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CORPORATION OF THE TOWN OF PENETANGUISHENE FINANCIAL STATEMENTS for the year ended December 3ist, 1977 _ BALANCE SHEET as at December 31, 1977 TOWN OF PENETANGUISHENE 3 Assets Liabilities ad Current assets 1977 1976 Current liabilities $ $s Temporary loans awe [Thies he) : 223,632 Cash : 4 96,010 L Accounts payable and accrued liabilities hit BA 37D ; 48,748 Accounts receivable i Bown 225 171,584 Other current liabilities 31 Sees pene ides NEL ; 161,000 4 122,472 1,114,360 272, 380 Investments zi 110,600 | 900 Other current assets ; eke : jai22 Net long term liabilities > 9145502 . 889 ,022 _ 640,521 : SOE aD Reserves and reserve funds Ae 7, : 349 ,425 Capital outlay to be recovered in eh future years - TsO) ,7/)3 _ 1,056,820 Accumulated net revenue (deficit) and unapplied capital receipts ; (4,691) : 1,874 Other long term assets 0.H-R.P. loans . 139,404 i SB, 92)s) 2,469,718 1,512,701 rediiee Wale Wig io dine bn COUNTANTS STATEMENT | municipalities applied after giving retroactive effect to the changes referred to in note | and 8 to the financial statements, on a basis consistent with that of the preceding year. To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Town of Penetanguishene: ee | We have examined the 1977 financial statements of the Town of Penetanguishene. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests and other procedures as we f tL considered necessary in the circumstances. BARRIE, Ontario, )Z OS, 6 owe f . . ' April 2, 1978. Chartered Accountants. In our opinion, these financial statements present fairly the financial Me : position of the Town of Pénétanguishene ds at December 31, 1977 and the results" goer siiizd License #792 of its operations and changes in the financial position for the year then ended in accordance.with generally accepted accounting principles for Ontario eee EXPENDITURE TOWN OF PENETANGUISHENE AR ee FOR THE YEAR ENDED December 31, 1977 a) The balance for net long-term liabilities reported on the balance sheet is ing: 0) 1977 1976 po eee rage ip of the following TOWN OF PENETANGUISHENE vi [tgs | 0 Giiseliahe tet une ee te 1 S S Total long-term liabilities incurred by the municipality Accuniulated net revenue os at Dec. 41, 1976 24,708 48,180 a) Statement of reyenue and expenditure - including those incurred on behalf of former school Less local boards' net accumulated revenue f 22,834 19,831 +4 ? boards, other municipalities and municipal enterprises Accumulated net revenue (deficit) at We Statement reflects the revenues and expenditures of the revenue fund and outstanding at the end of the year anount to $1,615,502 the beginning of the year - Note 8 178 1,874 _28, 349 Pane f t Of the long-term liabilities shown above, the responsibility Expenditures and transfers b) Statement of capital operations - for payment of principal and interest charges has been Supletpaten vend ures Pe a 192,128 e074 This statement reflects the capital expenditure of the municipality to be assumed by others for a principal amount of _ 701,000 Bane naa arHinraneet 309,298 284,903 267,537 recovered from the general municipal revenue of the municipality. Shel toey ae 2 oat in Maa a 307,851 366,021 : 302 ,565 Net long-term liabilities at end of the year $_914,502 uTaIISPOE TALS HIRED Acc "895 234,014 4 ¢) Balance sheet - eee Environmental services 236,895 |. 234,014 | | 4 212,856 This statement reflects the assets and liabilities of the revenue fund, the 3. Accumulated net revenue (deficit) at the end of the year Saat services 12,326 ; gerade 8,415 Capea Rare) Ne! GOS IR IE IMLOEE o The balance in the revenue fund at the year end is available to reduce (to be Recreation and cultural services Teed shy . 97,631 d) Fixed assets - : ' added to) the levies of the following classes of ratepayers. Planning and development 491,494 355,998 97,411 The historical cost and accumulated depreciation of fixed assets is not 1977 1976 (ohn 1,655,679 ; 148,488 reported for municipa] purposes. Instead, the "Capital outlay to be G 6 Total expenditure ss le ------ ne See i Z ; ep " ieneral ratepayers $11, 187 $ 178 .recovered in future years" which is the aggregate of the principal portion Sehaoibboerdicstessvers (17,186) 496 of unmatured long-term liabilities, capital funds transferred to other Conntuneacena ae u 1308 1,200 Transfers 7 organizations, and the cost of capital projects not yet permanently financed Y Bey arr = are Transfers to region or county f 97,258 98,610 | -- 91,213 is reported on the balance sheet. $4,691) $1,874 Transfers to schoo! boards : 405,121 |, 430,600 | 377,438 i i - 02,379 529,210 468,651 0) ENGNES) ChICHRITSCe 6. Charges for net long-term liabilities Total transfers '= Ee --|* = - Se Ss Municipal enterprises are those activities whose costs are substantially ea ; Total expenditures and transfers 2,158,058 2,189,326, +617, 139 recovered from service charges on the users. The enterprise of this Total charges for the year for long-term liabilities were as follows: municipality whose revenue and expenditure have not been consolidated in 1977 1976 pevenve by purpose i i is: unicipal purposes i) Geer ea Se! Principal payments $52,620 §$ 51,365 ae i 2 6BR,A42* | y 695,202 | 626,454 ™ Penetanguishene Water and Light Commission Interest 79,347 48,916 Payments in lieu of taxes hpay Say sie jabiliti 4 623,344 589,044 5996 f) Charges for net lense cer else ' : $131,967 $100,281 Bicce 251,935 : 240,714 451513 Debt retirement COS ES, including principal and Inreleee are, charged against Of the total charges shown above $128,993 were paid from general municipal Fees and service charges P 27,246 " 55,208 | . 17,127 current revenues in the periods in which they are paid. Interest charges revenues of the municipality and are included in expenditure on the statement Other : 54,375 é 52,893 | | __---34, 308 are not accrued for the periods from the dates of the latest interest of revenue and expenditure classified ynder the appropriate functional headings. R ere heitay . 1,647,631 1,671, 125 1,136, 166 payments to the end of the financial year. The remaining $2,974 were recovered from municipal enterprises for which the SLENUE (LO Pay tora aaeee > , eee Bae caniralncuriavktelbalrecovereduinatuturanyears Relates ner Tong-term liabilities were incurred and are not reflected in the Region oncounty requisitint ae en pew F axation 'sc . "oe - , a) Some capital outlay to be recovered in future years does not represent a iabPlitgar tan lero iberttits Payments in Jieu of taxes : 3,021 |, 3,209 |. 3,864 burden on general municipal revenues, as it is to be recovered in future Vo Wea no ee elie oils Mette Tse) Ontario grants ' 26,071 |. 26,071 | . 28,347 years from other sources: 1977 1976 Under the sick leave benefit plan, unused sick leave can accumulate and i ; Other . r ' 2 Npgblies 5 ee ' Special charges on benefitting landowners - employees may become entitled to a cash paynient when they leave the municipality's Local Improvement Act $192,680 $162,998 employment. Revenue to pay the region or county requisition . 27694 fe EE | ce ee RE Section 362 of the Municipal Act - sewage . The liability for these Sccumulated days, to the extent that they have vested and treatment plant - frontage rates 400 , 328 353,673 could be taken in cash by an employee on terminating, amounted to $62,215 ot the School board requisition * ; Municipal enterprises 9,488 11,464 end of the year. An amount of $17,872 has been provided for this past service Taxation 404,625 | 404,988 | =. 356,191 liability ond is reported on the balance sheet. Payments in lieu of taxes F 7,930 . e230}. 7,407 $602 ,496 $528,135 Other : oe ee ee ey | ee ee b) Capital outlays, including fixed assets and the transfers of capital funds in 8. Changes in consolidation Revenue to pay the school board requisition ge ZIIRD || Sets ele NE apa \538 the amount of $155,090 which have been financed from general municipal The accumulated net revenue at the beginning of the year has been restescd to 1 a rab Ae pcencRee revenues of the current year, are reported on the statement of revenue and give effect to the exclusion of the accumuloted net revenuc oF local teatds. Total revenue 2,157,880 2,182,761 | | > > expenditure. The effect on the accurmlated net revenue at the beginning of the y ras leh a decrease OF $22,834 over that reported in the 1976 Financial & pte Accumulated net revenue (deficit) at 3. Reserve funds ; The 1976 conparative Figures in these finuncial statements have, eccordingly, the end of the year Nil gi, 69.1) _1,874 Gs, Si ge § ; : been restated, During the year, $177,855 were credited directly to reserve funds without being Analysed as follows: recorded as revenues and expenditures of the revenue fund. Major sources were: TR ePAGCIOI REL SEIOR Ace General reventc ued : Mis a Revenue Exoenditure cee ee ees Resion or county z 30S 1,200 7 SSS -- ae The minicipality, its local bourds and commissions are by agreement between the School boards ' (17, 186)) 496 O.H.R.P. grants and interest $163,138 S$ 19,855 Government of Canada and the Government of the Province of Ontario dated January Special charges Imposts and lot levies 24299, = 13, 1976, subject to The Anti-Inflation Act (Canada) and the national guidelines. Special areas Parkland 5,138 16,543 'This législation limits increases in compensation payments effective October 14, Local boards Land development 7,220 3,075 1975. Compensation increases paid during the corporation's second guideline Municipal enterprises : year, 1977, as submitted to the board, have been approved by the board. ars okt ae nil (4,091) 1,874 4 Wednesday, July 5, 1978, A7 ' ame TFS OST FL oe FOSS SPF OSE SS ee EF Se re ee Oe en Vw eer eee ee oe a rer Sere ee ror Vee ¥Y OR Pr Orne Ye eT eT TO Tr were Se Se OO Fe rs rvr(TT?TTe?rT:?sSesSP. le