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FINANCIAL STATEMENTS For the year ended December 31st, 1975 To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Town of Penetanguishene: We have examined the 1975 financial statements of the Town of Penetanguishene and its local boards, which are listed on iie attached index. Our examination included a general review of accounting records and other supporting evidence as we considered necessary in the circumstances. In our opinion these financial statements present fairly the financial position of the Town of Penetanguishene and its local boards as at December 31, 1975 and the results of their operations for the year then ended in accordance with ac- counting principles generally accepted for Ontario municipalities applied, after giving retroactive effect to the changes referred to in notes 1(a) and 8 tothe financial statements, on a basis consistent with that of the preceding year. ia Qf Paton A.F. MacLaren & Co. BARRIE, Ontario, Chartered Accountants. April 9, 1976. License no. 368 ASSETS STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31, 1975 1975 197+ $ $ 59,546 19,407 Current assets Cash Accounts receivable 175,002 198,162 Taxes receivable 107,208 96,991 Other current assets 120,516 5,276 462,272 319,936 Capital outlay to be recovered in future years 1,129,651 710,155 Other long term assets 1,591,923 1,030,091 LIABILITIES Current liabilities Temporary loans 478,457 148,513 Accounts payable and accrued liabilities 106,153 216,800 Other current liabilities 584,610 365,313 Net long term liabilities 604,539 500,500 Reserves and reserve funds 355,092 121,553 Accumulated net revenue (deficit) and unapplied capital receipts 47,682 42,725 1,591,923 1,030,091 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: Arena, Parks and Recreation Board, Industrial Commission, Museum Board, Planning Board, Public Library Board. Certain assets and liabilities are not reflected as described in (b) and (e) of this note and in note 8. b) Fixed assets -- No value is attached to fixed assets for municipal reporting purposes. Ex- penditures on fixed assets are charged against current revenues unless the expenditures are financed out of long-term debt. Debt retirement costs are 1975 1975 Budget Actual $ $ Accumulated net revenue (deficit) at the beginning of the year -- note 8 Add adjustment re. 1974 general support grant Expenditure 13,439 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 199,572 253,889 297,893 126,036 124,503 220,714 233,431 104,206 231,760 239,657 267,478 127,364 5,194 167,491 24,215 4,399 147,008 14,913 36,765 885,939" 67,895 242,267 1,196,101 5,082 197,541 25,402 1,074,290 86,595 275,534 1,436,419 1,094,284 88,472 286,149 1,468,905 Region or county purposes School board purposes Total expenditure Revenue General municipal purposes Taxation Payments in lieu of taxes Ontario grants Other grants Other 523,656 32,544 395,636 9,185. 99,830 543,195 37,209 289,635 = >,111,140 '118,713 404,582 34,606 310,470 18,493 137,013 1,060,851 1,099,892 905,164 Region or county purposes Taxation Payments in lieu of taxes Ontario Grants 68,553 70,684 46,181 1,556 3,453 4,051 16,486 16,727 18,433 86,595 90,864 68,665 School board purposes Taxation Payments in lieu of taxes Other 260,534 266,978 218,345 TE, 4,987 3,647 15.000 oi = 275,534 271,965 1,422,980 1,462,721 Total revenue 1,195,821 Deferred revenue wee Accumulated net revenue (deficit) at the end of the year 29,141 47,682 42,725 Analysed as follows: General revenue Special charges Special areas Police villages Region or county School boards Local boards Unconditional grant 11,000 13,439 1,513 (879) 14,336 28,520 19,333 145 1,500 1,500 47,682 42,725 -- Organizers are invited to publicize their up- coming events free of charge in the Times Community Calendar. Please call the Com- munity Calendar editor at 526-9369 or drop your message into the Midland Times office, 525 Bay Street. Wednesday, May 5 --Penetanguishene Co-Operative Nursery School Registration and Open House, for 3 and 4 year olds. Monday 9:30 to 11:30-a.m. and Wed- nesday 1:30 to 3:30 p.m. Wednesday, May5 -- The Ladies' Auxiliary of the Midland Minor Hockey Association will be sponsoring their Annual Father and Son Awards Night, at 7:00 p.m:, Midland Arena Gardens. There will be refreshments only, this year. BOYS! Don't forget your admission ticket so that you will be eligible for this year's BIGGER AND BETTER prizes. Thursday, May6 ¥ --Face-to-Face meeting Penetanguishene Library Hall at 8 p.m. Topic "Women as Con- sumers." Judy Watson guest speaker. Friday, May7 --Euchre, Waubaushene Legion, at 8 p.m. Money prizes and refreshments. Over 18 years. Friday, May 7 -- The W.A. of Knox Presbyterian Church will hold their Spring Tea and Bake Sale in the Sunday School auditorium from 2 p.m. until 5 p.m. Everyone welcome. Friday, May7 --St. Andrew's Hospital Auxiliary annual "Wine and Cheese Party", at 8:30 p.m. at the Sport- sman Inn, Victoria Harbour. Friday, May7 Saturday, May8 Sunday, May 9 --Second Annual Antique Show and Sale at the Howard Johnson Motor Lodge, Hwy, 11 and 12B, Woodside Drive, Orillia. Friday: 6:30 p.m. to 10 p.m., Saturday: 10:30a.m. to 10p.m., Sunday: 11 a.m. to6 p.m. Auspices of The Women's Hospital Auxiliary to the Soldiers' Memorial Hospital. Friday, May7 (and June 18) -- Georgian Bay Lung Association sponsors conditioning program.for.asthma, chronic bronchitis, emphysema at Parkview Public School, Midland, 7th Street entrance, 7:00 p.m. Saturday, May8 --Garage Sale from 9 a.m. to 5 p.m. School House, Everygreen Side Road (Hwy 12 and 27). For futher information call Fran Rodney 526- 5059. Monday, May 10 F -- Quota Club of Huronia rummage and bake sale at the Royal Canadian Legion Hall, 13 Simcoe Street, Penetanguishene. From 12 to 3:00 p.m. Friday, May 14 Saturday, May 15 ' -- Elmvale and District Choral Society Annual Spring Concert in Huronia Centennial School, Elmvale. Huronia Community Calendar 'Hurons, Midland and the Historic Naval and -a.m. to 6 p.m. Admission free. Everyone "the new Huronia District Hospital: Anyone' Saturday. May 15 Z --Garage Sale for LaLeche League. If rained out, Sunday, May 16. Old Porfae Road at 1:00 p.m. If you have anything to donate, please call. ~ 526-3965. a. Friday, May 14 --Benefit wine and cheese party, hosted by the Midland Civitan Club and the Midland Lionettes in aid of the Huronia Association for the Mentally Retarded campaign to raise funds for a new facility for ARC industries. At the Midland Civic Center, 8:00 p.m. Tickets available at Lamers Paint and Wallpaper, King Street, Midland, or at the Midland, or at the Midland Times office, 525 Bay Street, Midland. Saturday, May 15 --It's Spring-Clean-Up time again, so please remember the St. Paul's United Church Couples Club Garage Sale, at the home of Mr. and Mrs. Clint Truax, 414 King Street, Midland. Saturday, May 15 --The Be-Wab-Bon local of the Metis Non Staters Indian Association will be having an Open Dance 8:00 p.m. until 1:00 a.m. Please help support us by joining all of our local in a real good time. We are a non profit organization helping others help themselves. Art Beausoleil and his JET STARS will entertain. Sunday, May 16 --Annual Open House at Sainte-Marie among the Military Establishments, Penetanguishene, 10 welcome. } Wednesday, May 16 --'A date to remember". Annual Spring Buffet Supper from 5:15 p.m. until 6:00 p.m. Sponsored by Ladies of All Saints Anglican Church, Peel Street, Penetanguishene. Tickets available from Guild members or call 549-8856 or 549-7295. Everyone welcome. Wednesday, May 19 --Midland District Shrine Club"'Shrine Circus", at Arena Gardens Midland. Two performances: 4:15 and 8:15 p.m. Proceeds for children's welfare work in Midland-Penetanguishene district. Wednesday, May 19 --Midland District Shrine Club "SAhrine Cir- cus", at Arena Gardens, Midland. Two per- formances: 4:15 and 8:15 p.m. Proceeds for children's welfare work in Midland- Penetanguishene district. Saturday, May 22 -- Midland Civinettes are holding a Flea Market at 10 a.m, at Parkside Inn on Yonge Street. Proceeds will go to community projects and to wishing to donate, please phone 526-9814, 526- 7269, 526-9136 and we will pick up. Saturday, May 22 --Midland Civinettes are holding a Flea Market at 10:00 a.m, at Parkside Inn on Yonge Street. Proceeds will go to community projects and to the new Huronia District Hospital. Anyone wishing to donate, please phone 526-9814, 526- 7269, 526-9136 and we will pick up. Wednesday, May 26 --Huronia Social Planning Council annual meeting at The Arch, Yonge Street. Guest speaker Karen Hill, Ontario Welfare Council Cocktail hour at 6:30 p.m. Dinner 7:00 p.m. Tickets available at the Commodore Hotel and The Arch. Saturday, May 29 --Rummage Sale at 10:00 a.m. in Knox Presbyterian Church. Midland. Auspices Dorothy Lukes Auxiliary. For pickup call 526- 2907, 526-6215. @) GET YOUR MONEY'S WORTH charged against current revenues in the periods in which they are paid. How high do you want to go? You can aim as high as yOu want to in the Canadian Armed Forces Build yourself up physically and men- tally Become a leader 4' WITH THESE USED CARS! 75 Ford LTD Brougham 8 auto, PS, PB, Vinyl roof FKV 410 74 Ford Custom 4 door, 8 auto, PS, PB FKV 247 74 Ford Galaxie 500 2 door, 8 auto, PS, PB HEZ760 74 Maverick 250 6 cyl auto, 4 door FKV 258 74 Comet and reach forthe top 4 4 door, 250 6 cyl auto, PS, radial tires HTT This is what Combat ® 024 Arms can offer you. I's not a soft job. But if % CombatArms fiterest you, % you re not a soft guy. ; You re looking for some- thing special A jos That c) Inventories of supplies -- Inventories of supplies, amounting to $3,796 are included in other current assets , andarereflected at cost on the basis of first-in-first-out. 5. Net long-term liabilities Total long-term liabilities incurred by the municipality and outstanding at the end of the year amount to $604,539 Of the long-term liabilities shown above, the responsbility for payment of principal and interest charges has been assumed by others for a principal amount of \ 13,046 Net long-term liabilities at the end of the year $591,493 d) Provincial road subsidy revenue and expenditure on roads -- Provincial subsidy programmes are on a "'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. : 6. 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 years from other sources: e) 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 Special charges on benefitting landowners -- Local Improvement Act $117,248 payment to the end of the fiscal year. Section 362 of the Municipal Act -- sewage treatment plant -- frontage rates Municipal enterprises 74 Montego 2door, 8auto, PS, PB HUB 235 73 Torino 4 door, 8, PS, PB FFA 267 176,990 13,046 $307,284 2. Charges for net long-term liabilities Total charges for the year for net long-term liabilities were as follows: Gan bring out the best th you inci 73 Pinto Wagon Come on. Reach for the Principal payments $46,968 7. Liability for vested sick leave benefits 4 cyl std BPC 198 TOW. EG aE UU RES Eins Interest 41,423 Under the sick leave benefit plan, unused sick leave can accumulate and em- Wa PomiactleM vies a a \ 5 ployees may become entitled to a cash payment when they leave the bo ama a Ba? $88,391 municipality's employment. 4 door, 8 auto, PS, PB KFS 573 GET ' The liability for these accumulated days, to the extent that they have vested 72 Montego INVOLVED i the. ciel changes, shown above, Searer MES paid from' the revenue of the and could be taken in cash by an employee on terminating, amounted to $37,323 8 auto, 2 door, PS, PB FCU 340 CANADIAN municipality and is included in expenditure, classified under the appropriate ; ; , ' we : at the end of the year. An amount of $11,471 has been provided for this past ARMED functional headings and $2,854 was recovered from the municipal enterprises benvice liabilitvandila resorted onthe "Balance cheat 72 Montcalm Mercury FORCES. for which the related net long-term liabilities were incurred. y f 4 door, 8 auto, PS, PB HFV 004 72 Dodge Polara 4 door, 8 auto, PS, PB FEO 321 70 Ford LTD Wagon 8 auto, PS, PB FKT 940 8. Retroactive changes : 3. Provision for reserves and allowances The accumulated net revenue at the beginning of the year on the statement of 3 revenue and expenditure has been restated to'give.effect to the inclusion of the over or underlevies for county and school board purposes and the accumulated net revenue of local boards which are now consolidated. The effect on the ac- cumulated net revenue at the beginning of the year has been an aggregate in- crease of $29,286 over that reported in the 1974 financial report. Analysed as follows: 1975 -- Balance at beginning of the year $13,439 __ 31.301 Adjustments for -- Unconditional grant County School boards Local boards Canadian Forces Recruiting Centre 25 St. Clair Ave. E. Toronto, Ont. (416) 966-6564 NOTICE: The Mobile Recruiting Team will be in Midland on Tuesday, 11 May 1976 at the Canada Manpower Centre between 10 a.m. and 3 p.m. Provisions for reserves and allowances amounting to $63,018 are included in the "Statement of revenue and expenditure'. 4. Contributions to reserve funds 69 Ford Galaxie 4 door, 8 auto, PS, PB, low mileage FKS 331 Don Hocken Ford Sales Elmvale 322-1241 The following contributions were credited directly to the reserve funds: Income from investments $797 Subdivider and developer contributions 8,425 Froceeds --land sales 252,800 1,500 (879) 28,520 12,563 Ontario Home Renewal Plan -- capital ees 12,563 23,262 \ $295,284 -------------- $13,864 Page 12, Wednesday, May 5, 1976 "