The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

UNITED CHURCH Orono Pastoral Charge Minister Rev. B.E. Long H. Th. ORGANIST & CHOIR DIRECTOR Mr. Douglas Dewell Sunday, June 20,1976 Orono United Church Morning Worship 11:15 a.ni. Kirby United Church Morning Worship 9:45 a.m. Dial-A-thought 98:1-9151 St. Saviours ANGLICAN Established 1869 Regular Sunday Worship Service -10:00 a.m. Holy Communion First and Third Sundays $ Morning Prayer - Second and Fourth Sundays Holy Baptism by appointment with Rector 987-4745 Rev. H. Robert Hayne t B.A., L.Th. 4 - Orono Weekly ^imes. June 16, 1976 Kendal News A, much needed rain came, op Sunday night during a very severe electric storm accompanied accompanied by seme hail. • The road crews have been busy, oiling the side roads to keep down the dust which is a ' great improvement'. ■On .Saturday June 12, 1976 Mr. and Mrs. Jack Stapleton attended the wedding of their grand-daughter Terry West to. . Frank Cook in Orono United Church. The weather was perfect for the event. The sacrament of the Lord's Supper was held at Kendal church on Sunday morning. Rev. G. Montgomery Montgomery chose as his subject, "The Portable Sacrament' '. He told us that next Sunday he would be at Ste. Rose Quebec at the closing of a beautiful church that he and his friends and relatives had helped build and attended before he entered the ministry. Rev. Ronald Hopkins of Bowmanville will conduct the 11:15 a.m. service at Kendal next Sunday morning. morning. Kendal United Church Will hold their annual "Salad Supper" on Wednesday even: ing June the 30th. Buy your tickets for the five o'clock or the six o'clock setting from any of the U.C.W. ladies. Come and bring a guest. The Kendal Women's Institute Institute will hold a bake sale at the Elva Reid craft shop this Saturday morning June 19 at 10:30 a.m. A trousseau tea was given bÿ Mrs. T, J, Gosson on Sunday afternoon in her home for the Kendal friends of her daughter Charleen who is to be married next Saturday. This was a very lovely event in their new home and the weather and scenery added to everyone's enjoyment. Miss Catherine Stewart, Mrs. Reg. Elliott, Mrs. Edna Dobson and Mrs. H. Lowèry are attending the Convention of the Retired Teachers of Ontario, in Ottawa this week; The Corporation of the Town of Newcastle AUDITOR'S REPORT and FINANCIAL STATEMENTS for the year ending December 31, 1975 To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Town of Newcastle: We have examined the following combined financial statements of the Corporation of the Town of Newcastle and its library and museum boards as at December 31, 1975 and for the year then ended: Statement of Revenue and Expenditure Statement of Capital Fund Operations Balance Sheet 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 combined financial statements present fairly the financial position of the Corporation of the Town of Newcastle and its library and museum 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 Note Kb) to the financial statements, on a basis consistent with that of the preceding year. DELOITTE, HASKINS & SELLS Chartered Accountants. Oshawa, Ontario March 26, 1976. Licence No. 255. STATEMENT OF REVENUE AND EXPENDITURE for the yea r ended Decern ber 31,1975 Accumulated net revenue (deficit) at the beginning of the year (Note 1(b)) .. Expenditure General municipal-purposes General government Environmental services . Health services, Social and family services Recreation and cultural services . Planning and development Regional sewer and water __ Region or county purposes /... 1,364,728 School board purposes 3,056,842 Total expenditure 7,592,682 Revenue General municipal purposes Taxation 1,839,957 Payments in lieu of taxes 38,993 Ontario grants 707,963 Other...... 514,039 3,100,952 Region or county purposes Taxation ; 892,641 4,476 467,612 Payments in lieu of taxes. Ontario grants 231,724 1,430,285 3,106,507 8,148,593 1,846,655 44,288 990,572 507,574 3,389,089 946,979 6,313 482,552 1,364,729 1,435,844 School board purposes Taxation Payments in lieu of taxes. 3,047,611 9,231 maxi Total revenue 7,522,523 Accumulated net revenue (deficit) at the end of the year (Note 1(b)) -- Analysed as follows: """ " General revenue Special areas Regional sewer and water (Note 7) Region or county School boards Local boards 3,081,681 14,767 5,0^,448 7,921,381 (61,946) (61,946) STATEMENT OF CAPITAL FUND OPERATIONS for the year ended December 31,1975 1975 Actual $ Unfinanced capital outlay (unexpended capital financing) aj the beginning of the year Capital expenditure v "General government . ^ Prptection to persons and property -- Transportation services Environmental services Recreation and cultural services Planning and development Other Total expenditure Capital financing t Contributions from the revenue fund .. Contributions from reserve funds and reserves Long term liabilities incurred Ontario grants Other Total capital financing Unfinanced capital outlay (Unexpended capital financing) at the end of the year .. 3,809 136,265 538,694 6,390 332,619 23,522 ÏÏ04 1,299 269,698 34,849 366,382 353,168 68,182 1,092,279 753,224 Current liabilities LIABILITIES 1975 1975 1974 Budget Actual Actual $ $ $ 70,159 165,266 653,320 366,510 398,183 734,430 303,365 297,535 289,298 1,431,220 1,428,878 1,219,932 173,635 190,828 147,811 13,635 14,460 12,518 400 400 708,172 725,280 445,260 174,575 324,513 103,619 3,171,112 3,3ëô,d>7 2,953,268 94,900 1,103,247 2,514,384 6,665,799 705,413 3,729 403,569 1,112,711 6,177,745 1974 Actual $ 37,636 4,444 31,165 497,085 6,435 793,150 9,000 1,341,279 213,725 9,924 14,966 327,096 9,000 574,711 JPVQ.4 ■ BALANCE SHEET as at December 31,1975 ASSETS Current Assets 1975 1974 Cash *. ; $■ $ 166,532 189,635 Accounts receivable • 570,903 525,567 Taxes receivable 820,975 664,301 Other current assets 9,243 9,684 1,567,653 1,389,187 Capital outlay to be recovered in future years ( Note 4) 2,289,578 2,146,482 Other long term assets 39,525 117,420 Temporary loans Accounts payable and accrued 700,000 465,763 ^liabilities , 462,756 761,929 Other current liabilities 25,648 111,321 1,188,404 1,239,0U Net long term liabilities (Note 5) 1,516,354 1,322,278 Reserves and reserve funds ( Note 6) Accumulated net revenue (deficit) • » 1,253,944 926,532 and unapplied capital receipts (61,946) 165,266 * 1653,089 NOTES TO FINANCIAL STATEMENTS For the year ended December 31,1975 Summary of significant accounting principles (a) Basis of presentation The statement of revenue and expenditure of the revenue fund and the statement of capital fund operations include the accdunts of the municipality and the Public Library and Museum Boards. The balance sheet reflects the combined assets and liabilities of the funds and local boards referred to above. Not included in the aforementioned financial statements are the accounts of the Public Utilities Commissions, Cemeteries and Game Commission which are municipal enterprises. (b) Changes in accounting principles and reporting practices The Ministry of Treasury, Economics and Intergovernmental Affairs has made a number of changes in the 1975 financial reporting requirements for Ontario municipalities. These changes are: (1) Inclusion of local boards other than joint boards and municipal enterprises. (2) Inclusion of under and over levies for Region and School Board purposes as part of accumulated net revenue. (3) Some revisions to the classification of revenûe and expenditure. • The 1974 comparative figures have been reclassified to conform to the changes In the classification of revenue and expenditure and have been retroactively adjusted to give effect to the inclusion of the Library and Museum Boards and over and under levies for Region and School Board purposes as follows: • Accumulated net revenue at December 31,1973 Expenditure Revenue Accumulated net revenue at * December 31,1974 As Previously Reported Adjustment for Inclusion of Library and Museum Boards and Over and Under Levies Restated .$-.623,988 . 6,635,528 . 6/121,067 $29,332 30,271 . 56,678 $ 653,320 6,665^99 6,177,745 .$ 109,527 $55,739 $ 165,266 (c) 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 periods in which they sfre paid. (d) Charges for net long-term liabilities Charges for net long-term liabilities include principal and interest. Interest charges are not accrued for the periods from the dates of the latest payments to the end of thee fiscal year. Charges for net long-term liabilities Total charges for net long-term liabilities were as follows: Principal payments $113,919 , Interest. 90,165 • ' $204.083 Of the total charges shown above $187,809 was paid from the revenue of the municipality and is included in expenditure, classified under the appropriate functional headings, and $16,274 was recovered from the municipal enterprises for which the relatedViet long-term liabilities were incurred. Total charges on long-term liabilities incurred by the municipality., $612,150- Of the charges for lortg-term liabilities incurred by the municipality, others have «assumed the responsibility for the principal and interest charges which amount t à .408,067 Charges for net-long term liabilities . $204,083 3. Provision for reserves , A provision of $44,847 for- equipment replacement reserve is included in expenditure under the appropriate functional heading. 4. Capital obtjay 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 years from other sources: Special charges on benefiting landowners $236,460 Municipal enterprises 160,888 Reserve funds 113,528 $510,876 5. Net long-term liabilities , 1 ---- Total long-term liabilities incurred by the municipality and , outstanding at the end of the year amounted to $3,839,832 .In addition, the municipality has assumed responsibiity 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 was 457,346 Of the long-term liabilities shown above, the responsibility for payment of principal and interest charges has been assumed by others for a principle amount of (2,760,824) 1,536,354 Long-term liabilities issued by the municipality and held by reserve funds as investments amounted to 20,000 Net long-term liabilities at the end of the year ..... * « $1,516,354 Included ip net long-term liabilities is an amount of $290,984 payable In"United States' dollars and translated into Canadian dollars at the,exchange rate prevailing at the time the liability was incurred. If the liability was translated into Canadian dollar^ at the exchange rate prevailing at December 31, 1975 the liability would be decreased by approximately $9,900. 6. Revenue of reserve funds The revenue for the year of reserve funds includes the following which were credited directly to the reserve funds: Income from Investments $ 35,540 Land sales .... 288,345 Parking revenge 21,805 "Lot levies ....., 80,374 $426,064 7. Regional sewer and water deficits , -- The 1974 and,1975 sewage and water deficits incurred by the Region of Durham and charged back to the Town of Newcastle have been recorded and charged to the special deficit account. This deficit will be recovered from users by means of a surcharge over the five-y«ar period to 1980. In 1976 and future years the cost of sewage and water will be recovered by the Region by means of a regional rate. , \ 8. 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 municipali,ty's employment. < , Th e 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 $85,307, at the end of tt^e year. No provision has been made for this liability. 9 - Legal actions f (a) The Regional Municipality of Durham has requested a hearing before the • « Ontario Municipal Boàrd. to determine what portion, If any, of certain development*charge levies and reserve funds collected by the Town of Newcastle are vested in the Regional Corporation under the Regional » Municipality #)f Durham Act. 1 1 1 ^ (b) There are a number of actions outstanding against the Corporation, the ( outcome of which will not be known for some time. At December 31, 1975 the total actions outstanding amounted to $55,500. 10. Contractual obligations At December 31, 1975 the Corporation had contracted for ^debentures issued by the Regional Municipality of Durham in the amount of $1,168,765. The proceeds of these debentures were received by instalments,in January and March of 1976. Since the sale of these debentures was not completed }n 1975, this liability is not included in the accounts at the year-end.