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