HomeMy WebLinkAboutThe Citizen, 1988-08-03, Page 12PAGE 12. THE CITIZEN, WEDNESDAY, AUGUST 3, 1988.
TOWNSHIP OF HULLETT
CONSOLIDATED FINANCIAL STATEMENT
AS AT DECEMBER 31, 1987
AUDITOR’S REPORT
To the Members of Council, Inhabitants and
Ratepayers of the Corporation
of the Township of Hullett
We have examined the consolidated balance sheet of the Corporation of the
Township of Hullett 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.
In our opinion, these consolidated financial statements present fairly the
financial position of the Corporation of the Township of Hullett 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
March 25,1988
Licence No.: 1110
Vodden, Bender & Seebach
Chartered Accountants
Townshipof Hullett
Consolidated Balance Sheet
As at December 31,1987
ASSETS
Unrestricted
Cash
Taxes receivable
User charges receivable
Accounts receivable
1987
LIABILITIES
Account payable and accrued
liabilities 88,834
Other current liabilities
1987 1986
278,407 265,213
109,045 75,982
87,667 118,657
15,814 25,438
$ 490,933 $ 485,290
88,834
MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR
To be used to offset taxation or
user charges [note 6] 96,799
1986
92,120
599
92,719
89,571
Reserves [note 7] 305,300 303,000
$ 490,933 $ 485,290
The accompanying notes are an integral part of this financial statement------------------------------------------------------------
1987 1987 1986
Budget Actual Actual
Townshipof Hullett
Consolidated Statement of Operations
for the year ended December 31,1987
SOURCES OF FINANCING:
Taxation and user charges
Residential and farm taxation
Commercial, industrial and
business taxation
Taxation from other governments
User charges
811,846 817,250 770,131
86,928
23,900
23,000
87,047
25,822
34,756
80,675
24,865
23,133
Grants
Province of Ontario
Other municipalities
Other
Property owners’ municipal drainage
assessments
Investment income
Penalty and interest on taxes
Deduct: Amounts received or
receivable for county and
school boards [note 2]
455,887
26,500
459,551
26,145
371,041
2,500
58,000
16,600
12,000
58,011
22,074
11,948
83,048
18,467
12,935
[679,961][683,931][641,242]
834,700 858,673 745,553
1987 1987 1986
Budget Actual Actual
APPLIED TO:
Current operations
General government 96,600 83,049 87,112
Protection to persons and property 52,000 51,877 42,428
Transportation services 288,500 212,221 251,871
Environmental services 22,000 19,241 17,641
Health services 6,500 '1,574 4,740
Social and family services 1,500 986 1,859
Recreation and cultural services 59,163 46,792 33,641
Planning 9,000 7,418 9,826
535,263 423,158 449,118
Capital
Road and bridge construction 158,500 241,241 54,582
Road grader - -31,785
Truck - -12,631
Municipal drains 185,000 184,746 118,076
Garbage disposal site --20,420
343,500 425,987 237,494
Net appropriations to reserves 2,300 2,300 53,000
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
89,571 89,571 83,630
$ 924,271 $ 948,244 $ 829,183
MUNICIPAL FUND BALANCES AT
THE END OF THE YEAR [note 6]
To be used to offset taxation or
user charges 43,208 96,799 89,571
Total applications during the year $ 924,271 $ 948,244 $ 829,183
The accompanying notes are an integral part of this financial statement
Townshipof Hullett
Notes to Financial Statements
for the year ended December 31,1987
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 liabilities 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 the exception of loans or advances between reserve
funds and any other fund of the municipality and the resulting interest
income and expenditures.
[ii] Non-consolidated entities
The Blyth District Fire Area Board which is a joint local board is not
consolidated.
[iii] Accounting for county and school board transactions
The taxation, other revenues, expenditures, assets and liabilities with respect
to the operations of the County of Huron and school boards are not reflected in
the municipal fund balances of these financial statements. Overlevies are
reported on the consolidated balance sheet as other current liabilities.
[iv] Trust funds and their related operations administered by the
municipality are not consolidated but are reported separately on the trust
funds statement of continuity and balance sheet.
[b] Basis of accounting
[i] Sources of financing and expenditure are reported on the accrual basis of
accounting with the exception of principal charges on long-term liabilities
which are charged against operations in the periods in which they are paid.
[ii] The accrual basis of accounting recognizes revenues as they become
available and measurable; expenditures are recognized as they are incurred
and measurableasa result of receipt of goods or services and the creation of a
legal obligation to pay.
[iii] The historical cost and accumulated depreciation of fixed assets are not
reported for municipal purposes. Fixed assets are reported as an expenditure
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