Loading...
HomeMy WebLinkAboutTimes Advocate, 1984-07-18, Page 16Unrdatricged Culls Taxes receivable User charges receivable Accounts receivable Other cI4rreat assets iaatricum r Cast•. Investments Othc: current assets Long term receivables Tim's -Advocate, July 18, 1984 Township of McGillivray Financial Statement - 1983 Coasolidated,Daleece Sheet as at December 31, 1983 1 9 8 3 1 9 8 2 LIABILITIB2/ $ ____ 8,451 104,863 25,093 130,711 84,421 24,359 3,842 14,238 Capital outlay financed by long term liabilities and to be Tecovered in future years (note 6) 136,307 SOURCES OF FINANCING: Taxation and user charges .Residential and farm taxation Commercial, industrial and business taxation Taxation from other governments User charges 532,285 12,342 99,856 20,773 39,062 77,717 20,306 4,000 2,191 18,013 189.431 483,691 Temporary loan, Accounts payable and accrued liabilities Other current llabllitiee Net long term liabilities (note 6) MIND BALAR(S8 AT TRE 8110 OF TRE TEAR (note 6) To be used to offset (or to be recovered from) taxation or user charges (note 7) Unexpended capital finanting (or capital operations not yet permanently financed) (note 7) Reserves (note 8) Reserve funds (note 8) The accompanying notes are an Integral part of this financial statement. Deduct: Amounts received or receivable for region or county, and school boards Grants Government of Canada Province of Ontario Other municipalities Other Investment income Other Proceeds from/the issue of long term 1labilites Extraordinary gala Net appropriations from reserves and reserve funds MUNICIPAL FUND BALANCES AT Tal' BEGINNING OF THE YEAR (note 7) t. Budget 1983 Municipality TOWNSHIP OF McGILLIVRAY 956,927 47,188 6,000 70,002 (719,995) 310,353 Consolidated Statement of Operation for the year ended December 31, 1983 Actual 1983 Actual 1982 $ 959,392 883,568 47,486 40,8)6 5,871 5,618 66,143 73,106 (721,961) (643,756) 7,335 308,362 27,085 315,598 APPLIED TO: Current operations General government Protection to persons and property Transportation services Environmental services Health aerv;ces Social and family services Recreation a9d cultural services Planning and development Capital 18,278 13,414 General government Protection to persons and property Transportation services Environmental services Health services 11,769 20,531 27,370 Social and family services 96,503 106,790 187,533 Recreation and cultural services Planning and development To be used to offset (or to be recovered from) taxation or user charge 124,129 Unexpended capital financing (or capital operations not yet financed) 4,270 Extraordinary loss Net appropriations to reserver and reserve funds MUNICIPAL FOND MLANCES AT THE END OF THE TEAR (Dote 7) 124;208 22,811 To be used to offset (or to be recovered frog) taxatton or user chatges Unexpended capital financing (or capital operations not yet financed) (62,177) (62,177) (45,815) 'Total financing available during the yea. 858,971 889,065 884,593 Total applications during t)ue year The accompanying notes are an integral part of this financial statement. TOWNSHIP OF McGILLIVRAY NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 19(;7 1. Accounting Policies (a) Pasis of Consolidation (i) Consolidated Balance Sheet This statement reflects the assets and liabilities of the revenue fund, reserve fonds, the capttar fund and includes the activities of all committees of Council and the following local boards, municipal enterprises and utilities which are under the control of council: McGillivray Water Operations McGillivray Athletic Association (1/) Consolidated Statement of Operations This statement reflects the consolidated sources of financing and expenditures of the revenue fund, reserves, reserve funds, and the capital fund of the municipality and those local boards, municipal enterprises and utilities described in note 1 (a) (1). (111) The taxation, other revenues, expenditures, assets and liabilities with respect to the operations of the school boards, and the County of Middlesex are not reflected In these financial statements except to the extent that overlevies (underlevies) are reported on the Consolidated Balance Sheet- as other liabilities" ("other current assets-). (b) Basis of Accounting (1) Soarces of financing and expenditures are reported on the accrual basis of accounting with the #xceptinn of principal charges on long term liabilities which are charged agatnst,operattocs In the pertbds In which they are paid. The principal charges are not accrued The overlevies (underlevies) et the end for the period from the date of the latest Installment payment to the end of the financial year. Budget 1983 74,782 33,197 60,762 22,580 65,19$ 64,242 136,307 189,431 70,434 124,208 (48,629) (62,177) 132,000 72,000 41,431 40210 532,285 483,691 Actual Actual 1983 1982 $ $ 91,500 40,800 368,022 116,913 1,000 75 26,349 17.420 84,521 40,795 304,503 122,297 300 300 22,879 24 278 90,970 35,103 327,383 70,564 595 325 15,649 12 735 662 079 599873 553,324 1,000 15,942 64,719 39,284 35,823 35,823 5,566 15,000 75,835 13,848 2,000 75,835 212.173 127,658 206167 259,023 60,000 61,220 10,215 57,869 70,434 124,208 (48,629) (48,629) (62,177) 858,977 889,065 884,593 (11) The accrual basis of accounting recognises revenues as they become available and measurable; expenditures are recognized as they are Incurred and measurable es a result of rtcelpt of goods or services and the creation of a legal obligation to pay. (111) Capital Outlay to be Recovered in Future Years The hiatoeical cost and accumulated depreciation of fixed assets are not reported for municipal purposes. Instead the "Capital outlay to be recovered in future years", which represents the outstanding principal portion of unsecured long tern liabilities for municipal expenditures or capital funds transferred to other organizations, 1s reported on the "Consolidated Balance Sheet'. 2. Operations of School Boards and the County of Middlesex Further to note 1(a)(1v), the taxation, other revenues, expenditures and overlevies (underlevies) of the school boards and the County of Middlesex are comprised of the following: Taxation and user charges . Grants Requisition, Overlevies (underlevies) Overlevies (underlevies) beginning of the year Overlevies (underlevies) of the year for the year at the at the end These revenues and expenditures are not Statement of Operations-. HcGILLIVRAY WATER OPERATIONS BALANCE SHEET DECEMBER 31, 1983 (with comparative figures as at December 31, 1982) ASSETS 7 9 8 3 1 9 8 2 School Boards County $580,070 $132,267 9,624 3. Contributions to Umceasolideted Joint Boards Further to note 1 (a) (111), the assets and liabilities of unconsolidated point boards are not reported on the 'Consolidated Balance Sheet", except to the extant of the long term liabilities 10 be recovered from general taxation. The operations of those joint boards have also not been consolidated. The 'Consolidated Statement of Operations' Includes only the following contributions made by chs municipality to those boardst 1 9 8 3 1 9 8 2 Northwest Middlesex Planning Board $ 1,000 North Middlesex Community Centre Board 4,144 Lucan Community Centre Board 3,631 The municipality is contingently liable for its share of the accumulated deficits to the end of year for these boards: 1 9 8 3 Northwest Middlesex Planning Board North Middlesex Community Centre Board Lucas Community Centre Board $ 23,828 3,159 $ 1,000 7,056 650 1 9 8 2 $ 6,304 $ 7,882 3,631 The Northwest Hlddlesex.Planning Board vas dissolved on August 1, 1983 pursuant to the Planning Act. 4. Investments The total 1982 investments of $4,000 recorded on the 'Consolidated Balance Sheet" at cost, had a market value of $4,000 at the end of the year. 5. Liability for Vested Sick Leave Benefits Under the sick leave benefit plan, unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the muncipallty'a employment. The liability for these accumulated days, to the extent that they have vested and could be taken 1n cash by an employee on amounted to $9,900 (1982 $10,919) at the end of the has been sada for this liability. 6. Net Long Tera Liabilities (a) The balance of net liabilities reported on the 'Consolidated Balance Sheat' le sada up of the following: Total long term liabilities incurred by the municipality including those incurred on behalf of school boards, other municipalities municipal enterprise* and outstanding at the end of the year amount to In addition, the municipality has assumed responsibility for the payment of principal and interest charges on certain long term liabilities issued by other municipalities. At the end of the year, the outstanding principal amount of this liability is Of the long term liabilities shown above, the responsibility for payment of principal and interest charges for tile drainage and shoreline property assistance loans has been assumed by individuals. At the end of the year, the outstanding principal amount of this liability is terminating, year. No provision 1 9 8 3 1 9 8 2 52,162,648 €2,263,142 8. Reserves ad etaarve Feeds The total balance of reserves qd reserve funds of $173,431 (1982 5122,210) is mads up of the followings Set aside ar specific purpose b Caswell - for acgvisitioe of fixed assets - for orkios capital Set aside for specific purposes by legislation, regulation or agreement - for loans under the Ontario Rome Renewal Plea 1 9 8 3 $ 45,783 92,000 97,783 1 9 8 2 $ 5,361 72.000 77,361 35,648 34,849 Total 9113,431 9112,210 9. Charges for Rat Long Tera Liabilities Total charges for the year fou net long term liabilities vbicb are reported on the aConsolidated Statement of Operatioma" are as tallows 1 9 8 3 1 9 8 2 Principal payments Including eontrlbutfons to slaking funds and to the Ministry of the Environment Debt Retirement Fund Interest $ 53,124 29,071 $ 82,195 $ 6,366 29,216 $ 35,582 The charges for long term liabilities assumed by the non -consolidated entitles or by individuals in the case of tile drainage and shoreline property asslastance loans are not reflected in these •tatementa. 10.' Contingent Liabilities ,The municipality 1s contingently liable for long term liabilities with respect to tile drainage and shoreline property assistance loans, and to those for which the responsibility for the payment of principal and interest has been assumed by other municipalities, school boards and unconsolidated local boards, municipal enterprises and utilities. The total asount outstanding as at December 31, 1983 is $2,058,286 (1982 2,110,614) and 1s not recorded on the 'Consolidated Balance Sheet'. 11. Changes in Accounting Policies Effective January 1, 1983, Ontario municipalities and their local boards must follow the accounting principles outlined In the Municipal Financial Reporting Handbook. The new Handbook substantially revised many of the accounting and reporting requirements applicable to Ontario municipalities for the fiscal year 1983. The 1982 figures presented for comparative purposes have been restated, where determinable, to conform with the new presentation in 1983. The following summary outlines the more significant changes made. (1) All local boards, municipal enterprises and utilities that are politically accountable to the municipality as listed in note 1(a)(1) are consolidated. (11) Prior to 1983, investments in the municipality's own long term debt instruments had been netted against the gross liability. Such investments are now included as assets on the Consolidated Balance Sheet. (11L) Previously assets were not segregated between restricted and 31,945 36,903 ' unrestricted. Por 1983 the assets of reserves funds are now reported ee restricted assets. (2,058,286) (2,110,614) Net long term liabilities at the end of the year $ 136,301 $ 189,431 (b) Of the net long term liabilities reported in (a) of this note, all principal payments are payable from 1984 to 1988 and are summarized as follows: from benefitting landowners from consolidated municipal enterprises 1964 to 1988 $ 9,362 126.945 $136,307 (c) Approval of the Ontario Municipal Board has been obtainod,jor the long term liabilities reported on the "Consolidated Balance Sheet'. 7. Municipal Equity (or Deficit) at the end of the year 580,070 141,891 580,122 141856 (a) The balance on the "Consolidated Statement of Operations" of municipal (52) 35 equity (or deficit) of $21,805 (1982 $62,031) at the end of the year 1s comprised of the following: 894 (77) $ 842 $ for general reduction (Increase) (42) of taxation reflected in the "Consolidated of the year are reported as other liabilities (other current assets) on the "Consolidated Balance Sheet". Statement 1 Current: Bank $ 7,262 $ 11,408 Accounts receivable 42,040 28,382 Due from Township of Hr(flltvrar 732 50,055 Total current assets 50,034 89,845 Capital outlay to be recovered 1,,945 176,902 $176,979 5266,747 LIABILITIES AND Sl'mus Correnti Accounts payable Long-term debt Surplus (statement 2) Unexpended capital receipts (unfinanced eapitsl nutlaY) (statement 1) S 5,790 $ 3,605 126,945 176,902 56,957 102,328 _A►22713) (16,088) 3176,979 $266,747 HcCILLIVRAT WATER _OPERATI2N S Statement 2 STATEMENT OF REVENUE AND EXPENDITURE FOR THE TEAR ENDED DECEMBRR 31, 1983 (with comparative figures for the Pear ended December 31, 1982) Revenue: Water billings Interest and penalties Materials Debenture levies Transfer from capital fund Expenditures: General and edministratlon Water purchase* Salaries, wage■ and benefits Maintenance and materials Debenture payment. Excess revenue (expense) Surplus, January 1 Surplus, December 31 1 9 8 3 1 9 8 2 $ 50,771 8,369 271 8,301 $ 61,093 14,145 5,933 8,183 39426 67,112 128.780 1,538 27,551 6,135 958 76'01 113,083 (43,371) 102,328 $ 36,957 2,169 23,486 12,320 8,386 31783 78144 30,636 32,692 5102,328 for general reduction (increase) of user charges capital operations not yet permanently financed 1 9 8 3 1 9 8 2 $ 12,565 $ 21,078 57,869 103,130 (48,629) (62,177) $ 21,805 $ 62,031 (b) Approval of the Ontario Municipal Board has been obtained for the pending issue of long term liabilities and for those commitments to be financed (roe revenues beyond the ten of Council. MGGILLIVRAY WATER OPERATIONS STATEMENT 07 CAPITAL OPuitIOks FOR THE TEAR ENDED DIMS!" 31L 1183 (with comparative figures for the year ended December 31, 1982) Statement 3 Unexpended capital receipts (unfinanced capital expenditures), January 1 Expenditures Waterline construction 13,823 3,366 Transfer to revenue fund 1 9 6 3 1 9 6 2 $(16,088) $(14,994) Financing Contributions from school board Prepaid special charge. Unexpended capital receipts (unfinanced capital expenditures), December 31 39,426 33823 44,992 3,766 33.432 39,198 43, 898 43,$98 $(12,713) 9(16,088) (iv) 'Capital outlay financed by long term liabilities and to be recovered in future years" on the Consolidated Balance Sheat includes the amounts previously described as 'Capital outlay to be recovered in future years' with certain exceptions. These exceptions include work in progress, and amounts related to the long-term liabilities for unconsolidated entities, and for tile drainage and shoreline property esahetance loans. Similarly the related long-term liabilities vich respect to uu.onsolidated entities, and to tile drainage and shoreline property assistance loans are also excluded from the Consolidated Balance Sheet. (v) The underlevies (or overlevies) for school boards and the County, which had previously been recorded as fund balances et the end of the year on the Consolidated Balance Sheet, are now reported es liabilities. Aa a result of the above changes, the effect on the Consolidated Statement of Operations has been an L (or d ) of $(14,209) in the net change in municipal fund balances for 1983. The retroactive effect on the fund balances on the Consolidated Balance Sheet ae at December 31, 1962 hes been reflected in the 1982 comparative figures in this report and 1s summarised below. To be used to offset (or to be recovered from) taxation or user charges Capital operations not yet permanently financed ORIGINALLY RESTATED REPORTED NET INCREASE (DECREASR) $188,450 $124,208 3(64,242) (62,177) (62,177) Reserves 72,000 72,000 Reserve funds 40210 40210 Total $188,450 $174,241 9(14,209) This restatement arises from the following changes in principles: Consolidation Capital operations not yet permanently financed Underlevies (or overlevies) for school boards and County Net effect 5 48,7851 (62,177) (817) $(14,209) McCILLIVMT ATHLETIC ASSOCIATION STATEMENT OF REVENUE AND EXPENDITURE ? R THE TEAR ENDED DECG(EER 31L 1983 (with comparative figures for the year ended Detester 31, 1982) 1983 1962 Revenue Township of McGillivray $ 1,000 $ 2,606 Dance revenues 3,636 3,128 Fun Day revenues 116 Miscellaneous 20 13 5,374 3,841 Expenditure Park operations - meanest Ince, repels and vases 3,399 3,873 Dents expenses 1,864 1,343 3,263 3,318 Keels* eeeeeus 111 323 S urplus, January 1 • 601 478 S urplus, December 31 $ 912 6 601 I )