HomeMy WebLinkAboutThe Citizen, 1988-07-20, Page 12PAGE 12. THE CITIZEN, WEDNESDAY, JULY 20, 1988.
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VILLAGE OF BLYTH
CONSOLIDATED FINANCIAL STATEMENT
AS AT DECEMBER 31, 1987
AUDITOR’S REPORT •
To the Members of Council, Inhabitants and
Ratepayers of the Corporation
of the Village of Blyth
We have examined the consolidated balance sheet of the Corporation of the
Village of Blyth as at December 31, 1987 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.
Consolidated Balance Sheet
asat December 31,1987
In our opinion, these consolidated financial statements present fairly the
financial position of the Corporation of the Village of Blyth as at December 31,
1987 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 25,1988
LicenceNo.: 1110
Vodden, Bender & Seebach
Chartered Accountants
1987 1986 1987 1986
ASSETS LIABILITIES
Unrestricted
Cash 147,633 115,853
Taxes receivable 44,609 42,837
User charges receivable 26,117 19,091
Accounts receivable 36,854 23,326
Accounts payable and accrued
liabilities 34,811 73,519
FUND BALANCES AT THE END
OF THE YEAR
Restricted
Cash
Accounts receivable
255,213 201,107 To be used to offset taxation or
user charges [note 5]63,588
13,196 9,506 Reserves [note 6]147,480 64,000
-21,000 Reserve funds [note 6]13,196 30,506
13,196 30,506 $ 268,409 $ 231,613
Theaccompanying notesarean integral part
$ 268,409 $ 231,613 of this financial statement
Balance Sheet
December 31,1987
1987 1986 1987 1986
ASSETS
Cash
General
Arena
Park land reserve
Term deposits
Ball diamond expansion reserve
Recreation
Sewerage
Accounts receivable
Government of Canada
Province of Ontario
Other municipalities
Hydro and waterworks
Other - general
recreation user charges
sewerage user charges
Taxes receivable
$ 190,636
75,937
6,759
1,581
72,798
2,551
1,506
11,615 8,000
27,859 -
30,000 30,000
466
13,288 1,756
15,415 6,085
8,151 2,133
3,480 10,688
11,914 10,996
8,105 820
44,609 42,837
Liabilities, Reservesand Accumulated Net Revenue
Accounts payable
General
Recreation
17,072
16,328
33,400
$ 258,713
1987
35,937
9,333
45,270
Reserves and reserve funds
Reserve for working funds - 50,000 45,000
Reserve for fire truck purchase 4,000 3,000
Reserve for street construction 10,000 10,000
Reserve for public works truck 1,500
Reserve for disposal site improvement 5,000
Capital works reserve 54,200 21,000
Reserve for downtown improvement 3,500
Reserve for memorial hall
improvements 7,000 6,000
Reserve for arena improvements 2,280 -
Reserve for recreational and cultural
facilities 10,000 -
Ball diamond expansion reserve fund 11,615 8,000
Park land reserve fund 1,581 1,506
160,676 94,506
Accumulated net revenue
General 24,100 17,341
Hall and Arena 2,387 [2,145]
Sewerage 38,150 35,664
64,637 50,860
$ 258,713 $ 190,636
Blyth Sewerage
Statementof Revenueand Expenditure
for the year ended December 31,1987
1986
r
Accumulated net revenue January 1 35,664 41,809
Revenue
Sewerage surcharges - residential 71,359 70,116
commercial 15,036 16,342
Penalties 578 427
Annual frontage charges 6,019 6,018
Annual connection charges 3,495 3,495
Interest 2,177 2,611
98,664 99,009
Expenditure
Operating charges - Ministry of
Environment
Debt reduction - Ministry of
Environment
Frontage and connection charges
transferred to the Ministry of the
Environment
Administration and collection
1987
I
1986
82,344 82,344
-10,000
9,513 9,513
4,321 3,297
Accumulated net revenue December 31
96,178 105,154
$ 38,150 35,664
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