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Home My WebLink AboutThe Lucknow Sentinel, 1983-04-27, Page 18TOWNSHIP OF HURON 1982 AUDITOR'S AUDITOR'S REPORT REPORT To the Members of Council, Inhabitants and Ratepayers of the Township of Huron We have examined the consolidated balance sheet of the Township of Huron as at December 31, 1982, and the consolidated statements of revenue and expenditure, capital operations, cunt inuity of trust funds, 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 es we considered necessary in the circumstances, except es explained in the following paragraph. Due to lack of internal control, 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 local boards, Accordingly, we were unable to determine whether any adjustments might be necessary to municipal revenue - fees end service charges, municipal expenditures, recreation end cultural services, cash, accounts receivable, accounts payable and local boards' accumulated net revenue. In err opinion, except for the effect of adjustment s, if any, which we may Have determined to be necesary concerning the abuvc, these consolidated financial statements present fairly the financial position of the 'township of Huron as at December 31, 1982, 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 March 18, 1983 License No. 622 CIIARTER1D AG OUi.1'ANTS STATEMENT OF REVENUE AND EXPENDITURE fur the leer ended December d1, 1982 Accumulated net revenue (deficit) at IVs; Hwlgei S 1981 Actual 1 19N2 Actual S the beginning of the year - 4,141 118,095 f 209,443_ Expenditures and transfers Mime 'pal expenditures (;t nei,'l government 115,,11)0 111, ,h 12 1,, 1,,''i5 Prutcihon to persons and property le ,u ,3 1/,6',N 11 ,NIR I1,unnpurtation services 494 ,Dirt) 489 ,u'+5 511, 160 Gnv:rontucnlalservices • GO ,11M) 70,400 71,795 Ilcalth services 1,000 9 ,646 4,510 Social and family services Recreation and cultural services 110 ,33(,) 2.77 , / 16 179,216 Planning and development . 264,851 261,784 227,481 Other - ..- - y _ Total expenditure 1 ,u81 ,1, 51 1 , 282 ,491 1,090,801 Transfers Transfers to region or county 108,444 ,'/333,3386 147,93333 Transfers to school hoards 4.'9,901 _ . i1,2.,,, _ 51.5,218 Total transfers 837,945 840,148 711,716_ Total expenditures and transfers j,919,r,602 . 2, 12 3, 139 , 11804,017._ Revenue by purpose _ Municipal purposes Taxation • 417,4n3 671,',75 394 ,r. 11 Payments in lieu of taxes - 1,218 1 , 362 Ontario grants 1',','.t 341,192 2.33,1'.8 Other grants I 1 ,' , 10,582 1 ., I111 Fees and service charges ¢44,95' 374.,1,3 2:M ,i157 Other _1.L,u,J..,__ • _162,01-.1_ _ Lit ,'c31 _ Revenue to pay for municipal purposes 1,07 ?, .J33 . 1,268.61i' 99+v09 i Region or county requisition taxation 21 ,,r 9 _ 206,1'8 147,306 Payments in lieu of taxes 52 25 Ontario grants 3,455 3,71) Other - _ ___ __ _ ._.- - _-_ ______ Revenue to pay the region or county requisition 211'1 , 114 209 , 14 3 17, t , 3 11 - School hoard requisition Taxation 829,',1'' c 11 ,17;• ',',1 ,3',f Payments in Ifeu of taxes 16'1 46 Other . Revenue to pay the school hoard requisition 6 714 ,'. 16 k11,134 s6",,1.6 Total revenue 1,915,45'1 2,109,087 _ 1,712,669 __ Acr, rr,ulaler( net revenue (deficit) al the end of the year 1.)4,, '.I 1133,1,45 .i Analysed as follows. General revenue (1,A • I) 4,!)',t• Region of county 216 19 Stlrr.nl hoards 15u 78 Special charges Special areas 88,R2n 94,110 1 ocal boards 15,684 16,366 Municipal enterprises 2,910 3 , 517 ' 104 ,e43 118,'.95 STATEMENT OF CAPITAL OPERATIONS for the reor ended December 31, 1982 1 e 1 1 1 era ..r 1 Unfinanced capital outlay (Unexpended capital financing) at the beginning of the year Capital expenditure General government Protection to persons and property I'ransportatton services Fnvironmental services Ilcalth 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 1982 Actual s 106,430 2,700 10,905 • 282,955 27,822 63,967 . ,.2,@5..►90➢_ 674,149 115,284. 13,505 • 285,800 • 113,862 �S-7A7 623,738 156,841 1981 Actual 8 75,014 321,016 31,204 46,309 ,194,400 • 758,929 225,741 3,561 354,400 • 1(.11,950 74 -Aril 727.913 106,43$ 1 BALANCE SHEET as of ,De, ernbrr 3/, 1982 ASSETS e Current asset Cash rakes receivable Accounts receivable Other current assets Capital outlay to be recovered In future years Other long term asreta 1982 Actual 1 • 551,642 161,63,0 91,752 3,093 814,141 1,121,498 60,493 3,996,138 1981 Attual 8 493,439 126,065 76,452 3,793 700,249 2,500,254 23,643 3,224,146 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 1912 Actual 60,183 65,072 29491 148,746 2,964,657 718,692 104,043 3,996,138 1981 Attest 1 216 34,157 43 434_ 2,393,824 668,797 118,095 3,224,146 NOTES TO THE FINANCIAL STATEMENTS Fot The Year Ended December 31, 1982 1. ACCOUNTING POLICIES a) Statement of Revenue ani Ercpenditure This statement reflects the revenues and expenditures of the revenue fund and the following local boards and anlcipal enterprises, e) Ripley - Huron Gotemunity Centre Board b) Reid', Corner Community Hell c) Huron Municipal Cemetery 8oerd b) Statement of Capital Operations This statement reflects the capital expenditure of the tnrnicipality to be recovered from the general tnrntctpal revenue of the tm nicipelity and its total boards e• described in note 1(e). e) Balance Sheet This statement reflects the assets and liebilitLee of the revenue fund, the capital fund, reserve funds and loess boards as described in not 1(a). d) Fixed Assets The historical cost and accumulated depreciation of fixed aeeets is not reported for municipal purposes. Instead, the "Capital outlay _to be recovered in future years" which is the eggregate of the principal portion of unmatured long teras liabilities, capital funds transferred to other organisations and the cost of capital projects not yet permanently financed is reported on the Batinee Sheet, e) Municipal Enterprises Municipal enterprises are those activities whose coats are sub- etentiatly recovered !tom service charges on the users. The enterprises of this tw nlcipelity whose revenues and expenditures have not been consolidated in these financial statements ate: Huron and Kinloss Municipal Telephone System f) Chargee for Net Long Term LSabilltles Debt retirement coats including principal and interest are charged against current revenues in the periods in which they are paid. Interest chargee are not accrued for the periods from the dates of the latest interest payment e to the end of the financial year. 1) Trust Funds Trust funds administered by the is nicipality amounting to 923,700 are only reflected in the Trust Funds, Steteteent of Continuity end Balance Sheet. 2. CAP1TAi, OUTLAY TO 8E RECOVERED IN FUTURE YEARS a) Some capital outlay to be recovered in future years does not represent • burden on general tasnicipal revenues, as it is to be recovered in future years frost other sources, Spec in1 ch,,rt;es on bonelitting landownut s Municipal enterptisea 1982 1481 $1,611,610 1,402,000 flt,til'.,r,70 51 ,41,0, lh6 9',1,000 99,4.1.1, 34,3. b) Capital outlays, Inc 100f,,t; f ixed .Is•.rtb And the tt,ltr,31ts 01 ,,,enol funds in the dmnunt of $115,284, wh%e•h have been f in,tnced from general municipal revenues of the current year, ate• report ed en the Statement u( Revenue and Expenditure, 3. Rh1S3NVE 111N1)i During lee year 1111,1135 wore cr,•d1t,d directly to the revel vu funds without lmi ng re, orded an revenues and expenditures of the Revenue Fund, Major soo regia were; (,only shut loos of deve lupure Interest. earned 0.0,33,8, grant 4, NIT LONG TL11M LIAR 11,11 11.6 198/ 1481 $ /4,109 413,165 40,0011 9 7,,,,1){111 61,,1)1,)1 ."$113,034 5131,25', The balance for net loot, term 1Iobi 1itlea reported on the is mode ,,p of the fel 1,x4 Inv hint long ter• 11,13)311111.9 metered by the municipality 1nclndinl•• theta tecurred on behalf of municipal enterprises and outstanding at the end of the year amounted to 5. ACCUMUTAThb N1.T 143.V3'.1 F. A7 '1113,11) U1 '('I1 Y#AN Balance Sheet The balance in ti,e revenue• fund at the year end is aye, 1el, 1e the levies of the 3 pl16wing (1a9ses 01 ratepayers, General ratepayers Deslt•nate•d. rate;ay,•rS Schnnl b card rat* payers County ratepayers 6, 6{IAN4t9 ION tail 1',,'. .r r+" 1,1An111, 3(.9 • 51,964,l, t n 1991 I',HI 5 73,9%8 /H 51td. ,U41 Total charges fur the year for 101,K term 1,sbi1,IIPS were as f••li•uc 396) Principal payments 5/14,9f,t Interest !''1,+•ll. "'•, !' 541+,599 1', 9 , Of the 1•.ta1 r,laryps Oorao a' ✓r , 5>'�'),4)1 warn ta,d 1r•,m molt pal rover -toes of t',1, .,, ,.•,ectal ,ty ar,d era ,nclnded ,,, Pr ,•d,' ,re,, on 13a Statement of Rev, nor .,vl F,,,P•33!tore clnag died ,,ndat ri,e a,; r•,1r,,,1P func13r,nsl hP adinAS. T•n^air,," 1157,112 were rPc 1,v. 1."•i f, - "r ,cepa, e nterpriees for •+hien (ha , ieted net 1•mg term liObi 1 it lea were ,1,r„r red. 7. 1,1A811.17Y FrR VF,S7Ff) S 1Gx ij.AvF 817.3 3- 16 Under the sfelt leave 3)e,,,'37 Ono, "maser c,rr IPaVa an air ,.-vdst. employees may her ,me ant It lad t1. a reap pa•yn.nt when they 1Peve t hP tnimiripelIty'ft empinymont. a,3 The liability 1WI' these acert11,1ated daye1 t•, the Potent that trP7 ave seated and could he taken in cash by an employee nn terminating, am•,rt to 53,105 at the end of the year. No prnvfelon hes been made in eno arrn,nta for thia liability. 8, C07.441TME1r? HurOn and Kinloss Municipal TOlep3,,ne System is in the pr of pea o,f' upgrading its telephone dlgtrlhui fon system. An a result of Ihia ;.1 .r Pae it it expected that a fortner $250,000 of debenture debt wi11 be 199 ,ed in 1983. 9, COIPT 1/0:1 RC IES The Tovnahip Of cnntingently 1fable f -,r hunk 1 -,ana of rhe Heron •31 ninpa Municipal Telephone System totalling $90,(+00 at December 31, 1982.