The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Page 6 TERRACE BAY/SCHREIBER NEWS Wednesday, June 28, 1989 Townsh SOURCES OF FINANCING Taxation and user charges Residential and farm taxation Ip of Schreiber CONSOLIDATED STATEMENT OF OPERATIONS Year ended December 31 Commercial, industrial and business taxation Taxation from other governments User Charges Water Sewer Fees, service charges and donations Grants Government of Canada Province of Ontario ~ Other Investment income Sale of land Penalties and interest on taxes Sale of publications and equipment Fines Proceeds from issue of long-term liabilities To be used to offset taxation Total financing available during the year MUNICIPAL FUND BALANCES AT BEGINNING OF YEAR 1988 1988 Budget ~ Actual $ 404,841 $ 407,244 205.391 205,512 610,232 612,756 31,900 25,483 157,500 156,810 125,700 124,853 120,831 156.569 1.046.163 1.076.471 2,000 5,897 879.966 913.922 881,966 919.819 15,000 44,458 176,000 200,000 27,400 24,106 3.000 3.040 221.400 271.604 See 100,000 17.914 17.367 2.167.443 2.385.261 1987 Actual $ 368,220 195.146 563,366 24,365 153,742 122,950 150.416 1,014,839 8,471 196.673 805.144 38,235 89,000 24,918 3,366 93.741 $2,071,234 CONSOLIDATED BALANCE SHEET December 31 1988 1987 ASSETS Unrestricted Cash $ 19,408 $109,415 Taxes receivable 147,323 192,083 User Charges receivable 3,706 2,037 Accounts receivable 213.674 154,947 354,111 458,482 Less payable to reserve funds 24,900 90.000 329,211 368.482 Restricted Cash 416,776 300,926 Receivable from revenue fund 24,900 90,000 441.67 390,926 Capital outlay financed by long-term liabilities and to be recovered in future years 99.114 -- _-------- $870,001 $759,408 LIABILITIES Accounts payable and accrued liabilities $110,001 Other current liabilities 720 Deferred revenue 26,561 137,282 Net long-term liabilities 99,114 Fund balances at end of year To be used to offset taxation 41,929 Reserves 150,000 Reserve funds 441.676 $870,001 The accompanying notes to the consolidated financial statements are an integral part of this financial statement. $153,096 7,817 40,202 201,115 17,367 150,000 390.926 759,408