The Brussels Post, 1972-04-12, Page 11Township of Grey Awl- Auditor's: Report
March 30th, 1972,
To: The Members of Council, Inhabitants
and Aatepayers
We have examined the 1971 financial statements of the
Cprporatien of the Township of.Grey and its local boards,
which are listed, on the attached Index. Our examination
included a general review of the accounting procedures and
such test 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 corporation of the Township of
Grey and its local boards. as at Dem:0er 31Ati. 1971,, and the,
resPit of thOr operations for the year then ended, in acoor,
daece with accounting principles generally accepted for Ontario
mnnicipalitie4 applied on A. basis consistent with that of the
preceding year.
,Respectfully submitted,.
Monteith, Monteith & Co.
Chartered Accountants.
Liceence No. 4132.
Stratford, Ontario.
Date of Filing April 5th, 19'72.
STATEMENT OF REVENUE AND EXPENDITURE
for the year ended December 31, 1971.
REVENUE 1971 ,1970
Taxation 237,689 212,388
Contributions from other
governments 148,244 116,423
Other 10,631 10,409
Total Revenue... 396,564 339,220
EXPENDITURE
General government., 12,762 12,521
Protection to persons and property 4,533 6,941
Public works 166,465 131.911
Sanitation and waste removal 2,203 1,877
Conservation of health ........ .... 274 342
Social and family services. ... 5,449 4,797
Recreation and community services 843 1,297
17,080 19,730
112,054 102,421
62,103 66,118
383,766 341,955
Excess of revenue over ex-
penditure for, the year 12,798
(Excess of expenditure over
revenue for the year ( 2,735)
Surplus (deficit) at the beginning
of the year (1,635) 1,100
'Surplus (deficit) at the end of the
year 11,163 (1,635)
Financial expenses
Education .
Region or county-share of
expenditure
Total expenditure
(Statement 7, Note 2)
STATEMENT OF CAPITAL FUND OPERATIONS .
for the year ended December 31, 1971
Unfinanced capital outlay
(Unexpended capital financing)
at the beginning of the year Nil.
CAPITAL OUTLAY
Public works 51,470
Transfers to others 50,200
governments 41,176
Contributions from the revenue
Nil. fund 10,294
24,360
29,700
14,616
9,744
(101,6'70) (54,060)
Unfinanced capital outlay (Unex-
pended capital financing) at the
end of the year
101,670
54,060
Nil. Nil.
CAPITAL FINANCING
Long term liabilities incurred 50,200
Contributions from other
29,700
CONSOLIDATED BALANCE SHEET
as at December 31, 19'71.
ASSETS
Current Assets
LIABILITIES
• Current Liabilities
Temporary Loans 229,023 185,676
Accounts receivable 220,415 172,965 (Statement 7, Note 5)
Taxes receivable 58,589 53,734 Accounts payable and accrued
liabilities 4,936 8,706
279,004 286,699 Other current liabilities 2,035 2,105
Capital outlay to be recovered in 235,994 196,487
future years 140,923 105,398
Net long term liabilities 140,923 105,398
419,927 332,097 (Statement 7, Notes 1, 3)
Reserves and reserve funds 31,847 31,847
Surplus (deficit) and unapplied
capital receipts 11,163 (1,635)
419,927 332,097
NOTES TO FINANCIAL STATEMENTS
Note 1 Net Long Term Liabilities
Total long term liabilities incurred by the
municipality and outstanding at the end of the
year amount to.. $349,923
Of the outstanding long term liabilities shown
above , the responsibility for payment of principal
and interest charges has been assumed by others.
The principal amount of which at the end of the
year is (209,000)
Net long term liabilities at the end of the year $140,923
(Statement 3)
Note 2 Charges for Net Long Term Liabilities
Total charges for the year for net long term
liabilities were as follows:
Principal Payments $14,676
Interest...
• .. . " ... • '1'f's
$18,925
The total charges shown above were paid from the
general revenues of the municipality and are in-
cluded in expenditure classified under the appropriate
functional headings: (These charges are included in
the' "Total Expenditure" of $383,766, on Statement 1)
Note 3 Net Long Term Liabilities to be Specially Assessed
Certain net iong term liabilities, the terms of which will
of these assessments are as follows:
require certain lands to be specially assessed, have been
general municipal activities. The bases and the amount
included in the net long term liabilities classified under
The Tile Drainage Act
$137,630 The Drainage Act
3,293
$140,923
(This amount is included with "Net Long Term
Liabilities" on the Capital Fund Balance Sheet,
Statement 3)
Note 4 Basis of Consolidation
The. Consolidated Balance Sheet (Statement 3) re-
flects the assets and liabilites of the revenue
fund and the capital fund of the municipality.
Trust funds administered by the municipality,
amownting to $924.. have not been consolidated,
nor have the assets and liabilities of any local
boards of the municipality.
Note 5 Temporary Borrowings
Temporary borrowings at the year-end amounted
to $229,023. Of this amount $123,419 was for
current purposes and the balance of $105,604 for
municipal drainage works in progress.
The loan for current purposes is $23,747. in
excess of the maximum permitted under Section
329 (3) of The Municipal Act.
4,249
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OCW Meets
The afternoon unit of the
U.C.W,, met at the home of Miss
Lucas on April 4 with 21 ladies
in attendance. Mrs. lienlingWaY
was in, charge of the Devotions
which centred on the theMP of
Easter. The Scripture, Luke 24,
was read by Mrs. Miller while
Mrs. Parker led in prayer. Mrs.
Hemingway read a poem entitled,
"An Easter Hill" . The ladies
joined in singing songs from an.
African Sudan Hymn sheet.
Mrs. Thomas convened the
business.
Miss Lucas presented the
African study Topic. It took the
form of a tape recording and told
the story of the first Bibles in the
Island of Madagascar. The mis-
sionaries were banished by the
Queen but they managed to sec-
retly leave some hidden Bibles.
Birdling, an, intelligent slave girl,
learned to read and study. Due
to her inceasing efforts she won,
the admiration of her mistress
and finally she and many other
slaves were converted. "No-
longer can I buy and sell your
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satisfy my demands. You are
free," decreed, the slave owner.
Following the Queen's death, the
people of Madagascar were al-
lowed to own, read and study
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Bible.
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THE BRUSSELS POST, APRIL 12, 1972-11