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Home My WebLink AboutThe Goderich Signal-Star, 1981-05-13, Page 27To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Town of Goderioh: W1+'11NF;SDIIY, MA' 13,1981 PAGE 10A--GODERICH SIGNAL -STAR, 1980 AUDITOR'S REPORT We have examined the consolidated balance sheet of the Corporation of the Town Of Goderich as at December 31, 1980 and the consolidated 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. Our,examination was made in accordance 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 financial position of the Corporation of the Town of Goderich 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 consistent with that of the preceding year. Goderich, Ontario • February 13, 1981 License Number 274 �c CHARTERED ACCOUNTANTS STATEMENT'` OF CAPITAL OPERATIONS jor'the year ended December Si. i980 Unfinanced capital outlay (Unexpended capital financing) at the beginning of the year Capital expenditure ° General government Protection.to persons and property Transportation services Environmental services Health services Sociakand family .services Recreation and cultural services Planning and development.< Other Total expenditure Capital financing Contributions from the revenue fund Contributions from reserves and reserve funds Long term liabilities incurred Ontario grants Other Total capital financing Unfinanced capital outlay (Unexpended capital financing) at the end of the y.ear 1980 Actual S (10,07.0) 26,444 86 ,0413 774,026 147,051 830 34,727 1.069.121 325,021 282,508 408,135 5.919 1,021,594 37,457 1979 Actual $ - 35,598 28,112 76,904 1,664,296 77,717 ° 1,753 43,117 222,403 34,380 2 148 682 577,612 109,257 1,129,087 378.394 1 Q4,,, 950 (10,070) rhe accompanying note, as an ,nreg.a! peer of rtes /manna! statement BALANCE SHEET as at December 31 1980 ASSETS Current assets Cash Taxes receivable Accounts receivable Other current assets Capital outlay to be recovered in future years Other long term assets `s 1980 Actual s 272,472 291,499 336,081 769,928 1 ,669 ,980 896,504 149,313 1979. Admit 133,101- 170.656 431,199 948,597 1,683,553 991,768 60,107 2,715,767 2,735,428 LIABILITIES Current liabilities Temporary loans Accounts payable and accrued habihtics Other current Iratehtics Net long term liabilities Reserves and reserve funds Accumulated net revenue (deficits and unapplied capital receipts 1980 Actual 232,471 20,000 252,42: 859,047 1,347 ,045 2,7,7%. 2,715,797 1979 Actual $ 206 ,804 26,575 213,379 991,768 1,170,631 '119,648 2,735,428 1.c, . r.„y .> ,vt,. on emir p,.. NOTES TO THE FINANCIAL STATEMENTS For The Year Ended.. December 31. 1980 1. ACCOUNTING POLY:CIES a) Statement of Revenue and Expenditure • This statement teflects the revenues and expenditures of the revenue •fund and the following local boards and municipal enterprises': a) Public Utilities Commission - waterworks b) b) c) d) e) f) g) h) i) j) k) 1) Maitland Cemetery Board. Godertch Recreation and Community Centre Board Goderich Economic Development Committee Goderich Tourist Promotion Committee Goderich Area Planning Board Goderich Architectural Conservation Advisory Committee Goderich Housing Action' Committee Goderich Larks Advisory Committee Goderich Land -fill Site Committee Goderich Airport Committee Goderich Municipal Day Nursery Committee, Statement of Capital Operations This statement reflects the capet.al expenditures of the municipality to be recovered from the general municipal revenue of the municipality and its local hoards 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 local boards and municipal enterprises as described in note 1(a). d) Fixed Assets I 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 projects1not"ye't ' 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: f) Public Utilities Commission - Hydro Charges for Net Lone Term Liabilities Debt retirement costs including principal and interest are charged against current revenues in the periods in which they are paid. Interest charges a -e -s,. accrued for the aerinds fro- the dates of the latest interest na:.ie•?nts to the end of the financial year. 'g) Trust Funds Trust funds administered by the municipality amounting to $141,413 are only reflected, in the Trutt Funds, F;tatement:nf Continuity and Balance Sheet. 2. ori TTA Fr ;._ TOBF P='Cn. : T''tr Y •.L a) -.Some capital out lay to be recovered ii. future years does not represent a burden on general municipal revenues, as it is to be recovered in future years from caner 90erces: Municipal Enterprises 1980 1979 5288,850 _ 5127,752 - For The Year Ended December 31, 1980 2. 1-1 capital cnr'lays, Inclndin; rived assets and the transfers of capital funds in the amnnnt of `375,071, wlilrh 1at•e hien financed (rem general municipal revenues of the current year, ere reported on the Statement of Rev.nne and 'Fxnendit,re. 3. RESERVE FUNDS During the year, 5138,581 were credited directly to the reserve funds without being recorded as revenues and expenditures of the Revenue or Capital fund. Maker sources were: 1980 O. H.R. P. grants $ 38,400 Contributions fromsubdividers 5,000 Contributions from consumers 4,200 Interest earned 90,815 Fixed assets 168 Contributions from other municipalities Donations 5138,583 4. NET LONG, TERM L!ABTLTTTFS 1979 $ 40,000 29,250 1,500 69,131 33,624 5,484 5178,989 The balance for net long term liabilities reported nn the Balance Sheet is made up of the folltwrinp: 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 Of the long term liabilities shoran above, the responsibility for payment of principal and interest charges has been assumed by others for a principal atrunt of The total value of sinking funds and the balance in the Ministry of the Frvirnnment 7w'•rr retirement Fund whit' have been accumulated to the end .,f the year to retire the outstanding long term liabilities included above, amount to Net Long Term Liabilities At The Fnd Of The Year 5. ACC118I1ATFD NTT RFS'FN;'F AT THE F"::, OF THE YEAR $1,598.393 335,000 404,346 719,346 S 859,047 The balances in t•re revenue fn -d at the veer end is available to reduce the levies of the following classes -f ratepayers: General ratepayers srhnol ,Ford rar,•na`.ers tmi0'v rat,-ra`,ra 1980 5258,544 (1,71 (4l 5257 ,284 1979 ^324,303 1,71; 4 ,043 5329,578 For The Year Ended December 31, 1980 6. CHARGES FOR NET L0":f TERM 1.r'I TTTIT Total charges for the year for long term liabilities were as -follows: Principal payment including contributions to sinking funds and to the Ministry of Environment Interest 1980 • $101,008 85,841 $186,849 1979 S 96,573 92,627 5189,200 Of,the-total charges shown above, 5140,434 were paid from general municipal.revenues of the munict•pality and are included in expenditure on the Statement of Revenue and Expenditure classified under the appropriate functional headings. The remaining 546,415 Were recovered from municipal enterprises for which the related net long, term liabilities were incurred and are not 'reflected .in the statement. 7. LIABILITY FOR VESTED ` ICY. LE$\'F BF.NFFi15 8. Under the sick leave benefit plan, unwed sic: lrav, can accumulate and employees may bbcorm- entitled t1 a cash payment wen thel, leave the municipality's employment. • ,The liability' for' these accumulated days, to the extent that they have - vested and could be taken in cash by,an employee on terminating, amounts ' to S84,390 at the end df the year. An amount of 530,060 has been provided for this past service liability and is reported on the Balance Sheet. INL'E STMENTS The investments included in current assets of $748,811 are recorded at cot and have'a market value -of $748;811 as• at the end of the year. STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31. 1980 v 1980 Budget S 1980 Actu $ I 1979 Actual S Accumulated net revenue (deficit) at the beginning of the year 330,000 129,578 298,860 Expenditures and transfers Municipal expenditures Getter' government• . 392,000 387,592 255,044 'Protection to persons and property 590,000 • - 663,413 - 524,075 Transportationservices . 1,055,000 1,050,980 • .959,742 Enrironmentalservices . 998,000 1,035,266 . 867,509 Health services 38,000 - 60,598 - 63,946 Social and family services 27 ,000 29 , 39 3 27 ,176 Recreation and culturallservices 516,000 6,03,959 - 506,052 Planning and developmeht 19,000 23.889 63,761 Other ° . Total expenditure 3,635,000 3,855,090 3,267,305 Transfers Transfers to region or county 330,000 332,767 376,645 Transfers to school boards 1.315.000 1.326,127 . 1.140.699 Total transfers 1.645.000 . 1.517.344 Total expenditures 2nd transfers - 5,280,000 _1.¢58.894 5,5131984 , 4 784,649 Revenue by purpose - Mlinicipal purposes Taxation 1,986.000 2,044,960 1,946,706 Payments in lieu of taxes 56 ,000 46,595 54,097 Ontario grants 668 ,000 719 ,842 647 ,091 Other graftts 246 ,000 754 ,938 175,577 Fees and service charges 169,000 . 527,260 240,364 Other ._1 C) 441L 195,734 Revenue to pay for municipal purposes 3,311,000 3,789,331 _Z31..179 3,295,014• Region or county requisition Taxation 320,000 323,009 321,085 Payments in lieu of taxes 5,000 4,498 6,311 Ontario grants 51,327 Other • ____ ... Revenue to pay the region or county requisition 325,000 _ 327,507 378,723 School board requisition _ _.. Taxation . 1,298,000 1,308,453 1,125,275 Payments in lieu of taxes 16,000 16,399 16,355 Other . Revenue to pay the school board requisition 1,314,000, 1,324 ,852 __ _______ 1,141,630 Total revenue 4,950,000 5,441,x90 4,815,3'7 Accumulated net revenue (deficit) at the end of the year - 257,284 329,578 Analysed as follows General revenue 175,080 710,47'1 ' Region or county (1,7171 4,041 Sclioal b'*.reel. (41, 1,71: Special charges - " Special areas - Business Improvement Ares 10,777 Local boards 1,297 297 Municipal enterprises 71,440 113,58P A - 257,784 129,57R