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8 The Canadian Statesman, Bowmanville, August 21,1991 Graduate Section Two '4f* John Peter Tax John Peter Tax graduated graduated with honours, June, 1991, in Dental Hygiene at George Brown College in Toronto. Toronto. John is the youngest son of Peter and Joan Tax of Bowmanville. Local Teen Selected for National 4-H Conference by Mei-Lin Stichbury A national 4-H conference conference to be held this November, November, will include in its Ontario delegation, a Blackstock teen. Eighteen-year-old Eric Barkey was chosen to attend attend the conference at the Howard Johnson Hotel Hotel in Toronto by staff and peers at a 4--H leadership leadership camp held near Barrie this past June. The conference will last five days, during the week of the Royal Winter Pair, from November 5 to 9. The theme of the conference conference will be agricultural agricultural issues. "The young people will be discussing different ways of approaching them," said Barbara Weese, rural organizations organizations specialist for the Ontario Ministry of Agriculture Agriculture and Food. The delegates will also get the opportunity to meet some high-profile agricultural figures who will appear at the conference conference as guest speakers, added Ms Weese. Eric also noted that delegates will be planning planning a lot of the future 4- H activities. The delegates range in age from 17 to 20 and come from Canada, the United States and the United Kingdom. Six delegates from each province in Canada will be in attendance, six from the U.S. and five from the U.K. Eric was chosen as a delegate for his , leadership leadership abilities, good interaction interaction with others and for his participation in discussions. discussions. Eric said he is glad to have been appointed as a delegate for the conference. conference. "I'm really looking forward forward to it," he said. OBITUARY Wesley E. Fice A long time member and elder of the Pine Ridge Bible Chapel (formerly Nassau St. Gospel Hall, Oshawa), Wesley Wesley E. Pice died June 8,1991 in Memorial Hospital, Bowmanville. Bowmanville. In his 91st year, he had been in poor health for the past two years, and had been three weeks in hospital. hospital. The son of the late Edward Edward and Zelica Gay Pice, he was born in Columbus and was married to Ida I. Trimble, July 19,1921. He had been a resident of Bowmanville for 71 years, previously residing in Columbia. Columbia. Employed as a barrel maker or cooper for Gale's four years, he had also worked at Williams Funeral Directors before being employed employed by Goodyear for 39 years, retiring in 1966. He served as a town councillor for seven years and as a deputy deputy reeve for two years. Surviving are his wife Ida, sons Raymond and wife Sadie, Herman and wife Elsie Elsie of Bowmanville, El wood and wife Re ta, Pontypool, one brother, four sisters, seven grandchildren and nine great grandchildren. Funeral services were held June 11, at the Morris Funeral Chapel, Bowman- ville, with tne evangelist Mr. Frank Pearcey of Toronto, Toronto, officiating. Funeral music music was by Bill and Sheila Mcorstrn, New Tribes Mission Mission of Canada, Durham, Ontario, Pallbearers were David, Allen and Paul Fice, Terry Devitt, Denis Brown and Gordon Weir. Interment Bowmanville Comotoiy. AUDITORS' REPORT To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Town of Newcastle: We have audited the consolidated balance sheet of the Corporation of the Town of Newcastle as at December 31, 1990 and the consolidated statement of operations for the year then ended. These financial statements statements are the responsibility of the Town's management. Our responsibility responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statement: are free of material misstatement. An audit includes examining, on a lost basis, evidence supporting the amounts and disclosures in the financial financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, those consolidated financial statements present fairly, in all material respects, the financial position of the Town as at December 31,1990 and the results of its operations for the year then ended in accordance accordance with accounting principles disclosed in Note 1 to the financial statements. Deloitte & Touche Chartered Accountants July 9,1991 TOWN OF NEWCASTLE CONSOLIDATED STATEMENT OF OPERATIONS SOURCES OF FINANCING Taxation and user charges Residential and farm taxation Commercial, industrial and business taxation Taxation from other governments User charges Deduct - Amounts received or receivable receivable for region and school boards (Note 2) Grants Government of Canada Province of Ontario Other municipalities Other Contributions from developers Investment income Sale of land and equipment Penalty and interest on taxes Fines Recreational land - cash-in-lieu Donations and contributions from others Proceeds from the issue of long term liabilities NET APPROPRIATIONS FROM RESERVES AND RESERVE FUNDS MUNICIPAL FUND BALANCES, BEGINNING OF YEAR (Note 7) To be used to offset taxation or user charges Unexpended capital financing TOTAL FINANCING AVAILABLE DURING THE YEAR APPLIED TO Current operations General government Protection to persons and property Transportation services Environmental services Health services Recreation and cultural services Planning and development Capital General government Protection to persons and property Transportation services Environmental services Health services Recreation and cultural sen/ices Planning and development Actual 1990 Actual 1989 $34,926,225 $29,312,825 7,797,336 7,047,422 1,215,374 1,016,793 2,823,867 4,301,066 (32,193,579) (27,848,519) 5,304 6,864 3,593,071 3,263,556 (1,600) 82,160 2,428,512 5,298,437 2,756,773 1,925,051 174,219 79,418 526,089 376,158 3,438 990 688,719 448,694 575,668 607,276 - - - - 2,724,400 1,051,526 51.902 77.239 $28.095.718 $27.046.956 $2,830,326 $2,215,958 2,078,457 1,667,545 4,797,087 4,032,351 964,331 933,090 117,339 111,597 4,007,311 3,582,550 1.248.839 937024 16.043.690 13.480.115 506,687 790,434 1,030,268 251,255 4,916,324 4,126,995 18,979 ' 39,017 1,368,494 1,175,998 166 854 31.201 8.007.606 6.414,900 2,054,887 4,375,639 1,905,021 2,724,400 84.514 51.902 $28.095.718 $27,046,956 NET APPROPRIATIONS TO RESERVES AND RESERVE FUNDS MUNICIPAL FUND BALANCES, END OF YEAR (Note 7) To be used to offset taxation or user charges Unexpended capital financing TOTAL APPLICATIONS DURING THE YEAR The accompanying notes are an integral part of this financial statement. CONSOLIDATED BALANCE SHEET DECEMBER 31.1990 ASSET? UNRESTRICTED Cash Taxes receivable ' User charges receivable Accounts receivable ' Other current assets RESTRICTED Cash Accounts Receivable CAPITAL OUTLAY FINANCED BY LONG-TERM LIABILITIES AND TO BE RECOVERED IN FUTURE YEARS (Note 1 (b)) 1990 1989 $4,701,907 $4,617,624 4,017,739 2,716,466 456,404 464,169 1,577,351 1,907,028 534 518 444.463 11,287.919 10 149.750 9,536,534 9,573,880 424.411 399.442 9.960.945 9.973.322 5.590.409 5,9.46.9.19 $26.839.273 $26 069 991 LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities Other current liabilities NET LONG-TERM LIABILITIES (Note 6) 5,590,409 FUND BALANCES, END OF YEAR To bo used to offset taxation or user charges (Note 7) Unexpended capital financing (Note 7) Reserves (Nolo 8) Reserve funds (Note 8) $3,171,638 1.760.365 4,932,003 $3,765,181 1.309.150 5,074,331 5,590,409 5,946,919 1,905,021 2,724,400 84,514 51,902 4,366,381 9,960,945 $26,839.273 2,299,117 9 973.322 $26.069.991 The accompanying notes are an integral part of this financial statement. statement. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31.1990 1. ACCOUNTING POLICIES The consolidated financial statements of the Corporation are the representation of management prepared in accordance with accounting accounting policies proscribed for Ontario municipalities by the Ministry Ministry of Municipal Affairs. Since precise determination of many assets and liabilities is dependent upon future events, the preparation of . periodic financial slatomonts necessarily involves the use ol estimates estimates and approximations. Those have boon made using carolul judgements. (a) (I) Basis of Consolidation Those consolidated financial statements reflect the assets, assets, liabilities, sources of financing and expenditures ol the revenue fund, capital fund, reserve funds and reserves reserves and Include the activities of all committees of Council and the following local boards, which are under the control of Council: - Newcastle Public Library Board - Clarke Museum and Archives • Bowmanville Museum Board - Board ol Management lor the Bowmanville Contrai Business District Improvement Aron - Board ol Management for the Newcastle Control Business District Improvement Area • Board of Management for the Orono Central Business District Improvement Aron Corporation of the Town of Newcastle Consolidated 1990 Financial Statements - Orono Arena and Community Centre Board - Newcastle Arena Board - Newcastle Community Hall Board All interfund assets and liabilities and sources of financing financing and expenditures have been eliminated with the exception exception of loans or advances between the reserve funds and any other fund of the municipality and the resulting interest income and expenditures. (ii) Non-consolidated Entity These consolidated financial statements do not include the assets, liabilities, sources of financing and expenditures expenditures of the Newcastle Hydro Electric Commission. (iii) Accounting for Region and School Board transactions The taxation and other revenues, expenditures, assets and liabilities with respect to the operations of the school boards and the Region of Durham are not reflected in the "Municipal Fund Balances" of these financial statements. Overlevies (underlevies) are reported on the "Consolidated "Consolidated Balance sheet" as "other current liabilities' ("other current current assets"). (iv) Trust funds and their related operations administered by the municipality are not consolidated, but are reported separately on the "Trust Funds Consolidated Statement of Continuity and Consolidated Balance Sheet". (b) Bills of Accounting (accrual) (I) Sources of financing and expenditures are reported on the accrual basis of accounting with the exception of principal principal charges on long-term liabilities which are charged against operations in the periods in which they are paid. (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 result of receipt of goods or services and the creation of a legal obligation to pay. (iii) Fixed Assets The historical cost and accumulated depreciation for fixed assets are not recorded for municipal purposes. Fixed assets are reported as an expenditure on the "Consolidated "Consolidated Statement of Operations" in the year of acquisl- . lion. (iv) Capital Outlay to be Recovered in Future Years "Capital outlay to be recovered in future years," which represents the outstanding principal portion ol unmatured long-term liabilities for municipal expenditures or capital funds transferred to other organizations, is reported on the "Consolidated Balance Sheet". OPERATIONS OF SCHOOL BOARDS AND THE REGION OF DURHAM Further to Note 1 (a) (iii), the taxation, grants, other revenues, expenditures expenditures and overlevies (underlevies) of the school boards and the Region of Durham are comprised of the following: School Taxation and user charges Requisitions (Underlevies) Overlevies for current year Overlevies, beginning of year Overlevies, end of year Boards $24,114,832 24.116.592 $ (1,760) 2.495 $Z25 Reoion $ 8,078,747 7,857.410, $ 221,337 801.716 3. TRUST FUNDS Trust funds administered by the municipality amounting to $279,197 (1989 - $256,027) have not been included in the "Consolidated "Consolidated Balance Sheet" nor have their operations been included in the "Consolidated Statement of Operations". 4. PENSION AGREEMENTS The municipality makes contributions to the Ontario Municipal Employees' Employees' Retirement Fund (OMERS), which is a multi-employer plan, on behalf of 193 members (1989-179 members) of its staff. The plan is a defined benefit plan which specifies the amount of the retirement benefit to be received by the employees based on the length of service and rates of pay. The amount contributed to OMERS for 1990 was $306,985 (1989 - $264,402) for current service and is included as an expenditure on the "Consolidated Statement of Operations". 5. LIABILITY FOR VESTED SICK LEAVE BENEFITS Under the sick leave, benefit plan, unused sick leave can accumulate accumulate and employees may become entitled to a cash payment when they leave the municipality's employment after five years of continuous continuous 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, terminating, amounted to $584,223 (1989 - $535,581) at the end of the year. An amount of $231,485 (1989 - $143,235) has been provided for this past service liability and is reported on the "Consolidated Balance Sheet", included in reserves. An amount of $10,000 (1989 - $16,500) was transferred from the reserve to assist in financing payments made during the current year and is reported on the . "Consolidated Statement of Operations" and is included in "Net appropriations appropriations to reserves and reserve funds". The anticipated payments over the next five years to employees who are eligible to retire are: 1991 1992 1222 1224. 1225 Ifilfll $21812 - . - - - $33,813 6. NET LONG-TERM LIABILITIES (a) The balance of net liabilities reported reported on the "Consolidated Balance Balance Sheet" is made up of the following: following: Total long-term liabilities incurred by the municipality including those incurred on behalf of school boards, other municipalities municipalities and the Newcastle Hydro Electric Commission and outstanding outstanding at the end of the year amount to In addition, the municipality has assumed responsibility for payment payment of principal and interest charges on certain long-term liabilities liabilities issued by other municipalities. municipalities. At the end of the year, the outstanding principal amount of this liability is Of the long-term liabilities shown above, the responsibility for payment payment of principal and interest charges has been assumed by school boards, the Newcastle Hydro Hydro Electric Commission, and other other municipalities. At the end of the year, the outstanding principal principal amount of this liability is (1,290,219) (487,655) Of the long-term liabilities shown above, the responsibility for payment payment of principal and interest charges for tile drainage and shoreline properly assistance loans has been assumed by individuals. individuals. At the end of the year, the outstanding principal amount of this liability is Net long-term liabilities, end of year (b) Of the not long-term liabilities reported in (a) of this note, $1,538,743 in principal payments are payable from 1991 to 1995; $2,211,667 from 1996 to 2000; and $1,840,000 thereafter thereafter and are summarized as follows: 1990 1989 $449,868 $529,047 6,567,890 6,073,457 (137,129) (167,239) From general municipal revenues From benofitting landowners 1991 to 1995 1996 to 2009 2001 and Thereafter $1,281,685 $2,045,000 $1,840,000 257.058 $1.538,743 n $1.840.000 (c) Included In "Not long-term liabilities" on 1ho "Consolidated Balance Balance Shoot" Is an amount of $70,873 (1989 - $162,290) payable payable In United Stales dollars, which was converted into Canadian Canadian dollars at the rate of exchange prevailing when the liability was Incurred. If the liability Is converted Into Canadian dollars at the exchange rale prevailing at December 31, 1990, the liability liability would bo increased by $9,167 (1989 - $20,753), (d) Approval of the Ontario Municipal board has boon obtained for the long-term liabilities In (a) Issued in the name of the municipality, municipality, (o) The municipality Is contingently liable for long-term liabilities with rospoct to tile drainage and shoreline property assistance loans, and for those for which the responsibility for the payment of principal and Interest has boon assumed by other municipalities, municipalities, school boards and the Newcastle Hydro Electric Commission, Commission, The total amount outstanding os at December 31,1990 Is $1,427,349 (1989 - $655,585) and Is not recorded on the 'Consolidated 'Consolidated Balance Shoot", Included In "Not long-term liabilities" on the 'Consolidated Balance Balance Shoot" Is a loan of $233,333 (1089 - $256,667) payable to Ministry of Municipal Affairs, and a loan of $100,000 (1989 - $110,000) payable to Ontario Hydro under the Ontario Housing (I) Action Program. These loans which relate to the Courtice Storm Water Facilities Project, are interest free and repayable over fifteen years. Payments commenced in 1986. The funds to repay those loans are to be provided from Letters of Credit hold by the Town, issued by the developers, pursuant to a dovel- ment agreement. 7. MUNICIPAL FUND BALANCES AT THE END OF THE YEAR (a) The balances on the "Consolidated Statement of Operations" of municipal equity of $1,989,535 (1989 - $2,776,302) at the end of the year is comprised of the following: - for general reduction of taxation - for general reduction of user charges - for benefiting landowners related to special charges and special areas 1990 $1,773,335 1989 $2,552,087 143,595 134,734 f11.9091 1.965.021 37.579 2 724.400 - funds available for the acquisition of fixed assets B4 S14 S1907 $1,989,535 . $2,776,302 (b) Approval of the Ontario Municipal Board has been obtained for the pending issue of long-term liabilities and for those commitments commitments to be financed from revenues beyond the term of Council. Council. (c) The balance available for the general reduction of taxation for the fiscal year ending December 31, 1990 has been reduced (increased) by an amount of $216,546 (1989 - $912,088) transferred transferred to the Reserves and Reserve Funds as authorized by Report 4TR-56-91, dated July 8 1991, as follows: Name of Reserve/Reserve Fund Amount of Transfer Professional Fees Reserve $122,250 Reserve Fund for Debt Retirement Retirement 14,069 Reserve Fund for Industrial and Economic Development General Capital Reserve Computer Equipment Reserve Tax Write-off Reserve Station Account "B" relating to other financial obligations under the above agreement. The residual amount, if any, in Station Account "A" at the termination of this agreement shall not be paid to the Town. The residual amount, if any, in Station "B" at the termination of this agreement shall be paid to the Town, subject to certain specified conditions being met by the Town. The balance of the funds, including interest earned less payments made to the Town of Newcastle to date, amounted to approximately $2,900,000 in account "A" and $1,200,000 in account "B" at December 31, 1990 (1989 - Account "A" - $2,600,000 / Account "B" -- $1,100,000). 11. CONTINGENCY A delay claim has been submitted to the Town by a contractor relating relating to the reconstruction of the Town Hall. As of April 30, 1991 legal action has not boon commenced against the Town. The outcome ol this action is not yet determinable and accordingly no provision for this liability has been made in the financial statements. 12. BUDGET FIGURES Budgets established for capital funds, reserves and reserve funds are based on a project-oriented basis, the costs of which may be carried out over one or more years. As such, they are not directly comparable with current year actual amounts and budgets have, therefore, not been reflected on the "Consolidated Schedule of Current Current Operations". CONSOLIDATED SCHEDULE OF CURRENT OPERATIONS YEAR ENDED DECEMBER 31,1990 Budget 1990 Actual 1990 Actual 1989 $11,759,543 $11,745,356 3,210,682 2,734,735 3,582 2,107,053 5,304 2,432,671 (1,600) 71,504 15,500 17,155 (23.9321 $ 216.546 Had this reduction not been made, the balance available for the general reduction of taxation would have shown a surplus of $1,989,881 (1989-$3,464,175). RESERVES AND RESERVE FUNDS The total balances of reserves and reserve funds (1989 - $2,299,117) and $9,960,945 (1989 - respectively, are made up of the following: SOURCES OF FINANCING Net municipal taxation User charges Grants Government of Canada Province of Ontario Other municipalities Other Investment income Penalty and interest on taxes Donations Other 17,773,567 18,843,562 MUNICIPAL FUND BALANCES AT BEGINNING OF YEAR, TO BE USED TO OFFSET TAXATION OR USER CHARGES $ 9,647,703 4,207,280 6,864 1,967,534 82,160 369,073 1,393,458 994,464 320,000 1,634 2.000 526,089 4,111 3.438 376,158 2,847 955 17,286,000 of $4,366,381 $9,973,322), Reserves set aside for specific 1990 1989 purpose by Council for: Working capital $ 797,888 $ 407,763 Tax write-off 261,656 285,588 Sick leave 231,485 143,235 Other cultural 52,336 34,429 Acquisition of fixed assets 2,114,741 1,080,091 Building Maintenance and Construction 6,474 10,982 Technical Services 39,506 43,517 Legal/Consulting Issues 827,295 283,512 Community Services Development 10,000 10,000 Election Expenses 25,000 -- $4.366.381 $2.299.117 Reserve funds set aside for specific purpose by Council for: Courtice O.H.A.P. $ 219,360 $ 395,791 Recreation programs and facilities 443,629 316,782 Debenture repayment 597,884 600,964 Industrial development 297,191 178,455 Other cultural 165,087 156,451 Acquisition of fixed assets 378,825 392,665 Bowmanville Waterfront 43,354 -- Municipal Housing study 4.047 -- 2.149.377 2.041.108 Reserve funds set aside for specific I purpose by legislation, regulation or agreements: Park purposes 1,643,911 804,833 Lot levies and road contributions 5,954,092 6,919,353 Parking facilities 213,565 208,028 7,811,568 7,932,214 $ 9,960,945 $ 9,973,322 CHARGES FOR NET LONG-TERM LIABILITIES Total charges for the year for net long-term liabilities which are reported on the "Consolidated Statement of Operations" are . as follows: Principal payments 1990 • $345,264 1989 $364,124 Interest 575.100 602,768 $920.364 $966.892 Town 1,232,303 2,552,087 857,123 Library -- 5,433 703 Special areas -- 37,579 2,867 Recreation, community contres and arena boards 83,224 83,224 173,260 Central business district improvement aroas 16,076 16,076 6,511 Museums 30,001 30,001 11,062 TOTAL FINANCING AVAILABLE DURING THE YEAR $19,135,171 $21,567,962 $18,337,526 APPLIED TO General government $3,001,333 $ 2,830,326 $2,215,958 Protection to persons and property 2,233,011 2,078,457 1,667,545 Transportation services 5,192,044 4,797,087 4,032,351 Environmental services 991,568 964,331 933,090 Health services 108,853 117,339 111,597 Recreation and cultural services 4,088,290 4,007,311 3,582,550 Planning and development 1.233.275 1.248.839 937.024 16,848,374 16,043,690 13,480,115 NET APPROPRIATIONS TO OTHER FUNDS 2,157,572 3,619,251 2,133,011 MUNICIPAL FUND BALANCES AT END OF YEAR, TO BE USED TO OFFSET (TO BE RECOVERED FROM) TAXATION OR USER CHARGES Town -- 1,773,335 2,552,087 Library (547) 13,823 5,433 Special areas (11,909) 37,579 Recreation, community centre and arena boards 96,973 96,973 83,224 Central business district Improvement areas 20,233 20,233 16,076 Museums 12,566 12,566 ' 30,001 The charges for long-term liabilities assumed by the non- consolidated entities or by individuals in the case of tile drainage and shoreline property assistance loans are not reflected in those statements. «.AGREEMENT Ontario Hydro In connection with the Darlington Generating Station Project, Ontario Hydro agreed to contribute approximately $3 million plus accrued interest towards the cost of roads, water, sewer services and other expenditures incurred by the municipality during the construction period. These funds are held by Ontario Hydro in two separate accounts, one account entitled Station Account "A" relating to the construction of water mains, sanitary sewers and storm sewers and one entitled TOTAL APPLICATIONS DURING THE YEAR $19,135,171 $21,567,962 $18,337,526' AUDITORS' REPORT To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Town of Newcastle: We have audited the balance sheet of the trust funds of the Corporation Corporation of the Town of Newcastle as at December 31, 1990 and the statement statement of continuity of trust funds for the year then ended. These financial financial statements are the responsibility of the Town's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit Includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial financial statements. An" audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these financial statements present fairly, in all material respects, the financial position of the trust funds for the Corporation of the Town of Newcastle as at December 31, 1990 and the continuity ,ol trust funds for the year then ended in accordance with accounting principles principles disclosed in Note 1 to the financial statements. Deloitte & Touche Chartered Accountants July 9,1991 TOWN OF NEWCASTLE STATEMENT OF CONTINUITY BALANCE BEGINNING OF YEAR CAPITAL RECEIPTS Cemeteries INTEREST EARNED EXPENDITURES Contributions to Cemeteries Other BALANCE, END OF YEAR Bowmanville Bondhead Cemetery Cemetery Perpetual Perpetual Total Caro Cara $256.027 $150.012 $14.790 17,847 16,277 1,570 15.819 6.210 652 33.666 22.487 2.422 7,106 6,210 852 3.390 -- -- 10,496 6,210 852 $279.197 $166.289 $16.360 Trull Advent Lovokin Care Care Care Legacy $1.774 $ 918 $10.000 $1682 2 25 210 2 25 -- 210 Trust 35 Ontario Home Renewal Program $55.340 5.475 5.475 -- 3,390 35 -- 3,390 $1.774 $ 918 $10,000 $1,892 $24,539 $57,425 BALANCE SHEET CASH ACCOUNTS RECEIVABLE Duo from General Fund LOANS RECEIVABLE INVESTMENTS Investment Certificates Interest DUE TO GENERAL FUNDS FUND BALANCES Capital Bowmanville Bondhoad Trull Advont Lovokin Cemetery Comotoiy Comolory Comotoiy Comotoiy Perpetual Porpotual Porpotual Porpotual PorpotualVandorvoor Montague Total Caro Caro Caro Cam Caro Legacy Trust ASSETS $57,460 $ - $ -- $ - $ - $ - $ 682 $11,149 2,268 2,268 11,380 -- -- -- -- -- 207,463 164,021 16,360 1,774 918 10,000 1,000 13,390 626 -- -- -- -- -- 210 -- 221,737 166,289 16,360 1,774 918 10,000 1,210 13,390 $279,197 $166.289 $16.360 $1.774 $ 918 $10,000 $1.892 $24.539 $ - $ - $ - $ -- $ - $ - $ - $ - 279,197 166,289 16,360 1,774 918 10,000 1,892 24.539 $279,197 $166,289 $16,360 $1,774 $ 918 $10,000 $1,892 $24,539 NQTES.TQ THE TRUST FUNDS FINANCIAL STATEMENTS Ontario Homo Renewal Program $45,629 11,380 416 11,796 $ - 57,425 $57,425 1. ACCOUNTING POLICIES Bail» of Accounting: Capital receipts and income aro reported on tlio cash basis ol accounting. accounting. Expenditures are reported on the cash basis of accounting with lire exception ol administrative expenses which aro reported on the accrual accrual basis of accounting, which recognizes expenditures ns they aro Incurred and measurable as a result of the receipt of goods or services and the creation ol a legal obligation to pay, 2. ONTARIO HOME RENEWAL PROGRAM The Ontario Homo Renewal Program was established by the Onto- 3, rlo Ministry of Housing In 1973 to provide grants lor municipalities to make loans to assist owner occupants to repair, rehabilitate and Improve their homos to local property standards, Individual loans are limited to $7,500 ol which the maximum forgivable portion Is $4,000. Ontario Homo Renewal Program loans receivable at December 31, 1990 comprise repayable loans ol $5,756 (1969 - $5,099) and forgivable forgivable loans ol $5,625 (1989 - $4,996). Loan forgiveness Is earned and recorded at n rale of up to $600 per year of continued ownership and occupancy, In the event ol the solo or lease of the homo or In the event ol the homeowner censing to occupy the homo, the balances of the repayable loan and the unearned lorglv- able loan Immediately become duo and payable by the homeowner, INVESTMENTS The total for Investments by the trust funds ol $207,463 (1909 - $165,028) reported on the Balance Shoot at cost have a market vnluo of $207,463 (1909 - $165,026) at the end ol the year,