Assets and Liabilities

O. Reg. 267/01: ASSETS AND LIABILITIES, Under: City of Kawartha Lakes Act, 2000, S.O. 2000, c. 43

City of Kawartha Lakes Act, 2000
Loi de 2000 sur la cité de Kawartha Lakes

ONTARIO REGULATION 267/01

ASSETS AND LIABILITIES

Consolidation Period: From July 5, 2001 to the e-Laws currency date.

No amendments.

This Regulation is made in English only.

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. O. Reg. 267/01, s. 1.

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. O. Reg. 267/01, s. 2.