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ba ¥ ' ¥ v Troyer makes Midland connection in new book Indian mother, "We can't afford to eat meat all the time." So the Natives continued to eat contaminated fish. : Reed International is identified as the villain in this piece. Troyer plainly Suspects that Reed, has benefitted by "sweet heart deals' with the government which has allowed the international conglomerate to exploit by Shirley Whittington forests as well as pollute : Warner Troyer is an waterways. investigative journalist in Reed is sensitive to every sense of the word. His 1976 CBC Fifth Estate television script on the evils of mercury poisoning in the English / Wabigoon River system won an award. He didn't rest on his laurels. He dug back into his subject, and has produced factor. It has turned the commonwealth into one global village. AS well, Queen Elizabeth deliberately meets more people from varied walks of life than any other British monarch. Her own mobility is the biggest difference in Elizabeth's style, and that of monarchs of the past. Since her accession in 1952, she has made an average of two foreign visits a year. FINANCIAL STATEMENTS for the year ended December 31st, 1976 CORPORATION OF THE TOWN OF PENETANGUISHENE Book review criticism. An employee revealed that during a a damning book on the ee aye ete whole business of in- employed 30. yen dustrial and govern- cecyrity guards. Reed is mental nonchalance about poisons in our food chain. In No Safe Place, Troyer deals mainly with the mercury con- tamination in the Dryden 'Kenora area. His cup of indignation and rage runs over. He also touches on carcinogens in US drinking water, acidic chemical wastes which burned the arms of frolicking children in Brazil, the dumping of PCBs into the Hudson River by General Electric and polybrominated biphenyl mixed animal feed in Michigan. The poisonous situation in the Wabigoon River waste into the river and when a _ dangerous mercury level was recognized, the river was closed to commercial fishing. ; The native population lost all ways. Commercial fishing was finished and so was guiding and work at fish camps. Fish, the mainstay of native diets Kt into - also alleged to have hired Percy Parkes of Great Lakes Investigations (a Midland operation) to "keep an eye on Reed's enemies", -- particularly anyone critical of Reed policies. Tryoer sums up No Safe Place by saying that "Governments and their spokesmen and agencies lie when truth is em- barrassing, and_ in- dustries exaggerate or minimize when it's in their pragmatic interest to hide error and duck culpability." No Safe Place may be just a beginning for this energetic journalist who delights in turning over area takes up mostof the ctones to find the j book' however. Reed wriggling nasties Paper Company in peneath. Dryden dumped mercury Silver Jubilee The British Monarchy by Philip Howard is another of the special books being published this year in honour of the Queen's Silver , Jubilee. It's a good solid book, packed with information about the Queen's family, finances, duties and function. A focus throughout the book is the yas aude eens deliberate reorganization 4 Bilber will at SO of the monarchy in the j Boo re One 60's. Television is one q f It was during a Canadian trip in 1969 when French Canada was demonstrating some hostility to the idea of the monarchy, that Prince Philip put his blunt finger on the new. regal philosophy. "Tf the people don't want the monarchy, they should change it. But let us part on amicable terms and not have a row. The monarchy exists not for its own benefit, but for that of the country. We don't come here for our health. We can think of better ways of enjoying ourselves." The British Monarchy includes interesting chapters on traditions of the court, and on the various Royal residences. The book is indexed and contains a selection of informal photographs. It's not a gossipy book, but an excellent reference text for anyone who seriously studies the disappearing institution of royalty. And the most interesting point in the book is the case made for British Royalty, which is not likely to disappear for some time yet. No Safe Place. by Warner Troyer' Clarke Irwin Company pub. 255 pages. $13.95. The British Monarchy by Philip Howard. Thomas Nelson pub. 208 pages. $20.95. BELLY DANCE DEMONSTRATION Thursday, June 9th at 8:30 p.m. New classes start Mon., June 13/77 7:30-9:30 SHIREL BELLY DANCE STUDIO 526-4568 ATTN before you deal. way to gett Getting a good deal. Comparison shopping is usually the key to getting a good But it always helps to have money in the bank. If you don't have as much as you think you're going to need, you should make arrangements for your loan before you shop for your Car. Royal Bank Termplan Personal Loans are a personal and flexible e money necessary for Get your Royal Bank loan shop for your Car. We can help you drive a shrewd bargain. You also get a lot of good advice in the bargain. On approval, the ou are. maximum amount of money you . might need is made available to ou. So you can go shopping Vnewing the money's ready when y ' After you drive your shrewd bargain, you just come back to the Royal Bank and the arrangements are completed. And it's not until then that you start pay interest. It's neat, simp ient. And just one more reason why 2 and conven- BALANCE SHEET at December 31, 1976 To the Henbers of Council, Inhabitants and ' Ratepayers of the Corporation of the Assets Town of Penetanguishene: ee ae We have examined the 1976 financial statements of the Town of Penetanguishehe ererciieaescts és c and its local boards, which are listed on the attached index. Our examination included a general review of accounting records and other supporting evidence 126,204 59,546 as we considered necessary in the circumstances. Cash In our opinion, these financial statements present fairly the financial position 199,059 175,002 of the Town of Penetanguishene and its local boards as at December 31, 1976 and Accounts receivable the results of their operations for the year then ended in accordance with 122,472 107,208 accounting principles generally accepted for Ontario municipalities applied 'Taxes reccivable s on a basis consistent with that of the preceding year. 'i Sax ps Investments f Jf Aas 8,322 120,516 a. J NA, Other current asscts > A.F. MacLaren & Co . HG ,957 | - 862,272 BARRIE, Ontario, Capital outlay to be recovered in Chartered Accountants. future years 1,042,927 Veli2S65i1 May 12, 1977. License #571 Other long term assets 565595 1,556,477 Ree Gs) : a STATEMENT OF REVENUE AND EXPENDITURE Ee for the year ended December 31,1976 Liabilities 1976 1976 A Budget Actual Actual Current liabilities . . $ Accumulated net revenue (deficit) at Temporary loans 209) 132 NAN ne ite beginning of the year 12,500 47,682. Zit 53, 866_ Ae M.P.7. Landfill tommittee - surplus 498 Accounts payable and accrued liabilities , 52,789 106,153 forward on consolidation Other current liabilities Expenditure 262,528 584,610 General municipal purposes : - General government anata Ba ate paleres Net long term liabilities 889 ,022 604 ,539 Protection to persons and property , , , Transportation services 266 ,836 302,565 267,478 Reserves and reserve funds 380,219 355 ,092 Environmental services 201,535 266,518 127,364 : Health services Accumulated net revenue (deficit) and Social and family services 8,564 8,415 5,082 unapplied capital receipts 24,708 47,682 Recreation and cultural services 198,856 ae 154 197 pal -- aa Planning and development 89,070 104,159 25 ,402 Other V,556,877 |, 1,591,923" 1,203,351 1,334,421 1,094,284 LaLa eee et Region or county purposes ' 89 ,867 91,213 SEs (2 School board purposes g eee Sen Tunevans Pipe at EES Total expenditure 3662 ,37 s005's cet NOTES TO THE FINANCIAL STATEMENTS December 31, 1976 . . neem Revenue 1. Accounting policies ic f ieneral municipal purposes : a) SHAE of revenue and expenditure - Statement | ceatiGn Ce eee 618,971 626,454 543,195 This statement reflects the revenues and expenditures of the revenue fund Payments in licu of taxes 25,029 40,768 37,209 of the municipality and includes the activities of all committees of council Ontario grants 400,723 415,382 289,635 and local boards for general municipal activities. The local boards whose Other grants 12;,000 98,977 111,140 activities are included are as follows: Other 149 873 143,521 118,713 Arena, Parks and Recreation Board 1,206 596 1,325 102 1,099 , 892 Industria! Committee Reyion or county purposes ; 'idland-Penetanguishene-Tiny Landfill Committee Taxation 55,705 58,689 70,684 Museum Board Pay ments in lieu of taxes 3,864 3,864 3,453 Planning Board Ontario grants 28,308 28,347 16,727 Library Board Other ee ,b) Statement of capital operations - Statement 2 : 7,877 20200 eoauee This statement reflects the capital expenditures and the related capital Seay Doar Ue urp sts 347,995 356,191 66,978 financing to be recovered from general municipal revenues of the ne See 5 7.407 7.407 ; ee municipality and its local boards described in note | a). Ee aoe aS = 2 pa, c) Balance sheet - Statement 3 : eae 5 This statement reflects the assets and liabilities of the revenue fund, Ruta rey 1 2 1 eae 1 ae the capital fund, reserve funds and the local boards described in note | a). ee me poate ; a a The assets and liabilities for municipal enterprises as defined in note | e) Accumulated net revenue (deficit) at are-not reflected except to the extent of the related net long-term the end of the year 2 ine e 24,708 47,682 liabilities and capital outlay to be recovered in future years. a d) Fixed assets - er Analysed as follows: i" - The historical cost and accumulated depreciation..of..f.ixed..assets.. tS. NOt. 0--~ Ti geomcalaitgutenstsadigassial . _sehpy, <ahjpaooybailepa heats alata we pecker Sean ai reported for municipal purposes. Instead the "Capital outlay to be General revenue, 178 12,500 recovered in future years" which is the aggregate of the principal portion Region or county 1,200 1,513 of unmatured long-term liabilities and the cost of capital projects not School boards 496 14,336 "yet permanently financed, is reported on the "Balance sheet". Special. charges e) Municipal enterprises oie The revenues and expenditures for municipal enterprise activities are not Te ates ig reflected in the "Statement of revenue and expenditure!' except to the CHa ees, pea EAE a extent that their expenditures are recovered from general municipal revenues. = oh Municipal enterprise activities are those activities whose costs are a208 BT, 652 substantially recovered from service charges on the users and are as Fonlowse : 3. Reserves and reserve funds (cont'd) 1976 1975 Penetanguishene Water and Light Commission Reserve Funds - Revenue Fund - f) Charges for net long-term liabilities Land development $ ee) $ Paha : i ' land Debt retirement costs including principal and interest are charged against Heer ihe ureeres 127826 37425 current revenues in the periods in which they are paid. Interest charges Oneatio Home RenewalePlan 57,662 23,182 are not accrued for the periods from the date of the latest interest d " 126, 305 200,425 t to the end of the financial year. Reoaieanunds watccal shoal ag ; Paymen : Midland-Penetanguishene-Tiny Landfill Committee: 2. Capital outlay to be recovered in future years ewaeaul pete 27,458 26,405 so it} a) Some capital outlay to be recovered in future years does not represent a Saas see burden on general municipal revenues, as it is to be recovered in future , 2 A Vedi: SCONCOrNe aah a 1976 1975 4. Net long-term liabilities $380,219 $430,297 Special charges on benefitting landowners - Serta ies Local Improvement Act -- $162,998 $117,248 a) The balance for net long-term liabilities reported on the "Balance sheet"! Becuion 362 of the Municipal Act - sewage is made up of the following: treatment plant - frontage rates 353,673 Ee Total long-term liabilities incurred by the municipality unicipal enterprises 11,464 _13,046 including those incurred on behalf of former school boards, $528,135 $307,284 other municipalities and municipal enterprises and b) Capital outlays, including fixed assets and the transters or capital funds outstanding at the end of the year amount to $1,680,022 in the ered $97,116 which have been financed fiyor general municipal ; Of the long-term liabilities shown above, the responsibility eae ° ib e current year, are reported on the "Statement of revenue an for payment of principal and interest charges has been expenditure!'. assumed by others for a principal amount of (791,000) 3. Reserves and reserve funds i a) Provisions for reserves and reserve funds amounting to $97,093 and $18,177 respectively are reported on the "Statement of revenue and expenditure' classified under the appropriate headings. b) The "'Statement of revenue and expenditure!' does not reflect the following revenues for the year which were credited directly to reserve funds: Income from investments Subdivider and developer contributions Ontario Home Renewal Plan - grants Land sale c) The total balance of reserves and reserve funds is $380,219 and of the following: Reserves - Revenue Fund - Working funds Sidewalk construction Fire equipment Sewage treatment plant - capital - operations Storm sewers Police cruiser Public works - equipment Sewer survey Sick leaves - administrative - police - public works - protective inspections - §.T.P. operations Police facilities Police equipment Building renovations - administration Office equipment - administrative Uniforms - fire department Reserves - Consolidated Boards - Arena, Parks and Recreation Board: the things you really need. And you can make all the arrangements In advance of your purchase. Here's how it works. Our Personal Loans Officer works with you to find out what you need and what you can realis- tically afford to re-pay each month. so many peop like the Royal Bank. Personal loans for other worthwhile purposes also available up to $25,000. 24 ROYAL BANK ...for a lot of reasons. Sick leave Arena ice plant Park equipment Softball lights Tennis courts Little N.H.L. Midland-Penetanguishene-Tiny Landfill Committee: New equipment 1976 1975 S46, 154° $ 797 4,401 8,425 36,553 23,262 10,000 252,800 $55,108 $285,284 is comprised 1976 1975 S Shp SS), si 680 680 25 19,616 19,554 19,673 12,652 10,128 500 500 731 68] - 10,545 - 4,490 1,522 1,222 4,500 3,500 7,650 6,150 600 400 400 200 8,000 4,000 250 250 12,657 8,000 6,000 4,000 = 1,000 140, 183 134,407 1,495 1,295 6,000 4,000 1,858 1,258 2 6,080 5 ,000 2,500 5,937 5,128 20,290 20,261 10,505 _ 10,505 30,795 30, 766 170,978 165,173 ms Net long-term liabilities at the end of the year $889,022 b) Of the net long-term liabilities reported in a) of this note $247,717 principal payments are payable from 1977 to 1981, $221,859 from 1982 to 1986, and $419,446 thereafter and are summarized as follows: i 1987 and 1977-1981 1982-1986 | thereafter General municipal revenues $216,996 $189,883 $307,681 Benefitting landowners 19),257 31,976 111,765 Municipal enterprises 11,464 = - $247,717 $221, 859 $419,446 t 5. Charges for net long-term liabilities Total charges for the year for net long-term liabilities were as follows: 1976 1975 Principal payments - $ 51,365 $ 46,968 Interest 48,916 41,423 $100,281 $ 88,391 Of the total charges shown above $97,565 were paid from general municipal revenues of the municipality and are included in expenditure on the "Statement of revenue and expenditure!' classified under the appropriate functional headings. The remaining $2,716 were recovered from municipal enterprises for which the related net long-term liabilities were incurred, and are not reflected in the Statement. 6. Liability for vested sick leave benefits Under the sick leave benefit plan, unused sick lea | ve can accumulate and employees may become entitled to a cash payment when they leave the municipality's employment. 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 $46 ,903 at the end of the year. service liability and is reported on the balance sheet. 7. {nthe case of a joint local board consolidates for the first time Ine accumulated net revenue at the beginning of the year has been restated to give effect to the inclusion of the accumulated net revenue of the Midland- An amount of $16,167 t:as been provided for this past Penetanguishene-Tiny Landfill Committee a joint local board which has now been cons»lidated. The effect on the accumulated net revenue at the beginning of the year has been an increase of $498 over that reported in the 1975 Financial Report. 8. The Anti-Inflation Act The municipality, its local boards and commissions are by agreement between the Government of Canada and the Government of the Province of Ontario dated January 13, 1976 subject to The Anti-Inflation Act (Canada) and the national guidelines. This legislation limits increases in compensation payments effective October 14, 1975. Compensation increases paid during the corporation's first guideline year, 1976, as submitted to the board have been approved by the board, Wednesday, June 1, 1977, Page 11 fret 7