HomeMy WebLinkAboutThe Citizen, 1992-05-06, Page 10PAGE 10. THE CITIZEN, WEDNESDAY, MAY 6,1992.
TOWNSHIP OF HULLETT
CONSOLIDATED FINANCIAL
STATEMENT
AS AT DECEMBER 31, 1991
AUDITOR'S REPORT
To the members of Council, Inhabitants and
Ratepayers of the Corporation
of the Township of Hullett
We have audited the consolidated balance sheet of the Corporation of the Township of Hullett as at December 31,1991 and the consolidated statement of operations for
the year then ended. These financial statements are the responsibility of the township's management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit In accordance with generally accepted 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.
In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Corporation of the Township of Hullett as at
December 31,1991 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.
Clinton, Ontario.
March 26,1992
Vodden, Bender & Seebach
Chartered Accountants
TOWNSHIP OF HULLETT
CONSOLIDATED BALANCE SHEET
as at December 31,1991
TOWNSHIP OF HULLETT
NOTES TO FINANCIAL STATEMENTS
for the year ended December 31,1991
1991 1990 1221.1990
ASSETS
LIABILITIES
Unrestricted Account payable and accrued liabilities
MUNICIPAL FUND BALANCES
38,063 60,341
Cash 86,783 250,144 AT THE END OF THE YEAR
Taxes receivable 176,384 156,510 To be used to offset taxation
User charges receivable 66,597 30,415 or user charges (note 6)17,397 11,481
Accounts receivable 85.196 60^92 Reserves (note 7)359^09 425,639
$ 414.960 $497,661 $414,960 $.497,661
The accompanying notes are an integral part of this financial statement
TOWNSHIP OF HULLETT
CONSOLIDATED STATEMENT OF OPERATIONS
for the year ended December 31,1991
1991 1991 1990 1991 1991 1990
Budaet Actual Actual BudggJ Actual Actual
SOURCES OF FINANCING:APPLIED TO:
Taxation and user charges Current operations _ .
Residential and farm taxation 1,276,052 1,297,590 1,232,113 General government 144,315 128,553 130,674
Commercial, industrial and Protection to persons and property 77,889 85,218 59,903
business taxation 139,275 141,689 133,665 Transportation services 276,295 297,091 343,116
Taxation from other governments 32,833 34,610 32,828 Environmental services 28,082 30,861 26,900
User charges 50,345 43,599 58,320 Health services 3,240 4,473 3,920
Grants Social and family services 500 500 700
Province of Ontario 415,655 409,450 433,635 Recreation and cultural services 54,043 56,098 50,915
Other municipalities
Other
3,500 3,569 342 Planning and development 16.660
599,914
14.777
617,571
10.244
626,372
Property owners* municipal drain Capital
assessments 80,000 81,435 (5,738)Road and bridge construction 210,000 185,704 236,490
Investment Income 26,167 24,484 42,611 Municipal drains 133,000 134,229 7,720
Penalty and Interest on taxes 15,000 24,146 20,742 Land purchase 20.000 23.121 —
Deduct: amounts received or receivable 363,000 343,054 244,210
for county and school boards (note 2)(1,153,249)(1.160.370)(1.094.650)Net appropriations to reserves —__10,484
885,578 900,202 853,868
Net appropriations from reserves
MUNICIPAL FUND BALANCES AT
65'855 66'339 MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR (note 6)
THE BEGINNING OF THE YEAR (note 6)To be used to offset taxation or
,17.397 11.481To be used to offset taxation or user charaes 11.481 11.481 38.679 user charges ——
Total financing available during the year $962,914 $ 978.022 $ 892.547 Total applications during the year $962.914 $ 978.022 s 892.547
The accompany notes are an integral part of this financial statement
1. Accounting policies
The consolidated financial statements of the Township of Hullett 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 judgements.
(a) (1) 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 community centre board which Is 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.
(2) Non-consolldated entities
The Blyth District Fire Area Board and Clinton Fire Area Board, which are Joint local boards, are not consolidated.
(3) Accounting for county and school board transactions
The taxation, other revenues, expenditures, assets and liabilities with respect to the operations of the County of Huron and school boards are not reflected In
the municipal fund balances of these financial statements.
Trust funds and their related operations administered by the municipality are not consolidated but are reported separately on the trust funds statement of
continuity and balance sheet.
Basis of accounting
Sources of financing and expenditure are reported on the accrual basis of accounting with the exception of principal charges on long-term liabilities which are
charged against operations in the periods in which they are paid.
The accrual basis of accounting recognizes revenues as they become available and measurable expenditures are recognized as they are incurred and
measurable as a result of receipt of goods or services and the creation of a legal obligation to pay.
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(4)
(b)
(1)
(2)