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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