HomeMy WebLinkAboutThe Brussels Post, 1981-02-18, Page 1414 - THE BRUSSELS POST, FEBRUARY 18, 1981
VILLAGE OF BRUSSELS
AUDITOR'S REPORT
To the Members of Council,
Inhabitants and Ratepayers of
The Village of Brussels
We have examined the consolidated balance sheet of the Village
of Brussels as at December 31, 1980 and the consolidated statements of
revenue and expenditure, capital operations and reserve and reserve funds
continuity and analysis of year end position for the year then ended. Our
examination was made in accordance with generally accepted auditing standards,
and accordingly included such tests and other procedures as we considered
necessary in the circumstances, except that our examination of the books and
records of the, local boards was limited to an examination of the receipts and
disbursements as recorded in the books of the logq1 boards.,
In our opinion, subject to the above comments, these consolidated
financial statements present fairly the financial position of the Village of
Brussels as at December 31, 1980 and the results of its operations for the
year then ended in accordance with generally accepted accounting principles
for Ontario municipalities applied on a basis consistent with that of the
preceding year.
Listowel, Ontario,
January 16, 1981.
License No. 274
(. • ' ( • . • ,
MacGillivray Et Co.
Chartered Accountants
STATEMENT OF REVENUE AND EXPENDITURE
for the year ended December 31, 1980
Accumulated net revenue (deficit) at
the beginning of the year
Expenditures and transfers
Municipal expenditures
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family fei-vices
Recreation and cultural services
Planning and development
Other
Total expenditure
Transfers
Transfers to region or county
• Transfers to school boards
Total transfers
Total expenditures and transfers
Revenue by purpose
Municipal purposes
Taxation
Payments in lieu of taxes
Ontario grants
Other grants
Fees and service charges
Other
Revenue to pay for municipal purposes
Region or county requisition
' Taxation
Payments in lieu of taxes
Ontario grants
Other
Revenue to pay the region or county requisition
School board requisition
Taxation
Payments in lieu of taxes
Other
Revenue to pay the school board requisition
Total revenue
Accumulated net revenue (deficit) at
the end of the year
Analysed as follows:
General revenue
Region or county
School boards
Special charges
Special areas
Local boards
Municipal enterprises
9,700
53,272 72,012
3,158 3,327
62,374 56,591
8,800 11,989
57,073
35,050
40,754
137,304
31,517
93,582
262,403
40,754
40,754
236,042
• 29,623
739
30,362
40,977
(1,171)
(1,679)
(5,233)
14,508
9,043
56,445
215,905
25,847
1,224
9,995
37,066
87,313 92,207
358,611 .340,284
41,877 56,445
27,514
(637)
1,187
(4,424)
14,170
4,067
41,877
29,517
2,000
89,632
3,950
89,967
2,240
83,350
.3,963
1980
Budget
S.
34,872
48,595
17,550
46,400
9,220
5,925
3,210
130,900 '
1980
Actual
S
41,877
37,707,
15,638
50,186
26,836
6,483 '
74;804
6,420
218,074
'30,880 30,896
94,741 95,073
125,621 125,969
256,521 344,043
1979
Actual
1
21,705
34,555
14,892
34,278
'40,353
65,830 •
6,546
196,454
37,229
86,429
123,658
320,112
68,660
5,608
58,279
10,718
58,254
14,386
am 4
VALANCE 8118E1'
As at December 31, 1980
ASSETS.
Current assets
Cash
Taxes receivable
Accounts receivable
Other current assets
Capital outlay to be recovered in
future years
Other long term assets.
LIABILITIES
Current liabilities
Temporary loans
Accounts payable and accrued liabilities
Other current liabilities
Net long term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts
accompanying notes int an integral part of ibis financial statement,
1980
• Actual
101,520
30,051
28,677
160,248
39,595
39,595
199,843
1980
Actual
14,204 ,
14,204
127,100
58 ,539
185,639
• 199,843
STATEMENT OF CAPITAL OPERATIONS
for the year ended December 31. 1980
Unfinanced capital outlay ,(Unexpended capital
1980
financing) at the beginning of the year (5,139)
Capital expenditure
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and development
Other '
.Total expenditure
Capital financing.
Contributions from the revenue fund
Contributions from reserves
and reserve funds
Long term liabilities incurred
Ontario grants
Other
Total capital financing
Unfinanced capital outlay (Unexpended
Capital financing) at the end of the year
2,637
1,216
27,694
1,157
9,945
42,649
19.082
(2,094)
1979
Actual
S.
73,077
22,263
18,501
113,841
46,394
46,394
160,235.
1979
Actual
$
18,163
18,163
102,061
40,011
142,072
160,235
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended December 31, 1980
1. ACCOUNTING POLICIES
a) Statement of Revenue and Expenditure
This statement reflects the revenues and expenditures of the
revenue fund and the following local boards and municipal
enterprises:
Brussels Recreation, Parks and Community Centre Board
Brussels Public Utilities Commission - Waterworks
Brussels Medical - Dental Centre
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 and its local boards and
municipal enterprises as described in note 1(a).
c) Balance Sheet
This statement reflects the assets and liabilities of the
revenue fund, the capital fund, reserve funds and local
boards and municipal enterprises as described in note 1(a).
d) Fixed Assets
The historical cost and accumulated depreciation of fixed
assets is not reported for municipal purposes. Instead,
the "Capital outlay to be recovered in future years" which
is the aggregate of the principal portion of unmatured
long term liabilities, capital funds transferred to other
organizations, and the cost of capital projects not yet
permanently financed is reported on the Balance Sheet.
e) Municipal Enterprise's
Municipal enterprises are those activities whose costs are
substantially recovered from service charges on the users.
The enterprises of this municipality whose revenues and
expenditures have not been consolidated in these financial
statements are:
Brussels Public Utilities Commission - Hydro
f) Charges for Net Long Term Liabilities
Debt retirement costs including principal and,interest are
charged against current revenues in the periOds in which
they are paid. Interest charges are not accrued for the
periods from the dates of the latest interest payments to
the end of the financial year.
2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
Capital outlays, including fixed assets and the transfers of
capital funds in the amount of $19,082 which have been financed
f roM general municipal revenues of the current year, are reported
on the Statement of RevenUe and Expenditure.
3. RESERVE FUNDS
During the year, $33,194 was credited directly tiraisirve funds
Without being recorded as revenues and eXpendituste2:: the Revenue
200
rtinc" Interest earned
Lot levies
$33,194300
Provincial grants
4. ACCUMULATED NET'REVENUE (DEFICIT) AT THE END OF THE YEAR
a) The balande in' the revenue fund at the year end is available
to reduce an be added' to) the levies of the f011oWing classes
Of ratepayers.
General ratepayers $64,140 $45,751
Designated ratepayers (4,845) (4,424)
School board ratepayers (1,679) 1,187
COunty ratepayers (1.171) (637)
$56,445. $41.877
5. RESTATEMENT OF 1979.ACCUMULATED NET REVENUE
13,613 The,BtuASeisedicil - bets!: Centre beCaMe a local board of the
MinniciOality in 1980.
Acc
umulatedcu net revenue as at bedeMber 31,
1970 has been reetated to include the,sUrOlusat the beginning
of the 'Year this local board totalling. 474005.
-9,429 6. COMMITMENTS
The muniCipality has entered into An'agreeMent with the Ministi*
Of the EnVirOnMent COnicerning,the construction :, maintenance
eta sanitary 'The IdniCipaIityli share of the
Charges on this' agreement Will be recovered from benefitting*
3 itePaYera over A period of forty years.
1979
3,355
1,615
11,998
935
14,548
23.042
(5-i39)