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RE ait Ral LR ee Si alle ARRAY TE Sd Ra cn es OH ER ed A Sm SI EE ARN is Be BRANT ak Soe oli " : HES haha Wh Sr Fo"*y 8% KO JR > g 4 3+%.1 > ye * bos SLIEIN RE BALI Sy a 2h : ASFRL BC A YT i AS PE iy i # A sou a odin APB ith Sir ae liad nase aon eS TOWNSHIP OF SCUGOG 1981 FINANCIAL REPORT (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS December 31, 1981 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 municipal revenue of the municipality and its local board described in Note 1 (a). (2) The long term liabilities Bed on this statement 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 liahilities 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 consolidated 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 nét reported for municipal purposes. In- stead, the '"'Capital outlay to be recovered in future years', which is the aggregate of the principal portion of unmatured long term liabilities, capital funds tran- sferred 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 Scugog Hydro-Electric Commission is a municipal enterprise of this municipality whose re- venues 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 iii which they are paid. Interest charges are not accrued for the periods from the dates of the latest interest pay- ments to the end of the financial year. (g) Trust funds Trust funds administered by the municipality amount- ing to $27,737 (1980 - $33,557) are only reflected in the "Trust Funds, Statement of Continuity and Balance Sheet'. 2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS. (a) 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 sour- ces: 1981 1980 Special charges on benefitting landowners . . . .. $331,736 $293,416 Municipal enterprises ........ 95,732 110,872 $427,468 $404,288 (b) Capital outlays, including fixed assets and the transfers of capital funds in the amount of $269,836, which have been financed from general municipal revenues of the current year, are reported on the "State- ment of Revenue and Expenditure". 3. RESERVE FUNDS "During the year $106,166 (1980 - $111,463) were credited directly to reserve funds without being recorded as revenues and expenditures of the revenue fund. Sources were: ~ v. 1981 1980 Interestearned................. $26,966 $17,463 Contributions from developers .. 79,200 54,000 Ontario Home Renewal Grant . .. 40,000 $106,166 $111,463 AS 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 incurred on behalf of former school boards, other municipalities and muni- py cipal enterprises and outstanding at the end of the year amount to... . .... "$40/183 In addition, the munipality has assumed 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 liability is .............................. 387,285 widy Net long term liabilities, end of year... ........ $427,468 (b) Included in "Net long term liabilities' on the "Balance Sheet" is an amount of $48,731 (1980 - $57,871) payable in United States dollars and converted into Canadian dollars at the rate prevailing when the liabil- ity was incurred. If the liability is converted into Cana- dian dollars at the exchange rate prevailing at December 31, the liability would be increased by $8,192 (1980 - $10,227). 4 2 5. ACCUMULATED NET REVENUE (DEFICIT), END OF 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. 1981 «Lv » 0 $Y. 237 { at as ary FRE ASE a Ne 1980 General ratepayers .......... $70,455 $(210,995) Designated ratepayers ...... (180) (1,628) School board ratepayers .... 6,729 13,605 Region ratepayers... ..... (6,406) 2,880. $70,598 $(196,138) 6. CHARGES FOR NET LONG TERM LIABILITIES Total charges for the year for net long term liabilities were as follows: 1981 1980 Principal .................... $49,120 $39,243 Interest ..................... 26,949 21,705 $76,069 $60,948" Of the total charges shown above $51,233 (1980 - $36,020) "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 $24,836 (1930 - $24,928) were recovered from the municipal enterprise for which the related net long -term liabilities were incurred and are not reflected in the statement. 1. 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 $97,848 (1980 - $79,370) at the end of the year. An amount of $40,000 (1980 - $38,000) has been provided for this past service liability and is included in reserves on the 'Balance Sheet'. : sr AIR $rwre rv Auf FORMAT Ab $7, 4 PORT PERRY STAR -- Tuesday July 27, 1982 -- 2) Prince Albert by Ilean Pugh Congratulations to Suzanne Doupe of Prince Albert and Barbara Doupe of Manchester on being Ontario Scholars. I'm sure Grandma Doupe must be very proud. Also congratulations to a number of honour students from the village. Mr. and Mrs. John Hunter and girls have returned from a two week vacation to the Maritime Provinces. Mr. and Mrs. Ross Alsop attended the 60th anniver- sary of their aunt and uncle, Mr. and Mrs. Stanley Max- well at Marmora on Sat. July 17th, then last week visited with another aunt Mr. and Mrs. Thomas Dovell at Oshawa, who have just returned from visiting in England. Mr. and Mrs. Clarence Masters of Simcoe St., have returned from a trip to the British Isles. It is a busy spot on Queen St., around the church and Community Centre so the workmen have been working on both doing improvements. The summer playground also has lots of activity each day. Ladies excuse class on Wed. evenings at 7:00 p.m. The attendance at the summer euchres have been very good. The winners on Thurs. evening: Ladies; Effie Ploughman, Ruby Gooderman. "Birkett, Anne Taylor. Mens; The Sandy Moores atten- ded the Duff-Lamb picnic at Sturgeon Lake one day last week. Visitors with Bob and Sandy Greenwood were Mr. and Mrs. John Greenwood of Harold Cornish, Aylmer Ploughman and Myrtle Alsop. ) Bill & Earline Armstrong attended the Fiddle Contest in Bobcaygeon on Sat. to Turn to page 23 Greenbank news by Helen McKean Mr. and Mrs. Howard McMillan spent last Thurs- day with Mr. and Mrs. Robt Snoddon at Valentia. Mrs. Ann Willis and Mrs. Don McKean visited their mother, Mrs. Archer, Port McNicoll one day last week. Mr. Turner Ashenhurst visited with Mr. and Mrs. A. McMillan on Sunday. . Mr. and Mrs. J. Gorman, Brockville, visited with their aunt and uncle Mr. and Mrs. Howard McMillan last Wed- nesday. : * The Port Perry 4-H dairy calf club held a preparation day meeting at John Leasks on Monday. There was a ball tournament Park last Saturday, a number of 4-H clubs entered. Mr. and Mrs. Armour McMillan called on Mr. and Mrs. Harold Beatty, Bob- caygeon, one day recently. Mr. and Mrs. Eugene Dearborne and Mr. and Mrs. H.McMillan took in the 60th anniversary party of Mr. and Mrs. Whipper at Latcham Centre on Sunday. Mr. and Mrs. Leonard Jarvis were in Brockville on Friday, July 16th for the marriage of Linda Clowe and Doug Jarvis. This is the Doug Jarvis who plays _ hockey with the Montreal Canadians. They were also guests at the wedding of Debbie Coppins of Sunder- land and Randy Foster, Mississauga, in the Free Methodist Church, Uxbridge on Saturday. Mrs. Marjory Beaton was ~ GUARANTEED INVESTMENT CERTIFICATES 16Y4 2, 3,4, 5 Year Annual in Greenbank - the guest of Mrs. Almer Rennie over the weekend. Congratulations to Mr. and Mrs. J. Couperthwaite, another boy for Mr. and Mrs. Leslie Jermey. The Couper- thwaites are spending some time in Hawkestone helping out. Mrs. Bernice Hildreth and Evan have returned from a motor trip to Florida: Mr. and Mrs. Raymond Kerry attended the 25th anniversary of Mr. and Mrs. Ken Gimblett at Orono on Saturday. Miss Kathy Cook- man is spending a few days with Mr. and Mrs. Ross Cookman and Christopher. Sorry to report that Mrs. C. Midgley is a patient in Oshawa Hospital also Gary Lee in Western Hospital in Toronto. There is a shower for Janis McGee on Saturday after- noon at the home of Mrs. Muriel Gibson. This is your invitation. Tickets are scarce for the annual church beef barbecue this Friday night July 30th. If you wish to sit and visit bring along your lawn chairs. Once - again we are depending on each lady to bring 2 or 3 pies as we need at least 150, so please do not let us down. Our work crews would appreciate help on Wed- nesday morning at the church to make cabbage salad and Thursday after- noon for washing and wrapping potatoes at Ray- mond Kerrys. Lots of help is needed Friday afternoon at the church. See you at the barbacue on Friday night. SHORT TERM CERTIFICATES 19% 30 - 364 Days Rates subject to Change without Notice. STANDARD TRUST 165 Queen Street, P.O. Box 1318 Port Perry, Ontario LOB INO Telephone: 985-8435 A Federally ( hartered Company Member Canada Deposit Insurance ( orporafion u BE 7 a Pe RCL, PERN --~ re eR v < i . N eee ~ "Sm Co alk ---- _ 3 » ry ees a ia oy '7 a - TA he?