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Se SUNT aU _ TRUST FUNDS | : STATEMENT OF CONTINUITY . ; ; for the year ended December 31. 1979 ' DEVELOPERS Total DEPOSITS December 31, 1979 : C , q Balance at the beginning of the year 133,200 133,200 2, CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS Capital receipts 73,000. 77 000 (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: Interest earned 17,093 17,093 1979 1978 Special charges on benefitting SEM STS 90,093 90,093 landowners $463,131 $38,689 3. RESERVE FUNDS Expenditure During the year, $74,097 were credited directly to reserve funds 5 without being recorded as revenues and expenditures of the Revenue Fund. a Major sources were: Balance at the end of Contributions from developers $ 67,849 the year --_ 223,293 = 223,293 _ es Interest 6,248 - _ BALANCE SHEET 4. NET LONG TERM LIABILITIES 7. (a) The balance for net long term liabilities reported on the Pah aaa! UTE "Balance Sheet" is made up of the following: ; = aa ota Total long term liabilities incurred by the is Sep aie oie $ municipality including those incurred on ieccets behalf of former school boards, outstanding : at the end of the year amount to $ 167,223 Cash te Bee AOE SE Siena LAs Sea < Of the long term liabilities shown above, the responsibility for payment of principal Investments, at cost and interest charges has been assumed by (market value $.223,293 _) others for a principal amount of 32,000 Canada 15,000 15,000 Net long term liabilities at the end of Provincial the year $3502.23 Municipal -- own 4 -- other (b) Of the net long term liabilities reported in (a) of this note Certificates of deposit 208, 293 208 , 293 $10,354 in principal payments are payable from 1978 to 1982, and 993.293 223.293 < Rae $10,515 from 1983 to 1987 from benefitting landowners. eas or Peete a Ne iE 5. ACCUMULATED NET REVENUE AT THE END OF THE YEAR Other The balance in the revenue fund at the year end is available to ST ee Ria aa ce m7 aT reduce (to be added to) the levies of the following classes of ratepayers. = 223,293 _ ---- 223,293 _ ------S 1979 1978 : General ratepayers $303,670 $197, 340 Liabilities Designated ratepayers 22,540 7Ay SB) School board ratepayers (1,168) (1,037) Accounts payable and ) County ratepayers 24,531 50,554, . accrued liabilities palit She pL, RAE eat Sa QC 2a Ce ee $349,573 $267 ,992 Other ee aes Smee Sie, Seip Owe, Sees 6. CHARGES FOR NET LONG TERM LIABILITIES ¢ : { Total charges for the year for net long term liabilities were as Balance -- capital 223,293 223,293 z } - income 5 jalan oP Ea 2 pabentirey -ecester eer eee follows: ee a gi 235298 223,293 ake Principal payments $3,466 $1,880 pee 2230S: Bind DOM LI SSA ee Interest 2,924 230 : Ea ee $6, 390 $2, 110 RESERVE AND RESERVE FUNDS Of the total charges shown above, $6,390 was paid from general municipal STATEMENT we EON TAO RAND wre : 3 E B th ANALYSIS OF YEAR END POSITION revenues of the municipality and are included in expenditure on the "State- ment of Revenue and Expenditure" classified under the appropriate functional for the year ended December 51, 1979 heading. : 1979 1978 7. LIABILITY FOR VESTED SICK LEAVE BENEFITS Actual Actual Under the sick leave benefit plan, unused sick leave can accumulate $ $ eee may become entitled to a cash payment when they leave the Available at the beginning of the year for municipality's employment. future municipal purposes 385,926 304,690 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 $6,696 at the end of the year. No provision has been made for this Revenue liability. Contributions from the revenue fund 8. SUBSEQUENT EVENTS : Shei On January 8, 1980, the municipality issued debentures in the amount ¥ Contributions from developers 67,849 28 638 of $1,300,000 and transferred the proceeds to the Huronia Regional Hospital. : io H R 1 Plan Grants 80,500 These debentures bear interest at 12 3/8% and are repayable in blended pekario Ea een : annual instalments of approximately $195,000. Several other municipalities Interest earned 6,248 3,908 have entered into agreements with the municipality to share the cost of 74,097 113,046 servicing this debt. Expenditure 9. STATUTORY INFORMATION 2 The temporary borrowings of the municipality at December 31, 1979 of Transfers to the capital fund eee $633,263 exceeded the statutory limits provided by Section 332 (2) of the Transfers to the revenue fund 31,000 Municipal Act. " Loan Forgiveness 9,250 10,580 . Administration costs 3 7,976 SH - Ee [ as at December 31. 1979 eehO,250TS res BU BLOM LIABILITIES Available at the year end for future 1 ------ municipal purposes 419,773 pie 385.5026 Current liabilities Pera: er apepis ANALYSIS OF YEAR-END POSITION as at December 31. 1979 Accounts payable and accrued liabilities 45,731 40,934 Other current liabilities = Reserves _ _ 678,994 459,629 - Working Funds 18,000 18,000 _ Contingencies 160,000 160,000 Net long term liabilities 35,223 38,689 * 178,000 178,000 R fund Reserves and reserve funds 419,773 385,926 Sibir, - Ontario Home Renewal Plan 176,806 182,270 Accumulated net revenue (deficit) and _ lot Levies 42,322 23,016 unapplied capital receipts 349,573 267,992 Rec eaptonaiedtand 22,645 2,640 'Tier, 1s Laas 241,773 207,926 1,483 mates 28a peared Year end position of reserves and reserve funds £419 173 385,926 Wednesday, July 30, 1980, B3 © ae RE AGF a a a Teen ef i Pee ry