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

l NORTH LEEDS LANTERN page 19 ;3 1 "v 1977 FINANCIAL STATEMENT AUDITOR’S REPORT of the TOWNSHIP of SOUTH CROSBY To: The Members of Council, Inhabitants and Ratepayers of the Corporation of the Township of South Crosby. We have examined the balance sheet of the Corporation of the Township of South Crosby as at December 31,1977 and the statements of revenue and expen- diture and capital operations for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly in- cluded such tests and other procedures as we considered necessary in the cir- cumstances. i .In our opinion these financial statements present fairly the financial pos- 6 ition of the Corporation of the Township of South Crosby as at December 31,1977 3' and the results of its operations for the year then ended in accordance with ; accounting principles generally accepted for Ontario municipalities applied on .7 a basis consistent with that of the preceding year. Bro k ill C Thorne Riddell 5 Co. MayCBX 1975 anada chartered Accountants I I Licence No. 595 SIflUflENIJELBEWBHELANQJDEENQLUBE for the year ended December 31,1977 : :Aabwme?" ‘ 1977 1977 1976 BUDGET ACTUAL ACTUAL } s s s BALANCE SHEET ; Accumulated net revenue(deficit) at LIABILITIES ASSETS 2 the beginning of the year 47,201 47,201 15,637 , , , , 1 'â€""â€"‘-" “â€"â€"â€"““ Current liabilities 1977 current assets 1977 Expenditures and transfers 3 1976 r Municipal expenditures s s j General government 92,739 86,354 32,374 Temporary loans CaSh 55.819 120,524 3 Protection to persons and property 5,000 19,469 29,466 Accounts payable 6 Accounts TeCEivable 103,510 16,349 ' Transportation services 126,201 145,580 115,580 accrued liabilities 14,612 Taxes receivable 60.746 60,132 Z Environmental services 3,300 3,126 3,100 Other current Investments 69.000 3,000 Health services liabilities Other current asse 9 Social and family services 7,000 3,986 6,719 “80,363 ts 41 850 Recreation and cultural services 9,750 29,694 26,065 â€"254212â€" 330 925 2991992â€" 1 Planning and development Net long term Capital outlay to be , Other 1,600 liabilities recovered in future a Total expenditure 245,590 288,209 213,304 Reserves and reserve years funds 220,273 other long term Transfers Accumulated net assets Transfers to region or county 37,619 38,346 40,768 revenueweflcu) Transfers to school boards 210,310 199,348 174,170 and ‘fnapplled Capital _ â€"â€"â€"'â€" _ receipts 35,606 47,201 Total Transfers 247,929 237,694 214,938 Total expenditures and transfers 493,519 525,903 428,242 350,854 207,265 Revenue by purpose Municipal purposes Taxation 87,163 98,218 90,398 Payments in lieu of taxes 7,028 4,150 3,681 Ontario grants 119,152 112,329 118,495 Other grants 12,247 25,889 Fees and service charges Other 25,934 31.320 NOTES To THE FINANCIAL STATEMENTS was “Wang. , 0-7;, a Revenue to pay for municipal purposes 225,590 Region or county requisition 266,520 243,894 r Taxation 33,374 35,323 38,629 Payments in lieu of taxes 4,245 8,785 3,735 Ontario grants Other Revenue to pay the region or county requisition 37,619 44,108 42,364 School board requisition Taxation 201,120 203,350 171,794 Payments in lieu of taxes 9,190 277 Other- Trailer licences 330 1,427 Revenue to pay the school board requisition 210,310 203,680 173,498 Total revenue 473,519 514,308 459,756 Accumulated net revenue (deficit) at the end of the year 27,201 35,606 47,201 Analysed as follows: General revenue 27,201 24,406 46,168 Region or county 7,090 1,328 School Boards (222) Special charges Special areas (73) Local boards Municipal enterprises 2720, 47 20, ***************** 1976 SIADQEN_._JL_11._Q_____Q§ T 0F AP AL PERATI N Actual Unfinanced capital outlay (Unexpended capital $ financing)at the beginning of the year NIL Capital expenditure General government 14,713 Protection to persons and property 9,259 Transportation services 21,582 Environmental services Health services Social and family services Recreation and cultural services 46,393 6,000 Other ________ Total expenditure 61,106 _§§,§§1_ Capital financing Contributions from the revenue fund 18,111 30,841 Contribution from reserve funds and reserves 42,995 6,000 Long term liabilities incurred Ontario grants Other _______ Total capital financing M flitâ€"1 Unfinanced capital outlay(Unexpended capital financing)at the end of the year JLJLâ€" 1. ACCOUNTING .POLICIES (a)Statement of Revenue and Expenditure This statement reflects the revenues and expenditures of the revenue fund and the Recreation Committee.There are no other local boards or municipal enterprises in this municipality. (b)Statement of Capital Operations This statement reflects the capital expenditure of the municipality to be recovered from the general municipal revenue of the municipality. (c)Balance Sheet This statement reflects the assets and liabilities of the revenue fund,1hu capital fund and the reserve funds. (d)Fixed Assets The historical cost and the accumulated depreciation of fixed assets Is not reported for municipal purposes.lnstead,the "Capital outlay to be recoverud in future years” which is the aggregate of the principal portion of un- matured long term liabilities is reported on the Balance Sheet. 2. RESERVE FUNDS During the year,$3,33l of interest was credited directly to reserve funds withâ€" out being recorded as revenues and expenditures of the Revenue Fund. 3. NET LONG TERM LIABILITIES (a)The balance for net long term liabilities reported on the Balance Sheet is made up of the following: 1977 1976 Total long term liabilities incurred by the municipality including those incurred on behalf of former school boards,other mun- icipalities and municipal enterprises and outstanding at the end of the year amount to $418,000 $507,000 Long term liabilities issued by the munâ€" icipality for which responsibility for payment has been assumed by others 418,000 507,000 Net long term liabilities at the end of the year $ NIL $ NIL 4.ACCUMULATED NET REVENUE (DEFICIT)AT THE END OF THE YEAR The balance in the revenue fund at the year end is available to reduce the levies of the following classes of ratepayers. 1977 1976 General ratepayers $24,406 $46,168 Designated ratepayers (73) School board ratepayers 4,110 (222) Region (County) ratepayers 7,090 1,328 35 606 47 201 5. THE ANTI-INFLATION ACT The municipality is by agreement between the Government of Canada and the Govern- ment of the Province of Ontario dated January l3,1976,aubject to The Anti- Inflation Act (Canada) and the national guidelines. This legislation limits increases in compensation payments. 6. INVESTMENTS The investments included in current assets of $3,000 are recorded at cost.