Page 12, Whitby Free Pross, Wednesday, June 30,1993 busine,snews Hydro changes include local job cuts Hydre is being restructured inte a number of "relatively auto- nomous, major business units,» says Strong including nuclear, fossil fuels, fiydro and transmis- sion. The units will have a "very high dere of operating auto- nomy,» -Streng says, and will each have te pay their ewn way. 'This means shifting of people; 1 . - , ,-i By Mark Reesor Workers at Darlington and Pickering nuclear generating stations will be told next mont§h whether they'll stili have jobs corne November. Ontario Hydro bas committed to cutting 6,000 em ployees by thon, roughly 20 per cent of its total workforce. That includes 1,500 people who took voluntary separation earlier this year. The reductions will bring staff-ing back te, 1988 levels. Hydre chair Maurice Strong, who toured Darlington Friday says workers being let go wili kUonfortunately *they don't al know now... we have te have people in charge work eut the actual composition of the work- force that they will need te, per- forni their particular functions, and it takes a littie bit of time te do th at.» Management jobs were indlu- ded in t he cuts, which is slowing down the process. Strong says the gant utility has only haîf as many vice-presidents and 30 per cent fewer directers and mana- gers. "This was net because we simply decided te cut staff; this was because we had te, cut costs... it's a lot of people and a lot of anguish." MAURICE STRONG "t's a lot of people and a lot of anguish."H DURHAM REGION The Audited Financial Statemnents of the Corporation of the Repional Municipality of Durham for the year ended December 31, 1992 are available from the Regional Finance Department. Anyone interested in obtaining a copy of these statements should write to the Finance Department of the Regional Municipality of Durham, 60 Bond Street West, P.O. Box 618, Oshawa, Ontario Li H 8B6. The following financial highlights refleot the operations, assets and liabilities of the Regional Municipality of Durham including the waterworks, sanitary sewage and waste disposai systems and the Durham Region Police Services Board. COMPARISON 0F CONSOLIDATED REVENUES AND EXPENDITURES (Ail amounts in thousarids of dollars WHERE THE MONEY CAME FROM: Requisition on Area Municipalities Ontario Grants User Charges Other Revenue WHAT THE MONEY WAS SPENT FOR: General Govmrment Protection te Persons & Property Transportation Services Waterworks Operation Sanitary Sewage System Waste DisposaI Heath Services Social Services Senior Citizen Services Day Nurseries Famiîy & Children Services Planning & Development Excess of Financing Over Expenditures Fund Balances, Beginning of Year Fund Balances, End ofear U~92 19U1 98,852 83,958 158,607 141,247 81,489 89,834 22,784 4291 361,732 357,955 CONSOLIDATED BALANCE SHEET (Ail amounts in thousands of dollars) ASSETS Cash and Short Term I nvest monts Accounts Receivable Other Current Assets Restricted Assets Capital Outlay Financed by Long Term Liabilities and to be Recovered in Future Years M92 54,506 34,861 7,752 85,360 40,434 41,903 6,838 88,705 1 942-Z 1~ 8,232 8,057 56,970 54,754 30,903 28,641 37,087 39,525 42,726 45,170 13,419 16918 8,222 7,822 113,405 95,710 32,170 30,661 7,380 7,557 2,466 2,333 *1988 4,261 356,968 341,409 4,764 16,546 139MZ 1 23,391 144,701 1â2,932 LABILIIES Accounts Payable and Accrued Liabilities Current Portion of Ontario Housing Action Program Loans Other Current Liabilities and Deferred Revenue Net Long Term Liabilities 34,073 33,069 1,.278 2,605 2,427 2,269 11,78Q 15,197 ~49,656 ~53,140 FUND BALANCES Reserves and Reserve Funds 113,522 To be used te offset taxation or user charges 3,971 Unexpended Capital Financing 27,208 116,473 2,367 ~2109J 144,701 139,937 12,M7 123.QZZ Trust Funds Administered by Venerally what we're trying to do is move people dloser together, flatten the organization some- what (and) reduce the layers of management." Hydro's four major nuclear generating'stations will be indlu- ded in thie changes, sas Don Anderson, Hydro's generai mana- ger, nuclear division. «August the first, Darlington is ne longer Darlington Generating Station; Darlington becomes the centre of the Darlington nuclear business. «I've set the nuclear business up se we have four major businesses called Pickering, Dar- lington, Bruce A and Bruce B; four major businesses, eacb i.eadv~,artered at those loca- tiens. The change will see between 200 and 400 engineering, pur. chasing, materials management and administration people moved freni Toronto te, Darlington. That will probably mean build- ing additional office spaoe at the plant. 'The transition teamn, which is joint society, CUPE and manage- ment is working on (space requirements) new,» says Ander- son. "The meves won't bo tomerrow. There will be a two-year period where people adjust and get themselves accommodated to the. save money because of reduced change."' spaoe requirements at its down- An derson says Hydro wili stili town Toronto headquarters. ~ Your Financiat Health Derek Dutka How to swallow media hype We live in a world of great complexity The only thing that is constant is the rapid rate of change. W ke are inundated with massive quantities of information that we don't know how to precess. How do we cope with this incredible stress? One way is to simplify things. We rèiad a headline and the first paragraph of a newspaper article and go no further, feeling that we are 'in the know.' We like te read lista such as 'the 10 best-dressed men or women' or 'what's bot or what's net.' Who makes these lists anyway? Is it possible that oversimplification and bogus authorities are affecting thc way we think? Let's look at how this problem, manifesta itseof in the investment area. You've ail heard of the Dow Jones Industrial Average. "The Dow was strongly up today due te favourable trade numbers... The Dow was sharply down on fears of rising rates... The Dow was unchanged in listless trading..." Wby is this on the news every night? This is the change in price of 30 stocks. Why do we care wbat happens te, the prioe of these 30 stocks over any given day and wbo bas the autbority and knowledge te say why this average is up or down? It really is quite silly te think tbat your feeling about life in general could be affected by some unnamed, possibly unualified, person's arbitrary.opinion about tbe reasons for a sirtchange in the average price of 30 common stocks. Ifan individual had a proper money management philosopby and system, daily opinions on the reasons for slight changes in the price of an aveae would be ignored. But we love simplifications, opinions ana sensational evente, and se, the media continues te give us wbat we want. It is important te remember several things. Firet, that an average can be extremely mnisleading. If a man bas one foot in a bucket of boiling water and one foot in a bucket of ice water, the average temperature is quite conifortable. However, for the poor fellow with bis feet in the buckete, the average temperature is meaningless. ' Secondly, daily, weekly and monthly fuctuations in the price of a stock are meaningless.I t ïs the underlying undamental value that should be the first consideration. The short-termi price of a stock is affected by the emotions of the dybut, in the longer run, the price will reflect the true uderlying value and earnings. Thirdly there is very little that you can do about daily fluctuations. These fluctuations are like the weather they're easy te talk about but there's nothing that you can do aà but them. Take the following advice for dealing with media hp, hysteria and hyperbole. Develop an investment philosop>hy. Invest for the long haul. Be patient and telerant of short-terni dificulties. Listen te strông opinions witb a healtby degree of skeptî*cism. Drink plenty of fluids and rest in bed. You'1l be fine in tE morning. PRIME COMMERCIAL SPACE FOR LEASE In downtown Port Ferry approx. 3000 sq. ft. Air conditioned. Lots of private parking. Suitable for retail or restaurant development in the downtown core. Reasonable longterm lease available. Cail 436-3025 NOTICE TO THE RATEPAYERS 0F THE CORPORATION 0F THE REGIONAL MUNICIPALITY 0F DURHAM 11.878 15,197