HomeMy WebLinkAboutThe Lucknow Sentinel, 1997-04-30, Page 10Page 10 - Lucknow Sentinel, Wednesday, Anxil 30.1997
UCKNOW
rt
Auditor's Report
To the Members of Council; Inhabitants,
and Ratepayers of the Corporation of
the.Vihage of,Lucknow.
•
We have audited the consolidated balance sheet of the Corporation of the -Village of
Lucknow as at December 31,. 1996 and the consolidated statementof operations for the
year then ended. These financial statements are the responsibility of the village's.
management. Our. responsibility is to expressan opinion on thesef financial. statements
based on our audit.
Except as expi:ained.•in the following paragraph, we conducted one audit in
accordance w. ith:generally aceepted auditing standards. Those standards require that we
plan and perform an audit to obtain reasonable assurance whether the financial .•
'statements are free of material misstatement,. An audit includes examining; on a test
basis; evidence supporting the amounts and disclosures in the financial statements.. An
audit also includes assessing the accounting principles used and significant estimates'
made by management, as well as evaluating the overall financial, statement presentation.
The municipality received donations for the arena -community centre construction,
.the completeness of which la not susceptible of satisfactory .audit verification.'
Accordingly, out: verification of these:donations was limited to tiie amounts recorded in.
the records of the municipality and we were ;not' able to determine whether any
adjustments might be necessary to • sources of financing from public • dgnations, assets
and municipal fund balances at the end of the year.'
In our opinion, except for the effect of adjustments, if any, which we might have
determined to be necessary had we been able to satisfy.ourselves concerning the
completeness 'Of donations referred to inthe preceding paragraph, these consolidated
financial statements present fairly, in all material respects,°the financial position of the
Corporation ,of the Village of Lucknow as at December 31, 1996.and the results of 14
operations. for the year then •ended.' in accordance with the accounting principles
disclosed in note 1 to the financial •statements.•
Vodden, Bertder'&-Seebach
Chartered Accountants
SOURCES OF FINANCING:'
--Taxation user -charges.
Residential taxation
Commercial, industrial and business
taxation
• Taxation from:other governments
User charges
,
Grants'
• Province `of. Ontario
:,Other zhunicipalities
.Clinton, Ontario,
AprIf 2, 1997
VILLAGE OF LUCKNOW'
CONSOLIDATED BALANCE SHE T
DECEMBER-•'3y;st, .1996
UNRESTRICTED
Cash -
Taxes receivable.'
Accounts Receivable
• Restricted Cash
19..1'
$215,747
58,552,
312,443
111,1'47
$697,889 • • $1,12.7371 -•
LIABILITIES
$ 75,438 ' I i $255,389
101,667 695,000 •
Accounts payable and accrued liabilities
Bank loans
FUND BALANCES AT THE END OF THE YEAR .
To be used to offset taxation •
pr user charges (Note 6)• 91,418,
Unexpended capital. financing
,.(unfinanced capital outlay). (Note 6).,
• ,Reserves (Note. 7) . - . ,.
Reserve•Funds, (Note 7)
20,610
(205,317)
254;600
• 107,489
$l,127;171
W
LIDATED STATEMENT ���C?PgRAfi1QNS
or -The Y��r� Ended.Decemb0..31,1996'
Other : t
Penalties and interest on taxes
Investment income
Sewer frontage and
connection charges '
Public donations
Deduct: Amounts received'or receivable
for county andschool boards.
(note 2)
;Net appropriations. from reserves
Budget
' Actual Actual •
,1990
$513;159. $512;958'
223,7(i8.. 223,621
13,500 • 13,107 `
' 367,07Q " 400,09&,:
' .268,187.
18,000'
$500274, i.
225,233
12,999
365,.1:17"
275,105 1,280.687
,18,739 443,609'
•
8,000 , - . 8,605
'26;473
8,129
38,427 • 47,323:.-
19,190 49,190 • 22,476
' 205;317 • 169;537. 476,402
6)
1,214,258.
MUNICIPAL FUND BALANCES -BEGINNING OF YEAR
To be used t'o offset taxation. or •
user charges:
capitai.financing(unfinanced.'
capital outlay) '
TOTAL•PINANCING AVAILABLE
DURING, THE YEAR
(446,479) (437,457)
.1,232;508 "• 2,.944,692
53,940''
20,'01'0 20,010 „• '81,848
(205,317)' - (205,317) 318,552
$1,028,951 $1,047201 $3,399,032
A Complete Auditor's report may be seen at theMunicipal Office.
APPLIED TO: •
Current OOperations'
Genera government.: g-
Protection to persons and property
' Transportation.services
Environmental services
Health services `
Recreation and cultural services
Planning and development :.'
Capital
.Street reconstruction,
Arena construction
Town hall renovations
t
Budget " Actual Actual
1996. .
$91,000, $7-8: 92 $82.358-
64,0(10 68,101:, ` ,. 67,674'
136000 1.19;495 127,742.
• 1`74,000 •160,755 , 181,740
•10,000 ,15287 004',
•224000 218,891 y 203,376
2,000 220 • 7' O0
698,000 661.,541 ° 680,494
247,000
p' 15,00Q., .,
262,000
Net appropriations to reserves 33,000
MUNICIPAL
FUNDBALANCES
END OF YEAR (note 6)•
To he used to offset taxation -
• or user charges
Unexpended capital financing
(unfinanced capital outlay)
,1
35,951•
1,028,95.1
242;815 . :1,072,35.1:
:(1.5,850) 1,782,166:'
49,328
226,965.. 2;903,845..
65;493
.• 91,418
1.784'
20,010
(2i?5,317).
1,047,201 • 3.399,032