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NOTES TO THE FINANCIAL STATEMENTS December 31, 1979 1. ACCOUNTING POLICIES (a) Statement of revenue and expenditure This statement reflects the revenues and expenditures of the revenue fund and the Township of Scugog Library Board. (b) Statement of capital operations (1) This statement reflects the capital expenditure of the municipality to be recovered from general muni- cipal revenue of the municipality and its local board described in note 1(a). (2) The long term liabilities reported on this state- ment were incurred by the Region of Durham on behalf of the municipality. Repayment of this debt is the responsibility of this municipality. (c) Balance sheet This statement reflects the assets and liabilities of the revenue fund, the capital fund, reserve funds and the local board described in note 1(a). The assets and liabilities of local boards and enterprises that have not been conso- lidated are reflected only to the extent of their related net long term liabilities and capital outlay to be recovered in future years. (d) Fixed assets The historical cost and accumulated depreciation of fixed assets is not reported for municipal purposes. Instead, the "Capital outlay to be recovered in future years", } which is the aggregate of the principal portion of unmatured long term liabilities, capital funds transferred to other organizations, and the cost of capital projects not yet permanently financed, is reported on the "Balance Sheet". (e) Municipal enterprises Municipal enterprises are those activities whose costs are substantially recovered from service charges on the users. The Port Perry Hydro-Electric Commission is a municipal enterprise of this municipality whose revenues and expenditures have not been consolidated in' these financial statements. oF (f) Charges for net long term liabilities a Debt retirement costs, including principal and interest, 1 are charged against current revenues in the periods in which they are paid. Interest charges are not accrued for the periods from the dates of the latest interest payments to the end of the financial year. (8g) Trust funds Trust funds administered by the municipality amount- ing to $3,686 are not reflected in these financial state- ments. 2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS. (a) Some capital outlay to be recovered in future years does not represent a burden on general municipal re- venues, as it is to be recovered in future years from other sources: 1979 1978 Special charges on 2 benefitting landowners... .. ... $202,809 $183,300 0 Municipal enterprises... ....... 124,820 138,771 $327,629 $322,07 1 (b) Capital outlays, including fixed assets and the trans- fers of capital funds in the amount of $241,206, which have been financed from general municipal revenues of the current year, are reported on the 'Statement of Revenue and Expenditure". 3. Reserve funds During the year $94,521 were credited directly to reserve funds without being recorded as revenues and expendi- tures of the revenue fund. Sources were: 1979 1978 Interestearned ................ $12,727 $8,359 Contributions from is developers ..................... 81,794 154,200 a Donations ..................... 15,460 $94,521 $178,019 4 TOWNSHIP OF SCUGOG 1979 FINANCIAL REPORT (CONTINUED) 4. NET LONG TERM LIABILITIES (a) The balance for net long term liabilities reported on the "Balance Sheet" is made up of the following: Total long term liabilities incurred by the municipality including those incur- red on behalf of former school boards, other municipalities and municipal enterprises and outstanding at the end of the year amount to $290,229 In addition, the municipality has as- sumed responsibility for the payment of principal and interest charges on certain long term liabilities issued by other municipalities. At the end of the year the principal amount of this lia- bilityis ............................ 271,400 Of the long term liabilities shown above, the responsibility for payment of prin- cipal and interest charges has been assumed by others for a principal amount of oo, (234,000) theyear ......................... .... (b) Included in "Net long term liabilities' on the "Balance Sheet" is an amount of $61,771 payable in United States dollars and converted into Canadian dollars at the rate prevailing when the liability was incurred. If the liability is converted into Canadian dollars at the exchange rate prevailing at December 31, the liability would be increas- ed by $9,482. 5. ACCUMULATED NET REVENUE (DEFICIT) AT THE END OF THE YEAR The balance in the revenue fund at the year end is avail- able to reduce (to be added to) the levies of the following classes of ratepayers. 1979 1978 General ratepayers .......... $(39,342) (36,133) Designated ratepayers. ..... (1,310) (874) School board ratepayers . ... 9,565 2,664 Regionratepayers .......... 19,299 11,311 $(11,788) (23,032) ---- I ---- 6. CHARGES FOR NET LONG TERM LIABILITIES Total charges for the year for net long term liabilities were as follows: 1979 1978 Principal ................... $36,541 $30,166 Interest ..................... 21,766 20,496 358307 $50,662 Of the total charges shown above $31,852 were paid from general municipal revenues of the municipality and are included in expenditure on the "Statement of Revenue and Expenditure" classified under the appropriate functional headings. The remaining $26,455 were reco- vered from the municipal enterprise for which the related net long term liabilities were incurred and are not re- flected in the statement. 7. UNFINANCED CAPITAL OUTLAY Included in unfinanced capital outlay is an amount of $83,247 representing the purchase of roads equipment during the year. As at December 31, 1979 financing for this equipment had not been approved. However, financ- ing for this equipment will be provided for out of the 1980 current budget. 8. LIABILITY FOR 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. The liability for these accumulated days, to the extent that they have vested and could be taken in cash by an employee on terminating, amounted to $76,072 at the end of the year. An amount of $33,000 has been provided for this past service liability and is included in reserves on the "Balance Sheet'. PORT PERRY STAR -- Wednesday, July 2, 1980 -- 21 Greenbank W.I. by M. Beaton Th2 Greenbank Womens Institute was held at the home of Mrs. N. Hunter on Wednesday June 18 at 8 p.m. Mrs. McKean, president, welcomed everyone and read a poem, "Always Have Faith". The Opening Ode was sung and Mary Stewart Collect reported. The Roll Call was answered by "Something you have learned since joing the W.I. Minutes and treas- urer's report was given by Mrs. A. McMillan. We then decided having a booth at Port Perry Fair, the display being on "A Baby Shower". A letter was read thanking us for helping at the Family Life Series meeting in Port Perry in May. The Report on the District Annual was given by Mrs. Ianson in the absence of Mrs. Innis. Our short course is on Crewell work, our picnic in Uxbridge July 8th and our area convention is Nov. 4th and 5th. Mrs. F. Phoenix reported on Agriculture and Canadian Industries. She stated that apples, especially the McIntosh has been proven to be much more popular than oranges as a fruit. The roar against weeds is on. A new weed, the Johnson Grass, prosco milet, and the old Lamb's Quarter's are very costly to Ontario farmers. A provincial wide Alert System is 'long overdue to control weeds. Our W.I. are catering on Saturday for the Jas. Lee 50th Wedding anniversary, and on June 24th we are having a bus trip to the Erland Lee Homes at Stony Creek and to the Botannical Gardens at Hamilton. We learned that our National Anthem, O Canada, has just been made official this week. Mrs. McKean, our dele- gate to the Officers Conven- tion at Waterloo in April gave a short report. She said the convention was very interesting, with a speaker on Agriculture, an address by Pauline McGibbon, the Lt. Gov., who has recently retired from the post. It was suggested that the "Hymn Of All Nations" be sang often at our meetings. She closed with a poem "How This Old World Has Changed." Suggestions for programs etc., at future meetings were discussed. Mrs. A. McMillan read an article on the Metric System and on A Whitby Man's Views on the Town of Whitby. We then enjoyed Mrs. N. Hunter, who has recently returned from a trip to Holland, who related some experiences and showed us pictures of that county. This was most interesting as none of us present had ever visited that country. The Institute Grace was sung and a delicious lunch served by the June group. Yelverton News By Harvey Malcolm Congratulations to Mr. and Mrs. John Burns of Janetville, who observed their 25th Wedding Anniversary with an Open House on Sunday, June 22nd in the Janetville United Church basement. The Burns operate the corner grocery store in Janetville as a family partnership with son Robert and wife, Chris. This store is unique in that it has been operated by the Burns family for several generations with each generation of the male member of the family being named Robert John or John Robert in turn - the youngest addition is John Robert who recently observed his first birthday and may or may not carry on the Burns tradition. Best wishes to Dorothy and John and continued success in their contribution to the Church and community of Janetville and area and in their married life ahead. After a spring of dry wea- ther and unseasonable cold, the Heavens opened on Thurs- day evening and dropped 2% inches of rain in about an hour in this area. It brought the old swimming pool up to the brim. Congratulations to Miss Lana Malcolm who won the Amateur Contest in her category, last Sunday at Millbrook Fair. Last Sunday, Mr. and Mrs. Murray Quackenbush of Pleasant Point, hosted a family shower for Miss Susan Hayes and Mr. Jack Quack- enbush prior to their July wedding. Sympathy is extended to Mr. Orval Quackenbush, wife and family in the sudden passing of Orval's sister last week. Several local residents at- tended a night at Fiesta Week in Oshawa - an opportunity for folks, particularly new Canadians, to renew their earlier tastes in food, music and all things cultural, with over forty different pavillions to choose from or combina- tions thereof. Too often me- thinks we 2 or 3 generation Canadians have a tendency to restrict our diet and view- point to the narrow rut or pattern we have developed over the years and hesitate to even try anything different and disparge those who do. We are in full accord with the statement made by one of the organizers - First of all a proud Canadian, and also proud of our individual etnnic origin. A little different attitude than that proffered by the Que- becois recently. The Sunday School picnic was held at Springwater Park, Nestleton on Sunday, to con- clude the Sunday School season until fall. Special thanks of the community to Mrs. Hazel Gray and her Sunday School teachers for a job well done during the year. A McGill gathering was held at Mr. and Mrs. Barry Prestons on Sunday, in recog- nition of Gerald's birthday, Barry and Lorraine's Wed- ding Anniversary and other family birthdays. Miss Mona Malcolm ac- companied Miss Jennifer Snushall to Gravenhurst to spend a few days there with Jennifer at the Porter resi- dence. A stag for groom-elect Alan Frew was held on Saturday evening in a hall on Scugog Island. Alan and his bride-to- be are scheduled to enter into their marital state on July 5th. Alan is the youngest son of Mr. and Mrs. Donald Frew of Nestleton. Mrs. Audrie Brown spent several days this week in Stratford where she and a friend attended several plays at the theatre. Pleased to report that Ho- ward Malcolm has been able to return home from hospital with his sore knee. Pa = ee _ A Ca So A ---- Fog SIRS a TN oo NOT PR Ne ee hn Na NI . - ofl - . _., - pat, . y _-- oe Fi To A -