Ontario Community Newspapers

Terrace Bay News, 25 Jul 1984, p. 7

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Terrace Bay-Schreiber News, Wednesday, July 25, 1984, page 7 4. CONTRIBUTIONS TO UNCONSOLIDATED JOINT BOARDS To the Mambers of Council, Inhabitants The assets and liabilities of joint boards have not been consolidated and are not reported on and Ratepayers of the Corporation of =~ the Consolidated Balance Sheet. the Township of Terrace Bay The operation of these joint boards have also not been consolidated. The Consolidated Statement of Operations includes only the following contributions made by the municipality to those boards: We have examined the balance sheet of the Cemetery Perpetual Care Trust Fund of the Thunder Bay District Health Unit - $16,143 st Corporation of the Towriship of Terrace Bay as at December 31, 1983 and the statement of District of igs Bay Home For continuity of trust funds for the year then ended. Our examination was made in accordance The Aged 23,874 18,537 - with generally accepted auditing standards, and accordingly included such tests and other procedures as we considered necessary in the circumstances. ; The municipality is contingently liable for its share, which is approximately 13.84%, of the o* " In our opinion, these financial statements present fairly the financial poisition of the trust accumulated deficit to the end of the year for the District of Thunder Bay Home For The Aged in the amount of $2,555 (1982, Nil). 5 fund for the Corporation of the Township of Terrace Bay as at December 31, 1983 and the 5. TRUST FUNDS continuity of the trust fund for the year then ended in accordance with accounting principles Trust funds administered by the municipality amounting to $13,279 (1982, $11,804) have not prescribed for Ontario Municipalities applied on a basis consistent with that of the preceding been included in the Consolidated Balance Sheet nor have their operations been included in year. 3 the Consolidated Statement of Operations. : 6. LIABILITY FOR VESTED SICK LEAVE BENEFITS * : Under the sick leave benefit plan, unused sick leave can accumulate and employees may ag : become entitled to a cash payment when they leave the municipality's employment. - Thorne Riddell The liability for these accumulated days, to the extent that they have vested and could be Bay, Canada E taken in cash by an employee on terminating, amounted to $35,850 (1982, $48,082) at the end April 19, 1984 of the year. No provision has been made for this liability. ; Chartered Accountants 7. NEY LONG TERM LIABILITIES . licence No. 678 _ Long term liabilities incurred by the municipality on behalf of school boards and outstanding at the end of the year amount ot $215,000 (1982, $251 ,000). The responsibility for payment for principal and interest charges on this debt has been assumed by the Lake Superior Board of pet and no net long ---- eines red reported on the Consolidated Balance Sheet. The municipality is contingently liable for this t. g. MUNICIPAL FUND BALANCES AT THE END OF THE YEAR Cemetery Perpetual Care Trust Fund The balance on the Consolidated Statement of Operations of municipal fund balances of . = s E $93,289 (1982, $102,956) at the end of the year is comprised of the following: Statement of Continuity For general reduction of taxation wie ree Year Ended December 31, 1983 Funds available for the acquisition of fixed assets 3,921 $93,289 $102,956 5 ; 9, RESERVES AND RESERVE FUNDS BALANCE AT THE BEGINNING | es = a) The total reserves and reserve funds are made up of the following: : a ian nam Reserve 1983 1982 Plot sales 320 44Q Reserves Funds Total Total Interest earned 1,155 1,541 Set aside for specific ee 1,475 1,981 a ginie by rose = : goo AT THE END OF z -for acquisition of fix E YEAR 3 assets $259,243 $259,243 $200,470 aE $11,804 -for waterworks ; maintenance 51,137 -for working capital $150,000 ' 950,000 150,000 $150,000 $310,380 $460,380 $350,470 b)Continuity of Reserves and Reserve Funds : : 'as -- Balance Sheet Reserves as at December 31, 1983 - Balance at the beginning of : : the year $150,000 $ 48,264 Appropriations from current operations | 101,736 1983 1982 Balance at the end of the year ge $150,000 $150,000 Assets Reserve Funds Se : rey : Balance at the beginning of ee : the year $200,473 $ 71,951 Cash $ 1 ge he Revenue Bank term deposit 13, Interest earned 16,932 3,971 Zs ars sates Contributions from current operations 92,975 Fund balance Capital $ 6,432 $ 6,112 109,907 128,522 Income 6,847 5,692 Balance at the end of the year - $310,380 $200,473 _ $13,279 $11,804 Creatures at Whitesand The weird creatures you see are really quite human though they are capable of breathing underwater. These peo- ple are all new members of the North Shore Dive Club and are practising to become certified scuba divers. Safety is of prime im- portance when learning to scuba dive so if you are considering trying it, take a course from a professional. These divers are under the guidance of Wally Peter- son from Thunder Country Diving in Thunder Bay. Ryan Le- Blanc of Schreiber also runs a Dive Course every year and this year was the first year there was a need for a second course. It is not surprising that the sport is becom- ing so popular in the area as new shipwrecks are discovered and there are a lot of interesting artifacts in Rossport, Coldwell and Jackfish Harbours. Talk to any member of the Dive Club or call -Ryan or Wally directly if you are interested in a wali For thousands scuba diving. eep Canada f q i ee of Canadians, Recognize anyone? the arthritis research

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