The Huron Expositor, 1979-05-24, Page 14•
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•
•
'fin
tori or".0000.414 .sit , 1 ltitetu}1rA ,
S79 `' •
1'chs ttaroton ofthetx
have ,elttwainfed: the'1978 Financial StatemenMs: Of •
orp ,i,. Tmahip oY,McKillop,including the consolidated
x °
Our examination, vas,' Rade in' accardfit a with. generallYl
Accepted. Adan t1.44..aatar4 ani accordingly in?Luied .411101, tests a•'4
0th r` trOo.o4lo'ea ast'4rg:.coalsidered neeesrfprY in the eirewastanees..
Ia aur{,opinion theae financipl Statements 'present
ta?rll^ thte re- 48401.4 pos4,t1,04 of the Corporatt*o11, Of 'the TP240001 01'
14.0411op as: et Aeeemmer 31at, 197$ at ttlesreaulta eV :its operetticng frac
p: STATEMENT Ot
44:04440414 C41, t1! nvt 4c441111e' 14lcfi4arat
tftc
144..0.011411114of the y4•tr
l xpentlittnes and transfer,.
. hittntrip41 espenttittires
Cie ncr•it gm, ea nalen1
1'44444.14M to lretatritk.rtti propeaty
'1 rat n.purr.ttram .ervt1rs
- 1'ItY1f41t11nl:ntdl s rFi44'+
Ilcalih'Mrvtces
Soeutl and'fatltrly C'e tkl,,4,
Uccle -dun) and cultural s-:rs rs.c4
Plannln„:. rid dev5lopnicitl •
' "Other ; '
Total a iperulitury
Transfer
Tratlsfers to ti'k',.irin'R1'r cnutii) -
•'fr;ln4fi;t- to at.tuwl horst!,. •
Total. transfers •i .
•
Total expenditures and trtn•
Revenue by purptt e •
htunit ip.d pnrpttse'
'I ,rsatroa
Payment. in lieu of t.t‘4;h,
Ontario t:rnnis
Other gr'.tnts
fees and .crvl c.4 barges
tltlt r •
Revenue 1u.piy fi,emtant41p l pttrprlses
Un(inanced,capital int day (Unexpended spirit,'
. financing) at the beginning of the year'
Capital expenditure;
General government
Protectionto persons and property
Transportation services
Rnvironmentai services'
Health services
Social and: family services:
Recreation and cultural seryiees
Planning and development
Other .
Total expenditure
:amen t assets
Cash
Taxes. receivable
Accounts receivable
Other current assets
Capital outlay to be,recovered .in
future years
Other long term assets
r..
to
•
05,931.
112;4 C'. IV., - `
eta::' ,,�.
a
133,4;ra: 1E --",,r17/1.
i ..
997731. • u7,t 'r'•
1,4,1p„, ttt.:,t
..:!ii-., .ice.. iW .,c.' i.
•
•
tl
gear them toaltit, 1 aceOPtaact: 14..t14, B!et rNllla1' * 60 0- accountt..F
tM14" for (Intsrrio municif-4440003 .+taapited; ora a art'c .> a?t 24tl1
,o% the preceding year.
Resp.04l (' ai'b t ,
47-1 ri.4:r.C., 2:t40,A14V-
"ertgirect Aoca+nteetts.
License. 144 fra
i tz, ..,
„to r G. P ft Ty
Pate.a 1 .lens,..,..........";': �'..................,.
VUE AND' EXPENDITURE
Regina t Cofttfty retitl.isitttn.
Lssatio
Pa) meaty in 1.tett ttf•t:itt s
Ont.irto t•r.Inth
• ./
Other
ft'rhe y, endcq' D- ,l'. 197
• Reven ie to pay the region or county renoisitiun
'School board,requistaiOn
PO• menta tett of t:tt.5'
Other ••
to the t oo ;.b d..
.. Revengepay t ,.ch 1. t1�r_.. r�T;.tt• ►atntl
;,t'oial revenue •
Accumulated net.:revenne CtlefiCit► at: -
the era of the year
Analysed its follows
General feventie
yRetnon or county
SLItoat•buards
SpettaCchargeS
. Special areas . .•
t.oce1 btla4 I
hittinCtpal sltterpriaea
:STATEMENT OF CAPITAL •OPERATIONS
•
,1. Accounting • Policies t
(a) Statement of Revenue aryl cb:penlciturn:
THs stater;ht reflects the re'venues.an
fund and the, follvri lrscii,boars,
Walton area • Sports Club, •
Winthrop Coii'nunity Cetntre
1�403-
251,3.60''.
823:
2,813. •
• .210,108..
346,16'. ". 213:744.`
BA.IANCE SHEET'
f
19715
50,298. ..
16,525..
53,745.
24,'901.'
145,1169.',
686,3146'.
24.872.:.
•856,687.
t
i
4977.
s,.
52, 336'..1
• 15, 361.,.
32,8$0.,
114;oT7
533,003.
21,.786.
648,866.
railed 1)'ceit:her 31, 197$
Capital financing
Contributions from the revenue fund.
Contributions from reserve funds
• and reserves
Long term. liabilities incurred
Ontario grants
Other
Total capital finandng.
•
. Ugfinanced'capitol outlay (Unexpended'
capital financing) at the end of the year;.
as ar'Decentber31. 1978
Current liabilities
Temporary loans
•
Accounrs'payable and accrued liabilities
Other current labilirtes;'
.•
retlong'term liabilities
Reserves and reserve funds:.'
Accumulated net revenue (deficit) 'AO
' unapplied capital receipts
71eaccowjb is seri, erir air:"Mind p.R
of
tb4fronteirl tattextext.
NOTES TO FINANCIAL STATEMENTS .'
3.' Reserve Funds:
cr. pa.rrlav' res of the revenue
• There 'lire,nq:municipal enterprises consolidated in .thetie resulwa.
(b)" Statement 'of Capital' ope anon$ -
(o)
(d)
This statement .'reflectt:.tice'otlp1ta1 expe •tit.a e.'of the quit ei'pa1ity.
to 'be recovered from the General municipal revenue •of. the; ctuniciPS•lity
and its local boards as described in note 1(a). •
Balance ,'Sheet:
This trttitercent.reflects. the assets: ati3 liabilities of the revenue
fund;• the capitial fund;, reserve funi s ani, local bons. Is as describe,
ina
n te' i(a).' ro• ' , -
Plied .Assets: •id•:
•
The hititericaL cost ati,l atcu:tu1ated depreciation' o1 rilcerl assets i,
not reported for municipal parposea..; "."
.Instead, the' apital. outlay
to be recovered in future year; rr't;hien'•i.: the :l;rertate or'tl;'e
principal portion of unmrctured load term li'tb",a.itiea, cn;llt:.t furls
transferred to other Organisations, ani the coat CC enpittty. pprjeet0 '..
not .yet ,permanently finarcce:l id repartee Cm the: ralance. Sheet. •
Municipal Erlteirprises;•,•
•
There are no. Municipal' enterpriue ace ri' irl., ctt±rit" Ger by the
municipality.
Charges 'tor • flet Long Tern•
.Liabilities t ...
Debt retirement costs including priaaipal and intt•rgat ttr6 charted
against current revenues' in the periais xn trhich the;,, are paid, '
Interest Charges are not accrued for the pe.riots fro the dated .of
the latest interest payments tO the on of the fittartc:itl ye:tr.
•
e Capital Outlay to be recovered in Future XetiY'af
•
'(a) Some capital outlay to be recarerett in: t'utttre yettrn' cities not t'6piener.t
,a burden on general municipal reVenue:t;Y- aft it i to tO re"overei in
future years fr.on other sources: " •
Special °hang on 1:ehefittin4
landowners
:084046 $553'p06.
Capital outleyt;, including fir ad.1".:+:ts tial the.'transtterd of' thriltal;
fun -1; in the' amount of $51,165,(Vitioh balk been financod ; ro:3' 1%nftw+1
municipal revenues of the curter 1re11rg are reported on tete Ctatelhent
Of Revenue not t;'x'penditurer,,
120a,•381.0:
7, 626.
13,483..
58,106.
19•.
:12,281.,
70,406.,
209,034.
62.
?9,a 4t.
G39 224.- •
25,210.
• 9,776.
• 5,920.
109..
9,405.
25,21.0..
: 51,166.
- .212,600.''
53282.
P4,4n1-
: 341,1155-
5,717.
9, 608'.
680,629;
• 141,2140.
25,210.
856,687.
62p955.
' 14,,41,1.
77,4113:
x,96,363.,
S9.
103..427.
�t58 L'a9
711,937.
16,111.
: 803:
41,937.
10,017.
172',600.
20,602, •
36, tat
7 9
v-
1,0034'.
5 435::
- $32,006. ''
89t494.
1.9.2 931.
668,866.
During the year, $30;909. Was credited directly to reserve fundswithout..
being recorded as revenue of the Revenue Fund.: Mcjor source's were;,
cntario Home Renewal'Program ,Interest
Ontario Home Renewal Protium 'Grant
A.., flet Long Teets Liabilities:
(a)
$ • 909:
$ 30,000.
The balance for net long-term: liabilities reported • on'the Balance
Sheet •is trade up of the following:
Total: long terta•,liabilities .incurred tly the •
Municipality : including• those,incurr.ed,On behalf
of former•achool boards, other municipalities
and municipal, enterprises and outstanding, at
the end .otf'the year amount `to $680,629.:
Net Long' Ter, L'i.abilities of the'end of the'*ear . $680,629..'
• Acce.aulated ttet .Revenue (t)eficit) at the End of the Year: . .
The balance. inn the revenue fund at the year end is available to reduce
(to be added to) the', levies of the folio'4ng cla'ssea of:ratepayers.
General- Ratepayers
Designated Ratepayers
School Board, Ratepayers
, County.Ratepayers
:6..,Charges for net Long `Term Liabilities:
$ 9,776. $ 16,111,
9,405. 14,168.,
109. 803.
•• 5,920. 10,855.
$ 25,21o. .$ 41,937.
ZIMMINICION •
Total charges for the .yearfor long term liabilities were as follows:
1978, 177
Principal •Payment s'• $ 63,971. $ 49,158.
Iner• 26,056. 17,894.
' $ 90,027. $, 67,052.
Of the total chargea.:shO'in` ahead. $'909027. were paid fr: general'runieip'a).
•
reve'nttes of the municipality ani are included' in expe a •are on the
Statements bt,Reevenue •and,ExpeAstiture classifiedlunder , e appropriate
fithatiOnal headings.
7. The /heti-Inflatibel Att't
The municipality,• iter lobal boarder and cbte aiStionb Ore' by 'agreefaetit bet'veen
the,Goternr:.ent of Cana la and the Government of the PrOVije of Ontario dated
attrit&aryr' 13th, 1976,'subjeet to• The Anti-znflation Act (Garuda) and the
national guideline.' This lcgislation•1lmits increasen in conpens&tion
,payments effective'O3tobe - ,lith, 1•+375., /his, lirnitation trod removed
April 18th, 1978,, •
8a• 117ve ttaentai
The inveatments included iii current assets of $13,500. ilii -e recorded ft,
dost and have s, I:sarket value of $11,003. as' at the end of the yistkl,
0* ..*ru ,3' M . '.
;, BY.IACK-HAGARTY,••
Are•Mote and Farm. Managegnt;
Speelellat
iiow ,long ,does tit',take far money to
,double itself -' ;at today's interest rates?
You can double your money in, 7,2 years.
How? invest it at 10°'p interest. Can you
invest it at 12% interest? Great you're
down to 6 years, And if by chance ,you.
could convince someone to give you 18%
interest don't laugh - it's ;happening. -
you'll double your money in. 4 ,years,: The
problem is the tax man will take part of
your earnings : su, :in• practice it takes
longer:
Do you notice anything: 'magic about:
these calculations? if you multiply the per
centinterest by the years.. you come up
with. 72, I don't know why,. It just does.
Remember 72, and you'll have a handy
• little guide with you forever.
" Some people are investing in land at
$,OQQ. per acre. There are many reasons.
They need land tQ expand an existing• farm.
A son: wants to start'farming. They want'.a;
• hedge against inflation. They want to own.
more land "cause God only made so.
mueh.'' They sold a small faun, in Europe-
for
urope:for a large sunt'. And here they can buy•a':
much larger farm and have money left over.
And so it goes. - '
What if someone asked for $220, to rent
an acre for one year? You would gulp, look
Rhe' other way * so' that they couldn't see
to
the smile ieore over your ;face. The smile
that says, `'roar gotta be' adding". t
hold: ,on. - that's only„ 11,%, .interest om the
12,00Q. acre and allows nothing for land.
ta.X.es• Chances are ;y00. can: tent :similar
land for one-third the price+ .Why the
difference? It seems obvious. Thee land-
41:
owner IS: •a speculator. The landowner;'
r expects land tO contipue its upward $limb•.
Will the land price double in 6 years? Wen; •
knows? Only half of capital gain is taable:
so the landowner gets a bre.,ak.,'Some may
even .s eculat , that the overgment could
P 8
dropthe lax, .on capital gain. That puts
upward pressure on land prices. - •
Farmers don't like to be called specu=. w
• • lators. -It infers a narrow;. 'self.' searching,
'money oriented goal, They say " I'm just
waiting to see ' what' happens, hand will' -
alwalts have •value, At least we'll be :able tQ ,-
eat." `
There's nothing 'wrongwith being ;ale '
speculator -:4 tf you!' can afford, it. .A'
beginning farmer .trust pay •fort land, from •
profit left over after farm; exlenses, and:
family living.. It's a different situation, Can
they afford to'speculate? I don't know, • It's
their decision. They will need to convince
the .banker. But that's not a big stumbling.
block7these'days. They need to convince
themselves . based on solid homework and
a realistic outlook. Otherwise, it could take
• a lifetime to double their money, And
that's, speculation on :my part.
Ag programs explained
(Continued from Page 15)
to, $4,000 under .the Farm Tax.
Reduction Program. The
1978program rebates half
the municipal property taxes;
, paid by farmers who produce.
$4,000 worth' pf' agricultural;
goods annually,
March 31, 1979 saw the
end of the twelve-year Cap-'
ital Grants • Program:: A new
program of grants -the five
Year Ontario Farin Product-
ivity Incentive' Program has
been announced, aimed at
retaining soil. ;productivity
and reducing erosion, Parrnl-
• ers who did not use their full
entitleinent under`thec Cap-.
ital Grants . Program. " may
apply for grants to assist in
the building of livestock ,
barns, 'milk houses, poultry
barns silos, greenhouses,
tobacco kilns andmaple•
syrup facilities. To qualify, a
farmmust produce $$,000•
worth of agricultural' goods
annually,
The Minister . of Trans-'
'portation; and ' Commun-
ications, ,James Snow; an-
' nursed a new, mandatory
bus. inspection program, to.
become effective .in. Ontario
on •Qctobec 31. 1979.
Under the new regulations
a ."bus" means any motor
vehicle with dual wheels or,
tandem rear axles designed
to carry ten or more pas-
sengers, other : than those
fitted with a truck or delivery
body.
It includes• all buses oper-
ated by or under contract to, a
muncipality or • other transit
authority; buses licensed' as .
„public vehicles under the
Public Vehicles • Act;' and
vehicles used for, the trans-
portation for compensation of
persons in wheelchairs,
regardless• of the designed
eating. capacity. The •new..
'inspection 'program covers'
nearly all _.bus categories,
Vehicles which meet the
required standards will , ,be
issued';two stickers -a safety ,
inspection. sticker • and . •a
special brake inspection
'sticker, Buses carrying pas-
sengers after. October 31st, of
this year without valid stickers
will •be removed from service..
EXAMPLE
1979 Diesel Pick-up
Fltsido'
8', box, below .ye4nt mirrors, .h.d. front
and rear shock,, front stab. bar, h•d..
• springs, h.d, power brakes.steering, 350
cu. In; V8 diesel,. eng;, auto, trans„ stip
bumper, H78 x 15 lug tires;, gauge pkg,
Serial; no, 53 8.248,
57',650: •
indudtas frfiight
1979 LiMans 2 Dr. Cou
Finished ih Claret• with carmine cloth -in-
tartor,;.200 cu: in: V6 eng„ auto. Irons.,
• power steering. brakes, wheel discs,' radial •
whit. walls, AM 'radig, rear d.fro,t.r,
remote mirror- side, mouldings. Serial no.
516835:
includs'freight
1979'L.Mans 4 Dr. Safari
Carmine with matching trim,. 301• as. Irn,
V8 auto. trans., -powersteering, broke,,
steel radials, AM' radio, luggage carrier,
tollgate- release, tinted windshield;• floor
mats, decor podioge, side moulding, defogger
air deflector, remote mirror, h.d„suspInslon
S.rlat no,'119433. .
$6 #940 r�dt,f3 .,lea t
•
1979 Buick Regal
2 Dr. CouPe "
Med. blue -with bine cloth interior, exterior
pinstripe, 301 cu, in. tie, auto. Irani,, poyt.r
steering brak.i,,port mirror, wheel covert;,
4MS,walis, AM radio, rear speaker, defroster,
side rtlouidrno, serial no.177 822,
:7 , 1001tickidi irai f`
USED TRUCK FEATURE BUY:
1979 GMC 4'Wheel Drive
Pickup , •
350 V8 auto, item, h.d. featpri.s„Spoke d
whets, *ids lettered tires, 12,132 km,
Remote control snowplow, Serial4to,108075,
SPH3AL
$70,500
'Naw unit Would Oast $111.5001'
END
CaE
OF MITCHELL
82 Hum Meet 3468468
Open nightly till 4 p;fni, Ah'day %Whit*.
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