboVe amounts to (62,561)
Net long term liabilities at the end
of the year ' $135,018
4. Assumption of debentures issued
for school purposes
On January 1,,1969 the Huron County Board of Education assumed
from the municipality the responsibility for the payment of the principal and
interest charges on the debentures issued for school purposes.
5. Expenditures on the Seaforth Memorial
Community Centre
During 1974, the Municipality expended $79,404 on repairs to the
Seaforth Memorial Community Centre without hav-ing received prior approval for
this expenditure from the Ontario Municipal Board. These repairs were temporarily,
financed out of the preceeds of bank borrowings which, at December 31, 1974
amounted to $105,000. This was apparently in violation of Section 332(2) of the
Ontario Municipal Act which restricts such borrowings to 70% of the uncollected
.revenuee,for the year.
' During 1975,,,:the Town was granted authority under a private bill
.to issue up to $79,000 in debentures of the Corporation of the Town of Seaforth,
payable in not more than 10 years, for the purpose of paying the cost of repairs
to the Community' Centre. The passing of this bill also Provides authorization
for the Town to arrange for temporary Bank borrowings to covet the costs of their
repairs until the debentures were issued. ,
' Subsequent to December ,31 0 1975, the Town issued $79,000 in
. debentures at 10% for the initial five year period and 101/4% for the last five
year period. .
6. Sale of Market Street Sewer
'During 1975, the Municipality sold its interest in the Market Street
Sewer System to the Ministry of the EM4ronment for a-total cash consideration
of $45,929. This amount has been credited to the operating revenues of the
long term liabilities were as
$ 6,000
v4
6,064
7,258
9,210
headings.
$375,986 $354,254