The Lucknow Sentinel, 1975-08-27, Page 17'LAR
15
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To: The Members of Council, and Ritepayers of the Corporation of
the Township of Ashfield
I have examined the 1974 financial statements of the Corporation
of the Township of Ashfield. My , examination included a general review
of the accounting procedures and such tests of accounting records and
other supporting evidence as I considered necessary in the circum-
stances
In my opinion these financial statements present fairly the finan-
cial position of the Corporation of the Township of Ashfield as at Dec-
ember 31st, 1974 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.
The temporary borrowings are in excess of the• amount permitted
under section 332 of the Municipal Act.
Signed A. M. Harper
City: .Goderich, Ontario
Date: June 18, 1975
Licence Number 195
$ 85,000
19,180
2,784
$106,964
$215,392
57,226
( 3,743)
$375,839
$401,445 $375,839
LIABILITIES
Current liabilities
Temporary loans $110,000
Accounts payable and accrued liabilities 16,586
Other current liabilities '
$126,586
Net long term liabilities $246,632
Reserves and reserve, funds 60,835
Accumulated net revenue (deficit) and
unapplied capital receipts ( 32,608)
$401,445
d
Notes to Financial Statement
L CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for net long term liabilities
were as • follows:
Principal payments $ 35,759
Interest " 8,801
$ 44,560
The total charges shown above, were paid from the revenue of
the municipality and are included in expenditure, classified under the
appropriate functional headings.
2. BASIS OF CONSOLIDATION
Tlie Consolidated Balance Sheet' reflects the assets and liabilities
of the revenue fund, the capital fund and all reserve funds of the mun-
icipality.
3. Net long term liabilities
Total long term liabilities incurred by the municipality and
outstanding at the end of the year amount to $606,632
Of the long term liabilities shown above, the responsibility for
payment of principal and interest charges has been assumed by the
Huron County Board of Education for a principal amount of (360,00)
Net long term liabilities at the end of the year $246,632
4. Capital outlay to be recovered in future years
Some capital outlay does not represent a burden on general
municipal revenues, as it is to be recovered in future years from other
sources:
Special charges on benefiting landowners
-- Tile Drain Loans $244,698
$244,698
Mrs. Jim Needham
Was W.I. Speaker
The August meeting of the
Kairshea" Women's Institute 'was
held at the home of Mrs. Jack
Needham. The meeting opened
with the. Ode and. Mary Stewart
Collect. The president, Mrs. Cliff
Roulston, welcomed 4 visitors as
well -as members present. Mrs. _
Farish -Moffat read the scripture,
Mark 4. The roll call, "display an
old button or piece of jewellery",
was most interesting.
' Minutes and busineSs were
discussed. A committee to plan for
a future program in .the fall /were
appointed - 'this is a singing group
the "Sweet Adelines". Mrs.
Harvey Houston reported on the
booth at the Craft Festival, which
netted a nice sum to the treasury.
The Garden Club Achievement
Day is being held September 6, at
Kincardine: 'Standing committee
reports were given by Mrs. Steer,
Mrs. Houston and Mrs. Dickie.
The Curator, Mrs. Leonard Macln-
nes, displayed the scrapbook. Mrs.
Wm. Maclntyre reported , on the
interesting day members had at the
Museum.
Miss Helen Maclntyre delighted
all with a piano solo, "The Goblins
March", followed by community
singing, "I'd like to build the world
a home".
Mrs. 'Jack Needham introduced
the speaker, Mrs. Jim Needham, a
cousin .of the Needhams whose
!thine is in' U.S.A. but originally
Canadian born. Mrs:- Needhatnis a
collector of many things. But this
evening brought along her "Button
Collection" - to name a few, thOe
were horn, celluloid, glass, china,
minies, overall, hand painted,
• bone, leather, whistle, wood, pap-
er, white pearl, dark pearl and a
Wonderful , collection Jack and
Blanche had collected on their
world tour - and there were many,
many more.• Each kind mounted On
cardboard. This was most interest-
ing. MrS. Farish Moffat thanked
the speaker and presented her with'
a gift.
Very appropriate for the meeting
Mrs. Don Bell and' Mrs. Philip
Steer sang, "Buttons and Bows" in
their usual pleasing manner. Mrs.
Allan MacIntyre accompanied by
Mrs. Jack Needham had a song
title contest. •
The courtesy remarks were by
Mrs. Allister Hughes, and the
meeting closed with singing, 0
Canada and the Grace.
Lunch was served by the hostess
and directors Mrs. Allan Maclntyre
and Mrs. Allister Hughes.
Note: The September meeting
will be held at the institute Hall
September 25 at 8 p.m. This is a
week later than' usual.
CHANCE TAKERS
The fable Uf the tortoise gtnd
the hare has encouraged many
people to bet on long shots.
rtising
make jobs.
CANADIAN ADVERTISING ADVISORY BOARD
MONUMENTS
For sound counsel and a fair price on a monument
correctly designed from quality material, rely on
SKELTON MEMORIALS
Pat O'Hagan, Prop.
ESTABLISHED OVE!t SIXTY YEARS
WALKERTON PHONE 8814234 ONTARIO
PAGE SEVENTEEN WEDNESDAY AUGUST 27, 1975 THE LUCKNOW SENTINEL, LUCKNOV/, •ONTARIO
Statement of Revenue and Expenditure
for the year ended December 31. 1974-
1974 1973.
Accumulated net revenue (deficit) at
the . beginning of the, year (3,743) 6,918
Expenditure
General government - 18,779 13,838
Protection to persons and property 7,16t 4',554
Transportation services 255,897 198,219
Environmental services 5,161 7,119
Conservation •of health 735
Recreation and community services 8,389 7,129
Financial expenses 13,076 8,503
Region or county - share of expenditure 91,199 77,165
Education :164,568 141,314
Other • 143
t.
($564,237) ($458,719) Revenue
Taxation $351,263 $301,436
Contributions from other governments 129,247 96,625
Other 54,862 49,997
$535,372 $448,058
Accumulated net revenue (deficit) at
the end of the year - (32,608) ( 3,743)
Analysed as follows:
General revenue ( 32,641) '( 3,746)
Special areas 33 3
(32,608) ( 3,743)
FOR THE YEAR ENDED DECEMBER'. 31st, 1974
Auditor's Report.
Township Of Ashfield
Auditor's Report and Financial Statements
1974
Cash 2,728
Accounts 'receivable 85,443'
Taxes receivable 66 386
Other current assets '256
$154,813
Capital outlay to be recovered in future years $246,632
Consolidated Balance Sheet
as 'at December 31, 1974
ASSETS
Current Aisets
1973
6,683
96,303
57,461
•
$160,447
$215,392
Statement of 6-Oita! Fund Operations
for the year ended December 31, 1974
1974 1973
Capital Outlay
Transportation services 29,851 • 40,170
Transfers to others 67,000 48,000
$ 96,851 $ 88,170
Capital financing
Long term liabilities incurred $ 67,000 $ 48,000
Contributions from the revenue fund 29,851 40,170
( 96,851) ,170)