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. = + Epsom News Our deepest sympathy to Mr. and Mrs. Donald Card in the loss of their little daugh- ter Tina last Friday at Sick Children's Hospital. Mr. and Mrs. Norman & @ Sanderson and children visi- ted on Sunday with Mr. and Mrs. Everett Jones at their cottage at Prospect Lake near Gravenhurst. Miss Donnal Chilton spent one and a half week at the Bible Club camp near Omemee. Mr. and Mrs. Vic Chilton and family, Mr. and Mrs. ty '¢ Wm. Anderson had Sunday dinner with Mrs. Margaret Anderson of Oakwood. Mr. and Mrs. Tony Morien and Murray of Montreal, Mr. and Mrs. E. Gorrill of Eden; Dr. Pat and Ivan Clarke, Mr. and Mrs. Keith Ashton and Robert had Sunday supper with Mr. and Mrs. Donald Asling. LY] : Richard and Julie Ashton : visited on Monday afternoon with Michael and Marie Collins of Utica. Church service for the Epsom and Utica Congrega- tions next Sunday will be at 9:45 a.m. at Goodwood Uni- ted Church. Mr. Michael Ward our new student minis- ter will be in charge. A; Mr. and Mrs. Wm. Ander- J \ 7 "son visited Tuesday even- Q ing with Mr. and Mrs. Howard Ashton. Mr. and Mrs. Joseph Muczek of Oshawa and Mr. and Mrs. Gordon Elliot of Vancouver visited Barbara and Susan's grandmother Mrs. Katharine Cakwer on Sunday. Po a M iss Alvena Jeffery of \- London, Mrs. Wm. Huggins of Orillia visited their brother Gordon and Mrs. Jeffery on Sunday afternoon. Mr, and Mrs. H. Ashton visited with Miss Vera Prentice on Thursday even- ing and on Sunday evening they had supper with Mr. Ashton's sister Mrs. Olive MacGregor of Uxbridge. ®, 2 Bethesda - Reach Wo- men's Institute had their regular meeting last Wed- nesday. We met at the museum on Scugog Island. We were verv grateful to Mrs. Cain for her kindness in showing us so many interes- ting objects. After touring the museum we returned to _a (Conway Gardens for coffee %: 204 dessert and an infor- mal meeting to tie up local business ends before summer recess. Don't forget the commun- itv picnic at the home of Mr. and Mrs. H. Boadway. This picnic is Pot Luck type dinner served late enough everyone has time to go to church. This picnic is for 3 ® anyone int he community with a special invitation to anv new comers. Please come and get acquainted. GOING OVERSEAS ¥ kJ You'll Need A PASSPORT PHOTO ®- °° #- J Contact Peter Hvidsten 985.7383 PORT PERRY STAR O/H WUT H Ta. ¥ ery? Xond f ' daifadnbinvstdddinvunsiedtssotionedinieiiab boda dota sss boion AUDITOR'S REPORT To: The Members of Council, Inhabitants and Ratepayers of the Corporation of the Township of Cartwright: We have examined the 1973 financial statements of the Corporation of the Township of Cartwright and its local boards, which are listed on the attached Index. Our examination in- cluded a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we considered necessary in the circumstances. In our opinion, these financial statements present fairly the financial position of the Corporation of the Township of Cart wright and its local boards as at December 31st, 1973, and the results of their operations for the year then ended, in accord- ance with accounting principles generally accepted for Ontario municipalities, applied on a basis consistent with that of the preceding year. WALTER H. POPE, Georgetown, Ontario Chartered Accountant. January 30, 1974. Licence Number 4418. STATEMENT OF REVENUE AND EXPENDITURE For the year ended December 31, 1973 by 1973 1972 $ $ Accumulated net revenue (deficit) at the beginning of the year ......... 15,385 (1,906) EXPENDITURE General government ........................ 25,882 18,487 Protection to persons and property ...... 28,955 13,687 Transportation services 87,624 Environmental services 7,815 Recreation and community services ........ 15,342 19,279 Financial expenses ...................... 48,298 18,620 Region or county -- share of expenditure 45,695 49,838 Education 205,077 198,124 (481,025) (413,474) REVENUE TAXALION ....cocmmmmmomummmmsinitmsmintevvaiisrnis 364,644 345,475 Contributions from other governments .... 76,096 69,930 Other eee 31,287 15,360 472,027 430,765 Accumulated net revenue (deficit) at the end of the year ................... 6,387 15,385 Analysed as follows: General revenue ............. A 15,673 5,812 Special charges ................... (9,286) 9,573 15,385 STATEMENT OF CAPITAL FUND OPERATIONS For the year ended December 31, 1973 $ $ 1973 1972 CAPITAL OUTLAY Capital expenditure: Protection to persons and property ..... 15,818 Transportation services ...................... 14,513 Recreation and community services .... 9,125 13,425 TOWNSHIP OF CARTWRIGHT For the year ended December 31,1973 LIABILITIES Current liabilities Accounts payable and accrued liabilities 11,490 20,836 Other current liabilities .. ...._.. .... 17715 19,205 20,836 Net long term liabilities 17,890 21,031 Reserves and reserve funds 75791 60,100 Accumulated net revenue (deficit) and unapplied capital receipts .. .. 6,387 15,385 119,273 117,352 NOTES TO FINANCIAL STATEMENT 1. Charges for Net Long-Term Liabilities: The total charges for the year for net long-term liabilities were as follows: Principal payments ' $3,141 Interest ..... . 842 Total $3,983 This amount is included in expenditures, classified under the appropriate functional heading, and was recovered by special charges on benefiting landowners. 2, Provision for Reserves: Provision for reserves amounting to $36,704 are included in the Statement of Revenue and Expenditure under the heading of "Financial Expense". J. Basis of Consolidation: The consolidated balance sheet reflects the assets and liabilities of the revenue fund, the capital funds and all reserve funds of the municipality. The assets and liabilities of the local boards of the municipality have not been included. 4. Net Long-Term Liabilities: Total long-term liabilities incurred by the municipality and outstanding at the end of the year amount to ... $28,790 Of the long-term liabilities shown above, the responsibility for payment of principal and interest charges has been assumed by others for a principal amount of . 10,900 Net long-term liabilities at the end of the year $17.890 5. Capital outlay to be recovered in future years: 13,425 CAPITAL FINANCING Contributions from the revenue fund ... 18443 13,425 Contributions from reserve funds and TeSeIVES ..........occooceiieeiuieeeieienens 21,013 (39,456) (13,425) Unfinanced capital outlay (Unexpended capital financing) at the end of the year Nil Nil CONSOLIDATED BALANCE SHEET As at December 31, 1973 ASSETS 1973 1972 $ $ Current assetls CABIN co. crsnmin aes ntreansashsisssnnessabibitienss .... 8166 9,918 Accounts receivable ......................... ... 20,606 13,831 Taxes receivable .. ................ .... . 1728611 72,070 Other current assets ....... ..........._... 502 101,383 96,321 Capital outlay to be recovered in future years 17,890 21,031 119,273 117,352 Some capital outlay does not represent a burden on general municipal revenues, as it is to be recoverd in future years from other sources. Special charges on benefitting landowners $17,890 6. Contractual obligations: The Council of the Corporation entered into a contract for the erection of the Nestleton Community Centre for a contract price of JERR $65,000 Of this amount, the first draw was paid in the amount of i 6,500 Leaving a balance at the end of the year of . . $58,500 Provision for the payment of this amount is estimated to be as follows:- Capital grant... ... $10,000 Forgiveable loan . . 25,000 Reserve for municipal projects 23,500 $58,500 7. Under the provisions of the Property Tax Stabilization Act - 1973 that portion applicable to the resource stabilization grant is to be allocated to each of the bodies (other than a school board) for which the municipality is required to levy taxes. Amount of resource stabilization grant $3,719 Allocated to the County $1,403 The amount due to the County has been used to reduce the amount requisitioned by the County for the year 1973. Amalgamation As of January 1, 1974 The Corporation of the Township of Scugog, The Corporation of the Township of Reach, The Corporation of the Township of Cartwright and The Corp- oration of the Village of Port Perry were amalgamated as a Township municipality bearing the name of the Corp. oration of the Township of Scugog in the newly created Regional Municipality of Durham. Certain responsibilities of the former Corporations have been assumed by the Regional Municipality of Durham as set out in Bill 162. PORT PERRY STAR -- Thursday, July 4th, 1974 -- 25 AUDITORS REPORT & FINANCIAL STATEMENT TB e