HomeMy WebLinkAboutThe Citizen, 1995-07-19, Page 8CONSOUDATED BALANCE SHEET AS AT DECEMBER 31.80
1993
ASSETS
Unrestricted
Cash
Taxes receivable
Grant and user charges receivable
Receivables
Investments (Note 5)
$ 145,382
52,614
130,810
26,711
52.463
407.980
$ 144,873
42,420
47,669
47,511
51.548
334.021
Restricted
Cash
Receivables
$ 106,872
13.913
120.785
$ 528,765
$ 99,441
13.387
112,828
$ 446,849
PAGE 8. THE CITIZEN, WEDNESDAY, JULY 19, 1995.
VILLAGE OF BRUSSELS
CONSOLIDATED FINANCIAL STATEMENT AS AT DECEMBER 31, 1994
To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Village of Brussels
We have audited the consolidated balance sheet of the Corporation of the Village of Brussels as at December 31, 1994 and the consolidated statement of operations for the year then ended.
These financial statements are the responsibility of the Village of Brussels management. Our responsibility is to express an opinion on these financial statements based on our audit.
Except as explained in the following paragraph, 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.
As a result of the Brussels, Morris and Grey Recreation Board's fundraising, the municipality received revenue from donations and fundraising the completeness of which is not susceptible
of satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the municipality, we were not able to determine
whether any adjustments might be necessary to donation and fundraising revenues included in fees and service charges, assets and fund balances.
In our opinion, except for the effect of adjustments, if any, which we might have determined to be necessary had we been able to satisfy ourselves concerning the completeness of the
donations and fundraising referred to in the preceding paragraph, these financial statements present fairly, in all material respects, the financial position of the Corporation of the Village of
Brussels as at December 31, 1994 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.
Wingham, Ontario Doane Raymond
January 27, 1995 Chartered Accountants
UABILJTIES
Payables and accruals
FUND BALANCES AT THE END OF THE YEAR
To be used to offset taxation or
user charges in 1995 (note 7)
Reserves (note 8)
Reserve funds (note 8)
$ 84,393 $ 33,126
94,266 53,273
229,321 259,033
120.785 101.417
$ 528,765
$ 446,849
STATEMENT OF OPERATIONS AS AT DECEMBER 31, 1994
1994 1994 1993 1994 1994 1993
!Mac Actual Actual Budget Actual Actual
SOURCES OF FINANCING:
Taxation and user charges APPLIED TO:
Residential and farm taxation $ 497,450 $ 494,277 $ 464,681 Current operations
Commercial, industrial and business taxation 95,227 95,576 82,539 General government 106,878 97,389 85,415
Taxation from other governments 24,551 24,648 22,592 Fire (Note 3) 20,250 20,561 21,331
Telephone levies 26,981 26,547 26,431 Conservation authority 4,091 4,091 4,050
Sewer connection charges 25,032 25,032 25,032 Protection inspection and control 9,320 6,580 7,342
Sewer surcharge 167,797 166,622 155,358 Roadways 78,850 75,967 69,707
Licenses and permits 5,000 6,631 8,714 Street lighting (Note 3) 15,900 15,566 13,920
Fees and service charges 188,930 235,862 276,788 Sanitary sewer system (Note 9) 168,429 168,411 165,395
Rent 19,468 20,256 22,284 Garbage collection 15,000 14,189 14,137
Trailer revenue 5,700 5,700 5,350 Garbage disposal 42,467 39,873 33,205
Garbage collection charges 44 451 45 997 76,612 Medical Dental Centre 14,073 13,240 14,707
1.100.587 1.147.148 1.166.381 Hospitals 1,200 857 1,156
Grants Cemeteries 36,210 34,718 40,129
Infrastructure 78,389 78,389 Parks and recreation 220,281 229,125 228,129
Province of Ontario 139,405 147,385 192,141 Libraries 4,550 4,030 4,385
Other municipalities 41.707 41.883 32.098 Commercial and industrial 1.130
259.501 267.657 224.239 732.499 725.727 703.008
Other Capital
Interest income 19,851 24,052 22,455 Roadways 36,800 35,628 19,697
Lot levies 3,300 2,800 - construction 37,333
Penalty & interest on taxes 4,500 6,158 5,538 - public works truck 14,319
Fines and other 50 275 25 - sidewalks 6,157
Sale of land and equipment 15,000 14,417 1,600 Parks and recreation - equipment 1,000 9,108 60,583
Donation 5.000 - tennis courts 3,903
39.401 53.202 32.418 Storm sewer 27,500 18,799 75,911
Total funds raised for the year 1,J99,489 1,468,007 1,423,038 Sanitary sewer 5,000 4,356 3,476
Medical-Dental Centre 2,869
C.N. land purchase 16,689
Deduct: Amounts received or receivable Fire hall and equipment 159.151 159.902
for county and school boards (Note 2) 487.117 483.838 441.650 229,451 227.793 240.937
912.37a 984.169 981.388 Total funds expended for the year 966.950 953,520 943.945
Net appropriations horn reserves and Net appropriations to reserves and
reserve funds (Note 8) 3.943 10.344 reserve funds (note 8) 37.462
MUNICIPAL FOND BALANCES MUNICIPAL FUND BALANCES
AT THE BEGINNING OF THE YEAR AT THE END OF THE YEAR
To be used to offset taxation or user charges (Note 7) 50,6 53.273 53.292 to be used to offset taxation or user charges (note 7) 94.266 53,273
Total financing available during the year $ 966,950 $ 1,047,786 $ 1,034,680 Total applications for the year $ 966,950 $ 1,047,786 $ 1,034,680
The accompanying notes are an integral part of this financial statement
NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31.1994
1. Significant accounting policies
The consolidated firancial statements of the Corporation of the Village of Brussels 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 necessarily
involves the use of estimates and approximations. These have been made using careful judgements.
(a) Eiasis of Consolidation
(1) 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 of council and the following boards, municipal enterprises and utilities which are under the control of council:
Brussels, Morris and Grey Recreation Board
Brussels Medical - Dental Centre
Brussels Cemetery Board
Brussels, Morris and Grey Industrial Commission
Brussels Homecoming Committee
Brussels, Morris and Grey Catering Group
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 following local boards, joint local boards, municipal enterprises and utilities are not consolidated:
Village of Brussels - Waterworks
Village of Brussels Municipal Electrical Utility
(ill) Accounting for County and School Board Transactions
The taxation, other revenues, expenditures, assets and liabilities with respect to the operations of the school boards, and the County of Huron are not reflected in the municipal fund balances of these
financial statements.
(iv) Trust Funds
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
Sources of financing and expenditures 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 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.
(Ill) Fixed Assets
The historical cost and accumulated depreciation for fixed assets are not recorded 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
"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 reported on the Consolidated Balance Sheet.
2. Operations of School Boards and the County of Huron
Further to note 1(a)(iii), the taxation, other revenues, expenditures and overlevies of the school boards and the County of Huron are comprised of the following:
School
Boards County
Taxation and user charges $ .343,305 $ 103,580
Share of payments in lieu of taxes 11,571 5,498
Share of taxation of telephone and telegraph
gross receipts 15.052 4.832
Amounts requisitioned $ 369.928 $ 113.910 Continued on page 9