The Brussels Post, 1979-04-16, Page 5STATEMENT OF CONTINUITY AND
ANALYSIS OF YEAR END POSITION
for the year ended December 31, 1978 1978
Actual
1977
Actual
Available at the beginning of the year for
future municipal purposes 20,000 36,000
Revenue
Contfibutionftnnithercirenudrund
Co4itributiongltonideMopeit
Expenditure
Transfers to the capital 'fund
Ttati8W§An the revenUe fond 10,000
16,660
Available at the year end for future
rmanicipai purposes . 16,60 , 20,000
RESERVE AND RESERVE FUNDS
ANALYSIS OF YEAR-END POSITION
as at December 31, 1978
Reserves
, Working funds 20,000 20,000
20,000 20,000
Reserve funds
Year end position of reserves 20,000, -26,60 and reserve fah&
THE BRUSSELS POST APRIL 18 '1979 5
SOME WINNERS FROM GREY CENTRAL — Becky Dunbar and Pauline
Bailie Grade 8 students at Grey Central School in Ethel placed second in
the biology category when the North Huron Science Fair was held at the
East Wawanosh Public School in Belgrave on Thursday.
(Brussels Post Photo)
SOIL EROSION DISPLAY — Murray Keffer
and Scott Cardiff did a display on soil erosion at
the Brussels Public School's Science Fair on
Tuesday.
A BRUSSELS SECOND
• PLACE WINNER --
Kevin Leis of the Brus-
sels Public school
placed second for his
entry in the physcial
category at the North
Huron Science Fair.
Kevin is a Grade 8
student.
(Brussels Post Photo)
HOW DO PLANTS GROW — Susan Goetz was
interested in how plants grow when she looked
over displays at the Science Fair at the Brussels
Public School on Tuesday.
(Photo by Langlois)
SECOND PLACE WINNER — Dianne Camp-
bell of East Wawanosh school in Be!grave
placed second in the Grade 6 biology category at
the North Huron Science fair
Morris Township Auditors Report continued
NOTES TO THE FINANCIAL sTATEmENTs
1. ACCOUNTING POLICIES
(a) Statement of revenue and expenditute
This statement reflects the revenues and expenditures of the
revenue fund and the Township of Morris Recreation Committee.
(b) Statement of capital operations
This statement reflects the capital expenditure of the municipality
to be recovered from the general municipal revenue of the
municipality and its local board as described in note 1(a).
(c) Balance sheet
This statement reflects the assets and liabilities of the revenue
fund, the capital fund, and the local board as described in note
1(a).
(d) Fixed assets
The historical cost and accumulated depreciation of fixed assets
is not reported for municipal purposes. Instead, the "Capital'
outlay to be recovered in future years" which is the aggregate
of the principal portion of unmatured long term liabilities and
the cost of capital projects not yet permanently financed is
reported on the Balance Sheet.
(e) Municipal enterprises
There are no municipal enterprise activities carried on by the
municipality,
(f) Charges for net longterm liabilities
Debt retirement costs including principal and interest are
charged against current revenues in the periods in which they
are paid. Interest charges are not accrued for the periods
from the dates of the latest interest payments to the end of
the financial year.
2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
(a) Some capital outlay to be recovered in future years does not
represent a burden on general municipal revenues, as it is to
be recovered in future years from other sources:
1978 1977
Special charges on benefitting
landowners $221,807 $192,449
(b) Capital Outlays, including fixed assets and the transfers of
capital funds in the amount of $1,3890 which have been financed
from general municipal revenues of the current year, are. reported
on the Statement of Revenue and Expenditure.
3. NET LONG TERM LIABILITIES
The balance for net long term liabilities reported on the Balance Sheet
is made up of the following:
Total long term liabilities incurred by the
municipality including those incurred on behalf
of former school boards, other municipalities
and municipal enterprises and outstanding at the
end of the year amount to $ 491,807
Of the long term liabilities shown above, the
responsibility for payment of principal and
interest charges has been assumed by school
boards for a principal amount of (270,000)
Net long term liabilities at the end of the year $ 221,807
4. ACCUMULATED DEFICIT AT THE END OF THE YEAR
The balance in the revenue fund at the year end is available
(to be added to) the levies of the following classes of ratepayers.
1978
to reduce
1977
General ratepayers $(27,055) $(24,930)
School board ratepayers 1,335 (546)
County ratepayers 450 5,054
$(25,270) $(20,422)
5. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for long term liabilities were as follows:
1978 1977
principal payments $22,642 $18,042
Interest 9,890 5,833
$32,532 $23,875
The total charges shown above were paid from general municipal revenues
of the municipality and are included in expenditure en the Statement of
Revenue and Expenditure classified under the appropriate functional
headings.
6. THE ANTI-INFLATION ACT
The municipality and its local board are by agreement between the
Government of Canada and the Government of the Province of Ontario dated
Jandhty 13, 1976, subject to The Anti-Inflation Act (Canada) and the
national guidelines. This legislation limits increases in compensation
payments effective October 14, 1975. This limitation was removed
April 18, 1978.