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Terrace Bay-Schreiber News, Wednesday, July 24, 1985, page 7 ~ TRUST FUNDS Balance as of Balance as of Dec. 31, 1984 Dec. 31, 1983 Cemetery Perpetual Care Fund 14,782 13,279 oY RESERVES AND RESERVE FUNDS 1984 Set aside for specific purposes Reserves Reserve Total 1983 by Council Funds Total - for working capital 150,000 150,000 150,000 - for contingencies 26,249 26,249 - for sick leave 41,999 41,999 - for acquisition of fixed assets 4 218,397 218,397 259,243 - for waterworks maintenance ; 51,137 150,000 286,645 463,645 : 460,380 SIGNIFICANT YEAR END BALANCES OF ASSETS AND LIABILITIES a 1984 1983 $ $ Unrestricted Assets ) Cash 107,809 384,316 ) Taxes Receivable 108,764 105,685 ) Accounts Receivable 72,898 __ 62,579 289,471 552,580 ) Less payable to Reserve Funds 215,326 289,471 337,254 Restricted Assets ) Cash 286,645 95,054 ) Add receivable from Revenue Fund 215,326 286,645 310,380 7 576,116 647,634 Liabilities and Fund Balances ) Accounts Payable & Accrued Liabilities 69,229 92,649 ) Other Current Liabilities a4 1,316 69,663 93,965 ) To be used to offset taxation or user 54,805 93,289 charges in 1985 ) Unexpended Capital Financing 15,003 ). Reserves and Reserve Funds 436,645 460,380 576,116 647,634 A ' NOTES (1) The 1984 Financial Report consolidates the assets and liabilities and the sources of financing and expenditures of the revenue fund, capital fund, and reserve funds of the municipality, and the following local boards: Terrace Bay Public Library Board Recreation Committee All inter-fund assets and liabilities are eliminated with the exception of loans and advances bet- ween the reserve funds and other funds of the municipality. All inter-fund sources of financing and expenditures are netted with the exception of interest income and expense arising from loans and advances between the reserve funds and other funds of the municipality. (2) The accounts of the Hydro-electric Utility have not been consolidated in the 1984 Financial Report, except to the extent of amounts due to or from the Utility. The operations of the school boards are not reflected in the Report, except the extent that overlevies are reported above as Other Cur- rent Liabilities. (3) The above data has been extracted from the audited 1984 Consolidated financial Report of the Township of Terrace Bay and its local boards described in note (1). Copies of the 1984 Consolidated Financial Report and the auditors' report thereon, or the audited financial statements for the local boards, enterprises and other entities not consolidated (see note (2)) are available at the municipal office to any resident who wishes to review or analyze the financial operations of the Township in greater detail.