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Wednesday, June 28, 1989 TERRACE BAY/SCHREIBER NEWS Year ended December 31 Page 7 CONSOLIDATED STATEMENT OF OPERATIONS 1988 1988 1987 Budget Actual Actual APPLIED TO Current operations General government $ 346,942 $ 353,605 $ 313,569 Protection to persons and property 90,310 83,055 74,014 Transportation services 236,345 255,075 236,766 Environmental services 329,693 329,479 304,607 Health services 37,325 42,049 31,944 Social and family services 144,795 145,978 141,592 Recreation and cultural services 446,322 436,337 414,939 Planning and development 75.700 12.165 25.374 1,707,432 1,657,743 1,542,805 Capital General government 25,000 25,105 77,788 Protection to persons and property 26,500 32,846 29,406 Transportation services 168,200 170,272 38,255 Environmental services 54,000 69,620 7,166 Health services: 28,700 127,070 23,939 Social and family services --- 1,248 5,847 Recreation and cultural services 57,400 59,349 125,601 Planning and development 87,211 149,329 107,833 447,011 634,839 415.835 Net appropriations to reserve funds 13,000 50,750 95,227 MUNICIPAL FUND BALANCES AT END OF YEAR To be used to offset taxation = 41,929 12367 Total applications during the year $2,167,443 2 261 $2,071,234 RESERVES AND RESERVE FUNDS OPERATIONS OF SCHOOL BOARDS The total balances of reserves and reserve funds of $150,000 Further to note 1(a)(iii), the taxation, other revenues, expenditures and (1987, $150,000) and $441,676 (1987, $390,926), respectively, overlevies (underlevies) of the school boards are comprised of the following: are made up of the following: School Boards 1988 ae : Reserves set aside for specific 1288 1267 purpose by Council Taxation $383,427 $363,664 ~opworingicapttal $150.000 150.000 Grants in lieu of taxation 5.688. 5.547 : : 1 Taal ies aree $150,000 $150,000 Amounts received or receivable 389,115 369.211 Reserve funds set aside for specific purpose by Council Lnuriesie a taxadion ai ee a - for acquisition of fixed assets $137,574 $111,299 ee ee - for sewer plant renewal 224,145 210,615 3 ; - for recreation programs and facilities 17,894 16,858 ae peeraiets rites year (7,097) 9,802 - for library capital expansions 12,282 8,606 keainni fth 7 81 - for town hall renovations 25,935 25,000 PSI NN Oe FOSE 2817 (1,985) Bag seonc wees ets ah tht sn Etb ee Overlevies at the end of the year $ 720 $7,817 Total reserve funds $441,676 90,92 The accompanying notes to the consolidated financial statements are an integral part of this financial statement. The notes accompanying the consolidated financial statements are omitted for the sake of brevity. They are available at the Municipal Offices for examination. EXPLANATION AS TO 1989 TAXATION INCREASE In order to maintain the level of service provided in previous years, and to continue to provide for some very essential capital expenditures, it has been necessary to increase the 1989 General Mill Rate by 11.2%, (22 mills). This represents an increase of $77.37 on a typical residence with a market value of $50,000 at 1980 assessed value. Taking into consideration that the Township has increased the general municipal requirements by the yearly inflation rate over the last number of years, the balance of the increase is attributable to two factors, the most noticeable of which is that the Provincial Government has held Unconditional Grants to the 1988 level. The resulting loss of revenue causes an increase in the mill rate of about 10 mills. Secondly, the extra heavy snowfall, experienced in 1988, and early 1989 largely account for the remaining increase. As the total tax bill is made up of both Municipal and School Taxes, any increase in requirements of the School Boards are reflected on the tax bill. For the Lake Superior Board of Education, gross requirements increased by $51,259 over 1988, or approximately 22.5 mills. This is for both Elementary and Secondary requirements. The resulting increase on-a home with a market value of $50,000, is approximately $78.00. The North of Superior Separate School requirements increased by $14,000, or approximately 10 mills, over 1988. A residence with a market value of $50,000, will pay the following taxes for 1989. Municipal School Total Public School Supporter $ 692.28 498.41 $1190.69 Separate School Supporter $ 692.28 482.80 $1175.08 ; A. J. Gauthier Clerk-Treasurer