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14 the tribune thubsdav july s 1s7j toww of mint iiimhiut collected financial iff due to several typographical errors in the- financial statement published in the issue of june 7th 1 979 the tribune is publishing herewith the corrected financial statement tlietowiioihliitehiirehstoiiiiville financial statements december 31 1 978 balance sheet as at december 31 1 978 currant assets cash taxes receivable accounts receivable other current assets capital outlay to be recovered in future years other long term assets assets 1978 863909 326432 102595 4070 1297006 360207 51650 1708863 1977 565961 394776 233904 4675 1199316 387193 28338 1614847 liabilities auditors report t tkt heaters si cwodl mabhuti md ratepayers f the carporatim i tke ttwi ri wbitctecataltrik we have examined the 1978 financial statements of the corporation of the town of whrtchurchstouffvae our examination was made in accordance with generaly 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 corporation of the town of whitchurchstourfvibe as at december 311 978 and the results of operations for the year then ended in accordance with accoun ting principles generaoy accepted for ontario municipalities on a basis consistent with that of the preceding year caapbes soars eddlt 55 uoivertity avenue suitejoo torooti ontario april 24 1979 license number 891 6 charges for net long term liabilities 1977 50537 244851 t7t76t yijtj campbell sharp eddis chartered accountants 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 273241 273241 360207 918795 156620 1708863 175781 175781 387193 814738 237135 statement of capital operations for the year ended december 31 1978 1978 actual nil 1977 actual s 56040 unlinanced capital outlay unexpended capital financing at the beginning ol the year capital expenditure general government protection to persons and property transportation services environmental services health services social and family services recreational and cultural services planning and development other contribution to reserve fund total expenditure capital financing contributions from the revenue fund contributions from reserve funds and reserves long term liabilities incurred ontario grants other i total capital financing unlinanced capital outlay unexpended capital financing at the end of the year statement ofrevenue and expenditure 1353 7903 289020 149861 36342 30308 514787 255134 81228 175197 3228 514787 nil notes to the financial statements 1 accounting policies a statement ol revenue end expenditure this statement reflects the revenues and expenditures of the revenue fund and the following local boards and municipal enterprise library board community recreation centres museum board arena board water utility cemetery board 1614847 b statement ol capital operation j this statement reflects the capital expenditure of the municipality to be re covered from the general municipal revenue of the municipality and its local boards and municipal enterprises as described in note 1 a the long term liabilities reported on this statement were incurred by the region of york on behalf of the municipality repayment of iiiis debt is the responsibility of this municipality c balance sheet this statement reflects the assets and liabilities of the revenue fund the capital fund reserve funds and local boards and municipal enterprises as described in note 1 a the assets and liabilities of local boards and enter prises that have not been consolidated are reflected only to the extent of their related net long term liabilities and capital outlay to be recovered in future years d fixed alien the historical cost and accumulated depreciation of fixed assets is not reported lor municipal purposes instead the capital outiay to be re covered 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 ej municipal enterprises municipal enterprises are those activities whose costs are substantially recovered from service charges on the users the enterpriseof this munic- ipality whose revenues and expenditures have not been consolidated in these financial statements is electric utility 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 j g trust fundi trust funds administered by the municipality amounting to s 1 42293 are only reflected in the trust funds statement of continuity and balance sheet 2 capital outlay to be recovered in future years tatal ckaron ttr the tear far hog turn laawti arm as mm 1978 principal payments 27065 interest 32616 659661 of the total charges shown above 55241 were paid from general munic ipal revenues of the municipality and are included in expenditure ion the statement of revenue and expenditure classified under the appropriate functional headings the remaining 4440 were recovered from municipal enterprises for which the related net long term liabilities were incurred and are not reflected in the statement 7 liability for vested sick leave benefits under the sick leave benefit plan unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the municipalitys 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 93023 at the end of the year an amount of 79831 has been provided for this past service liability and is reported on the balance sheet 8 the antiinflation act the municipality its local boards and commissions were by agreement between the government of canada and the government of the province ot ontario dated january 1 3 1 976 subject to the antiinflation act canada and the national guidelines this legislation limited increases in compensation payments effective october 1 4 1 975 and was removed april 18 1978 reserve and reserve funds statement of continuity and analysis of year end position for the year ended december 31 1 978 available at the beginning of the year for future municipal purposes hevenue contributions from the revenue fund contributions from developers transfer from capital fund 314924 6500 462569 783993 85344 78043 256500 363392 56754 840033 nil lot fees interest earned expenditure transfers to the capital fund transfers to the revenue fund payment of sick leave credit refund ol lot fee legal fees re ohrp forgiveness of portion of ohrp loans available at the year end for future municipal purposes 1978 actual 1977 actual 814738 785205 93017 35000 32464 30308 102500 44378 270203 36700 33878 138042 81228 795b6 1000 166 4166 166146 78043 22663 3102 4700 108508 918795 814738 analysis of year end position as at december 31 1978 reserves 7 r working capital 200000 200000 sick leave 79831 63831 capital expenditures 5350 2b360 285181 292191 reserve funds library 37375 35436 soft services 22161 lot fees and subdivider contributions 397664 358054 recreational land planning act 109180 55469 ohrp 67234 73588 633614 522547 year end position of reserves and reserve funds 918795 814738 for the year ended december 31 1 978 a accumulated net revenue deficit at the beginning of ihe year expenditures and transfers munciipal expenditures general government protection to persons and property transportation services environmental services health services social and family services recreational and cultural services planning and development other total expenditure transfers transfers to region or county transfers to school boards total transfers total expenditures and transfers revenue by purpose municipal purposes taxation payments in lieu of taxes ontario grants other grants fees and service charges other revenue to pay for municipal purposes region or county requisition taxation payments in lieu ot taxes ontario grants other revenue to pay the region or county requisition school board regulation taxation payments in lieu of taxes other revenue to pay the school board requisition total revenue accumulated net revenue deficit at the end of the year i rites of taxation residential and farm mil rate lor general municipal purposes for region or county purpows for school board purposes total 1978 budget s 237138 291100 153015 489000 293789 11000- 5500 491041 57340 1791785 688949 2439935 3128885 4920670 1978 actual s 237135 279154 155414 524909 323527 11107 5242 488341 79014 1866708 703321 2506643 3209964 5076672 t977 actual 245414 245634 132086 453439 228164 13359 4936 528237 41265 1647120 658702 2137037 2795739 4442859 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 1978 special charges on benefitting landowners municipal enterprises 9333 4000 13333 1977 10253 8000 18253 trust funds statement of continuity for the year ended december 31 1978 williamson trust b capital outlays including fixed assets and the transfers of capital funds in the amount of 255 1 34 which have been financed from general munic ipal revenues of the current year are reported on the statement of revenue and expenditure 3 reserve funds a during the year s1 46878 were credited directly to reserve funds without being recorded as revenues and expenditures of the revenue fund major sources were income from investments subdivider and developer contributions 1978 44378 102500 146878 1977 33878 69164 103042 balance at the beginning of the year capital receipts transfer from operating re sale of plots interest earned other revenue expenditure bank charges transfer to operating re maintenance deposit returned to developer charity payments balance at the end of the year total 241518 guarantee deposits cemetery perpetual care 2340 21904 24244 18 3446- 115202 4803 123469 142293 54443 4821 4821 18 4803 4821 54443 148919 13637 13637 115202 38156 2340 3446 5786 3446 3446 40496 4 net long term liabilities balance sheet as at december 31 1 978 assets total 923361 935044 850160 29650 29194 27925 323350 302911 288274 5000 9670 228584 264225 287115 193089 254399 173971 1703034 664229 2092 19485 685806 2423479 8354 2431633 4620673 137141 1795443 679099 3024 19485 701608 2490229 8877 2499106 4996157 156620 1627s 658976 3059 662035 2136988 8112 2145100 4434580 237135 the balance for net long term liabilities reported on the balance sheet is made up of the following total long term liabilities incurred by the municipality including those incurred on behalf ot former school boards other municipalities and municipal enterprises and outstanding at the end of the year amount to in addition the municipality has assumed responsibility for the payment of principal and interest charges on certain long term liabilities issued by other municipalities at the end of the year the principal amount of this liability is of the long term liabilities shown above the responsibility for payment of principal and interest charges has been assumed by others for a principal amount of net long term liabilities at the end of the year cash 659293 335327 634413 3 360207 accumulated net revenue deficit at the end of the year the balance in the revenue fund at ihe year end is available to reduce the levies of the lolowing classes of ratepayers 1978 general ratepayers 139250 designated ratepayers 15375 school board ratepayers 566 region ratepayers 1429 investments at cost market value s canada provincial municipal own other guaranteed income certificates other accounts payable and accrued liabilities 13143 11000 15050 103100 142293 williamson trust 593 guarantee deposits 12354 cemetery perpetual care 196 10000 7050 36800 53850 54443 35000 35000 47354 1000 8000 31300 46300 40496 liabilities extracted from six year review 1978 7324 4674 21510 33504 1977 7324 4462 19656 31442 commercial and industrial mill rate for general municipal purposes for region or county purposes for school board purposes total i 56020 1976 38017 1977 217142 8748 8103 3142 t2aj35 1977 8617 5249 21641 other balance capital income 99360 42933 142293 142293 53922 521 54443 54443 4942 42412 3z3h 47354 40496 40496 40496 35707 treasurers note copies of the 1 978 financial statement for the electric utility see note ejof notes to the financial statements are avaiable at whitcburcn- stourfvbe hydro electric office 130 main street west stoufhrte on tario viiil at assembly julianne fertile received the geography prize june 26 when summitvlew public school stouffvilie held its annual awards night the presentation was made by staff teacher jim fletcher ed schroeter summitview ps graduates stouffville three grade seven students were presented with their school letter for academic and athletic proficiency at sum mitview public schools awards dinner june 26 they were wayne stevens jane wagg and colette rutherford individual subject awardwinners were jane wagg english ganesh persaud and jim ku mathematics julianne fernie geography ganesh persaud and luz meyer oral french and paul mcginty outstanding academic effort summitview prin cipal lome boadway told the students they bad been a delight to work with on behalf of the teachers he said it had been a pleasure to work for the studehts addressing the grade seven graduates he explained they had reached the first plateau in their education expressing the hope this would only be the first of many graduations in whatever field of education they followed in all your en- i deavors the principal stressed it is important to be willing to par ticipate if you have this attitude you will suc ceed he concluded jr students win awards zsi s i ft 27 stouffville many junior students at summitview public school were honored at a recent assembly grade six subject awardwinners were simon gallop english lee carney mathematics and chris garbutt geography jason brock grade one and kelly brooks grade two received awards for creative writing sheldon rennicks heather johannessen and leanne mumford were the recipients of the william morley memorial award leanna grabish was presented with her school letter for allround achievement in sports and academic leanne mumford was recognized as the junior girls track and field champion camille rutherford in termediate girls champion sheldon rennicks as the junior boys champion and vince jennings as the intermediate champion students recognized for high scholastic standing were sherri agnew laura campbell karen corner kelly coulter bridgette fernie jeff newman mike jensen julie gyton jeremyi gallop v jeff carney christine kuhn leslie mitchinson tracey duke marc meyer wayne cheng janette farrell anita cheng josie degli angeli lucy elliott heather- johannessen warren mucci lee carney simon gallop chris garbutt cheryl good neil jones jette ross david spensley craig vaughan mellnda lehman janet fretz and meredith mcdonald j high posts mrs bruce richards and mrs allan pilkey represented welcome rebekah lodge stouff vilie at the rebekah assembly of ontario held in the royal york hotel toronto last week mrs alec bell of markham received her commission as district deputy president john sheridan of uxbridge will hold the same position for this districts oddfellows lodges the assembly was attended by more than 1500 delegates crop contests for many years the markham and east york agricultural society has been sponsoring field crop competitions in the past these were more significant when farms were smaller and communities more closely knit however entries are being accepted in oats andor mixed grain barley fall wheat and corn the committee is anxious to have par ticipation by as many farmers as possible for additional information and application forms call gerald mann 640- 1576 or alex davidson 6405653 playground ic ryr- v pi ballantrae an organized summer playground will open at the ballantrae com munity centre mon july 9 hours are from 930 am to 330 pm isobel park is the supervisor in charge the registration fee is 15 with a family rate two or more children of 30 i 1 activities will in- cludesoftball soccer storytelling and crafts for additional in formation call 6402444