HomeMy WebLinkAboutClinton News-Record, 1981-07-02, Page 11=WON NEWS -RECORD, THURSDAY, JULY 2,1931 -PAGE 11
The Corporation of the Village of Bayfield
1980 AUD
To the Members of Council,
Inhabitants and Ratepayers of
the Corporation of the
Village of isayfield:
TOR'S REPORT
BALANCE SHEET
as at December 31, 1980
ASSETS
4. ACCUMULATED NET REVENUE (DEFICIT) AT' THE END OF THE YEAR
We have examined the consolidated balance sheet of the Corporation of
the Village of hayfield as at December 31, 1980 and the consolidated state-
ments of revenue and expenditure, capital operations, and reserve and reserve
funds continuity and analysis of year end position for the year then ended.
our cyxaminat,ion was made in accordance with generally accepted auditing
standards, and accordingly included such tests and other procedures as we
considered necessary in the circumstances.
Due to lack of detail in the accounting records Deferred to in notes
4 and 5 and the lack of proper 'accounting controls referred to in note 6 of
the 1dc4tes to the Financial, Statements we are unable to offer our opinion on
the items recurred to therein -'the allocation of a portion of road wages to
recreation wages, related road subsidy presentation and the presentation of
revenues and cash expenditures of the Community Centre operating fund.
Except fur the foregoing in our opinion, these consolidated financial
statements present fairly the financial position of the Corporation of the
Village of Hayfield as at December 31, 1980 and thee -results of its operations
fur the• year then ended in accordance with generally accepted accounting
principles fur Ontario municipalities applied on a basis consistent with that;
of the precedingyear.
Current assets
Cash
Taxes receivabill'i
Accounts receivable
Other current assets
1980
Actual
$.•
14,463
23,172
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.
1980 19.74
1979 General ratepayers (14,366) (15,982)
Actual County ratepayers
Community Centre operating furr14,457 .14,352
School board ratepayers - " 1,632'r 1.,148'
(5,744) (3,288)'
Bayfield -'•Fire Area ratepayers •
2,058 1,599
13,495 $ (1,963) $ (2,171)
•
21,488
16,122 84,404
5. TEMPORARY BANK LOANS IN EXCESS OF STATUTORY LIMIT.
53,757
119,387
Capital outlay to be recovered in
future years
Other long term assets
9,350 6,469
Temporary bank loans of $78,000 at year end were in excess of the amount allowed
under section 332 of the Municipal Act. The maximum amount allowed would be 702
'of the uncollected balance of the 1980 estimated revenues, or $ 16,964.
Temporary bank borrowings existed as follows at year end:
Purpose 1980 1979 1978
Community Centre construction 78,000
Village of Bayfield working
capital .35,000
Total bank loans outstanding $ 78,000 $ 162,000
127,000 112,000
20,995
$ 132,995
63,107
125,856
DURST, VODDEN & BENDER
Chartered Accountants
Municipal Auditor's License Number 221.
6. ,EXPENDITURE CLASSIFICATION'
Coderich, Ontario".
May 22, 198,1.
50
STATEMENT OF REVENUE AND
EXPENDITURE
for the year ended
December 31, 1980
LIABILITIES
Certain employees' salaries and wages totalling approximately $15,4681were charged
to transportation - roads when in fact some portion should have been charged to .
parks and recreation. Due to lack of information in the Village records it is not
possible to determine what portion should have been classified as parks and
recreation.
1980
Budget
$
1980
Actual
$
1979 .
Actual
Accumulated net revenue (deficit) at
the beginning of the year .(2,171)
Expenditures and transfers
Municipal expenditures
General governrnent
Protection to persons and property
ransportapon services
Environmental services
Health services
Social and faintly services
.Recreation and cultural services
Planning and development
Other
_.(2,1711_.
6.248
• Current liabilities
Temporary loans
Accounts payable and accrued liabilities
Other current liabilities
1980
; Actual
78, 000
48,122„
1979
Actual
162s,000"
24,545
7. REVENUE - PROVINCE OF ONTARIO SUBSIDY
The Province of Ontario road subsidy included in the financial statements is
the amount actually claimed and received for 1980. No adjustment has been made I
for a possible subsidy reduction on salaries and wages referred to in note 6.
37,555
23,000
56,000
18,000
13,000
s;coo
39,388
37,843
55,994
16,967 -
25
50,269
27,416
25,915
20,351
103,274
•15,322
413
100
13,995
75
126,122
186,545
Total expenditure
152,555
227,902
•
119,447
Nei lung term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts -
21 ,602
(84,617)
8. REVENUE - COMMUNITY CENTRE OPERATING FUND
21,119 Due to deficiencies in accounting' control it is not possible to determine -
whether or not all revenues are deposited and whether all expenditures paid
out of cash are recorded. Also, due to accounting deficiencies, it is not e
(81,808) practicable to verify fully the revenue classification for the Community Centre
operating fund.
Transfers
f•ansiers to region or county.
-i ranslers to school boards
•
Total Transfers ,
Total expenditures and transfers
63,107
125,856
29,210
121.192
150,402
302.957
29,209
. _121.602 _'
_150,1811
. 3)8,I13-
. 33,668
. 106.652 .
140,320
319,767
Revenue by purpose
Municipal purposes
taxation
P,Iyl ents,an lieu of taxes
Ontario grant,
Other grants
Pres and service charges
Other.
NOTES TO THE FINANCIAL STATEMENTS
-44
BAYFIELD AREA CAPITAL FUND
for the year ended December 31, 1980
Revenue to pay for municipal prirposes
Region or county requisition
laxation -
Payments in heti of taxis
Ontario grants
Other
75,522
1,500
'60,736
7.,192
900
3,600
149,450
75,14
2,462
' 73,326
29,851 -
. 13,897,
32.871
227,521_
29,215
279
29,035
279
54,679 "
2,474
82,366
19,843
2,016
11 2� 8
172,663
1. ACCOUNTING POLICIES
1980
Actual
(a)
Rove ' to pay the region or county requisition
School board requisition
_ 29,494__
29,314__
25,925
557
6,770
. 33y2.52_
Statement of Revenue and Expenditure
This statement reflects the revenues and expenditures of the revenue fund
and the following local boards; .
Bayfield Community Centre Operating Fund (local board) '
Bavfield Fire Area (joint.. local board)
The revenue and expenditure of the Village of Bayfield Marina
.terprise is not consolidated. !,
a municipal
1.o\Jtiun
Payments in lieu of tuxeN
Oi!''r
Revenue to p:i:, the 'school board requisition
1nlsd revicene
122,186
1,158
' 123,344 "
'120,928
1.158
122,086
302„288__
. 378,921
• 103,200
• 2,233.
• 105,433
. _,311348-_
Acctnn:date,i net revenue 1deficil) at
• the end at the' year
1p,u•.,.-d J, follow,
iltneral revenue
Region or ..ounty
School boards
Special charges
Spit cal JreJ'
Local hoards
Municipal enterprises
(2,840)
(1.963)
(20,776)
14.636
3,100 '
(14,366)
14,457
1,632
-(15,982)
14,352
1,148
(3,686)
(1.689)
(b) remeht of Capital Operations
statement reflects the capital expenditure of the municipality to he
''ered from the general municipal revenue of the municipality and its
I hoards. as doscribed^i'n note 1 (a). •
Unfinanced capital ,outlay - beginning of
year (deficit) (79,637)
Capital. financing ,•
Donations revenue land valuation per
Ministry of Revenue
- transfer from trust fund -
- contributions from Community
Centre Operating Fund 3,247'
- the public 9,974
Bank interest on savings account 93
Province of Ontario - grants:
Community Centres & Wintario grants 6,743
Contributed from the Village of Hayfield 13,897
1979 1978 1978 to 1980
Actual Actual Actual Total
(5,101)
- 14,500 • 14,500
1,983
36,277
316
1551,162
1,234 1,234-
263
41,756
729
5,493
88,007
1,138
163,089 321,994
13,897
33,954 190,738 221,571 446,2633
(c) •,'v Sheet
ftatement reflects the assets and liabilities of the revenue ft' d, the
/:it fund, reserve funds and local boards as described in note 1 (a)
Assets and liabilities .of the Village of Bayfield Marina, a municipal
.'rpris'e, are not consolidated.
(d) ed Assets
1 . historical cost and accumulated depreciation of fixed assets is not ••
I 'rted for muni�MCIipal purposes. No capital projects have been permanently
I 'need. Accumulated unfinanced capital outlay is reported on the' Unfinanced capital outlay at year-end (deficit)
8..,ance Sheet.
Capital expenditure
Land acquired '
Soil testing, survey
Structural.analysis
Demolition of old arena
`New arena const,ructipn - contractor
- engineering and supervision
Building. improvements, cupboards, stage,
equipment, furniture „
Bank interest costs
Ice machine overhaul
Tractor purchased
4,323
12,756
12,602
3,790
3,500
325
'229,506
12,737
11,738
10,968
•
14,500
1,097
2,352
2,000
192,108
14,263
14,50n
1,422
2.352
2,t1;)n
-21,614
31,323
-352
24.,•'+94
23,' 22
3,�,,
36,9'71
$(82,654)
265,274.. 226,472 526,'1-
S(79,637) $ 1 - i )1 • F2,F}
(2,840)
y„(1,963)
(2,171)
STATEMENT OF CAF: TAL OPERATION'S
for the year ended December 31, 1980
1980
Actual
s
1979
Actual
S
(e) Municipal enterprises •
Munfeipal enterprises are these activities whose costs are substantially.
recovered from service charges An the users. The enterprises of this
municipality whose revenues and 0,:ponditIfyf'sr have not been consolidated in
these financial statements are:
Village of Ravfield Marina
BAYFIELD FIRE AREA STATEMENT OF
REVEN''UE AND =Mt D:TL
for this year ended December 31, 1980
• t
1 u,tiii:ntccd capital outlay (Unexpended capital
financing) at the beginning of the veal-
79,617
_ 51101. 2. CAPITAL. OUTLAY TO BF RFCOVF.R}.i) IN FI'7 4F' \TARS
( apical expemliturc
(,cncral ginernment
Protet non to persons and prrperts
1 r.mspnrtatron seeders
Fnsironmcnt.il scrap rs
Health %emir,
tio,151 .end 1an111W cert lie,
Recreation and cultural services
Planning and development
Other
Total expenditure
5,557
19,549
16.971
62,077 _
1,721'
686
265,274
267,681
(a) Capital outlays, including: fixed assets And the; transfers of capital funds
in the amount of $40,250 whish have been finan ed from general muni,ipol
revenues of the current scar, are reported on the <tatement of Revenue and
Expenditure. - 1-
Accumulated net revenue - beginning of year
Revenue
Contrib'ution per agreement -
P
Village Bavtiei.i
Toanshir i•oderich
Townshir `tanlc•v
(b) Unfinanced capital outlay on4i t, of the f' wing:
1978 - 1980
Hayfield Community Centre - 1•illding and equipment
purchased
Capital firrancnig
(cmtnhutions from the reicnuc toad
Contributions from reserves
and reserve funds
long Terni Ii.ihihrc, incurred
l mime; grants
1 her
'feral capital financing
total costs
Related financing - total
Fire calls -
Village of Bayfield
Township of Go'derici,
Township of Stanley
Out of area - Bavft'.1
Ministry of Transn,'rtAtion
Commnnicat 10
an,:
^ Sale of water
:8,41,
446,161
-llnflnanced capital nutl:iy at the end of 1980 $ 82,654
Total revenue
1t is anticipated that future financing w111 he obtained through puhl1.•
donations and contributions from the Village of Bayflrld.
Expenditure
Administration -
40,'50
4,390
Insurance Ansi ren,.,it i,•r
Telephone
Offtcr sup^iies
Audit
Secretary-Trr•isqr er
Board -embers
Mutual Ai'.
6,741
_12,061-
59,060
152,162
193,145
3. RESERVF. FUNDS
1'nfinanc•ed capital nutlaV (Unexpended
ear 11sl financing) .rt the coo&of the year
82,654
79„637
During the year, the following amounts were credited dlreetly to reserve :ands
wfithout being reco'tded as revenues and expenditures of the Beve•nee Fund:
4,1 Contributions from subdividers: 4,000
P Contributions from the public 1,287
interest earned 966
s 6,251
Fire fighters -'remuneration
Fire fighting equipment
Truck repairs
Fire hall services II
Fire fighter trainingg
Capital expenditure out of ,t -rent r(•ve:..r
Tota expenditure
Accumulated net 'revenue - rid .-t gear