HomeMy WebLinkAboutThe Citizen, 1993-05-26, Page 12VILLAGE OF BLYTH
CONSOLIDATED FINANCIAL STATEMENT
AS AT DECEMBER 31, 1992
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, 1992 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, 1992 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 Vodden, Bender & Seebach
March 11, 1993 Chartered Accountants
PAGE 12. THE CITIZEN, WEDNESDAY, MAY 26, 1993.
Village of Blyth
Consolidated Balance Sheet
as at December 31,1992
ASSETS
111.91 1221
LIABILITIES
1192 lit
Unrestricted Accounts payable and accrued liabilities 83,412 119,060
Cash 351,325 87,190 Deterred liabilities 60.244
Taxes receivable 58,391 44,325 143.656 119.1264.
User charges receivable 12,513 49,488 FUND BALANCES AT THE END OF THE YEAR
Accounts receivable 66.523 179.722 To be used to offset taxation or user charges (note 5) 251,385 151,683
Restricted
488,752 360,725 Reserves (note 6) 91,211 89,982
Cash 17/2 13.14.2 Reserve funds (note 6) 8.279 &Oa
S 494.531 S 368.774 S 494.531 S 368.774
The accompanying notes are an integral part of this financial statement
Village of Blyth
Consolidated Statement of Operations
for the year ended December 31, 1992
1992
Mad
1992
Actual
1991
AS 0_61
APPLIED TO:
Current operations
General government
1992
Budaet
1992
Acligt1
88,363
1991
Actual
SOURCES OF FINANCING:
Taxation and user charges 83,500 93,389
Residential and farm taxation 458,833 462,156 389,003 Protection to persons and property 22,818 23,478 18,949
Commercial, industrial and Transportation services 114,000 119,373 115,785
business taxation 166,210 164,907 169,164 Environmental services 215,100 221,282 223,017
Taxation from other governments 19,993 20,419 17,682 Health services 21,677 14,647 18,386
User charges 323,100 367,638 383,974 Social and family services
Recreation and cultural services
4,000
208,982
3,986
175,660
1,981
203,550 Grants Planning and development 11.= 13.725 11.944
Canada 1,700 1,250 1,530 aim 660.514 687.001
Province of Ontario 216,800 181,784 267,328 Capital
Other municipalities 59,087 59,087 55,762 Transportation services 188,000 61,395 148,677
Other Recreation and cultural services 15,747 81,687 154,723
Penalties and interest on taxes 6,000 7,927 6,064 Planning and development
Environmental services - -
19,322
39,197
Investment income 15,000 9,682 20,343 General government 9,500 41,942
Deduct: Amounts received or receivable Protection to persons and property 11.913
for county and school boards (note 2) (367,155) (370,093) (331,917) 213.247 143.082 415.774
MUNICIPAL FUND BALANCES AT Net appropriations to reserves and reserve funds 1,459 (74,376)
THE BEGINNING OF THE YEAR MUNICIPAL FUND BALANCES AT
THE END OF THE YEAR
To be used to offset taxation or To be used to offset taxation or
user charges (note 5) 151.683 151.683 201.149 user charges (note 5) 156.127 251.385 151.683
Total financing available during the year S 1.051.251 S 1.056.440 $ 1.180.082 Total applications during the year S1.051.251 51.056.440 51.180.082
The accompanying notes are an integral part of this financial statement
Village of Blyth
Notes to Financial Statements
for the year ended December 31, 1992
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-consolidated 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.
(110 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