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PAGE 22 TERRACE BAY NEWS JULY NCES TO THE 4, FINANCIAL STATEMENTS {TOWNSHIP OF TERRACE BAY 1 4 Continued ka Sad AUDITOR'S REPORT * IR A a a TOWNSHIP OF TERRACE BAY Ste si ii PERTH PERO SRR a te 2 a: 5. ACCUMULATED NET REVENUE AT THE END OF THE YEAR . x Accumulated net revenue of $25,474 at the end of the year includes ! | an amount of $12,119 applicable to the special area which is not | available as general municipal revenue 6. CHARGES FOR NET LONG-TERM LIABILITIES 3 i Total charges for the year for net long-term liabilities were as follows: THE MEMBERS OF COUNCIL, INHABITANTS AND RATEPAYERS OF THE CORPORATION OF THE 1976 1975 TOWNSHIP OF TERRACE BAY . | Principal payments $1,203 $1,104 Interest . 3.179 3.278 : . We have examined the 1976 financial statements of the Corporation $h, 382 $4,382 of the Township of Terrace.Bay and its local boards, which are listed on the Of the total charges shown above $2,629 were paid from the special | attached index. Our examination was made in accordance with generally accepted f area account and are included in expenditure on the "Stateaent of ; 5 Revenue and Expenditure! classified under environmental services. The auditing standards, and accordingly included such tests and other procedures remaining $1,753 were recovered from the waterworks operation for which ; St the related net long-term liabilities were incurred, and are not as we considered necessary in the circumstances. reflected in the statement, In our opinion, these financial statements present fairly the 7. LIABILITY FOR VESTED SICK LEAVE BENEFITS Under the sick leave benefit plan, unused sick leave can accumulate financial position of the Corporation of the Township of Terrace Bay and its and employees may become 'entitled to a cash payment when they leave the manicipality's employment, local boards as at December 31, 1976, and the results of their operations for 4 The liability for these accumulated days, to the extent that they the year then ended in accordance with accounting principles generally accepted have vested and could be taken in cash by an criployee on terminating, 3 amounted to $4,420 at the end of the year. No provision has been for Ontario municipalities applied on a basis consistent with that of -the made for this liability. preceding year. 8. THE ANTI-INFLATION ACT The municipality, its local boards and commissions are by agreement - 7 Ho Ea - between the Government of Canada and the Government of the Province ; AA of Ontario dated January 13, 1976 subject to The Anti-Inflation Act forte' £ / (Canada) and the national guidelines. This legislation limits increases Thunder Bay, Ontario in compensation payments effective October 14, 1975. ; April 22,1977 Thorne Riddell & Co.- i Chartered Accountants 9. OTHER CAPITAL OUTLAYS 2 | Licence Number - 420 The Toymship has undertaken the construction of various works to service : . a new subdivision area. As all of the capital costs of this project, : to the extent that they are not recovered from government grants, are 1 required to be reimbursed by the owner," and as no government grants had been received prior to December 31, 1976, neither the expenditures nor the recovery of cxpenditures to December 31, 1976, are included in the attached statements. Expenditures of approximately $1,950,000 on this project to December 31, 1976, have been fully financed by the owner. CHESS CHALLENGE ~~ NOTICE The Royal Canadian.legion Branch #223 have once again invited Darko Dimitri jevic To hold a simultaneous Chess Challenge, at 1 0 M E M BE R S Birchwood Terrace. It's to be held in the Lounge on Friday, July 15, 1977 at 7 p.m. Everyone is welcome to accept the chal- : Cc H A N G E 0 F lenge or to come and watch the match, and visit with our Senior Citizens. 0 F F ] C E H 0 U # S Please bring your own chess set. go -July 18th = July 29th i (Inclusive) SOCIAL &€ DANCE Monday = Tuesday = 1.0.0. = 5 p.m | = Wednesday: - Closed all day : Thursday & Friday = 1 p.m. - 5 p.m. Daughters and sons of Leo Tookenay : invite all friends or anyone else to drop around to a Social and Dance Zo be hekd at the Schreiber High School, > on Friday evening, July 15th from C.P.R. EMPLOYEES GIT ty ek 2a fovargs Sha ~ (SCHREIBER) CREDIT UNION Board of Directors