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Corporation of the Village of Elmvale FINANCIAL STATEMENTS For the year ended December 31st, 1975 To: The Members of Council, Inhabitants and Ratepayers of the Corporation of the Village of Elmvale: We have examined the 1975 consolidated financial statements of the Cor- poration of the Village of Elmvale and its local boards, which are listed on the attached index. 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 consolidated financial position of the Corporation of the Village of Elmvale and its local boards as at December 31, 1975 and the results of their operations for the year then ended in accordance with accounting principles generally accepted for Ontario municipalities applied, after giving retroactive effect to the changes referred to in notes 1 and 6 to the financial statements, on a basis consistent with that of the preceding year. 7 a a 2 A pee A.F. MacLaren Chartered ACcountants, Licence Number 368 BARRIE, Ontario, April 1, 1976 ASSETS STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31, 1975 1975 197-4 $ $ 2,938 3,213 40,608 27,413 16,282 15,418 3,217 1,983 63,045 48,027 Current assets Cash Accounts receivable Taxes receivable Other current assets 246, 436 15,644 214,754 14,263 Capital outlay to be recovered in future years Other long 'erm assets 325,125 277,044 LIABILITIES Current liabilities Temporary loans Accounts payable and accrued liabilities Other current liabilities 40,408 27,854 41,537 16,759 8,421 66,717 68,262 Net long term liabilities Reserves and reserve funds 205,080 24,119 190,032 22,238 Accumulated net revenue (deficit) and unapplied capital receipts 27,664 (2,843) 325,125 277,044 NOTESTO FINANCIAL STATEMENTS 1. Accounting policies (a) Balance sheet - The balance sheet reflects the combined assets and liabilities of the revenue fund, capital fund, reserve funds, and the following local boards: Elmvale Community Hall and Elmvale Planning Board. Certain assets and liabilities are not reflected as described in (b) and (d) of this note. (b) Fixed assets - No value is attached to fixed assets for municipal reporting purposes. Expenditures on fixed assets are charged against current revenues unless the expenditures are financed out of long-term debt. Debt retirement costs are charged against current revenues in the period in which they are paid. (c) Provincial road subsidy revenue and expenditure on roads - Provincial subsidy programmes are ona "'receipt and disbursement" basis which does not recognize accruals. The municipality has expended amounts for which the road subsidy will not be eligible for claim until the succeeding year. Such future subsidy revenues have been accrued in the current year. (d) Charges for net long-term liabilities - Charges for net long-term liabilities include principal and interest. Interest charges are not accrued for the period from the date of the latest interest payment to the end of fiscal year. 2. 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 Ontario Water Resources Debt Retirement Fund $4,863 Interest 14,379 $19,242 Of the total charges shown above, $15,408 was paid from the revenue of the municipality and is included in expenditure, classified under the appropriate functional headings and $3,834 was recovered from the municipal enterprises for which the related net long-term liabilities were incurred. 3. Provision for reserves Provisions for reserves amounting to $500 are included in the 'Statement of Revenue and Expenditure". 4. Net Long-term liabilities Total long-term liabilities incurred by the municipality and outstanding at the end of the year amount to $242,851 The total value of sinking funds and the balance in the Ontario Water Resources Debt Retirement Fund which have been accumulated to the end of the year to retire the outstanding long-term liabilities included above amount to Net long-term liabilities at the end of the year Page 14, Wednesday, May 26, 1976 (37,771) $205,080 1975 1975 Budget Actual $ $ Accumulated net revenue (deficit) at the beginning of the year - Note 8 Expenditure (2,843) General municipal purposes General government Protection to persons and property Transportation services Environmental services Health services Social and family services Recreation and cultural services Planning and development Other 28,406 18,487 114,601 46,972 31,810 10,396 74,178 54,276 38,182 15,455 79,535 73,654 3,110 5,469 16,950 5,000 3,790 3,414 230,416 27,980 91,537 177,864 28,233 92,307 215,405 21,396 79,509 Region or county purposes School board purposes Total expenditure 349,933 298,404 316,310 Revenue General municipal purposes Taxation Payments in lieu of taxes Ontario grants Other grants Other 130,992 3,249 40,944 15,832 13,443 204,460 116,498 1,237 65,404 11,878 9,406 204,423 129,428 2,799 70,241 * 2,250 23,800 228,518 Region or county purposes Taxation 21,589 16,397 21,760 Payments in lieu of taxes 403 474 262 Ontario grants 5,988 5,357 4,648 27,980 22,228 26,670 School board purposes Taxation 91,860 Payments in lieu of taxes 944 Other 81,212 1,073 82,285 313,378 8,421 92,804 319,492 Total revenue Deferred revenue Accumulated net revenue (deficit) at the end of the year (2,843) ° Analysed as follows: General revenue Special charges Special areas Police villages Region or county School boards Local boards (2,843) | 5. Capital outlay to be recovered in future years Some capital outlay does not represent a burden on general municipal revenues as it is to be recovered in future from other sources: Special charges on benefitting landowners Under Section 362 of the Municipal Act Municipal enterprises $79,345 22,400 33,600 $135,345 6. Retroactive changes The accumulated net revenue at the beginning of the year on the Statement of Revenue and Expenditure has been restated to give effect to the inclusion of the over or under levies for county and school board purposes and the accumulated net revenue of local boards which are not consolidated. The effect on the ac- cumulated net revenue at the beginning of the year 1975 has been an aggregate increase of $9,419 over that reported in the 1974 Financial Report. Analyzed as follows: 1975 1974 Previously reported accumulated net revenue, January Ist $(2,843) Adjustments for Special charges County School Boards Local Boards Restated opening accumulated net revenue Leshdeen tees al It's how you p It's not whether you win or lose, but how you play the against their Waubaushene rivals in a game last week. Waubaushene came out on top, showing strong team game--an old but good motto, which sometimes is forgotten. T Regent squared of Hunters and Anglers meet Underwater slides captivate audience Wednesday May 19th, the monthly meeting of the Georgian Bay Hun- ters and Anglers was held at the clubhouse on Ogdens Beach Road. Mont Richardson and Dave Laine captivated the 120 members present with an hour and a half of underwater slides. Mr. Richardson, being born in Barrie, is no stranger to many people in the Georgian Bay area since he maintains Georgian Bay is the best area to capture his pictoral species in their natural habitat. Slides of two men namely Mont Richardson and Dave Laine, slipping through holes in the ice at Willmont Creek, sent cold chills running down the spines of the members. The underwater camera @ Training Suits @ Shoes GARNER'S 294 King St. Largest selection in Simcoe County adidas =44 @ Sportswear @ T-shirts ®@ Tote Bags SPORTS Midland $2,000 to Pay off all your debts i and have only one small e Improve property HOW MUCH MONEY DO YOU NEED? I'LLLEND YOU MONEY TO... @ Pay off a mortgage e@ Combine 2 or more mortgages into 1 @ Pay taxes and insurance e Consolidate overdue bills e@ Pay off a loan company or bank e@ Purchase car, boat or cottage e@ Or for any worthwhile purpose CALL ME PERSONALLY DUANE PATFIELD 424-3615 or call collect 726-7131 Great Northern Credit Corp. Box 143, Collingwood, Ontario $25,000 none clean sweep monthly payment. used by these men was built by Mont himself. Having to use three dozen flash bulbs to every roll of film encouraged Mont to build this camera. Most of the pictures are taken within four feet of water or less, but Dave and Mont have both been down as deep as 120 feet. In shallow water these men will spend two or three hours taking pic- tures. The lamprey proved to be quite an interesting creature. The average size of the sea lamprey is about 18 inches whereas the silver lamprey runs around the twelve inch mark. Mont and Dave produced slides of both lampreys in the Port Severn area. The lam- preys after maturing in roughly four years, return to our rivers to spawn and die. The sea lamprey differs from the silver lamprey in that it has two distinct dorsal fins whereas the silver lamprey has just one continuous dorsal fin. In the Port Severn area Mont showed slides of Gar pike eggs. Upon returning in hopes of seeing an actual hatch Mont found only a few dead eggs which the gar pike were returning and eating all eggs left, thus cleaning up our lakes of their own debre. Mont and Dave showed slides of the American eel in Port Severn. This eel has travelled a long way since it comes from as far away as the Sargasso Sea just south of Bermuda and yet was seen in Port Severn. Mont has won $500.00 for one picture and has had pictures on the cover of Out-of-Doors magazine. Even, what we consider as trash fish, over- whelmed the members. Sunfish_or pumpkinseeds --~members displayed beauty through the excellent photography. Rock bass, perch, rainbow trout, slamon, pike, speckled trout, smelts, mud cat and many other species were alive in full colour on the screen. A rarety in picture was the shot of the fresh water sponge taken in our area. Some of the favourite haunts of Mont Richardson and Dave Laine are, Port Severn, Whites Fall, Freddies Channel, where Mont saw the, biggest smallmouth bass he has ever seen, Wilmont Creek and Christian Island. Mont has a collection of slides that number over six- thousand including tagging operations at Port Severn where the saw some familiar faces. There are very few fish swimming in our waters that were not caught on film by Mont Richardson and Dave Laine. Mont put out a plea on behalf of the Kanawa International Museum of Canoes, Kayaks and Rowing Craft at' Kan- dalore for any old-canoes that anyone may want to donate to this fine organization. If anyone has, or know where, old canoes or kayaks are they can get in touch with Jack MacGregor, Kandalore, RR 2, Mindon, Ont. KoM 2KO for additional in- formation or Kirk Wipper Room 7, School of Physical and Health Education, University of Toronto, 121 St. Joseph St., Toronto, Ont. M5S 1A1. Mont Richardson and Dave Laine concluded by answering all questions from the floor. From the view of the members it was without a doubt one of the finest slide shows they had ever seen. If you need us, we're here, in Elmvale Back Row: Phil, Earl 2nd Row: Marion, Betty, Pat, Marilyn, Anne Front Row: Annette, Muriel, Isabel, Jackie, Sharon From left to right: have the welcome mat out for you to help you with any of your banking needs. So drop by and say hello, won't you. The bank where people make the difference.