Zurich Citizens News, 1981-05-06, Page 10Pag• 10
Citbnns News May 7, .19111
Wet ft
HAY TOWNSHIP AUDITOR'S
members of Inhabitants and Ratepayers of the Co ra ai
To: The Council, p
y rpo ti of the
Township of Hay.
We have examined the balance sheet of the Corporation of the Township of Hay
as at December 31, 1960 and the statements of revenue and expenditure, capital
operations, continuity of trust funds, and reserve and reserve funds continuity and
analysis of year end position for the year then ended. We have also examined the
balance sheet of the Hay Municipal Telephone System as at December 31, 1960 and
the statement of revenue and/expenditure and the statement of changes in working
capital for the year then ended. Our examination accordingly included such tests and
other procedures as we considered necessary in the circumstances.
In our opinion, these financial statements present fairly the financial position of
the Corporation of the Township of Hay. and the Hay Municipal Telephone system as
at December 31, 1980, and the results of their operations for the year then ended, in
accordance with generally accepted accounting principles for Ontario municipalities
and their enterprises applied on a basis consistent with that of the preceding year.
DURST, VODDEN 8& BENDER
Chartered Accountants
Municipal auditor's licence No. 221.
Goderich, Ontario.
March 6, 1981.
Statement of Revenue and Expenditu
for year ended December 31, 1980
re 1980
Budget
Accumulated net revenue (deficit) at 5
the beginning of the year 7,480
Expenditures and transfers
Municipal expenditures
General government 85,350
Protection to persons and property 30,736
Transportation services 288,120
Environmental services 13,650
Health services 350
Social and family services 25
Recreation and culturalservices 11,588
Planning and development 145,014
Total expenditure 574,833
TRANSFERS
Transfersto region or county 111,039
Transfers to school boards 489,663
TOTAL TRANSFERS 600,702
' Total expenditures and transfers 1,175-535
REVENUE BY PURPOSE
Municipal purposes
Taxation 212,794
Payments in lieu of taxes 1,235
Ontario grants 190,475
Other grants
Fees and service charges 144,616
Other 16,500
Revenue to pay for municipal purposes x,620
Region or county requisition
Taxation 111,765
Payments in lieu of taxes
Ontario grants
Revenue to pay the region or county requisition
School board requisition
Taxation 490,670 494,079
Revenue To Pay The School Board Requisition 490 670 494079
Total revenue '
Accumulated nnet revenue (deficit) at 1,168,055 1,194,124
the end of the year
Analysed as follows:
General revenue
Region or county
School boards
Special charges
1980
Actual
$
7,480
80,938
29,179
288,445
9,656
50
950
12,210
144,840
566,268
111,568
493,106
604,674
1,170,942
216,351
2,364
189,293
148,437
31,079
587,524
112,521
111,765 112,521
Statement of Capital Operations
for year ended December 31, 1980 1980
Actual
CAPITAL EXPENDITURE
General government
Protection to persons and property
Transportation services 34,309
Environmental Services 26,778
Health services
Social and family services .... ,
Recreation and cultural services
Planning and development 462,871 188,756
Other 815,000
Total expenditure 1,338,958 198,046
CAPITAL FINANCING
contributions from the revenue fund 34,309 11,833
Contributions from reserves
and reserve funds
Long term liabilities incurred 1,065,801
Ontario grants 75,687
Other 163,161
Total capital financing 1,338 958
Unfinanced capital outlay (Unexpended
capital financing) at the end of the year
Balance Sheet
as of December 31, 1990
ASSETS 1980
Actual
Current assets 5
Cash 139,501
Taxes -receivable' 41,423
Accounts receivable 110,679
Other current assets 6,108
30,662
30,486
227
(34)
17
30,662
1979
Actual
$'
2,258
7,032
Capital outlay to be recovered in
future years
Other long term assets
297,711
2,484,674
39,109
2,821,494
155,300
8,111
22,802
198,046
1979
Actual
5
49,578
57,471
153,917
260,966
1,573,829
35,098
1869893
LIABILITIES
Current liabilities
Temporary loans
Anumme
Accounts payable and accrued liabilities $6,803:60403
$.4,940
-- Other current liabilities
7j570 ! .
Net long term liabilities 2,484,674 1,573,829
Reserves and reserve funds , .., 238,588 193,16L
Accumulated net revenue (deficit) and
unapplied capital receipts ,Ats 7,480
4831.494 1,869,893
NOTES TO THE
FINANCIAL STATEMENTS
1. ACCOUNTING POUCIES
(a) Statement of Revenue and-Exponditure
This statement reflects the revenues and expenditures of the revenue fund.
There are no local boards or municipal enterprises consolidated in these
results.
(b) Statement of Capital Operations
This statement reflects the capital expenditure of the municipality to be
recovered from the general municipal revenue -of the municipality as describ-
ed in note l(a).
(c) Balance Sheet _
This statement reflects the assets and liabilities ofthe revenue fund, the
capital fund and reserve funds as described in note 1(a) . The - assets and
liabilities of local boards and enterprises that have not been consolidated are
reflected only to the extent of their related net long term liabilities and capital
outlay to be recovered in future years.
(d) Fijed Assets
The -historical cost and accuiyfl atedde reciation of fixed assets is not
reported for municipal ses. Instead, the "Capital outlay to be recovered
in future years" which is e aggregate of the principal portion of unrriatured
long term,liabilities capital funds transferred to other organizations, and the
cost of capital projects not yet permanently financed is 'reported on the
Balance Sheet.
(e) Municipal enterprises
Municipal enterprises are those activities whose costs are substantially
recovered from service charges on the users. The_ enterprises of this ,
municipality whose revenues -and expenditures have not been consolidated in .
these financial statements are:
Hay Municipal Telephone System .
_(f) Charges For Net Long Term Liabilities
Debt retirement costs including principal and interest are charged against
current revenuesin the periods in which they are paid: Interest charges are not
accrued for the periods from the date(s) of. the latest interest payments) to
the end of the financial year.
(g) Trust Funds
Trust Funds administered by the municipality an'iounting to $297 are only
reflected in the Trust Funds, Statement of Continuity and Balance Sheet.
2. CAPITAL -OUTLAY TO BE RECOVERED IN FUTURE YEARt
e ap out ay to be recovered in future years does not
burden on general municipal revenues, as it is to be recovered in
from other sources:
1980
Special charges on benefitting landowners .. $939,674
Municipal enterprises 1,545,000
$2,484,674
represent a
future years
1979
5788.829
785,000
11,573.829
(b) Capital outlays, including fixed assets and the transfers of capital funds in the
amount of $34,309 which have been financed from general municipal revenues
of the current year, are reported on the Statement of Revenue and Expen-
diture.
3. RESERVE FUNDS
During the'year, $44,056 were credited directly to reserve funds without being
recorded as revenues and expenditures of the Revenue Fund. Sources were:
Province of Ontario - Ontario Home Renewal
Plan Grants 40,000
Interest earned 4,066
44.056
4. NET LONG TERM UABIUTIES
The balance for net long term liabilities reported on the Balance Sheet is made up
of the following:
Total long term liabilities incurred by the municipality including those incurred on
•
behalf of former school boards, other municipalities and municipal enterprises and
outstanding at .the end of the year amount to 12,614,623
Of the long term liabilities shown above, the responsibility for payment of principal
and interest charges has been assumed by The Huron County Board of Education
for a principal amount of - - 129,949
Net long term liabilities at the end of the year
S. ACCUMULATEDNET REVENUE (DSFICIT) AT THE END OF THE YEAR
The balance in the revenue fund at the year end is available to reduce
to) the levies of the following classes of ratepayers.
1980
General ratepayers _ 130,486
County ratepayers 227
School board ratepayers (34)
Designated ratepayers (17)
$30,662
-
6. CHARGES FOR NET LONG TERM LIABILITIES
Charges for the year for long term liabilities were as follows:
Principal payments
Interest
12,484,674
(to be added
1979r
19,207
(726)
(1,007)
6
1 7,480
1980 1979
$155,956 1136,862
118,703 117,102
1273,659 *253 964
Of the total charges shown above $142,996 were paid from general municipal
revenues of the municipality and are included in empenditure on the Statement of
Revenue and Expenditure classified under the appropriate functional headings. The
remaining $130,663 were recovered from municipal enterprises for Which the related
net long term liabilities were incurred and are not reflected in the statement.
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