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TEVA SA -- OLR iol £2 RIT AT we qt Ae. PT NL NL Xo A a rn GNA IN tA St co Nr (SC ORE wy iN Rat lee . Sp YH, : \ vy t v DRS OLA \ $ a SN ES NAY EVIL FR PERN EWAN SS, AY 24 PORT PERRY STAR -- Thursday, July 4th, 1974 VILLAGE OF PORT PERRY AUDITORS REPORT & FINANCIAL STATEMENT For the year ended December 31, 1973 AUDITOR'S REPORT To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Village of Port Perry: We have examined the consolidated balance sheet of the __ Corporation of the Village of Port Perry as at December 31, 1973 and the statements of revenue and expenditure and of capital fund operations for the year then ended. Our examination, included 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 as at December 31, 1973 and the results of its operations for the year then ended, in accordanee with accounting principles generally accepted for Ontario municipalities applied on a basis consistent with that of the preceding year. ' DELOITTE, HASKINS & SELLS Oshawa, Ontario Chartered Accountants February 22, 1974. License No. 4434 STATEMENT OF REVENUE AND EXPENDITURE For the year ended December 31, 1973 1973 1972 $ $ Accumulated net revenue (deficit) } at the beginning of the year .. (8,737) 9,699 EXPENDITURE General government ..... 77,048 71,147 Protection to persons and property .... .. 40,325 36,662 Transportation services .. .... 122,255 110.411 Environmental services ........................ 146,744 124,182 Conservation of health ..... a 20 20 Social and family services .... 13,942 10,316 Recreation and community services ... 129,273 60,619 Community planning and development .... 7,121 - 4,775 Financial expenses . . . . 17,209 8,738 Region or county - share of expenditure 51,242 63,737 Education ......... 192,351 202,361 (797,530) (692,968) REVENUE Taxation coins 556,097 521,691 Contributions from other governments .... 161,255 86,904 OLNLT .....ocoiinemmrisomssivmmiisiiniimissonivssbisimmsasiiistoin 72,298 65,937 789,650 674,532 Accumulated net revenue (deficit) at the end of the year ................ (16,617) (8,737) Analysed as follows: General revenue ........................o. (44,373) (8,737) Special charges ..................oiieinn 217,756 (16,617) (8,737) STATEMENT OF CAPITAL FUND OPERATIONS For the year ended December 31, 1973 ©1973 1972 $ $ Unfinanced capital outlay {(Unexpended capital financing) at the beginning of the year ..... ..... Nil Nil CAPITAL OUTLAY Capital expenditure: General government 4,167 Transportation services ... 3,542 Environmental services Recreation and community services... . 88,134 23,013 108,213 30,722 CAPITAL FINANCING Contributions from other governments .... 26,004 2,225 Contributions from the revenue fund .. 49,743 28,497 Other .. SESE 32,466 (108,213) (30,722) Unfinanced capital outlay (Unexpended capital financing at the end of the year Nil Nil CONSOLIDATED BALANCE SHEET As at December 31, 1973 (Notes 2, 6 & 7) ASSETS Current assefs 1973 1972 $ $ Cash oo i, we... 43,368 38,397 Accounts receivable NRO, 56,134 62,710 Taxes reeceivable ~.......... 36,135 46,949 135,637 148,056 Capital outlay to be recovered in future years (Note 4) © 174,946 183,848 310,583 331,904 LIABILITIES Current liabilities Temporary loans ............................. 10,000 Accounts payable and accrued liabilities 71,788 85,238 Other current liabilities ...................... 6,553 3,124 78,341 98,362 Net long term liabilities (Note 3) ............ 174,946 183,848 Reserves and reserve funds (Note 5) ..... 73,913 58,431 Accumlated net revenue (deficit) and unapplied capital receipts ............ (16,617) (8,737) 310,583 331,904 NOTES TO FINANCIAL STATEMENTS For the year ended December 31, 1973 1. Charges for net long term liabilities Total charges for the year for net long term liabilities were as follows: Principal payments including contributions to sinking funds and to the debt retirement fund of Ministry of Environment .......................... $ 6,327 Interest $19,686 The total charges shown above were recovered from the municipal enterprises for which the related net long term liabilities were incurred. 2. Basis of consolidation The consolidated balance sheet reflects the assets and liabilities of the revenue fund, the capital fund and all reserve funds of the municipality. Trust fund assets administered by the municipality, amounting to $2.359. have not been' consolidated, nor have the assets and liabilities of any local boards of the municipality. 3. Net long term liabilities Total long term liabilities incurred by the municipality and outstanding at the end of the year amount to ..... .. $1,049,587 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 AIRE eS (835,000) The total value of sinking funds and the balance in the debt retirement fund of the Ministry of Environment, which have been accumulated to the end of the year to retire the outstanding long term liabilities included above, amounted to (39,641) Net long term liabilities at the end of the year $ 174,946 -- 4. Capital outlay to be recovered in future years Capital outlay of $174,946 does not represent a burden on general municipal revenues as it is to be recovered in future years from municipal enterprises. 5. 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 mployment. The liability for these accumulated days, to the extent that they have vested and could be taken in cash by an em- ployee on terminating, amounted to $2,412 at the end of the year. An amount of $6,856 has been provided for this past service liability and is reported on the consolidated balance sheet. 6. Sewage system - contractual obligations The Village entered into an agreement with the Ministry of Environment who has provided a sewage disposal system } for which the municipality is charged the following rates: (1) An annual frontage and connection charge to the year 2011 which is collected from property owner- through the tax roll. (2) A gallonage charge for sewage pumped which the municipality collects by surcharge of 2409, on the water bills for residents connected to the sewers. The total frontage and connection charge paid in 1973 was $39,982 and the gallonage rate based on 77.9¢. per 1,000 gallons was $70,084 for a total Provincial charge of $110,066 for sewage disposal. 7. 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. Ashburn News Rev. John Duff preached his farewell sermon to Burns Congregation on Sunda morning June 23rd. He too his text from Luke 14. "Unfinished towers'. Dur- ing the service Mrs. Douglas Ashton sang a beautiful solo "I will pilot thee." We have really appreci- ated Mr. Duff's' ministry during the time the charge was vacant and our best wishes and prayers go with Mr. and Mrs. Duff and their two children as they take up their new work in Saskatoon, Saskatchewan. Mr. and Mrs. Douglas Ashton, sons Ronald and Arnold, Mrs. H. Doble, Mr. and Mrs. Russell Batten and Mrs. E. Batten, Mr. and Mrs. Clarence Bryant and Rhon- da, Dr. J.H. McKinney, Mrs. W. Routley, Misses Eileen Hamill and Vera Leach, Miss Chrissie Simpson and Donald and Brian Knight attended the Centennial cele- bration' of the Presbyterian Church held at Glen Mohr Camp, Beaverton on Sunday, June 23rd when the modera- tion of the 100th General Assembly was the guest speaker. Mrs. H. Doble is spending a week with Mrs. W. Doble of Sunderland. Mr. and Mrs. George Fore- man of Toronto spent a day with Mr. and Mrs. Nelse Ashton recently. The Reynolds family re- union was held last week at the home of Mr. and Mrs. E. Heron. Mr. Allan Ashton was sel- ected on the Canadian La- crosse team to play in a series of games in Australia. He will be there for three weeks. "'Goed luck Allan." Congratulations to Mr. and Mrs. George Godda who celebrated their 25th wed- ding anniversary June 30th. Mr. and Mrs. Bruce Leh- man entertained the Clare- mont Masonic Lodge Picnic at their home on Sunday. 'Here is a little thought for to-day. Life is like a tennis game, you can't win without serving. Burketon News (too late for last week) Hearty congratulations to Mr. and mrs. Arako Lunn of - Orono who' celebrated their 50th wedding anniversary at their home. Mrs. Lumm was, the former Rosie Dean, daughter of the late Mr. and Mrs. Charlie Dean long time residents of Burketon all the very best to you both. Mr. and Mrs. D. Gatchell, Oshawa, visited with Mr. and Mrs. A. C. Stephen- son and friends on Sunday. ~ Many relatives and friends called at the Armstrong Funeral parlor, Oshawa, to pay their respects to the late Mrs. Susan Vanvolkenberg last Tuesday. Mr. Stanley Taylor called on Mr. and Mrs. E. Taylor Enniskillen recently. Mr. Gerry Abbott,Oshawa called on Burketon friends on Saturday. Several from this area attended the dance at Black- stock Recreation centre sponsored by the Blackstock Agriculture Society on Sat- urday night. Mrs. Al Swain gave a birthday party in honour of her daughter - Julie Swain who celebrated her 9th birth- day. 15 guests attended. All had a wonderful time. yoo» + \7 q/ &%: 2 8 0) i 2 2 kJ << ~ ®