ONTARIO regulation 267/01

made under the

CITY OF KAWARTHA LAKES ACT, 2000

Made:  June 28, 2001
Filed:  July 5, 2001
Printed in The Ontario Gazette: July 21, 2001

ASSETS AND LIABILITIES

1. The assets referred to in section 3 of the Act are assets which on December 31, 2000 were,

(a) reserves and reserve funds;

(b) revenue fund surplus;

(c) investments, excluding investments of reserves and reserve funds;

(d) inventories for sale, including land acquired for the purpose of resale;

(e) the net proceeds to be realized from the disposition of property under a binding sale agreement;

(f) the present value of the projected payments-in-lieu of taxes for school purposes that are not required to be shared with school boards;

(g) the present value of projected royalties receivable with respect to an aggregate pit or quarry.

2. The liabilities referred to in section 3 of the Act are liabilities which on December 31, 2000 were,

(a) debts, including debentures and short-term and temporary borrowing;

(b) revenue fund deficit;

(c) post-employment benefits, including pension obligations, severance allowances and vested sick leave;

(d) accrued liabilities, including obligations incurred as a Schedule 2 employer under the Workplace Safety and Insurance Act, 1997 that are not recorded as an expenditure;

(e) long-term obligations and lease commitments.

3. This Regulation shall be deemed to have come into force on January 1, 2001.

Chris Hodgson

Ministry of Municipal Affairs and Housing

Dated on June 28, 2001.