The Wingham Advance-Times, 1985-06-12, Page 4Page 4 -The Wingham Advance -Times, June 12, 1985
Helfensteins host party for exchange students
Bellefarm, the home of
Harry and Carol Helfenstein
on the second concession' of
Culross, was the scene of the
final overnight party for the
nine exchange students who
have been living in the area
as part of the American -
Scandinavian Student Ex-
change program for the past
year.
This was to be the last time
the nine students would be
ASSETS
Unrestricted
Cash
Investments (note)
Taxes receivable
User charges receivable
Accounts receivable
Other' current assets
Long term receivables
together as Greta Olafsdottir
of Iceland will be heading
home in less than three
weeks. She has been staying
with Harry and Ruth
Thomas of Holstein.
Next the Scandinavians:
Helena Eriksson who lives
with the Torkarskys of
Mount Forest; Eva Carlsson
who lives with Alex and
Sharon Wilson of Mount
Forest; Kjerstin Nyberg who
lives with the Dicksons of
Mildmay; Torm'od Haug who
lives with the Tweddle
family of Wingham; Siru
Tunkelo who lives with the
Siertsema family of
Bayfield; Hille Janhonen
who lives with the Hummel
family of Goderich and Tina
Asp who lives with the
Robinsons of . Goderich, will
leave July 4 and finally John
Mazur off Germany will leave
July 7.
These students say they
cannot believe their year in
Canada. is already over, the
school year is all but com-
pleted and the friends
they've made are to be left
behind in four short weeks.
They talked about their
parents, their high schools
and in each case they were
talking about the Canadian
"parents" and their
Canadian schools. They
cannot yet relate to their
other home and confess their
first problem will be to speak
Finnish, German, Nor-
wegian and Swedish again.
English comes all too easily
them these days.
Lynn Easson of Mount
Forest, who is booked to go
to Germany, and Leigh
McCallum of Kenilworth,
who is awaiting word from
her host family, said they
felt the deep emotions their
European friends must feel
for their adopted country of
Canada. Their enthusiasm
for the exchange adventure
has rubbed off on these girls
and they said they cannot
wait to "get going" on their
big year.
Of course the party would
not have been complete
without the inclusion of host
brothers and sisters and a
few friends from Wingham
who brought the total party
group to over 20. Many,
many hamburgers, hot dogs,
potato chips and cookies
were devoured amidst
games of . football, basket-
ball, baseball and pingpong.
They took time out to write
a special fetter to the
students who will be coming
TOWN QF WINGHAM 1984 FINANCIAL REPORT
Auditor's, Report on Financial Report
AUDITOR'S REPORT
To the Members of Council, Inhabitants and Ratepayers of
The Corporation of the Town of Wingham:
I have examined the consolidated balance sheet of the Corporation of the Town of
Wingham as at December 31, 1984, and the consolidated statement of operations for
the year then ended. My examination was made in accordance with generally accepted
auditing standards, and accordingly included such tests and other procedures as I con-
sidered necessary in the circumstances.
Consolidated Balance Sheet
as at December 31, 1984
Restricted
Cash
Investments (note)
Accounts receivable
Other current assets
Long term receivables
Investment in own debentures
0`
Capital outlay financed by long term liabilities and to
be recovered in future years (note 6)
LIABILITIES
Temporary loans
Accounts payable & accrued liabilities
Other current liabilities
Net long term liabilities (note 6)
FUND BALANCES AT THE END OF
THE YEAR (note 7)
To be used to offset (or to be recovered from)
taxation or user charges (note 7)
Unexpended capital financing (or capital operations
not yet permanently financed) (note)
Reserves (note 8)
Reserve funds (note 8)
1984
$
12,319
166,331
21,704
223,360
891
In my opinion, these consolidated financial statements present fairly the financial posi-
tion of the Corporation of the Town of Wingham as at December 31, 1984, and the
results, of its operations for the year then ended in accordance with accounting principles
prescribed for Ontario municipalities applied on a basis consistent with that of the
preceding year.
Wingham, Ontario
April 30, 1,985
License Numer 941
NOTES TO THE FINANCIAL STATEMENTS
1983 1. Accounting Policies
$ (a) Basis of Consolidation
(i) Consolidated Balance Sheet
This statement reflects the assets and liabilities of the revenue fund, reserve funds, the
capital fund and includes the activities of all committees of Council and the following local
boards which are under the control of Council:
Wingham Police Commission
Wingham Recreation & Community Centres Board
Riverside Park Development Board
Wingham Public Cemetery
Wingham Day Care Board
On the Consolidated Balance Sheet interfund assets and liabilities are eliminated with the
exception of formalized notes or loans between the reserve funds and other funds of the
41,523 municipality.
(ii) Consolidated Statement of Operations
This statement reflects the consolidated sources of financing and expenditures of The
25,571 revenue fund, reserves, reserve funds, and the capital fund of the municipality and those
60,435 local boards described in note 1(a)(i).
Similarly on the Consolidated Statement of Operations interfund sources of financing and
applications are eliminated with the exception of interest income and expense arising
from formalized notes or loans between the reserve funds and other funds of the
Municipality.
(iii) Non -Consolidated Entities
For those local boards, municipal enterprises, and utilities of the muncipality which are
not consolidated, the "'Consolidated Balance Sheet" does not reflect their assets or
liabilities except to the extent of amounts due to or from those entities. The "Con-
, solidated Statement of Operations" does not reflect their revenues and expenditures 106;255 ex-
cept to the extent of the municipality's contribution to those entities.
Those entities which are not consolidated are as follows:
Wingham Area Fire Board
115,938 Wingham Public Utilities Commission - Water
338,001 - Electric
(iv) The taxation, other revenues, expenditures, assets and liabilities with respect to the
operations of .the school boards, and the County of Huron are not reflected in these
financial statements except to the extent that overlevies are reported on the "Con -
80,692 solidated Balance Sheet" as "other current liabilities".
(v) Trust funds and their related operations administered by the municipality are not con-
solidated, but are reported separately on the "Trust Funds Statement of Continuity and
273,587 Balance Sheet".
117,437 (b) Basis of Accounting
(i) Sources of financing and expenditures are reported on the 'accrual basis of accounting
with the exception of principal and interest charges on long term liabilities which are
charged against operations in the periods in which they are paid. The principal and in-
terest charges are not accrued for Me ,periods from the dates of the latest instalment
payments to the end of the `financial year,
(ii) The accrual basis of accounting recognizes revenues as they become available and
measurable; expenditures are 'recognized as they are incurred and measurable as a
'result of receipt of goods or services and the creation of a legal obligation to pay.
(iii) Capital Outlay Financed by Long Term Liabilities and to be Recovered in Future Years
The historical cost and accumulated depreciation of fixed assets are not reported for
municipal purposes. Instead the"Capital outlay financed by long term liabilities and to be
recovered in future years," which represents the outstanding principal portion of un -
matured long term liabilities for municipal expenditures or capital funds transferred .to
other organizations, is reported on the "Consolidated Balance Sheet".
2. Operations of School Boards and the County of Huron
Further to note 1(a)(iv), the taxation, ''other revenues, expenditures and overlevies
(underlevies) of the school boards and the County of Huron are comprised of the following:
School
Boards County
i, axation & user charges $ 626,096 $ 133,093
Grants - 15,943 4,789
103,864
203,808
152,453
424.605. 460,125
40,423
29,204
66,297
135,924 127,529
276,882 338,001
837,411 925,655
153,685
10,580
164,265
276,882
10,902
270,947
114,415
9,683
837,411 925,655
Consolidated Statement of Operations
for the year ended December 31, 1984
Budget
1984
$
SOURCES OF FINANCING
Taxation & user charges (note)
Residential & farm taxation 861,300
Commercial, industrial &
business taxation 567,100
Taxation from other governments 36,500
User charges. b 211;,700
Deduct: amounts received or
receivable':for region or county,
and school boards
Grants
Government of Canada
Province of Ontario
Other municipalities
Other
Contributions from developers
Investment income
Sale of land
Other
Penalties & interest
Miscellaneous
Proceeds from the Issue of long
term liabilities
Jl I, Extraordinary gain (note)
Net appropriations from
reserves & reserve funds 5,300
MUNICIPAL FUND BALANCES
AT THE BEGINNING OF THE
YEAR (note 7)
To be used to offset (or to be
-recovered from) taxation or user
charges 56,600
Unexpended capital financing (or
capital operations not yet
financed)
Total financing available during
the year 1,740,800
(734,700),
9,000
644,000
, 34,900,
Actual
1984
$
Actual
1983
866,110 ' 832,413
599,538 575,794
46,085 44,659
248,218 249,053
(779,921) (769,627)
8,487 7,399
693,058 618,675
,.35,166 28,834
11,600 34,153
22,060
33,000 28,626 39,434
4,500 7,847 3,925
Budget
1984
'APPLIED TO:
Current operations
General government 183,400
Protection to persons •& property 303,100
Transporation services 26'2,550
'Environmental services 117,250
Health services 43,900
Social & family services 212,000
Recreation & cultural services 173,800
Planning & development 5,000
Other
Capital
General government
Protection to persons & property
Transportation services
Environmental services
Health services
Social & family services
Recreation & cultural services
Planning & development
Other
Extraorilnary loss (note)
Net appropriations to reserves
$ reserve funds
MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR
(note 7)
To be used to offset (or to be
recovered from) taxation or
user charges
Unexpended capital financing (or
capital operations not yet
financed)
1,301,000
44,500
92.800
268,000
10,000
3,500
21,000
439,800
Total applications during the year 1,740,800
5,662
80,692 64,358
1 ,873,721
Actual
1984
$
161,185
300,962
288,357
124,891
38,509
208,280
187,950
11,056
1'.321,190
46,609
183,921
270,591
11,222
1,716,977
Actual
1983
$
185, 7484
310,323
229,858
117,214
40,187
1:1,037
70, 684
10,187
1.2 ---),748
18,757
10,016
227,842
5,646
2.625 1,523
26,661 12 742
541,629
276,526
104.521
10.902 80,692
1 873.721
1.716,977
Requisitions '
Supplementary taxes
Overlevies for the year
Overlevies at the beginning of the year
Overlevies at the end of the year
$ 642,039" $ 137,882
(636,860) (136,601)
(6',145) (1,097)
34 $ ' 184
6,558 1,851
$ 6,592 $ 2,035
These revenues and expenditures are not reflected in the "Consolidated Statement of
Operations",
The overlevies at the end of the year are reported as other current liabilities on the "Con-
solidated Balance Sheet".
3. Contributions to Unconsolidated Joint Boards
Further to note 1 (a)(iii), the assets and liabilities of unconsolidated joint boards have not
been consolidated and are not rep¢rted on the "Consolidated Balance Sheet",.except to
the extent of the long term IiabiliYies to -be recovered from general taxation; and of
amounts due to or from those boards,
The erations of these joint boards have also not been consolidated. The "Consolidated
Statem of Operations" includes only the following contributions made by the
Municipality ese boards:
1984
Wingham Area Fire Board (formed January, 1984)
- Share of operating costs (24%)
- Share of capital expenditures (36.2%)
$ 7,823
117,920
$ 125,743
iThe municipality has reported on the "Consolidated Statement of Operations" its full
,responsibility forth -0 1984 operations including its Share of the deficit, therefore, there is'
no contingent liability.
4. Trust Funds
Trust funds administered by the municipality amounting to $84,346 (1983 $82,066),,
have not been included in the "Consolidated Balance Sheet" nor have their operations
been included in the "Consdlir1''Statement•of Operations".
5. Liability of 'Vested Sick Leave Benefits
Under the sick leave benefit plan, unused sick leave can accumulate and employees may
become entitled to a cash payment when they leave the municipality's employment. This
policy after December 31, 1984, applies only to employees of the Wingham Police Com-
mission.
The liability for these accumulated days for the Wingham Police Commission employees,
to the extent that they have vested and could be taken in cash by an employee on ter-
minating, amounted to $48,215 (1983 $28,333) at the end of the year No provision
has been made for this liability,
All other employees have chosen a cash payout over five years commencing in 1985.
Based on their 1985 salary scale this five year payout would amount to $62,075. No
provision has been made for this liability, as it will^be expensed each year as it is paid out.
6. Net Long 'Term Liabilities
(a) The balance of net long term liabilities reported
on the "Consolidated Balance Sheet" is made up of
the following.
Total long term liabilities incurred by the muncipality
including those incurred on behalf of school boards.
and municipal enterprises and oustanding at the end
Of the year amount to $ 665,856 $ 806,602
Of the long term liabilities shown above, the respon-
sibility for payment of principal and interest charges
has been assumed by municipal enterprises and
school boards. At the end of the year, the oustan- ..
ding principal amount of this liability is
The balance in the Ministry of the -Environment Debt
Retirement Fund which has been accumulated to
the end of the year to retire the oustanding long
term 'liabilities included above, amount to (124,974) (111,601)
$ 276,882 $ 338,001
1984
1983
(264,000) (357,000)
Net long term liabilities at the end of the year
Barry W. Reid
Chartered Accountant
(b) Of the net long term liabilities reported in (a) of
payments are payable from 1985 to 1989, $31,200
thereafter and are summarized as follows:
1985 to
1989
from general municipal revenues $ - 206,889
interest to be 'earned on Ministry
of the Environment debt retire-
ment funds
31,549
into the area next year and
plans were finalized for
some of the students to join
the Helfensteins on a two-
day trip to Toronto.
The finale of the exchange
year will be a family party in
Bayfield June 30. Cheryl
Stafford of Wroxeter, an
exchange student in Swit-
zerland, will be home and
will attend the party with her
parents. -
this note, .$238,438 in principal,
from 1990 to 1994, and $7,244
1990 to - 1995 and
1994 thereafter
$ 31,200 $ 7,244
$ 238,438 $ 31,200 $ , 7,244
(c) Approval of the Ontario Municipal Board has been obtained for the long term liabilities
reported on the "Consolidated Balance Sheet". '
7. Municipal Fund Balances at the end of the year
(a) The balance on the "Consolidated Statement of Operations" of municipal equity of
$10,902 (1983 $80,692) .at the end of the year is comprised of the following:
1984
To be used for general reduction of taxation $ 10,902
1983
$ 80,692
8. Reserves and Reserve Funds
The total balance on the "Consolidated Balance Sheet" of reserves and reserve funds of
$385,362 (1983 $391,024) is made up of the "following:
1984 1983
Set aside for specific purpose by Council
for capital expenditures
for working .capital
Set aside for specific purposes by legislation,
regulation or agreement
for loans under the Ontario Home Renewal Plan
for renewals, etc., under the Ministry of the
Environment
Total,
$ 172,800 $ 175,440
$ 98,147 $ 98,147
$ 270,947 $ 273,587
$ '90,731
$ 23,684
$ 114,415
$ 385,362
$ 96,027
$ 21,410
$ 117,437
$ 391,024
9. Charges for Net Long Term Liabilities
Total chages for the year for net long term liabilities which are reported on the ''Con-
solidated Statement of Operations" are as follows: -
1984 1983
Principal payments including contributions to sinking
funds and to the Ministry of .the Environment Debt
Retirement Fund
Interest
$ 49,510
$ 32,041
$ 81,551
$ 46,351
$ 35,910
$ ' 82,261
The charges for long term liabilities assumed by the non -consolidated entities are not
reflected in these statements.
10. Contingent Liabilities
The municipality is contingently liable fordong term liabilities with respect for those for
which the responsbility for the payment of principal and interest has been assumed by
school boards and municipal enterprises. The total amount oustanding as at December
31, 1984, is $264,000 (1983 $357,000) and is not recorded on the "Consolidated
Balance Sheet".
11. Other Notes
(a) Nonaccrual of Interest on Long Term Liabilities
No provision has been made in these financial `statements for the accrual of interest on
the net long term liabilities. Had this provision been made, the municipal fund balances as
at December 31, 1984, would have been decreased by $4,849.
(b) Included in the "Consolidated Statement of Operations" are charges from the Ministry
of the Environment for MOE' operated sewer systefns in the amount of $15,105 (1983.
$13,089).
Reserves
Balance at
the beginning
of the year
Appropria-
tions from
(to) current
operations
Appropria-
tions ,to
reserve funds
Appropria-
tions to
capital opera-
tions
Balance at
the end of ,
the year
Reserve
Funds
Balance at
the beginning
of the year
Revenue
Contributions
from
developers
Interest
earned
Contributions
from current
operations
Contributions
from reserves
Expenditures
Contributions
to current
operations
Contributions
to capital
operations
Balance at
the end of
the year
Analysis of Reserves and Reserve Funds
For the Year Ended December 31, 1984
Town of Wingham ; Schedule2
Total
$
273,587
39,160
(41, 800)
270,947
Total
$
1 17,437
6,918
206
7,124
10,146 .
Working
Capital
Capital
Expenditures
$
98,147 175,440
39,160
(41,800)
98,147 172,800
Ministry
of the
Environment
$
Ontario
Home Renewal
Program
21,410 96,027
2,068 4,850
206
2,274 4,850
10,146, M
114,415
23.684
10,146
10,146
90,731
0