The Lucknow Sentinel, 1976-07-07, Page 13Statement of Capital Fund Operations
Unfinaneed capital outlay (UneXpended capital financing) at the beginning of the year
Capital expenditure
Protection persons andproperty . Traf.Vortation services
Total expenditure .
Capital financing
Contribititions from the revenue fufid
Total Capital financing
nfinaneed capital outlay (Unexpended
capital financing) at the end of the year
for the year ended December .31,1975
. Nil Nil
14,875 106
18,314
$ 14,875 $ 18,42A
14,876 18,420
$, 14,875 $ 18,420
Nil ' Nil
dq
WEDNESDAY, JULY 7, 1976
4
THE LUCKNOW SENTINEL, LUCKNOW, ONTARIO PAGE THIRTEEN
Family Present
for 80th Birthday
WHITECHIJRCH NEWS
FOR THE YEAR ENDED DECEMBER 31;1975
Township • Of Kinloss
.Auditorts. Repoict and. Financial' -.Statements,
Oak:rice Sheet
To: To: the Members.of Council, Inhabitants and
Ratepayers of the. Township of kinloss •
We have examined the: financial 'statements 'of the Township of
Kinloss for the , year ended December 31; 1975. Our examination includ-
ed 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 thee financial statements present fairly the fin-
ancial position of the Township Of Kinloss as at Deceriaber 31, 1975 and
the results of its 'operaticins for the year then ended, in accordance
with' accounting principles generally accepted for Ontario municipal-
ities applied, after giving retroactive effect to the changes as referr-
ed to in note 2 to the financial statements, on a basis • consistent with
that of the preceding year.
The comparative figures as at December 31, 1974 and for the
year then ended are based upon finanCial statements which were re-
ported on by. another auditor. 1.
MacGillivray and 'Co.
Listowel, Ontario,
April 19, 1976
License. No. 350
Statement of Revenue and Expenditure
for the year 'ended DeceMbei. 31, 1975'
•
1975.• '1975 1974
Budget Actual • Actual
Accumulated Accumulated net revenue (deficit) at
the beginning of the year ( 7,342) (
Expenditure
7,356) . '4116 •
General municipal purposes
General government ... 21,110
Protection persons and property 19,315
Transportation services 161,471 '
Environmental services 2,200
Health services
Recreation and cultural services .., 7,000
Planning and development 13,100
. 29,020 19,803-
19,967 4,786
156,738 • 138,596
2,366 2,040
15
5,539' 6,507
14,917 14,290
$224,196
Region or county purposes 42,488
School board purpOses 66,036
Total expenditure $332,720
'Revenue
$228,547
42,859
66,750
$338,156
$186,037
30,817;
55,928
$272,782
General municipal purposes
Taxation $ 81,180 $ 82,181 $ 35,149
Payments in lieu of taxes '103 • 29
Ontario grants 148,696 135,233 123,417
Other 2,130 13,770, 16,012
$232,006 $231,286 $174,607
Region or county purposes
Taxation 34,364 34,581 21,?48
Payment in lieu of taxes 23
Ontario grants 7,600 7,600 5,526
$. 41,904 $ 42,210. $ 27,474
School' board purposes
Taxation 66,092 66,585 56,229
Payments in lieu of taxes 64
' $ 66,092 $ 66,640 $56,229
Total revenue' $340,062 $340,146 $258,310
Accumulated net revenue (deficit) at
the end of the year Nil (5,366) (7,356)
'as Analysed follows:
General revenue (4,602) (7,342)
Region or,county (649)
School boards (115') (14)
Nil (5,366) (7,356)
as at December 31, 1975
ASSETS
Current assets
Cash
Accounts receivable
1975,
$ 1;790.'"
152,912
1974
$ 450
'100,627
Taxes receivable 39,201 23,027 Other current assets 1,671 1,397
$195,574 $125,501
Capital outlay to be' recovered in
future years 28,851 .36,919
$224,425 $162,420
Current liabilities
Temporary loans $153,872 $ 81,280
Accounts payable and accrued liabilities .17,070 21,577
$170,942 $102,857
Net long terra liabilities 28,851 • 36,919
Reserves and reserve funds 30,000 30,000
Accumulated net revenue (deficit) and
unapplied capital receipts , (5,368) (7,356)
$224,425 $162,420
Notes to Financial Statement
For the year, ended December 31; 1975
1. ACCOUNTING POLICIES
(a) Balance Sheet
The Balance Sheet reflects 'the combined' assets and liabilities
of the revenue fund and capital fund.
(b) Fixed AsSets
• NO value 'is attached to fixed assets for municipal reporting
purposes. Expenditures 'on fixed assets are ' charged against
current revenues unless the. expenditures are financed out of
long term debt. Debt retirement costs 'are' charged against
current revenues in the periods in which they are paid.
(c) Provincial road subsidy revenue and expenditure on roads
Provincial subsidy programmes are on a "receipt and dis-
. bursement" basis which does not recognize accruals. The mun-
icipality has expended amounts • for which the road subsidy
will not be -eligible for claim until the succeeding year. Such
futdre subsidy revenues have been accrued in the current year.
(d) Charges for net long term liabilities
' Charges for net long term liabilities include prineipal and .in-
terest. Interest charges are not accrued for the period from the
date of the latest interest payment 'to the end of the fiscal year.
.(e) Inventory of supplies
Inventories of supplies amounting to $1,671. are included in,
other current assets and are reflected at cost when. pur-
chased.
2. COMPARATIVE FIGURES
The 1974 comparative figures have been restated to reflect the
following:
(a) under levies, previously disclosed as current assets are
now included with accumulated net deficit.
(b)• . reclassifications of eXpenditures as required by changes in
disclosure requirements..
3. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the' year for net long term liabilities' 'were
as follows: •
Principal' payments $8,067
Interest . . . . 1,494
$9,561
Of the total charges shown above, $9,561 was paid from the 'revenue' of
the municipality and is included in expenditure, classified under' the
appropriate functional headings.
4. NET 'LONG TERM LIABILITIES
Total long term liabilities incurred by the municipality and
outstanding at the end' of the year amount to $ 67,851
Of the long term liabilities 'shown above, the responsibility for
payment Of principal and interest charges has been assumed by
others for 'a principal amount of .$39,000
Net long term liabilities at the end of the year . $28,851
5. CAPITAL OUTLAY'TO BE RECOVERED IN FUTURE YEARS
Some capital outlay does not repregent a burden on general
municipal revenues as 'it is to he recovered in future years
from other sources: '
Special. charges' on benefitting landowners $28,851
On-Sunday, Mr. and Mrs. Walter
Elliott and family, held a party at
their home to celebrate his mother,
Mrs. Agnes Elliott's, 80th
day. Her wish to' have, all, the
family and grandchildren together
was accomplished On Sunday' when
they we're present from London,
Ailsa Craig, Arkona, 'Sudbury,
Ottawa, St. Helens, Windsor. She
received various gifts of roses,
violets, fernS, mugs and trays. In
the evening many of her old time
neighbours gathered and they had
a good time recalling old times on
the farm.
Mr. and Mrs. Bill Willis and Lyle
on Sunday evening 'visited with
friends at Port Elgin.
Visitors on' Sunday with-Mr. and
Mrs. Wallace Conn were Mr. and
Mrs. Douglas COnley and Jason,
Wingham; Mr. and Mrs. Mac
ArmStrong, Culross,
-Mr. and Mrs. Wesley Tiffin on.
Saturday evening visited with his
brother George . Tiffin and Mrs.
Tiffin of Lucknow.
Mr. and Mrs. Wallace Conn
arrived home last Monday evening
after a week's holidays with their
son • George Conn, Mrs. Conn and
family of Sherbrooke', Quebec. •
Mrs. Earl Caslicic 'was . a dinner
guest on Sunday with Mr. and Mrs.
Russel Ross. •
Sunday visitors with Mr. and
Mrs. Bill Purdon were Barbara Ann
of Kitchener and Mr. and Mrs.
Donald Gaunt' of Chatham.
Trevor Hunter of London visited
from Monday' to Thursday with his
grandparents, 'Mr. and Mrs. Wal-
lace Conn. His •parents, Mr. and
Mrs. Herb Hunter, came for him on
Thursday.
Paul • and Brian • Falconer of
Sarnia spent the weekend, with Mr.
and. Mrs. Bob Mowbray and other
friends.
Whitechurch Women's institute
Resolutions meeting will be held
Whitechurch Community Mem-
orial Hall, the• date to be announced
later: Hostess, Mrs. Elgin
Johnston; roll call, A. 'law I want
'changed or kept and why; Motto,-
resolved to see our faults as clearly
as we see faults in others; speaker,
Mrs. F. Gemmel; program. Mrs.
Garnet Farrier, Mrs. Lorne Durnin;
lunch committee, Mrs. Bill Rintoul,'
Mrs.: Fred Tiffin' and Mrs. DaVe
Gibb. ,
Many will be pleased to hear that
Alex Craig is making as rapid
progress to recovery as can be
expected.'
Mr. and Mrs. Bev Kay and
Wendy left' On ThUrsdaY to begin
their holidays in Northern Ontario.
Sandy Fryfogle of Stratford R. R.
1, spent Saturday evening with
Graham Kay and on -Sunday Mr.
Fryfogle had charge of Presbyter-
ian Church services at Gorrie and
Molesworth.
The Whitechurch Community
Hall Board held a meeting on
,Thutiday evening last week • at
which it was decided to charge PO
rent for the hall with renters to 'do
their own caretaking. If they do not
wish to do the caretaking, the fee
will be $25.00.
Wayne Farrier and • daughters
Amey and Kimberley of Guelph
spent the weekend with his mother,
Mrs. Garnet Farrier.
'Miss Clara Milligan went to
Camp Kintail on Sunday where she
will enjoy a week's vacation.,
Bob Evans of Hamilton visited on
Sunday with his parents, Mr, and
Mrg. Bill Evans.
Auditor's Report