The Lucknow Sentinel, 1979-02-28, Page 21•
Notes to financial Sititements'
1. ACCOUNTING POLICIES
a) Statement of Revenue and Expenditure
This statement reflects the revenues and expbnditures of the revenue
fund.
b) Statement of Capital Operatiqns
This statement reflects the capital expenditure of the municipality
to be recovered from the general municipal revenue of the
'municipality.
c) Balance Sheet
This statement reflects the assets and liabilities of the revenue
fundand the capital fund.
d) Fixed Assets
The hiShorical cost and accumulated depreciation of fixed assets
is notireported.for municipal purposes. Instead, "Capital qutlar
to be recovered in future years" which is the aggregate of the •
principal potion. of unmatured lobg term liabilities, capital funds
- . transferred to other organizations, and the cost of capital pro-
jects not yetpermanently financed is reported on the Balance Sheet.
e) Municipal Enterprises
There are no municipal enterprise activities carried on by the
mupicipality.
f) Charges for Net Long Term Liabilities
•
Debt retirement costsincluding 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 date's 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 berecovered in future Years doe.p not
represent a bbrden on general municipal revenues,,as it is to be
recovered in future years from other, sonyces:
b.)
1977 1976
Special charges on thenefitting landowners $129,875. $142,999
Capital outlays,'. including fixed assets and the transfers of
Capitaljunds in the amount Of $29,673, which have been financed
from generaUmunicipal reveaues,of the current year, are reported
On the.Statement of Revenue and Expenditure.
NET LONG TERM LTABIIITTE15sC.
The balance for net long tersOiabillYfeSeported-,on the Balance Sheet
is Made up of the following:. , •
•
• - • - , .. , • , . ,-'
Tota1ongtezin liabilities incurred by the Municipality '
including those incurred on behalf of formei achOol boards,
other,municipalities:andmmaiciPal'enterPrises and out-
standing at the end of the year amount to ''. •'MI 4i4
Of the, long teral liabilities shown above, the respon-
sibility for payment of Principal and :interest charges
. ' has been assu*edi by others fora principal amount of • . ' I, 060
'. °Net Long Terml,iabilities At. The End Of The Year . -,., $100,434
. .
ACCUMULATED NET, REVENUE (DEFICIT)AT THE END OF THE YEAR
The balance in the revenue'fund at theyear end. is available to•tedUce..'
(to'be added to).the levies.of the followingclasses of t'atepayers.. '•
*
General ratepayers
• School board ratepayers
.County ratepayers :
' 1977 1976.
•
$(1,137) $(7.,226)
(171) (365) '
59 100'
.$(1;249) $(7,491)
•
.CHARGesFOR isiET LONG TERM LIABILITIES
Total charges for: the year.foelong term Ilabilities.Were a'S follows
1977 1976'
Principal payments
$11,127'
Interest: ' 4,152
.$15,?79 '
$
.1,494.
$ 9,561
. _
Of the total charges shown.abolie, $15,279 were paid from general municipal
revenues of thevnnicipalityland are included ih.expenditure•on t1.4
Statement of RevnueLand Expenditure classified under the appropriate
funetional headings.17',
. . •
6. THEANTI7INFI..ATioN ACT'
The.municipality, its local'boards and-commisSions are by agreement
belween the Covetnment of Canada and the GOvernment of the Province of
' Ontario dated Januet,43, 1976, subject to The Anti -Inflation ACt
"(Canada) and the national guidelines. This legislation limits increases
in compensation paylmints effective October 14;, 197,5-, No provision fias
bOen.made in.theze. financial statements any possible effects
legislation on this municipality. '
- •
. .
.S.Aek b •
A. •
Lucknow Sentinel, Wednesday, Febniary 28, 1979—Page 21
Langside News
BY LILLIAN YOUNG
The. measles appear to be
nearly over in ,this district
with most of the pupils now
back to sch.00l.
Congratulations to Gra-
ham Moffat, formerly of the
sixth of Culross now of the
Maitland Manor Nursing
Home in Goderich, on receiv-
ing his 50th membership
jewel presented by the Tees -
water Masonic Lodge.
Congratulations to Chris-
tine .$regman who tied for
second place in the Hillcrest
Public School public speak-
ing contest in the intermed- •
iate section.
Mr. and Mrs. Jim Springer
attended the funeral of their
nephew in Burlington last
Wednesday. He was 28 years
of age.
The Whitechurch Young
People will meet next Sunday
evening at the manse.
Mr. and Mrs. Bob Young,
Beth, Jane and Erin of
Chesley visited with his
parents„ Mr. and Mrs. Wes-
jey Young of Lucknow on
Saturday.
Mr. and. Mrs, Bob' Breg-.
man attended the. OntArio
Association of Agricultural
Societies convention held in
the Royal York Hotel, Tor.
onto • on Wednesday and
Thursday, ending with a ban-
quet Thursday afternoon.
They' returned home Thurs-
day evening.
Mrs. Graham Moffat of
Teeswater fell and broke her
hip on Saturday afternoon.
She was taken to London
hospital where a pin was,
inserted. She is doing as well
as •can be expected.
Mr. and Mrs. ten Cough-
lin and family visited with
Mr. and Mrs. Clifford Young
on Sunday.
Mrs. Philip Steer of the 4th '
of Kinloss and Mts. Wm.
Evans of Whitechurch are
spending a few weeks.in
Florida. They went down on
the 18th of February and
plan to stay about 3 weeks.
A birthday party' was held
for relatives at the home of
Mrs. Ethel Homes, Wing:.
ham,. on Saturday evening, in
honour of three members
who were having birthdays
about that, time, Wallace
Richardson, David Wall and
Clifford Young. The, evening
was spent playing euchre
with Wesley Young and Jean
Wightman winning prizes. ,k
dainty lunch was then served
ending with • birthday cake
.,•
after all sang Happy Birth,
day and a social time was
enjoyed. Guests were pres-
ent from Stratford, Ingersoll,
Belgrave', Lucknow, Tees -
water, Langside and Wing -
ham. All had an enjoyable
evening.
•
yohore whistling. ,
• in the,darlte
if you haven't had -your
blood prepsur checked
lately.. You could have high
blood pressure And not
know if. It can lead to
stroke, heart and kidney
failure, See your. dobtor—
only he.can tell.
9141111 I 11 Ui
410itt#000*Motors Ltd..
call in today and 'ask:Janie;
about the new 1979
FORD PRODUCTS
-ciPiD:L:TO 2 -DOOR
Options Styled mirror
Group • WSW tires "
• Exteriof Accent
, .
• •., • '•
dPiMpiMVAggijigiOam
•