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Home My WebLink AboutThe Lucknow Sentinel, 1983-05-18, Page 10TOWNSHIP OF KINLOSS 1982 AUDITOR'S REPORT AUDITOR'S REPORT STATEMENT OF CAPITAL OPERATIONS • FOR THE YEAR ENDED DECEMBER 31, 1982 ,\c011 L.WRAY :; C(1 ,11\.111`, ,a 1,. • Inre,r,rhnn,"y Sp'c'r 310. Wa• w+h.. P1 00 e..'1.Y llvo,.el n. 6, 0 3r.2 •.�,•u',nnn .' 11 791 125, To the Members of Council, Inhabitants, and Ratepayers of the Township of Kinloss We have examined the balance sheet of the Township of Yielote AS at December 31, 1982 and the statements of revenue and cxpenditur, oepital operations, and reserve and reserve funds continuity and Analyst • 01 y,t; end position for the year then ended. Our examination was m.tde in ,t tol0'im, with generally accepted auditing standards and accordingly follu! 1 •e1oh t,"t, and other procedures as we considered necessary in the cirteelda1,, In our opinion, these financial statements present fairly the (level position of the Township of Kinloss as at December 31, 1982 and the Ic e tt,, of its operations for the year then ended in accordance with generally a,- cepted accounting principles for Ontario municipalities applied on A bA-.is consistent with that of the preceding year. el Listowel, Ontario, April 5, 1981, License No. 672. ('/ 5 CI,ART ER I.0 AccI (1tfI AN'r I STATEMENT OF REVENUE AND EXPENDITURES FOR THE PERIOD ENDED DECEMBER 31, 1982 tlnt,nanced'capital outlay I Unexpended capital financing) at the beginning of the year Capital expenditure (Irneral gnternment F'r„terrtno to persons and eruprrev lransp,lrtatton services 1n1lrnnmental scrices I ealth services Social and family services Recreation and cultural cervices Planning and development (Ither lotted expenditure Capital financing C'o01) 3(0tiuns from the revenue fund Contributions from reserves and reserve funds long term liabilities incurred Ont'atio grants Other total capital financing Unflnanced capital outlay (Unexpended capital financing) at the end of the year 1982 Actual 52,542 154,525 134.200 288,725 56,172 134,200 94,068 32.928 _317..368 368 1981 Actual 34L07 282,075 _ 79,500 361,575 78,170 79,500 184,833 1.437 343.940 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31. 1982 ACCOUNTING POLICIES a) Statement of Revenue and Expenditure This statement reflects the revenues and expenditures of the revenue fund. 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. c) Balance Sheet This statement reflects the assets and liabilities of the revenue fund and the capital fund. d) fixed Assets The historical cost and accumulated depreciation of fixed assets is not reported for municipal purposes. Instead, "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 Enterprises There are no municipal enterprise activities carried on by the municipality. 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 date of the latest interest payments to the end of the financial year. . CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS a) Some capital outlay to be recovered in future years does not rep- resent a burden on general municipal revenues, as it is to he recovered in future years from other sources: b) 1982 1981 Special charges on henefitting landowners $356,845 $275,686 Capital outlays, including fixed assets and the transfers of capital funds in the amount of $56,172 which have been financed from general municipal revenues of the current year, are reported on the Statement of Revenue and Expenditure,. NEP LANG TERM, LIABILITIES The balance for net long term liabilities reported nn the Balance Sheet is made up of the following: Total long term liabilities incurred by the municipality and outstanding nt the end of the year i-+ount to ACCUMULATED NET REVENUE AT THE END OF THE YEAR The (to $11',946 balance in the revenue fund at the year end is available to reduce be added to) the levies of the following classes of ratepayers. Special area ratepayers General ratepayers School board ratepayers County ratepayers 1982 1981 $21,224 2,066 116 765 S 12,970 (10,791) 51 (5) $24,171 $ 2,227 CHARGES POR NF2F LONG TERM LIAB1LITIES Total charges for the year for long term liabilities were as follows: Principal payments Interest 1982 1981 $24,198 $18,587 14,988 9,694 __. 23 _fie 9 52x542 BALANCE SHEET FOR THE YEAR ENDED DECEMBER 31, 1982 ASSETS torrent assets 1982 116,1yrt 1115` Actual lost e,,teat At, emulated net revenue Iclef icit111 the beginning of the Lear ( I0, 7 1,+) A. hill 1- xpendl1ures and transfers 8 (ash 29,616 Municipal espendlI rtes (Ienetilgovernment 15,000 /I,7 . ; t hetrclion to persons and property 1h,000 1 t,r. t 1 1, ,1,', • lansportalion selve rs 151 In h 1 11•,, 717,616 Environmental cervices ',, torr, 4, 5'1 1 I , , lie allhservltes8,(t00 76,806 8,1e, '1,'1'1 Sotlal and family serves - - ketreation and cultural servers 1.;-,1'910 1 I, 0,1..) Planning and develupriient 4n, 981, 60,1 ' , 011ier - - Total expenditure 101,8'8 '1', I',I Transfers transfers to region or county transfers to school boards 6e, e , 16',, 1 , 6,6. , . 11 ,,'t o , 1,1 c ,. I ,`l, I otal hamlets1 u1, 7 , 1 7 1 1 , 1 I ° ' , ' . Total etpenditures and transfers '', • , `• 7 4 ' ' ' ,1 •, 1 1 , Revenue by purpose Municipal purposes Taxation 1 15,010 I I Payments In lieu of taxes LTi' 1 i' Ontario grants (lthergrants 107,94', I;n •tl (,7,°t"' ,°t' 1; „ 1,' Fees and service charges S 1,096 SN 5 Other 11,non ;,(,0„ , 1 , Revenue in pay for municipal put -prises! '2, 611 to , tan Region or county requisition Taxation 54,21; Payments in lieu of tars 25 ' 1 Ontario grants 17,1/J, n Other Revenue In pay the radon nr t minty requisition 6'.16^1 r 1 IF School hoard rrquivtlon lowlier 1''' 1' Payments in heel of taxes Other Revenue in pay the cc hoof hoard requisition 1 6 t' , 1 ' ' lolaltP,PnIIP 611,',1a 6 %cnjmulated net revenue (deficit( al the Pnd of the year - . An.11rard as follows (,-•nrr'1 IrvrnilP ft p.i, o `r county i 1-,,,,1 tvlards ' `r., gal 1, eyes so r i tl areas , • I",al',(51115 Mon,. irrl enter -poses tlnt,nanced'capital outlay I Unexpended capital financing) at the beginning of the year Capital expenditure (Irneral gnternment F'r„terrtno to persons and eruprrev lransp,lrtatton services 1n1lrnnmental scrices I ealth services Social and family services Recreation and cultural cervices Planning and development (Ither lotted expenditure Capital financing C'o01) 3(0tiuns from the revenue fund Contributions from reserves and reserve funds long term liabilities incurred Ont'atio grants Other total capital financing Unflnanced capital outlay (Unexpended capital financing) at the end of the year 1982 Actual 52,542 154,525 134.200 288,725 56,172 134,200 94,068 32.928 _317..368 368 1981 Actual 34L07 282,075 _ 79,500 361,575 78,170 79,500 184,833 1.437 343.940 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31. 1982 ACCOUNTING POLICIES a) Statement of Revenue and Expenditure This statement reflects the revenues and expenditures of the revenue fund. 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. c) Balance Sheet This statement reflects the assets and liabilities of the revenue fund and the capital fund. d) fixed Assets The historical cost and accumulated depreciation of fixed assets is not reported for municipal purposes. Instead, "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 Enterprises There are no municipal enterprise activities carried on by the municipality. 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 date of the latest interest payments to the end of the financial year. . CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS a) Some capital outlay to be recovered in future years does not rep- resent a burden on general municipal revenues, as it is to he recovered in future years from other sources: b) 1982 1981 Special charges on henefitting landowners $356,845 $275,686 Capital outlays, including fixed assets and the transfers of capital funds in the amount of $56,172 which have been financed from general municipal revenues of the current year, are reported on the Statement of Revenue and Expenditure,. NEP LANG TERM, LIABILITIES The balance for net long term liabilities reported nn the Balance Sheet is made up of the following: Total long term liabilities incurred by the municipality and outstanding nt the end of the year i-+ount to ACCUMULATED NET REVENUE AT THE END OF THE YEAR The (to $11',946 balance in the revenue fund at the year end is available to reduce be added to) the levies of the following classes of ratepayers. Special area ratepayers General ratepayers School board ratepayers County ratepayers 1982 1981 $21,224 2,066 116 765 S 12,970 (10,791) 51 (5) $24,171 $ 2,227 CHARGES POR NF2F LONG TERM LIAB1LITIES Total charges for the year for long term liabilities were as follows: Principal payments Interest 1982 1981 $24,198 $18,587 14,988 9,694 __. 23 _fie 9 52x542 BALANCE SHEET FOR THE YEAR ENDED DECEMBER 31, 1982 ASSETS torrent assets 1981 1937 Actual A. hill 9 8 (ash 29,616 24,121 Taxes receivable 106,,19 / 96,700 Atnrunts reteivahle 94,251 82,229 (libel current assets 2,41(1 5,118 717,616 208,620 Capita) outlay to he recovered in future years 1',6,845 7/5,686 Other long term assets 76,806 711, 1/0 61',,26' 506,676 LIABILITIES ( torrent liabilities Temporary mans Ac counts payable and accrued IIahil,htzs Other curte-nt Ilahtltne-i Net long term IIah1116ei Reserves and reserve funds Accumulated net revenue (drf'Icir) anti unapplied capital receipts 1982 Actual 75,000 9',,197. 112,94/, 161 , 7'11 61/1,767 1981 Actual 69,751 176,716 771,164 157,129 7,227 5(14,/.76 Of the total charges shown above $19,386 were paid from general municipal revenues of the municipality and are included in expenditures on the Statement of Revenue and Expenditerr classified under the Appropriate functional headings. RESERVE AND RESERVE FUNDS STATEMENT OF CONTINUITY AND ANALYSIS OF YEAR END POSITION FOR THE YEAR ENDED DECEMBER 31, 1982 Available at the beginning of the year for future municipal purposes Revenue Cnntr hutlons from the revenue fund Contributions from developers Interest earned 8xpenditiste Transfer to the Capital fund Transfers to the revenue fund 03335? loon- f, 61.1•,•.1 hi rel t mlm ini err lei .n Available at the year end foot future municipal r•,rposts 1982 Actual S 152, 1.'9 1(7,0071 107 1, r'(1' 161,751 1981 Attual 1 14,111.' 16,ene ANALYSIS OF YEAR-END POSITION AS OF DECEMBER 31, 1982 Reserves Working r1l,itn1 Reserve fun 1s n'rpr Year end posINnn of reserves and reserve (rinds 198' Attual 9 L",' „1511 Attual aid—£861 '81 ieW