HomeMy WebLinkAboutThe Lucknow Sentinel, 1988-04-27, Page 6Page 6 -Lucknow Sentinel, Wednesday, April 27, 1988
The Corporation of the Village of Lucknow
Auditor's Report and Financial Statements
FOR THE YEAR ENDED DECEMBER 31, 1987
Village of Lucknow
Notes to Financial Statements
For the Year ended December 31, 1987
Accounting policies
The consolidated Financial statements of the Village of Lucknow 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 and arena
committees, and waterworks 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 Lucknow Hydro 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 and school boards are
not reflected in the municipal fund balances of these financial
statements. Overlevies (underlevies) are reported on the consolidated
balance sheet as other current liabilities (other current assets).
Reserves
The total balance of reserves of $ 54,500 (1986:
following:
Reserves set aside by council
for working funds
for town hall renovations
for fire truck purchase
for arena reconstruction
$ 42,500) consists of the
1987
35,000
2,000
17,500
$ 54,500
1986
35,000
6,500
1,000
42,500
Consolidated Balance Sheet
as at December 31, 1987
ASSETS
Unrestricted
Cash
Taxes receivable
Accounts receivable
Other current assets.
Capital outlay financed by long -tern liabilities
and to be recovered in future years
LIABILITIES
Temporary loans
Accounts payable and accrued liabilities
Net long-term liabilities
FUND BALANCES AT THE END
OF THE YEAR
To be use to offset
taxation or user charges (note 4)
Unexpended capital financing (note 4)
Reserves (note 5)
1987
139,261
40,281
99,639
8
279,189
1986
38,027
35,567
68,193
33
141,820
4,000
$ 279,189 $ 145,820
20,000
76,693
96,693
84,016
4,000
88,016
39,901 15,304
88,095 -
54,500 A 42,500
279,189
$ 145,820
Consolidated Statement of Operations
For the Year ended December 31, 1987
SOURCES OF FINANCING:
Taxation and user charges
Residential taxation
Commercial, industrial and
business taxation
Taxation from other governments
User charges
Grants
Province of Ontario
Other municipalities
Other
Penalties and interest on taxes
Investment income
Deduct: Amounts received or receivable
for county and school boards (note 2)
MUNICIPAL FUND BALANCES AT
THE BEGINNING OF THE YEAR
To be used to offset taxation or
user charges (note 4)
Total financing available during the year
1987 1987 1986
Budget Actual Actual
292,862 291,441 274,776
150,685 150,784 143,608
10,506 10,506 9,800
180,425 205,726 174,127
303,198 357,198 246,876
5,866 5,643 5,500
5,280 4,780 4,444
1,932 1,007
(278,827) (279,858) (281,142)
669,929 148,152 578,946
15,304
15.304 30,402
$ 685,233 f 763,456 $ 609,348
APPLIED TO:
Current operations
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and development
Capital
Town hall renovations
Street reconstruction
Sewerage system
Arena
Net appropriations to reserves
MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR (note 4)
To be used to offset taxation or
user charges
Unexpended capital [financing
Total applications during the year
1987
Budget
1987
Actual
59,500 56,667
59,500 42,597
90,000 80,600
96,400 73,201
22,000 18,817
2,000 1,525
87,500 92,601
6,000 7,484
422,900 373,492
1986
Actual
53,996
54,304
92,666
90,994
15,584
1,525
93,612
12,613
415,294
37,000 37,426
105,000 97,209 79,531
25,000 51,548 96,719
83,333 63,785 -
250,333 249,968 176,250
12,000 12,000 2,500
$ 685,233
MIN INCENIMIOZ
39,901
86,095
$ 763,456
The accompanying notes are an integral part of this financial statement.
A complete auditor's report is available at the Municipal Office.
15,304
$ 609,348
IPOMEMORIENEIVI