The Lucknow Sentinel, 1989-06-07, Page 8Par 8 .Lueknow Sentinel, Wednesday June 79 1.89
The Corporation of the
Auditor's tor's Report and 'Financial statements
For The Year Ending December 81st, 1988
Audit
Report
To the Members of 'Council, Inhabitants and
Ratepayers of the Corporation
of the Village of Lucknow
We have examined the,consolidated balance sheet of the Corporation of tbe Village of
Lucknow as at December 31, 1988 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 optnaonr irbese• r:u.,ow - _ ext `f-air1_ 'he financial
position of the Corporation of the Village of Lucknow as at December 31, 1988 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
February 3, 1989
•.[licence .No.: 1110
Vodden, 'Bender & Seebach
Chartered Accountants
.of Lucknow
XflSCL'1DA TED BALANCE SH L ET
'as of flec�anber 37s#. 19$8
ASSETS
.Unrestricted
Cash
Taxes receivable
Accounts receivable
Other current assets
LIABILITIES
Temporary loans
Accounts payable and accrued liabilities
FUND BALANCES AT THE END
OF THE YEAR
To be used to offset taxation or.user charges (note 4)
Unexpended capital financing (note 4)
Reserves (note 5)
1988
35,480
35,257
95,911
2
1967
139,261
40,281
99,639
8
$ 166,650 $ 279,189
56,101
41,819
730
68,000
$ 166,650
20,000
76,693
39,901
$8,095
54,500
$ 279;189
SOURCES OF FINANCING:
Village of Lucknow
nsolidated Statement of peration
For The Year Ended December 31, 1988
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
Donations
Sale =of land
Deduct: Amounts received or receivable
for county. and school boards (note 2)
d
MUNICIPAL FUND BALANCES AT
THE BEGINNING OF THE YEAR
a
1988
Budget
1988
Ac tua 1
1987
Actual
109,731 311,726 291,441
1.62 ,.559 164,793 150,784
11,071 11;068 10,506
185,105 195,824 200,726
333,619 444,440
110,800 110;90.4
357,198
5;6.43
4,:500 4,525 4,780
600 7,087 1,,932
201,029 259,603 5,000
1:5,000 - -
(306,796.)• (309,828)
1,027,218 1,200,142
To be used to uf f.set taxation .or
user charges (note 4) 39,901 39,901
Unexpended capital financing
€ 8 ,+095 8.8;095
Total financing available during the year $ 1,155,214 $ 1,328,138
(279,858)
7'.48,152
15,304
$ 763,456
The accompanying notes telt all integral part ,of this financial statiantnt
APPLIED TO:
Current operations
General government
Protection to persons and property
Transportation services
Environmental services
:Health services
Social and ?family services
Recreation and cu aural services
Planning and development
Capital
Town hall renovations
Street reconstruction
Sewerage system
plena
Commercial land
Net appropriations to reserves
MU.NI'CI'PAL FUND BALANCES
AT THE END ,AF EUE YEAR (note 4)
To the used to ;offset taxat ion or
user char;.ges
Onexpe..nded papit:al fi.nanc,ing
Total applications during the year
1988
Budget
1988
Actual
1987
Actual
63,500 59,,104 56,667
62,000 62,616 42,597
125,500 113,902 80,600
99,000 66.,239 73,201
11,000 9,086 18,817
1,000 625 1,525
94,000 101,604 92,601
.2.000 1,865 7,484
462,000 433,041 373,492
- - 37,426
84,500 51,465 97,209
50,000 190,900 51,548
511,214 574,993 63,785
15,000 19,690
660,714 837, 24 ,9(i8
13,500 130500 12,000
19,000
41,819 39,901
730 88,095
3 1,155,216 4 1,3.280138 $ 703,450
Tho accompanying notes are son Integral octet of uth1s financial
et*
n.oxlt.
�c+pu�t� r i,"'s rprt avails�l� s� � �i � Office.