HomeMy WebLinkAboutThe Citizen, 1994-06-29, Page 18PAGE 18. THE CITIZEN, WEDNESDAY, JUNE 29,1994.
VILLAGE OF BLYTH
CONSOLIDATED FINANCIAL STATEMENT
AS AT DECEMBER 31, 1993
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 31,1993 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 31,1993 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 24,1994 Chartered Accountants *
Village of Blyth
Consolidated Balance Sheet
as at December 31,1993
1993 1992
ASSETS
Unrestricted
Cash
Taxes receivable
User charges receivable
Accounts receivable
Restricted
Cash
271,385
51,962
10,996
157.918
492,261
351,325
58,391
12,513
66.523
488,752
5.911
498.172
5.779
494.531
1993 1992
LIABILITIES
Accounts payable and accrued liabilities 110,746 83,412
Deferred liabilities 20.275 60.244
FUND BALANCES AT THE END OF THE YEAR
131.021 143.656
To be used to offset taxation or user charges (note 5)237,022 251,385
Reserves (note 6)124,218 91,211
Reserve funds (note 6)5.911 8.279
$498,172 $ 494,531
The accompanying notes are an integral part of this financial statement
Village of Blyth
Consolidated Statement of Operations
for the year ended December 31,1993
SOURCES OF FINANCING.
Taxation and user charges
Residential and farm taxation
Commercial, industrial and
business taxation
Taxation from other governments
User charges
Grants
Canada
Province of Ontario
Other municipalities
Other
Penalties and interest on taxes
Investment Income
Deduct: Amounts received or receivable
for county and school boards (note 2)
MUNICIPAL FUND BALANCES AT
THE BEGINNING OF THE YEAR
To be used to offset taxation or
user charges (note 5)
Total financing available during the year
1993
Budget
1993
Actual
1992
Actual
481,498 486,668 462,156
168,377
20,755
345,400
169,230
20,956
348,581
164,907
20,419
367,638
246,365
61,283
281,111
61,283
1,250
181,784
59,087
7,000
8,500
8,204
14,018
7,927
9,682
(384,680)(388,024)(370,093)
251.365 251.385 151.683
$ 1,205,883 $ 1,253,412 $ 1,056,440
APPUED TO:
Current operations
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and development
Capital
Transportation services
Recreation and cultural services
Environmental services
Net appropriations to reserves and reserve funds
MUNICIPAL FUND BALANCES AT
THE END OF THE YEAR
To be used to offset taxation or
user charges (note 5)
Total applications during the year
1993 1993 1992
Budget Actual Actual
81,712 86,243 88,363
26,151 26,327 23,478
110,250 88,957 119,373
239,170 238,020 221,282
30,311 19,540 14,647
4,000 3,837 3,986
205,469 178,388 175,660
15.700 10.145 13.725
713.763 551.457 551L514
256,410 303,225 61,395
12,600 18,818 81,687
17.000 12.251
286.010 334.294 143.082
33,000 30,639 1,459
173.110 237.022 251.385
$1,205,883 $1,253,412 $1,056,440
Theaccompanying notes are an integral part of this financial statement
Village of Blyth
Notes to Financial Statements
for the year ended December 31,1993
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.
(il) 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.
(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.
(il) 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. Continued on page 19