HomeMy WebLinkAboutThe Citizen, 1990-05-23, Page 18PAGE 18. THE CITIZEN, WEDNESDAY, MAY 23, 1990.
TOWNSHIP OF HULLETT
CONSOLIDATED FINANCIAL STATEMENT
AS AT DECEMBER 31, 1989
AUDITOR’SREPORT
To the Members of Council, Inhabitants and
Ratepayers of the Corporation
of the Townshipof Hullett
We have examined the consolidated balance sheet of the Corporation of the
Township of Hullett as at December 31, 1989 and the consolidated statement of
operations 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.
In our opinion, these consolidated financial statements present fairly the financial
position of the Corporation of the Township of Hullett as at December 31,1989 and
the results of its operations for the year then ended in accordance with the
accounting principles disclosed in note 1 to the financial statements applied on a
basis consistent with that of the preceding year.
Clinton, Ontario
April 5, 1990
Licence No.: 1110
Vodden, Bender & Seebach
Chartered Accountants
TOWNSHIPOF HULLETT
CONSOLIDATED BALANCESHEET
as at December 31,1989
1989 1988 1989 1988
ASSETS LIABILITIES
Unrestricted Account payable and
Cash 127,274 133,314 accrued liabilities 79,265 110,043
Taxes receivable 115,299 147,249
User charges receivable 86,314 158,401 MUNICIPAL FUND BALANCES
Accounts receivable 204,412 67,647 AT THE END OF THE YEAR
To be used to offset taxation
$533,299 $506,611 or user charges [note 6]38,679 [2,932]
Reserves [note 7]415,355 399,500
I $533,299 $506,611
The accompanying notes are an integral part of this financial statement
TOWNSHIPOF HULLETT
CONSOLIDATEDSTATEMENTOFOPERATIONS
for the year ended December 31,1989
SOURCES OF FINANCING:
Taxation and user charges
Residential and farm taxation
Commercial, industrial and
business taxation
Taxation from other governments
User charges
29,264
43,037
1989 1989 1988
Budget Actual Actual
1,115,709 1,117,353 968,664
119,606 122,956 109,593
25,972
37,458
31,924
46,601
Grants
Province of Ontario
Other municipalities
496,151
30,000
505,930
37,843
388,991
Other
Property owners’ municipal
drainage assessments
Investment income
Penalty and interest on taxes
80,000
15,167
10,000
82,994
31,141
25,307
139,844
20,558
17,278
Deduct: Amounts received or
receivable for county and school
boards [note 2][970,710]
968,224
[975,547]
1,026,502
[867,795]
840,563
APPLIED TO:
1989
Budget
1989
Actual
1988
Actual
Current operations
General government 114,300 109,963 106,096
Protection to persons and property 56,812 53,391 48,536
Transportation services 277,500 317,628 266,299
Environmental services 25,810 27,312 21,209
Health services 10,370 5,089 4,927
Social and family services 1,050 650 885
Recreation and cultural services 60,531 68,740 45,255
Planning and development 19,250 13,600 4,444
565,623 596,373 497,651
Capital
Road and bridge construction 70,000 47,270 129,487
Municipal drains 309,000 325,393 218,956
379,000 372,663 348,443
Net appropriations to reserves 15,855 15,855 94,200
MUNICIPAL FUND BALANCES AT
THE BEGINNING OF THE YEAR
[note 6]
To be used to offset taxation or user
charges
Total financing available during the
year
MUNICIPAL FUND BALANCES
ATTHEENDOFTHEYEAR [note6]
To be used to offset taxation or
user charges 38,679 [2,932]
[7,746][2,932]96,799
$960,478 1,023,570 $937,362 Total applications during the year $960,478 $1,023,570 $937,362
The accompanying notes are an integral part of this financial statement
TOWNSHIPOF HULLETT
NOTESTO FINANCIALSTATEMENTS
for the year ended December 31,1989
1. Accounting policies
The consolidated financial statements of the Township of Hullett are the
representation of management prepared in accordance with accounting policies
prescribed for Ontario municipalities by the Ministry of Municipal Affairs. Since
precise determination of many assets and liablilities is dependent upon future
events, the preparation of periodic financial statements involves the use of
estimates and approximations. These have been made using careful judgments.
[a] [i] Basis of consolidation
These consolidated statements reflect the assets, liabilities, sources of financing
and expenditures of the revenue fund, capital fund, reserve funds and reserves and
include the activities of the recreation committee and the Auburn community hall
board which are under control of council. All interfund assets and liabilities and
sources of financing and expenditures have been eliminated with exception of loans
or advances between reserve funds and any other fund of the municipality and the
resulting interest income and expenditures.
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