HomeMy WebLinkAboutZurich Citizens News, 1981-08-13, Page 67
Page 6
Citizens News August 12, 1981
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1980 ZURICH AUDITOR'S REPORT
To: The Members of CQuncil, Inhabitants and
Ratepayers of the Corporation of the Village of Zurich,
We have examined the consolidated balance sheet of the Corporation of the Village.
of Zurich as at Dece-nher 31, 1980 and the consolidated statements of revenue and ex-
penditure, capital opt._ tions and reserve and reserve funds continuity and analysis
of year end position for the year then ended. Our examination was made in accor-
dance with generally accepted auditing standards, and accordingly included such
tests and other procedures as we considered necessary in the circumstances.
In our opinion, these consolidated financial statements present fairly the finan-
cial position of the Corporation of the Village of Zurich as at December 31, 1980 and
the results of its operations for the year then ended, in accordance with generally
accepted accounting principles for Ontario Municipalities applied on a basis consis-
tent with that of the preceding year.
Woodstock, Ontario
March 19, 1981 WARD MALLETTE
License Number 264 Chartered Accountants
STATEMENT OF REVENUE AND EXPENDITURE
for the year ended December 31, 1980
Accumulated net revenue (deficit) at
the beginning of the year
Expenditures and transfers
Municipal expenditures
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and development
Other
Total expenditures
Transfers
Transfers to region or county
Transfers to school boards
Total transfers
Total expenditures and transfers
Revenue by purpose
Municipal purposes
Taxation 117,270 118,542
Payments in lieu of taxes 3,796 5,114
Ontario grants 71,821 71,827
Other grants 18,130 4,750
Fees and service charges 46,525 58,550
Other 7,700 8,763
Revenue to pay for municipal purposes 265,242 267,546
Region or county requisition
Taxation 17,741 17,982
Payments in lieu of taxes 676 500
Ontario grants
Other
Revenue to pay the region or county requisition 18,417 18,482
School board requisition
Taxation 74,258 75,290
Payments in lieu of taxes 2, :4 2,138
Other
Revenue to pay the school board requisition 77,142 77,428
Total revenue 360,801 363,456
Accumulated net revenue (deficit) at
the end of the year 20,200 11,000
Analysed as follows:
General revenue
Region or county
School boards
Special charges
Special areas
Local boards
Municipal enterprises
Fire area board 764
Zurich Waterworks 11.411
1980 1980
Budget Actual
38,198 38,198
LIABILITIES
Current liabilities
Accounts payableand accrued liabilities
Other current liabilities
Net long term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts
ANALYSIS OF ASSETS AND LIABILITIES
as at December 31, 1980
Revenue
fund.
Current Assets
Cash'
Taxes receivable
Accounts receivable
Other current assets
50,789 50,601
13,564 10,731 Capital outlay to be recovered
62,200 59,365 in future years...
91,730 ,649 Other long term assets
175 5,065
67,739 70,645
600 1,841
286.797 286.897
17,739 20,890
74263 - 82,867
92,002 103,757
378,799 390,654
(3,811)
502
2,134
STATEMENT OF CAPITAL OPERATIONS
for the year ended December 31, 1980
1980
Actual
$
Unfinanced capita' outlay (Unexpended capital
financing) at the beginning of the year NIL
Capital expenditure
General government
Protection to persons and property
Recreation and cultural services
Other
Total expenditure
Capital financing
Long term liabilities incurred
Ontario grants
Other
Total capital financing
Unfinanced capital outlay (Unexpended
capital financing) at the end of the year NIL
BALANCE SHEET
as at December 31, 1980'
ASSETS
Current Assets
Cash 47,542
Taxes receivable 12,348
Accounts receivable 49,118
Other current assets 4,490
113.498
Capital outlay to be recovered in
future years 173,374
Other long term assets 63,919
350,791
11.000
Total
Current liabilities
Accounts payable and
accrued liabilities
Net long term liabilities
Reserves and reserve funds
Balance (or deficit) at year end
Total
647
12,348
35,372
Consoli- Consoli-
dated dated
Local municipal
Boards Enterprises
7,542
2,172
764 4.400
1980
Actual
14,562
14,562
173,374
151,855
11,000
3�
•
7
Internal
Fund Consoli-
Canital Reserve Elimin- dated
Funds ations Total
39,353
11,574
48,367 764 14,204 . - 50,927
48,36'
173,374
63,919
764 14,204 173,374 114,846
12,533 2,793
12,533 2,793 764 14,562
173,374 173,374
37,009 114,846 141,856
• (1,175) 764 11 411 11,000
48,367 764 14,204 173,374 114,846 764 350,791
47,542
12,348
49,118
764 4,490
764 113,498
173,374
63,919
764 350,791
764 14,562
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POUCIES
(a) Statement of Revenue and Expenditure
This statement reflects the revenues and expenditures of the revenue fund and
the following local boards and municipal enterprises:
Zurich Municipal Recreation Committee
Zurich and Area Fire Board
Zurich Waterworks
(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 and its
local boards and municipal enterprises as described in note 1(a).
(c) Balance Sheet
This statement reflects the assets and liabilities of the revenue fund, the
capital fund, reserve funds and the local boards and municipal enterprises as
described in note 1(a).
(d) Fixed Auets
The historical cost and accumulated depreciation of fixed assets is not
reported for municipal purposes. Instead the "Capital outlay to be recovered
in future years" which is the aggregate of the principal portion of unmatured
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 expepditures have not been consolidated in
these financial statements are:
Zurich Hydro Electric System
(f) Charges For Net Long -Term Liabilities
Debt retirement costs including principal and interest are charged against
current revenues in the periods in which they are paid. Interest charges are not
accrued for the periods from the date(s) of the latest interest payment(s) to
the end of the financiaj year.
2. RESERVE FUNDS -
During the year $45,470 were credited directly to reserve funds without being
recorded as revenues and expenditures of the Revenue Fund.
Major sources were:
e Ontario Home Renewal Plan:
Ontario Grant
Interest earned
Loans
Other
Park land
Contribution from developer
$40,000
$ 3,103
2,292
45,395
75
$45,470
3. 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 municipal enterprises and outstanding at the end of the year amount to
$173,374.
4. ACCUMULATED NET REVENUE (DEFICIT) AT THE END OF THE YEAR
The balance in the revenue fund at the year end is available to reduce (to be added
to) the levies of the following classes of ratepayers.
General ratepayers
School board,ratepayers
County ratepayers
Local board4
Municipal enterprises
1980
(3,811)
2,134
502
764
11,411
$ 11,000
1979
$ 11,754
7,573
2,910
,482
13 ,479
$ 38,198