HomeMy WebLinkAboutThe Wingham Advance-Times, 1988-04-26, Page 8kpr
4:t
•
•
•
iJ
AI.1D I TORS a REPQR "
To the Members of Council, Rehab i t an.t-s and
Ratepayers of -the Corporation of the
Township .of Turnberry
balance sheet
Turnberry as
statement of
examination
accepted audi
such testa
edcessary in
•
We have examined the
of the Corporation of the
at December 31. 1987, and the
operations for the year then,
was rmade in accordance wit
ting standards, and acco°rdin
and other .procedures as we
the circumstances.
In our opinion, thes
financial statements present 'fairly
position of the Townshipas at December
the results of its oprations for the
in accordance with the 'accounting prise
in note 1 to the financial state -Men
basis consistent with that of the preced
consolidated
Township of
consol.id,ated
ended Our
h generally
gly included
considered
to
11ic. 7! Bite*41i0N 0i
11S. nv tt, plf
R.k i h!� i t 1g4i
!IFIr !,dud ;.•,
frog A i t. Iasi* or Qignaol•jdat jon:
.lam 4q q i4Ated its;
t n inti.
fund Mikk 144 fundt ° ?,
c$ttares of -CCo ci)•l:
eon sol' of Cpync
e consolidated
the financial
31, 1987, and
year then ended
iples disclosed
is applied on a
ing year.
tz,14ptice,A, VS1efat e `0.
Stratford, Ontario, Chartered Accountants
January 14th, ]988. License No. 1202
ASSETS
TOWNSHIP OF TURNBERRY CONSOLIDATED BALANCE SHEET
as at December 31st, 1987 (with comparative figures for 1986)
'1987
Unrestricted
Is ratio c
1y1�ar1i�wa Co 1itfis ital2 1lrarai:
L1iluede a au ate. a 1 e
Meen !;
A1,1 Allied* wet!' „ 110011ilies . d -111040010 or is a !4 anal
expanditur sI 1 iii1 409. 101 lipid lith t k , ex A • 0
• edviumee .betylea riviet v e tv *ud Y Other fossr lion#cepa t3r►
sad the.rsom Clot 40te .:M. . ih. me . exo0 ;sres.r
Non-Canaolideted Figtitiee:
• The following local boards. and joint local boards not
comp idet.d. era
Wingbs. Fire. Aran
(Iii) Accounting for county and School Board Transactions:
Thea taxation. other revenues. eXpenditurea, warts, and llebilities
with respect•to the operations of the school
of Huron are not reflect,ed in 'the muni ipa1beard*,ltalms eshofCthese
financial statements. °varievies (underievi'•s) are re"orted-on the
Conaolidetea Balance Sheet as "other current liabilities
(iv) Trust funds and- theirelated oerations administered by the
municipality are not consolidated butare reported leperately on the
?rust Funds Statement of Continuity end Balance Sheet."
(b) Basis of Accounting:
(1) Sources of finencing and expenditures ape reported on the a
basis of accounting with the exception of principal end interest
cin harges on long term liabiiitiee which are charged against gperations
he periods in which .they are paid.
(1)) The accrual. basis of accounting recognizes revenues as they become
available nd Measurable: expenditures are re ognized as they, are
incurred and (measurable as a result of receipt of gtaods or services
and the creation of a legal obligation to pay.
(iii) Fixed Assets:
Tho historical cost and accumulated depreciation for fixed assets.aro
not recorded for municipal purposes. Fixed assets are reported as'an
expenditure.on the Consolidated Statement of Operations in the year
1986 of -acquisition.
$ (iv) Capital' Outlay -to he Recovered in Future Years:
"Capital outlay to be recovered in future years." which represents
the out t nding principal portion of turgid long term liabilities
orgaor n satiions,ate reported on the Cons fends tt d Balance Sheet," other
Ql+vruiiona of Cvhnol AoA.da ai,.9 th.. t° into of ii run ,
Furthergverlew to nota 1iei)ib`j) the taxaliou� other the~ Countyx•ordiHuron.0 r
ouer cries (unties -levies) of (ho school tool
comprised of the following: . .
School
'600nit
30Q,04 668 101,08
Cash
Investments (Note 5;
Taxes Receivable
Accounts Receivable
Other Current, Assets
205,404
7,883
105,165
32,547
4,338
109,613
2,283
118,826
15,362
LIABILITIES
355,337
----------
246,084
Accounts Payable and Accrued Liabilities
Other Current Liabilities (Note 2)
Tile Drainage Prelevies-
FUND BALANCES AT THE END OF THE YEAR
To be used to Offset (or to be Recovered from) Taxation
or User Charges. in 1988 (Note 9)
Unapplied Capital Receipts
(or Capital Operations not yet Permanently Financed)
(Note 9)
Reserves (Note 10)
26,376
1.496
18,973
37,324
686
• 10,422
46,845 48,411
Taxation and user chse•ges
Grants
Amounts received or receivable 383;699
Requisitions • 383,115
0verieviees atntherlbeginningrofhtheeyear
Overlevies at the end of the year
3. Contributions to Uacensol-idetsd Joint Boords:
Further to note 1(41(11) the tollpy(ing..-contributions- were mode by the
_ ...... - _.._.municipalit-y- to--tbese-boards.`-
987 ing
35, 35.895
SIZEZZaap 7.s3amsa2?.
its share which, is approximately.
end of the. year for these boards.
surpluses (or deficits) of these
476
109,063
108,827
296
1,060 436
iMOMZ=aisa 16msaa2xa2
51;341
(6,457)
263,608
355,337
(7,625)
(6,961)
212,238
. Wingham Fire Area
The (municipality is•contingentiyliable for.
18% of the a cumulated deficits as at the
The municipality's share of the accumulated
.joint boards is as follows':
• Wingham Fire Ares
246,084
The Accompanying Notes are an Integral Part of these Financial Statements.
TOWNSHIP OF TURNBERRY
CONSOLIDATED STATEMENT OF OPERATIONS Budget Actual Actual
For the Year Ended December 31st. 1987 1987 1987 1986
(with comparative figures for 1980) $ $ $
SOURCES OF FINANCING:
Taxation and Wer Charges
Residential end Fars Taxation
Commercial,, industrial and Business Taxation
Taxation from Other Governments
Wer Charges
Grants
Province of Ontario
Other Municipalities
182,405 189,434
32,003 36.110
2.250 2.078
38,608 87.004
171,758
28,347
2;150
62.223
285,341 300.370
10,000 193
270.231
65
Other
Penaltiesdna Interest on Taxes
Prepaid Special Charges
Investment Income
18.000
6.000
15,852
2.859
• 15,900
18.668
1,822
10,234
4. frust Funds:
,121_7 86
Nil
asecaa me
81
a2�i1bs¢aaa
Trruusst funds administerred by.. the gun clpality amounting to $139alance sheet,461 (1
St44,0911; have not been included bevel
their operations been included'in the. "Consolidated Statement of Operatinor ons
5. , Investments:
Th total of iinvestments of $7,883 (1986 $2,22831 reported on the "Consolidant
Balance Sheet at cost, have a market value of $3,789 (1986 $2,283) at the end
of the year.
+
6. pension Agreeseri`e:
The Municifalit make* contribution to he Ontario Municipal Employees
Retirement
its staff. Tund he pito it which
ieed benefit plan which specifies the amount f
the retirement benefit to be received by the employees based on the length of
service and rata of pay.
serve ice and contributed
to An eexxpenndituure was
000 the Colnsolidatecd Statement of
Operations.
7. viability for yeated Sick Leave Benefits:
Under !ha sick leave benefit plan, unused sick leave can ace ulat• d
employees y become,, entitled to a cash use an
Ounicipality'a aaploymsnt. payment when they leave the
The liability for these accumulated days, to the extent that they have vested
end could be taken in cash by an employee on terminating amounted to•*15,268
(1986 *16,268) att,,the end of the year. Au amount of $13.338 (1986 $11.838) has
been trended for this past service liability and 1s reported on 'the
"Consolidated Balance Sheet amount of $1,500.(1986 3,150) has been
pr wed for An the current year and is reported on he onsolidated Statement
8, . )(et Lens Ter. Liabilitie$:
(a) The
�lbalance of the long-term net liabilities on the
"Clowidated Balance Sheet" is made up of the
ng:
MUNICIPAL FUND BALANCES AT THE BEGINNING OF THE YEAR
(Nota 8)
To be used to Offset (or to be Recovered from)
Taxation or Wer Charges
Unapplied Capital Receipts
(or Capital Operations not yet Financed)
Total ?theneing Available during the Year
APPLIED TO:
Current Operations (Nota 3)
General Government
Protectieo to Persona and Property
Transportation Services
Environmental Services
Health Services
Social and Family Service.
Recreational and Cultural Services
Planning and Development
•
(7.626)
(6.961)
660.021
saasasasaa
(7.625)
(6961)
634,214
ems aammma2
Total longterm liabilities incurred by the
municipalty and outstanding at the and
of the year amount to
Of the longterm liabilities shown above, the
responsibt i ites
for payment of principal and
16,387
interest for fila drainage oans has been
assumed by indiViduala. At the end of the year,
the outstanding principal amount of this
(7,734) liability ie ( 186.712)
286.712 309.852
664,041
sassaamaam
98,947
61.355
255.200
6.900
300
9,100
8.200
430,002
88,717
49.022
230.501
6.187
1.098
400
34.159•
6.471 0.719
416,665
.224,
49.272'
219,841
7,046
611
25,629
Net long tins liabilities at the end of the'year Nil
( 309,852)
Nil~
umsasmams saasasasaa
(b) Approval of the Ontario Municipal Board hes been obtained for the long
•
term liabilities in (a leaned in the name of the municipality.
(c) The municipalityis Contingently liable for long term liabilities with
eruct ti te drais�ine2gs�• oa • The total amount outstanding as at
Consolidated Balance sisal?l (19 6 $309.8521 and is not recorded be the
9. Mun.icioal'fund $glances at t End of the Year:
(a) The bslanctma on the " 4•4nsdli� ted Statement of rations" of municipal
are ieeo rt dalOefitO0 r011OOAOSs'l ($14,586)) at the end of the year
400,24T
Capital
General Government
Transportation Services 'tea
Environmental iervicas�'
Recreational and Culture' Services
Flemming clod Dsvelo(aisiit
82,300
61.191,
82,300
6,326
108,449
3',186
3,445
12"1,406.
1,302
02.312'
6,416
1;035•
6,278
for general reduction (increase) of taxation
Forrbeneeftifitting lendowaera related to special
Fwrcial areas -
6341 ( 7,525)
( 12.671) ( 6.861)
38.670 ( 14,686)
funds avallablef4r the acquisition of flied assets 6,214 -�
44,884 ( 14.686)
ssuasems ■solnaeses
91447 Approval of the Ortarr o' 1 ipal rd hes been obtainedfor the pp•endintt
},slues of long tares liabilities and for those commitments o be fimsnaad
fens meowed bsyoad the tees of Council,
81,033 1b: `t)trvaa end ltaasrva M'i:
RUM
balances of reserves of 1263,608 (1908 $212.238) are sada up of the
(b)
Net Increase (Decrease) in fesar en and Reserve
Fonds
61.370 61,341
MUNICIPAL FUND SALMIS AT INS 183 OF THE,.Y1*M (Note 9)
To be used to West (or t. bs Miseovered frost)
Tauatiott or haat caws
ttsappl`l.d Capital Ml Beppu
(.r Capital Gpiriitteas4ot yet hemmed)
?etal Application* Wrist Lb* fear
( 6.090)
24439"
660,021
,439-
660,021
mastommitohow
6'1,370
(0.46'1)
634,214
saeamreeme
•
1 7.)
1:400)-
664,041
me#eaates2
The Acc0U5 inying )totes are an Integral Part at thea.. financial Statements.
Reserves ret amid, for the agecific purpose by Council
f r rlriag capital
tinslek� s+ra
a eAspasal sits
Intal reserves
11. Chartres for Nat tgeo plum Liabilities
till .. ef.lo.g tams liabilities assumed by individuals is the ease of
lets ars sot rel `ectad ie times fineneiai statements.
111.
1 93,
.
iyq
air
aaamme° orad
rim
212,238
sae.
•,,