HomeMy WebLinkAboutThe Citizen, 1994-06-29, Page 19THE CITIZEN, WEDNESDAY, JUNE 29,1994. PAGE 19.
VILLAGE OF BLYTH
CONSOLIDATED FINANCIAL STATEMENT
AS AT DECEMBER 31, 1993
Village of Blyth
Notes to Financial Statements
Continued from page 18 for thG Vear ended ^^ber 31,1993
(iii) The historical cost and accumulated depreciation of fixed assets are not reported for municipal purposes. Fixed assets are reported as an expenditure on the
consolidated statement of operations In the year of acquisition.
(iv) “Capital outlay to be recovered in future years*’ which represents the outstanding principal portion of unmatured long-term liabilities for municipal
expenditures or capital funds transferred to other organizations is, when such balance exists, reported on the consolidated balance sheet.
2. Operations of school boards and county
Further to note 1 (a) (iii) the taxation, other revenues, and requisitions of the school boards and County of Huron are comprised of the following:
school boards county
Taxation and user charges 276,101 88,310
Share of payments in lieu of taxes 6,370 3,708
Share of taxation of telephone gross receipts 10.251 3.284
Amounts requisitioned $ 292.722 $ 95.302
3. Contributions to unconsolidated joint boards
Further to note 1 (a) (II) the municipality has made a contribution to the Blyth District Fire Area Board of $ 15,491. (1992: $ 14,991) consisting of a levy of $ 9,591. and
fire calls of $ 5,900. (1992 levy $ 21,504; fire calls $ 4,910). The municipality’s share of the fire area board’s accumulated net revenue at December 31,1993 is $1,639.
(1992: $2,654).
4. Trust funds
Trust funds administered by the municipality amounting to $91,477. (1992: $ 89,224) have not been included in the consolidated balance sheet nor have their
operations been Included in the consolidated statement of operations.
5. Municipal fund balances at the end of the year
The balances on the consolidated statement of operations of municipal equity of $ 237,022. (1992: $ 251,385) at the end of the year are comprised of the following:
1993 1992
for general reduction of taxation 29,607 66,602
for general reduction of user rates
of boards and committees 34,462 24,637
to reduce sewerage system user rates 107,810 116,342
to reduce waterworks user rates 65.143 43.804
$ 237.022 $ 251.385
6. Reserves and reserve funds
The total balance of reserves and reserve funds of $ 130,129 (1992: $ 99,490) consists of the following:
1993 1992
Reserves set aside by council
for working funds 67,000 67,000
for capital works 57,218 24,211
Reserve funds set aside for specific purposes
by legislation, regulation or agreement
for ball diamond expansion - 2,500
for sewerage extensions 5.911 5.779
$130.129 $ 99.490
7. Contractual obligation - Ministry of the Environment
In accordance with a service agreement entered into by the Municipality in 1978 with the Ministry of the Environment, the existing sewage system is owned and
operated by the Ministry. The Municipality is obligated to meet all operating costs and repay the long-term liabilities related to these projects.
8. Social Contract
The Social Contract Act requires municipalities to reduce expenditures by a specified amount in each of years 1993,1994 and 1995. Unconditional grants will be
reduced by a corresponding amount each year. The sectoral agreement between the provincial government and the municipal sector, however, provide for the
automatic deferral of 25% of the 1993 social contract target amount and the corresponding reduction of unconditional grants until 1996. For the Village of Blyth the
target amount for each year Is $2,179., and the amount deferred is $545.
Blyth Hydro
Balance Sheet
December 31,1993
1993 1992 1993
ASSETS
Current
Cash
Accounts receivable
Prepaid expenses
Unbilled revenue
Inventories
Fixed
Transmission and distribution system
Trucks and equipment
Less: Accumulated depreciation
Deferred charges
Equity In Ontario Hydro
105,782 168,155
141,533 94,637
3,182 3,389
12,400 17,800
5.799 5.208
268.696 289.189
405,731 368,330
15.833 12.641
421,564 380,971
168.977 150.977
252^87 229.994
1.200 2.900
568.939 528.040
$ 1.091.422 $ 1.050.123
LIABILITIES AND EQUITY
Current liabilities
Due to Village of Blyth
Accounts payable 98.573
98.573
13,336
106.729
120.065
Other liabilities
Consumer deposits - long term 2.645 W5
Deferred credits
Contributed capital subject to amortization
Less: Amortization to date
89,639
2Q.772
68.867
71,218
17.418
53.800
Equity
Equity in Ontario Hydro
352J98
568.939
$ 1.091.422
347.183
528.040
$ 1.050.123
Blyth Hydro
Statement of Revenue and Expenditure
December 31,1993
Revenue
Sale of energy
1993 1992
residential
general
street lights
Unbilled revenue adjustment
Prior years billing adjustment
Penalties
Interest
Miscellaneous
Amortization of contributed capital
410,615
432,705
10,760
(5,400)
4,211
4,880
8,811
3.353
869.935
402,014
396,560
9,579
(16,200)
(19,482)
4,658
6,446
6,653
2.620
792.848
Expenditure
Power purchased
Distribution system operation
Administration and general
Billing and collecting
Depreciation
and maintenance
1993 1992
Net revenue (loss) for year
Equity beginning of year
Equity end of year
782,114
17,443
16,915
32,448
15.890
864.72Q
$ 5,215
$ 347.183
720,021
21,868
16,078
29,866
13.616
801.449
($ 8,601)
$ 355.784
$ 347.183