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I} 4 0 i) \ Jp ' 2) SA, a a a 7 av 4 » 7. aN i" a LR em, + SR Te w", RN A a gna Rey Jn. SAC AA J & Hs SNA SARA MAE C814 8 {Pa-Oal 18 SNEED 8 -- PORT PERRY STAR -- Wednesday, June 29, 1977 FOR THE YEAR ENDED DECEMBER 31, 1976. CORPORATION OF THE TOWNSHIP OF SCUGOG AUDITOR'S REPORT TO THE MEMBERS OF COUNCIL, INHABITANTS AND RATEPAYERS OF THE CORPORATION OF THE TOWNSHIP OF SCUGOG: We have examined the following combined financial state- ments of the Corporation of the Township of Scugog and its Library Board as at December 31, 1976 and for the year then ended: Statement of Revenue and Expenditure Statement of Capital Operations Balance Sheet Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests and other procedures as we considered necessary in the circumstances. In our opinion, these combined financial statements present fairly the financial position of the Corporation of the Township of Scugog and its Library Board as at December 31, 1976 and the results of their operations for the year then ended in accordance with accounting principles generally accepted for Ontario munici- palities applied on a basis consistent with that of the preceding year. Oshawa, Ontario DELOITTE, HASKINS & SELLS Aprit7,1977. Chartered Accountants. Licence No. 422. STATEMENT OF REVENUE & EXPENDITURE [Note 1] For the year ended December 31, 1976. 1976 1976 1975 Budget actual Actual Accumulated net revenue $ $ $ at the beginning of . the year 53.852 90,503 122,739 Expenditure [Notes 3 & 6] General municipal purposes General government .......... 228,573 250,575 228,281 Protection to persons and property ....ooiiieiiiiiinieennen. 150,409 147,108 130,087 Transportation services ..... 780,684 658,435 699,619 Environmental services ..... 65,401 76,267 80,991 Social and family services 2,724 Recreation and cultural : SErviCeS ..ovueivniineriienerinnnnns 153,172 279,999 251,127 Planning and development.. 7,800 23,199 14,582 1,386,039 1,438,307 1,404,687 Region or county purposes .. 620,14) 635,580 491,420 School board purposes ........ 1,471,405 1,545,833 La Total expenditure ............... 3,477,585 3,619,720 3,099, Revenue [Note 3] General municipal purposes Taxation ........cceeevvveevennnnnn. 721,014 745,126 838,700 Payment in lieu of taxes .... 17,900 10,272 9,113. Ontario grants ................... 463,799 362,153 333,886 ' Other ....coovvvvieviiiiinrnnninnnnns 91,640 219,342 79,594 1,294,353 1,336, 1,361,293 Region or county purposes Taxation .....c.cccvevviennnenns +... 420,806 428,099 218,906 Payment in lieu of taxes .... 900 1,209 73) Ontario grants .............cceue. 208,541 224,950 276,790 630,247 654,258 496,517 School board purposes Taxation .......ceeeviiiiierennnnnn. 1,497,033 1,541,649 1,207,428 Payment in lieu of taxes .... 2,100 2,943 2,093 1,499,133 1,544,592 1,209,52) Total revenue ..........cooeevenne 3,423,733 3,535,743 3,067,331 Accumulated. net revenue [deficit] at the end of the year [Note 5] NIL 6,526 90,503 Analysed as follows: Cr revenue ................ (42,810) 53,852 Region or county ................ 24,562 5,884 School boards .................... 2,698 3,939 Special charges ........c..c...... 1,135 1,481 Special areas ...........coeevunens 5,673 7,297 Local boards .........cccoeevinunns 15,268 18,050 6,526 90,503 STATEMENT OF CAPITAL OPERATIONS [Note] For the year ended December 31, 1976. 1976 1975 Actual Actual $ $ " Unfinanced capital outlay at the beginning of the vear oN NIL Capital expenditure : General government .......... 15,849 4,695 Protection to persons and # PYOPEIYY .Joverisssitsisvivursivinn 12,915 22,002 Transportation services ..... 259,300 362,408 Recreation and cultural SEIrVICEeS .uivviiiiniiinenininnanes 797,176 31,726 Planning and development 17,800 52,200 Total expenditures 1,103,040. _ 473,031 Capital financing Contributions from the revenue fund ...........ccuue...n. 166,254 253,664 Contributions from reserve funds and reserves ............. 258,966 20,817 Long term liabilities incurred ........ccooecevinnnennnn 17,800 52,200 Ontario grants ................... 142,000 143,000 Other ..ooceeeeeeeeeeeeeeeeeneannn asst me 3:350 Total capital financing ....... 585,020 473,031 Unfinanced capital outlay at the end of the year ... 518,020 NIL BALANCE SHEET [Note 1] As at December 31, 1976 ASSETS 1976 1975 Current assets $ $ Cash ........cvuvuenns rerrrerreeann 295,780 266,539 Accounts receivable ........... 193,916 87,249 Taxes receivable................ 398,636 320,977 Other current assets ........... 41,985 44,837 930,317 719,602 Capital outlay to be recover- ed in future years [Note 2] .. 795,560 234,950 1,725,877 954,552 LIABILITIES Current liabilities Temporary loans ............... 900,000 175,000 Accounts payable and accrued liabilities .............. 307,561 190,797 1,207,561 365,797 Net long term liabilities [Noted] ........cicivvisinicisnnnss 277,540 234,950 Reserves and reserve funds [Note 3) uiviiiiivinnnniniiinnnnsss 234,250 263,302 Accumulated net revenue : and unapplied capital receipts ........... PARR 6,526 90,503 1,725,877 954,552 December 31,1976 1. ACCOUNTING POLICIES [a] Statement of revenue and expenditure NOTES TO THE FINANCIAL STATEMENTS This statement reflects the revenues and expenditures of the revenue fund of the municipality and includes the general municipal activities of all committees of council and the Township of Scugog Library Board. " > [b) Statement of capital oper. (1) This statement reflects the related capital financing to "municipal revenues of the mu described in note 1(a\ (2) The long term 118bili1fds re incurred by the "Region of municipality. Repayment of tt this municipality. (3) In addition to the long ter statement, the munjgipglity i liabilities on behalf of its mun of this debt will be from the Hydro-Electric Commission a pal revenues. [c] Balance sheet This statement reflects the revenue fund, the capital fund board described in flofeN (a). the municipal enterprise as: reflected except to the extent liabilities and capital outlay to [d] Fixed Assets The historical cost and accun assets is not reported for mui "Capital outlay togt * wover the aggregate of the princips term liabilities, capital funds t tions, and the cost of capital | financed, is reported on the [e] Municipal enterprise + The revenues: and expenditur activities are' not 'reflected 'in -and Expenditure'! &. 5s to t tures are recovered from gene The Port/Perry Hydro-Electri "enterprise; whose costs: ares service charges on: the users. [f] Charges for nedlong tem .-Debt retirement costs includir charged against current reve they are paid. Interest charg periods from the date(s).of the the end of the financial year. [g] Trust funds Trust funds admiistered #y tt $5,380 have not been included i 2. CAPITAL OUTLAY TO BE YEARS «1 (a) Some capital outlay to be r -:not representa burden on gene is to be recovered iy fol re ye Special charges on benefitting landowner Municipal enterprise .. $ Oo (b) Capital outlays, including of capital funds in the amount financed from general munic year, are reported on the Expenditure'. 3. RESERVES AND RESERV (a) Provisions for:.reserves reported on the 'Statement of classified under the appropria (b) The "Statement of Revenu reflect the following revenue credited directly togesqrve fu Income from investment Subdivider.and Develop contributions ...i... Donations ..x-....... oeridd (c) The total balance. of res: $234,250 and is comprised of th Reserves "1.50 For working capital yu... For sick leave benefits J. For municipal projects'. Reserve funds From contributions by subdividersg.....yui..e.. For New Arena ....i........ "4. NET LONG TERM LIABIL (a) The balance for net long te "Balance Sheet" is made up o x