The URL can be used to link to this page

Home My WebLink AboutClinton News-Record, 1985-12-11, Page 31Page 8A-CLINTON NEWS -RECORD, WEDNESDAY, DECEMBER 11,1985 The Corporation of the Village of hayfield 1984 To the members of Council, Inhabitants and Ratepayers of the Corporation of the Village of Bayfield: We have examined the consolidated balance sheet of the Corporation of the Village of Bayfield as at December 31, 1984 and the consolidated state- ment of operations for the year chen ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such testsandother procedures as we considered necessary in the circumstances. Due to the nature of their operations it was nut practicable to fully 'Verify the revenues of the Bayfield Community Centre and the Bayfield Recreation Centre, We did, however, verify that•the revenues reported were ,those recorded in the books and that the recorded revenues were deposited to the bank accounts. In uur opinion, except fur the revenue reported being those revenues recorded as outlined in the preceding paragraph, these financial statements present fairly the tinanctal position of the Corporation of the Village of Bayfield and the entities indicated above as at December 31, 1984 and the results of their operations for the year then ended in accordance with the accounting principles prescribed for Ontario Municipalities on a basis consistent with that at the preceding year. ®. "'t-. k» -•'V. .600,�. ,, burst, Vuddun 6 Bender -Chartered Accountants. ' Co.ferich, Ontario March 21, 1985 Licence No, 996. CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 1984 Assets Unrestricted Cash taxes receivable User charges receivable Accounts receivable Prepaid expenses Other current assets - school boards and' county underlevy - note 2 "Restricted Cash •Accounts receivable ' Lung'term recelivables 1984 x983 18,947 13,608 21•,298 29,008 210 25,380 30,399 888 1%856 3,942 579 70,455 75,660 Di.1'OR'S REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1984 1. Accounting Policies (a) Basis of Consolidation 53,401 27,817 9,316 4,456 5,175' 4,888 67,892 42,161 138,347 117,821 Liabilities and Fund Balances LL,,bi1i ties. • Temporary loans Accounts payable and accrued liabilities Deferred revenue Other current liabilities - school boards county overlevy - note 2 and Fund balances at the end of the year • 'Io be used to offset (or to be recovered from) taxation or user charges (note 4) Reserves (note 5) ' Reserve funds (nuts 5) 20,000 22',938 493 426 43',857 20,098 6,500 67,892 138,347 'Llys a1t„mpanyln,, mq,•, are do integral parr ul'thi.;, financial statement. • 50,000 26,115 50 • 76,.165 (505) 42,161 117,821 VILLAGE OF BAYFIELD GENERAL RESERVE FUNDS STATEMENT OF CONTINUITY AND ANALYSIS OF YEAR END POSITION for the year ended December 31, 1984 Employee Benefits Reserve Fund Balance, beginning of year Revenue Contribution from general fund Interest Balance, end of year Represented by; Bank 1984 Actual 350 432 23 455 $ 805 $ 805 Street Light Reserve Fund Balance, beginning of year Nil Revenue Contribution from general fund Balance, end of year 10,650 '$ 10,650 Parks Reserve Fund Balance, beginning of year 2,045 Revenue Province of Ontario grant 331 Interest • 50 Balance, end of year Represented bv: Bank Poe from general fund 381 1983 Actual Nil 350 350 $ 350 $ 350 $ Nil 1 _015 30 30 $ 2,426 $ 2.045 2,426 $ 2,426 437 608 $ 2,045 Ontario Home Renewal Plan Reserve Fund Balance, betnning nt year Revenue Term deposit 'interest Loan interest Expenditure Loan forgiveness Administration fee Balance, end of year Represented by; Bank Leans receivable - repayable - forgivable 1984 Actual 13,5568 195 310 505 1,200 .,a 1983 Actual 14,071 497 w.497 600 400 1,000 $ 12,873 $ 13,568 4,382 4,091 4,400 994 6.974 5,600 $ 12,873 $ 13,568 (L) Consolidated Balance Sheet This statement reflects the assets and Liabilities tit the revenue fund, reserve funds, and the capital fund; and includes the activities of all committees of Council and the Beylteld Fire A.ca Board (a joint local board). All iuterfund assets and llanilttlos are eliminated with the exception of loans or advances between the reserve fund:, and other funds of the municipality. (i1) Consolidated Statement of Operations This statonent reflects the consolidated sour 01..4 of truanting and expenditures of the revenue fund, reserves, reserve tends, and this capital fund of the municipality and include:; the a,tivll las of all committees of Council and the baylield Ftrc Area Board (a jurat total board): All iuterfund sources of financing and expenditures are eliminated with the exception of inc,rest incume and expense arising from 'loans and advances between the reserve funds and other funds 1t the municipality. (iii) The taxation, expenditures, assets and liabilities with respect to the operations of the school boards, and the ('u111y "t Huruu are not reflected in these financial stutcnaIts ritep1 to the extent that uver- levies (underlevies) are reported on the Cou',ulyd,tted Balance Sheet as other current liabilities (other current assets). (b) Basis of Accounting (1) Sources of financing and expenditures are reported on the accrual basis of accounting with the exception of principal' and interest charges un long term liabilities which are charged against operations in the periods in which they are paid. The principal and interest charges are not accrued; for. Chu period from the date of the latest instalment payment to the end of the financial year. (ii) The accrual basis of accounting recognizes reveunes a, they 1.o:owe available and measurable; expenditures are rc,ognt.to,l as they are incurred and measurable as a result of receipt 1t hood, or heretics, and the 'creation tit a legal obligation to pay. (iii) Capital Outlay to be Recovered 'in Future Tait. The historical cost and accumulated 2,pre, let ion of fixed assets are' not. reported for municipal purpose,. Instead' the "Capital outlay to be recovered in future year's'', which represent's the outstanding principal portion of ulunatured lung curl liabilities for municipal expenditures 111 capital funds transferred to other Ol4,n,to.,t tons, 1, reported on the, "Consolidated 1,11,11100 Sheet", Operdtiuns of School Boards and the County ut Hufon Further to note 1 (a) (iii) the taxation, expenditures and averlevles (underlev its) 0! the school boards and the County of Huron are comprised of the Illlywing; School Boards Taxation on -ratepayers, telephone companies„ and Ontario Housing Carpo rltiun Requisir'ions and share of supplemtutate Ca100 less share of tares written oft Over'10vies (Uudcrlevies) Iur the yc„r. (Under]•evivs) .It the beginni1111 of rho ye,n ' Ove,„nevi t, (Under.lev100) 'at t9u: rnd 111 Cho v„r (:101119 I93,10B 51,941 1.''.1...12.7 51,459 (3,419) 48: ('i.,1)--_>_�('3 5 (1,9,121 $ 426 ` MILL RATES VILLAGE OF BAYFIELD 1985 1'18511.100 1984 hales II, ,'1010 1 1 9, , •78 , .wmrn I.1. 1 .',.�"f4 109.962 ,, aid :Ty nane, _LLII lit mi ht it rmol• , fl '•.mit ,•Pr nal C1t nr•ril 1 urpnt„• 111,1>111 e a l 1'utnme l', cal „nal 1 •If . . Resider', i Total Separate Residential lit .449 79,694 9_1.758 W ,.041 • . 94.870 I le.H71r 1;'4,759 146.775 384,16(, 4,:8.4'.4 - 318.77/7 4 1..477 1.4.46'a 119.468 14(1.551 117.739 397.340 340.370 VILLAGE OF BAYFIELD GENERAL FUND SCHEDULE OF CAPITAL EXPENDITURES FOR THE YEAR ENDED DECEMBER 31, 1984 General government Sundry Chair Ramp andreiling / Transportation Roads Street lights 1984 1984 1983 Budget ,Actual Actual 1,342 187 ' 1,266 Nil 1,453 1,342 • 25,'160 1,047 !' ' 1,350 1,047 • 25,160 $ 1,350 $ 2,500 $ 26,502 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1984 1984 Budget Municipal fund balance at the beginning the year To be (recovered from) taxation or user charges Unexpended capital financing for capital operations of Sources of financing Taxation and user charges Residential and farm taxation Commercial, industrial and business taxation Taxation from other governments User charges Grants Government of Canada .Province of Ontario Other municipalities Other Investment income ,Penalty and interest on taxes Sale of materials Donations and fund raising Net appropriation from reserves and reserve funds Expenditures Current operations General government Protection to persons and property Transportation services Environmental services Health services Social and family services Recreation and cultural Services Planning and development Capital General government • Protection to persons and property Transportation services Recreation and cultural services Net appropriation to reserves and reserVe funds (1,294) (1,294) 112,122 19,389 4,575 65,248 N 96,383 34,553 2,100 2,000 2,579 4,000 342,949 58,995 25,361 107,966 23,650 1,000 784 61,121 5,350 12,000 6,165 10,500 17,848 330,740 Municipal fund balance at the end of the year To be used to offset (or to be recovered from) taxation or user charges 10,915 The accompanying notes are an integral part of this 1984 Actual $ 1983 Actual $ (505) (12,040) (505) 112,783 20,131 4,461 80,509 539 110,037 34,554 4 ,266 3,607 3,457 11,496 385 ,840 53,097 24,503 119,706 23,551 1,000 50 79,871 5,148 1,453 15,584 8,289 7,810 ' 25,175 365,237 594 (11',4'46) 103,179 18,082 4,357 75,063 5,973 114,392 31,583 4,499 5,658 5,401 15,557 3,326 387 ,070 48,053 25,377 123,083 22 ,397 750 462 78,459 19,979 1,342 1,300 25,160 29,767 376,129 20,098 financial statement . (505) 1'