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HomeMy WebLinkAboutThe Citizen, 1992-05-27, Page 14PAGE 12. THE CITIZEN, WEDNESDAY, MAY 27,1992. VILLAGE OF BLYTH CONSOLIDATED FINANCIAL STATEMENT & AS AT DECEMBER 31, 1991 ||| AUDITOR’S REPORT To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Village of Blyth We have audited the consolidated balance sheet of the Corporation of the Village of Blyth as at December 31,1991 and the consolidated statement of operations for the year then ended. These financial statements are the responsibility of the village'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 Village of Blyth 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 April 9,1992 Vodden, Bender & Seebach Chartered Accounts Village of Blyth Consolidated Balance Sheet as at December 31,1991 ASSETS Unrestricted Cash Taxes receivable User charges receivable Accounts receivable Restricted Cash 1991 1990 87,190 44,325 49,488 179.722 360,725 8,049 $ 368,774 304,684 42,293 24.857 79.857 451,691 LZ45 $459.436 1991 1990 LIABILITIES Accounts payable and accrued liabilities 119,060 78,642 Deferred liabilities —-7233 FUND BALANCES AT THE END OF THE YEAR 119.060 85.880 To be used to offset taxation or user charges (note 5)151,683 201,149 Reserves (note 6)89,982 164,662 Reserve funds (note 6)8.049 7.745 $ 368,774 $459,436 The accompanying notes are an integral part of this financial statement Village of Blyth Consolidated Statement of Operations for the year ended December 31,1991 1991 Budget 1991 Actual 1990 Actual SOURCES OF FINANCING: Taxation and user charges Residential and farm taxation 383,773 389,003 354,878 Commercial, industrial and business taxation I 168,892 169,164 156,730 Taxation from other governments 17,205 17,682 16,497 User charges 333,400 383,974 343,911 Grants Canada 1,530 1,530 — Province of Ontario 241,892 267,328 233,774 Other municipalities 54,262 55,762 50,992 Other Penalties and interest on taxes 6,000 6,064 6,188 Investment Income 24,000 20,343 37,565 Deduct: Amounts received or receivable for county and school boards (note 2)(329,422)(331,917)(309,044) MUNICIPAL FUND BALANCES AT THE BEGINNING OF THE YEAR To be used to offset taxation or user charges (note 5)201.149 201.149 225.415 Total financing available during the year $1.102.681 $1.180,082 $1.116.906 APPLIED TO: 1991 Bodgat 1991 Aotuol 1990 Actual Current operations General government 88,500 93,389 78,446 Protection to persons and property 16,554 18,949 15,532 Transportation services 116,000 115,785 121,604 Environmental services 220,600 223,017 186,904 Health services 21,237 18,386 14,523 Social and family services 4,000 1,981 1,050 Recreation and cultural services 200,000 203,550 177,808 Planning and development 12,50Q 11.944 11.916 $79.391 687.001 607.783 Capital Transportation services 159,400 148,677 116,916 Recreation and cultural services 95,525 154,723 152,774 Planning and development 30,000 19,322 2,699 Environmental services —39,197 — General government 36,000 41,942 — Protection to persons and property 11.913 11-913 — 332.838 H52Z4 272.389 Net appropriations to reserves and reserve funds (45,336)(74,376)35,585 MUNICIPAL FUND BALANCES AT THE END OF THE YEAR To be used to offset taxation or user charges (note 5)135.788 151.683 201.149 Total applications during the year $1.102,681 jL18QxQ82 $1.116.906 The accompanying notes are an integral part of this financial statement Village of Blyth Notes to Financial Statements for the year ended December 31,1991 1. Accounting policies The consolidated financial statements of the Village of Blyth 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 all committees, boards, municipal enterprises and utilities which are under control of council: recreation committee, community centre board, cemetery board, sewerage system and waterworks. 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-consol(dated entities The hydro system of the Blyth Public Utilities Commission and the Blyth District Fire Area Board, which is a joint local board, are 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 of Huron and school boards are not reflected in the municipal fund balances of these financial statements. (iv) 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. (b) Basis of accounting (I) 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. (ii) The accrual basis of accounting recognizes revenues at 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. continued on page 13