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S : . 2 f ' A a FAR . 4 ANY heh winston dni ci din tii tc Br br ito a dit ch inch ii itt wv Sl arta (pa sstusiodtuth dad dodo a hints matin mmidi cidade wivsicsid dou ishat a but otdrdrivivesd oon ag vim da © y PORT PERRY STAR -- Wednesday, June 21, 1978 -- 23 fe o g: Utica news Ld 1977 FINANCIAL REPORT - continued by VeraBrown Mrs Kenneth Holmes of On Sunday, June 25th, Chatham were weekend NOTES TO THE FINANCIAL STATEMENTS - continued churchservice willbe held in guests and accompanied the - es - Epsom United Church at the Croxalls on Sunday when regular time of 11:30 a.m. they visited with Mr. and Sunday School at Utica as Mrs. Norman Holmes at usual at 10:15 a.m. their cottage at Caesarea for (¢) Balance sheet In addition, the municipality has assum- Recent visitors with Mrs. Father's Day celebrations. 3 This statement reflects the assets and liabilities of the ed responsibility for the payment of Delia Harper were Mr. and Mr. and Mrs. Wayne Holmes revenue fund, the capital fund, reserve funds and the local | principal and interest charges on certain Mrs. Harold Gall of UXx- and Loretta were also in board described in note 1(a). The assets and liabilities of | Jong term liabilities issued by other bridge and Mr. and Mrs. attendance. local boards and enterprises that have not been consoli- municipalities. At the end of the year the Jack Johnston: from their Mr. and Mrs. Dale Beare dated are reflected only to the extent of their related net principal amount of this liability is ............. $225 039 cottage at Janetville. of Mississauga and Mrs. Roy long term liabilities and capital outlay to be recovered in ' Mrs. Grace Blakely of Sutcliffe had supper with future years. Of the long term liabilities shown above, Pickering, Mrs. Blanche Mrs. Jack Crosier on Satur- the responsibility for payment of princi- Swinson of Oshawa and Mrs. day. } (d) Fixed assets pal and interest charges has been as- Ray Fralick of Scugog Island Congratulations to Mr. J. The historical cost and accumulated depreciation of fixed | sumed by others for a principal amount visited with Mrs. Harper on Grier, who on Sunday cele- " @, assetsisnot reported for municipal purposes. Instead, the | of ___ " ... ($494,500) Thursday. brated his 91st birthday with 3 3 £. "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 organi- zations, and the cost of capital projects not yet perman- ently financed, is reported on the "Balance Sheet". (e) Municipal enterprises Municipal enterprises are those activities whose costs are substanially recovered from service charges on tHe users. The Port Perry Hydro-Electric Commission is a munici- pal enterprise of this municipality whose revenues and expenditures have not been consolidated in these financial statements. (f) Charges for net long term liabilities Debt retirement costs including principal and interest 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. (g) Trust funds Trust funds administered by the municipality amounting to $5,010 are only reflected in the "Trust Funds, Statement of Continuity and Balance Sheet". 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 revenues, as it is to be recovered in future years from other sources: 1977 1976 Special charges on benefiting landowners $150,216 $115,369 i Municipal enterprises -_150,721 _ 162,171 $300,937 $277,540 (b) Capital outlays, including fixed assets and the transfers of capital funds in the amount of $164,288, 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 $141,217 were credited directly to reserve funds without being recorded as revenues and expendi- tures of the revenue fund. Major sources were: 1977 1976 Interest earned $4,272 $12,745 Ontario Home Renewal Program grants 60,000 Subdivider & developer contributions 46,870 59,925 Donations 30,075 47,244 $141,217 $119,914 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 .........c.cccceecverveennens $570,398 Net long term liabilities at the end of the VAT Loonie iii eerie eee aaane eee $300,937 (b) Included. in "Net long term liabilities" on the 'Balance Sheet" is an amount of $63,722 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 ex- change rate prevailing at December 31, the liability would be increased by $5,225. 5. ACCUMULATED NET REVENUE (DEFICIT) AT THE END OF THE YEAR The balance in the revenue fund at the year end is available to reduce (to be added to) the levies of the following classes of ratepayers. 1977 _1976 General ratepayers $(81,677) $(27;542) Designated ratepayers 877 6,808 School board ratepayers (393) 2,698 Region ratepayers 15,785 24,562 $(65,408) $6,526 6. CHARGES FOR NET LONG TERM LIABILITIES Total charges for the year for net long term liabilities were as follows: 1977 1976 Principal $25,403 $20,991 Interest 19,130 17,961 $44,533 _$38,952 Of the total charges shown above $18,569 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 $25,964 were recovered from the municipal enterprise for which the related net long term. liabilities were incurred and are not reflected in the statement. 7. 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 $47,702 at the end of the year. An amount of $31,000 has been provided for this past service liability and is included in reserves on the "Balance Sheet'. 8. THE ANTI- INFLATION ACT The municipality, its local boards and commissions are by agreement between the Government of Canada and the Government of the Province of Ontario dated January 13, 1976, subject to The Anti-Inflation Act (Canada) and the national guidelines. This legislation limits increases in compensation payments effective October 14, 1975. 9. LEGAL ACTION The Regional Municipality of Durham has requested a hearing before the Ontario Municipal Board to determine what portion if any of certain development charge levies and reserve funds collected by the Township of Scugog are vested in the Regional Corporation under the Regional Municipality of Durham Act. CEREEREEAER YEN FT I RE 0 A > Mrs. Vera Brown and Mrs. Jean Butler of Port Perry attended the Decoration ser- vice at St. Margaret's Ceme- tery in West Hill on Sunday afternoon. Mr. and Mrs. Dennis Gerrow of Oshawa called on her parents Mr. and Mrs. Wm. Brown on Friday eve- ning to wish Dad a Happy Father's Day. Saturday evening guests with Mr. and Mrs. Eric Carre and family were Mr. and Mrs. Wayne Holmes of Toronto and Mr. and Mrs. Jack Hinchcliffe of Toronto who remained for the week-- end. Mr. Bob Hinchcliffe, also of Toronto, stopped in for a visit on Sunday mor- ning. Mrs. Barbara Rose of Lon- don was Saturday visitor with Mr. and Mrs. John Croxall and girls. Mr. and Ashburn news by E. Herron Burns Church was a very busy place on Monday eve- ning of last week when the annual Iris show was held under the auspices of the Brooklin Horticulture Society. There were 85 entries of very beautiful Iris and flow- er arrangements. Mrs. Douglas Ashton was awar- ded the prize for the best specimen of the show. Mrs. Barbara Dobbins of Agincourt did several beauti- "ful flower arrangements and gave a very helpful talk on flower arranging. The next meeting will be June 28th and will be the Rose show at Brooklin Unit- ed Church hall. The ladies Bible Class met at the home of Florence 5 gable Hf SAVE B REEL Prices SAVE FOR ALL YOUR FUEL OIL NEEDS 1517 DUNDAS ST. EAST WHITBY Telephone Today! Call Collect 668-3381 Prompt, Courteous Service a day that, I am sure, he will always remember. The cele- brations were held on the lawn with the ladies of St. John's Presbyterian Church serving afternoon tea. Visi- tors came from New York, Ottawa, Sarnia, Stratford, Cambridge, Guelph, Missis- suaga, Lindsay, Peterbor- ough, Oshawa, Kendall, To- ronto and area, Barrie and Hamilton as well as people from this area who dropped in to wish Jim a Happy Birthday. Telephone greet- ings were received from Victoria, Annarbor, Mich- igan and Barrie. The Port Perry Snowmo- bile Club held a dance in the Hall on Saturday evening. Mr. Earl Fielding is home from hospital and feeling much better. The family were all home for Father's Day. Ashton on Wednesday eve- ning of last week. The, meeting opened with a poem; entitled 'Faith', the scripture. was read by Norma Engle- ton, the 23rd Psalm. Nellie Hopkins led in prayer. Helen Batten was the program con- vener and the guest for the evening was Mrs.Betty And- rews of Whitby who conduc- ted a very helpful and in- teresting bible study. The program ended with a solo 'Amazing Grace' sung on tape by Joni Erickson. The service at Burns next Sunday will be conducted by Dr. Cliffton McKay. Many will remember Rev. Mc Kay's message last summer while Rev. McEntyre was away on holidays and we look forward to hearing him again this summer. SAVE WHY PAY MORE FOR HEATING SAVE ON PREMIUM QUALITY FUEL OIL REE AP a