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TOV ON Promising southpaw The tennis racquet looks to be bigger than the person swinging it. That didn't Kelly Finn as bother she en- thusiastically practised her serve under the watchful eye of Bill Hartman. Kelly was taking part in the Midland Tennis Club's second clinic held Sunday. Staff photo Busy Dick Platt finds time for minor baseball You wouldn't think a person who holds down a full time job at RCA, sits on Midland council and has a wife and children, could find time for much else. Dicks Platt sis sa noticeable exception. "I've never played baseball in my life,"' says Platt. Yet the native of England has been the treasurer for Midland Minor Baseball for three years and organizer of T- ball for two. Cricket was Platt's game until his children became interested in baseball. He followed son Tim's lead and got in- volved in an organizational sense while his son was out on the T-ball field. Now Tim is a pitcher with the Midland Peewee's and daughter Mary is T-ball age. "Most of the work in T- ball takes place in March and April getting coaches, sweaters. equipment purchased and signing up players,' says Platt. "After that it pretty well takes care of itself." Platt can be found every Tuesday night at Parkview School wat- ching the T-ball action, making sure everything is running well, and helping co-organizer Rick Newman keep statistics. In the past years T-ball coaches were scratching around for players. This season: the Parkview fields are full to over- flowing with youngsters enjoying the sport. "It's overcrowded at _ the moment, but our prin- cipal is not to turn anybody away if we can possibly avoid it." "It's a problem," ad- mits Platt referring to the overcrowding, but he doesn't see much hope for a new park facility in Midland. "We need all kinds of things but who's going to pay for it?" Players of the week Proud winners of A and W Player of the Week certificates are Tyke Ron MacLean and Midget Doug Fox. Jim Midgets. cConnachie makes the presentations. P inners from the week previous were: Brian Moore for the Bantams, Gaiy Wencker for the Peewee's, Owen Quilty for the Tykes and Dan Walters for the Staff photo Maple tour coming July 22 Everyone interested in the maple syrup industry is invited to attend the 1977 Ontario Maple Tour on July 22, says John Butler, maple syrup extension specialist with the Ontario Food Council. The tour is sponsored by the Ontario Maple Syrup Producers' Association. This year it will be hosted by the Grey-Bruce Maple Syrup Producers' Association. The 1977 Ontario Maple Tour will begin with registration and coffee at the Saugeen Valley Conservation Authority headquarters, south of Hanover, from 8:30 to 9:15 a.m. on Friday, July 22. The Maple, Tour is an excellent opportunity for syrup producers to see other syrup operations and to meet with their fellow producers. For further information contact the Ontario Maple Syrup Producers' Association, 1200 Bay Street, 9th Floor, Toronto, Ontario, M7A 2B2. vee eee IN AOE WM SS SO VY SOLS CELE EOE CECT SOILS OEY OVE CV I OOO CLIT TE COAL LA AOA LOTS a CORPORATION OF THE VILLAGE OF ELMVALE FINANCIAL STATEMENTS for the year ended December 31st, 1976 BALANCE SHEET atDecember 31, 1976 Assets "ee Current assets s Cash 8,695 Accounts receivabl2 40,608 Taxes receivable 16,282 Investments Other current assets 2,337 67,922 Capital outlay to be recovered in future years 246,436 Other long term assets 15,644 330,002 Liabilities Current liabilities Temporary loans Accounts payable and accrued liabilities Other current liabilities Net long term liabilities Reserves and reserve funds Accumulated net revenue (deficit) and unapplied capital receipts 61,674 24,119 29,491 330,002 12,639 363,939 To: The Members of Council, Inhabitants and Ratepayers of the Corporation of the Village of Elmvale: We have examined the 1976 financial statements of the Village of Elmvale and its local boards, which are listed on the attached index. 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 financial statements present fairly the financial position of the Village of Elmvale and its local boards as at December 31, 1976 and the results of their operations and changes in financial position for the year then ended in accordance with generally accepted accounting principles for Ontario municipalities applied, after giving retroactive effect to the changes referred to in notes 1(a) and 7 to the financial statements, on a basis consistent with that of the preceding year. y a SP Prec anu rb, A.F. MacLaren & Co Chartered Accountants Licence No. 571 Barrie, Ontario June 20, 1977. NOTES TO THE FINANCIAL STATEMENTS December 31, 1976 1. Accounting policies a) Statement of revenue and expenditure - statement 1. This statement reflects the revenues and expenditures of the revenue fund of the municipality and includes the activities of all committees of council and local boards for general municipal activities. The local boards whose activities are included are as follows: Flos-Elmvale Public Library Board Elmvale Planning Board Elmvale Community Hall b) Statement of capital operations - statement 2. This statement reflects the capital expenditures and related capital financing to be recovered from general municipal revenues of the municipality and its local boards described in note 1(a). c) Balance sheet - statement 3. This statement reflects the assets and liabilities of the revenue fund, the capital fund, reserve funds and the local boards described in note 1(a). The assets-and liabilities for municipal enterprises as defined in note 1(e) are not reflected except to the extent of the related net long-term liabilities and capital outlay to be recovered in future years. d) Fixed assets The historical cost and accumulated depreciation of fixed assets is not reported for municipal purposes. Instead the "Capital outlay to be recovered in future years" which is the aggregate of the principal portion of unmatured long-term liabilities, capital funds transferred to other organizations, and the cost of capital projects not yet permanently financed, is reported on the "balance sheet'. e) Municipal enterprises The revenue and expenditures for municipal enterprise activities are not reflected in the "statement of revenue and expenditure" except to the extent that their expenditures are recovered from general municipal revenues. Municipal enterprise activities are those activities whose costs are substantially recovered from service charges on the users and is as follows: Elmvale Public Utilities Commission f) Charges for net long-term liabilities Debt retirement costs including principal and interest are charged against current revenues in the periods in which they are paid. Interest charges are not accrued for the periods from the dates of the latest interest payments to the end of the financial year. 2. Capital outlay to be recovered in future years a) Some capital outlay to be recovered in future years does not represent a burden on general municipal revenues, as it is to be recovered in future years from other sources: 1976 1975 $100,045 $101,745 31,173 33,600 Special charges on benefitting landowners Municipal enterprises $131,218 $135,345 b) Capital outlays, including fixed assets and the transfer of capital funds in the amount of $137,119, which has been financed from general municipal revenues of the current year, are reported on the 'statement of revenue and expenditure'. 3. Reserves and reserve funds a) Provision for a reserve amounting to $500 is 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 the reserve funds: 1976 1975 $59, 596 > 1,569 1,02. $61,165 1,02 Ontario Home Renewal Program Income from investments c) The total balance of reserves and reserve funds is $61,674 and is comprised of the following: 1975 Reserves - Working funds , $6,500 Equipment - general 400 - recreation 1,575 Arena addition \ Reserve funds - Sewage plant Waterworks Ontario Home Renewal Program STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31, 1976 Accumulated net revenue (deficit) at the beginning of the year Note 7 Expenditure 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 8,509 152,730 50,092 20,794 2,000 268,999 27,142 109,191 Region or county purposes School board purposes Total expenditure Revenue General municipal purposes Taxation Payments in lieu of taxes Ontario grants Other grants Other Region or county purposes Taxation Payments in lieu of taxes Ontario grants Other School board purposes Taxation Payments in lieu of taxes Other Total revenue Accumulated net revenue (deficit) at the end of the year Analysed as follows: General revenue (deficit) Region or county School boards Special charges Special areas Local boards 4. Net long-term liabilities a) The balance of net long-term liabilities reported on the "balance sheet' is made up of the following: Total long-term liabilities incurred by the municipality including other municipalities and municipal enterprises and outstanding at the end of the year amount to $279,006 The total value of sinking funds and the balance in the Ministry of the Environment Debt Retirement Fund which have been accumulated to the end of the year to retire the out standing long-term liabilities included above, amount to (41,927) Net long-term liabilities at end of the year $237,079 5. Charges for net long-term liabilities Total charges for the year for net long-term liabilities were as follows: 1976 Principal payments including contributions to sinking funds and to the Ministry of the Environment Debt Retirement Fund Interest $5,499 17,913 $23,410 Of the total charges shown above $19,576 were paid from general municipal revenues of the municipality and are included in expenditure on the 'statement of revenue and ex penditure"' classified under the appropriate functional headings. The remaining $3,834 were recovered from municipal enterprises for which the related net long-term liabilities were incurred, and are not reflected in the statement. 6. The Anti-Inflation Act The municipality, its local boards and commission are by agreement between the Govern ment 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. The legislation limits increases in compensation payments effective October 14, 1975. The municipality has not calculated its position with respect to compliance with the guidelines. 7. Retroactive Changes The accumulated net revenue at the beginning of the year on the statement of revenue and expenditure has been restated to give effect to the inclusion of the accumulated net revenue of the Flos-Elmvale Public Library which is now consolidated. The effect on the ac- cumulated net revenue at the beginning of the year has been an aggregate increase of $5,757 over that reported in the 1975 financial report. Analyzed as follows: Balance at beginning of the year Adjustment for accumulated revenue Sy, Ae es OW