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AUGUST 25, 1971 TERRACE BAY NEWS PAGE 11 TOWNSHIP OF TERRACE BAY CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 1970 ASSETS (note 2) i 1% LIABILITIES (note 2) 1970 1969 : $ $ Cash 80,012 88,596 Accounts payable and accrued Acsounts receivable 20,830 2,712 liabilities 9,915 18,008 Taxes receivable 11,281 IR,604 Other current liabilities 94,212 Other current assets 1,062 ~ Total Current Liabilities . 17 18,008 Total Current Assets 112,123 103,974 Net long term liabilities (note 3) 55,843 47,993 Capital outley to be Reserve and reserve funds 48,264 58,264 recovered in future years(note4) 55,843 47,993 Unappropriated balances 19,732 27,702 Total Assets 167,966 151,967 Total Liabilities 167,966 151,967 TOWNSHIP OF TERRACE BAY NOTES TO FINANCIAL STATEMENTS I, Charges for net long term liabilities Total oharges for the year for net long term liabilities were as follows: Principal peyments $32,150 Interest payments 1,479 $33,629 0f the total charges shown above, amounts. of $2,500 and $16,546 were paid from.the general revenues of the municipality and from the special ares account, respectively, and are included in expenditures classified under the appropriate functional headings. The balance of the charges was recovered from the water supply system and the hydro electric utility in the amounts of $10,537 and $4,046, respectively. 2, Basis of consolidation : : The consolidated balance.sheet reflects the assets and liabilities of the revenue fund, the capital fund and - all reserve funds of the municipality. Trust fund assetis of $2,162, which are administered by the municipality . and the assets end liabilities of the local boards and utility services of the municipality have not been included in the 'consolidated statement, 3. Net long term liabilities om Term liabilities incurred by the munisipality and outstanding at the end of the year amount to $663,843. Of the long term liabilities shown above, the responsibility for peyment df principal and interest charges has been assumed by the Lake Superior Board ef Education for a principal amount of $608,000 . Net long term liabilities at the end of the year $55,843. 4, Capital outlay to be recovered in future years Certain capital outlay does not represent a burden on the general municipal revenues, as it is to be recovered in future years from special area levies and from other sources, as follows: Special area sewer works $28,900 Municipal enerprises 18,100 $47,000 Se Recovery of swimming pool construction costs Tt is our understanding that receipts from swimming pool dinations and memberships are to be taken into the Township revenue fund until such time as the amounts expended by the Twonship in past years on construction and maintenance of the pool and change house have been fully recovered. would then be paid directly to the Recreation Committee to The unrecovered balance of the pool and change house costs at December 3I, finance operating expenses. Membership 1970 Balance December 1970 1970, was $7,634, as follows: Balance December 1969 Subsequent receipts from these sources $10,880 J