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Home My WebLink AboutThe Wingham Advance-Times, 1988-08-09, Page 9- .-w,Wf5;7,;(44'i'et0"qgiqW • • i11), RI; rtenes) of the scboo board* end tbe TOMetion-and nPer charge0 Grants - AMounte received orkrecelvabie Req914#10ne Suppleitentary Taxes ' Overleviee for the year (Underleviegg) Overlevies at the beginning of the year Overlevies at the end of the year 49m0i0104.' 4* . • OnhOor pOarda, $714430 0-440}..'4, 6,440 .•''' ' 774,931 064,470) ( 4,480) 672 7,128 0,800 mion*mammulas 1.91' •ri90,410' 286 - 2,400 000...0000 $?,686 mammirwasw. 3. Contributionto Unconsolidated Joint Boards Further to note 1(a)(1.1,), the following contributions were made by the -municipality these boards: Wingham Area Fire Board 1987' 4986 $31,568 SO , '144 4e40 Cern iiabilitina th'e-yeai;a7 . - - .414.'1Of tii0P4*t...4pog tnrn tke, reported An (P›.0T'Abia: note. $40.-j97 ti pr*.sn'tik,ek*O4entsf.Agg,oayab.pe:.poi -:1188to-19924- 410930079 froP 1903 ;0'190f _ . 4re 49nionriaoC:nn fOlAe;Ont,, , and k988 P. ko... • to •.-f 1992 , 1997' -.. ) "4"1 BenelvA munigF41 reveneme „... Mi491.. 4204648- ... PAP4PMWMM*6'. fglig,M.40,,21i; '''.: ' ''''', • ,,. (c) AP0i0V4 9f -the Ontario ii40.4n1pal. Apar..4.has 'boon ohtained,tor the lon4-term..,e. ,....... liabliitiea 14 (4):144004 iirthe name of the liontapality. . • ...• . ' • • (d) The MenidipaliW Is Contingently liable for 4100 term Itattnitimai4th a000e4ti fat those for whiCh the rePPOnaibility for,tbe payment of 17;tinnipa1. and inierewhaa • to tielea.sssonOd by schwa *writs and 'municipal enterprises. The tet41 amount Ont4tand1no 44 at December 11,1987, 14-$22,000 (1986 =. $89,828) and 18 .not recorded on the "C040011dated BalMince Sheet". The municipality is contingently liable'fer its share, which is approximately 36.2% (1986 a 36.2Z) of the accumulated deficits as at the end of year for these boards. The .municipality's share of the accumulated surpluses (or deficits) of these joint boards is as follows: Winghem Area Fire Board 4, Trust Funds 1987 $10,274 1986 ($19.780)- ----------- Trust fundsadministered by the municipality amounting to $155.335 (1986 ,,, $153,998) have not been included in the "Consolidated Balance Sheet" nor have their operations been included in the "Consolidated Statement of Operations". • 5. Liability for Past Service Provision of Pension Agreements Under the past service provisions of the OMERS agreement, the Municipality is obligated at December 31, 1987 for an amount of approximately $69,185 (1986 a. $74,522) as established for the plan. No provision has been madeafor this liability on the consolidated Balance Sheet. An amount of $6,487 (1986 $6,550) in addition to the amount for current.service has been provided, for in the current year and is reported as an expenditure on the Consolidated Statement of Operations. 6. Liability of Vested Sick Leave Benefits (a) Wingham Police Commission 7 December31,1985i-the-unused-stick-iv fo emjloyees of' fee. Commission were frozen at the number of days accumulated at that time up to a maximum of 180 days. The accumulated Sick Leave Bank as.of January 1, 1986, may be used by the Officers to fund the difference between the pay out from the Weekly Indemnity Plan in the event of sickness and the normal salary earned by'the Officer, for the same period. In the.event of an Officer's death, the Town of Wingham will pay to his beneficiary -or estate of the deceased officer, a cash payment which equals the total - number of days in the Officer's AccumulatedpEick Leave Bank. - The salary of -the officer for the year in which. he ceases to be employed would be the/determining factor'in the, amount of monies that his beneficiary or estate would receive. No provision for this liability has been made as it will be expensed as it is paid out. (b) Other Employees All other employees of the Town of Wingham at December 31, 1984, chose a cash payout over five years commencing in 1985. Based on their 1988 salary scale the remaining two year payout would amount to $14,400. no provision has been made for this liability as it will be expensed each year as it is paid out. 7. Net Long Term Liabilities (a) The balance of net long term Sheet" is made up of the following: liabilities reported on the "Consolidated Balance Total long term liabilities incurred by the municipality including those incurred on behalf of school boards and municipal enterprises and outstanding at the end of the year amount to Of the long term liabilities shown above, the responsibility for payment of principal and interest charges has been assumed by municipal enterprises and school boards. At the end of the year, the outstanding principal amount of this liability is 1987 . $261,087 ( 22,000) 1986 $387,989 ( 89,828) TOWN OF WINGHAM - ANALYSIS OF CAPITAL OPERATIONS FOR THE YEAR ENDED DECEMBER 31,1987 (WITH COMPARATIVE FIGURES FOR 1986) SOURCE OF FUNDS: o Ontario grants Other Appropriations from other funds current operations reserves 1987 ACTUAL $297.928 75,478 320,224 206,943 900,573 EXPENDITURES General government 277,767 Protection to persons and property • 26,476 Transportation services 0 214,623 Environment services 17,176 Hsalth services 0 Sacial and family Services 7,838 Recreation and cultural services 409,625 UNEXPENDED CAPITAL FINANCING (OR CAPITAL OPERATIONS NOT YET FINANCED) Al' THE BEGINNING OF THE YEAR UNEXPENDED CAPITAL FINANCING (OR CAPITALOPERATIONS NOT YET FINANCED) ATTHE END OF TNg YEAR 953,505 eras., eensrowerooliamies, $2,932 etia SCHEDULE 1 ---------- 1986 ACTUAL $107,560 1281 175,517 34.927 409,287 0•020111.0 37,414. 12,132 161,402 27,968 3,858 1,246 92,335 356,355 0 so . $52,912 i) El/.,011:14tkr4-, 4,0 11 al .4141,11.18%iril ')1710cf:PV:9 OW :111.q; B. -MOnicipal,Fund,Rolanced:ot 'the End of the Year .. . (s)The. balance on the "Consolidated Statement of Operations" of munielOal deficit •I of $38,932 (1486 $7,102) at the end of the year is comprised of the followingt • To he used for &nor.* reduction (increase) of'taxatInn 9. Reserves and Reserve Funds • 000000.0.00.ftImp000...m0....0.1. 1987 ($38,932) 1986 ( $7,102). (a) The total balances of reserves and reserve funds of $221,51,7 (1986 a $284,038) respectively are made up of the following: 1987 1986 Reserves set aside Council At for capital expenditures for working capital for contingencies. for replacement of equipment for specific purposes by Reserve funds set aside for specific purpose by Council for sewage works purposes 112,465 0° $48,000 0 20,000 , 0' 68,000 $133,398 71,039 34,700 5,669 244,806 Reserve funds set aside for specific purpose by legislation, regulation or agreement . for "ne"1""44-4n*r-10614144PEY.:the Env!r�nrnent- • - • Fundprogram 32364 -/or projects under the communtty. Heritage . • - 8,688 29 194 • 14,038 41,052 39,232 Total $221.517 $284,038 ' 10. Charges' for Net Long Term Liabilities . 7 .... 7 - Total charges for the year for net long term liabilities which "Consolidated Statement of Operations" are as follows: 1987 1986 Principal payments including contributions to the Ministry of the Environment Debt Retirement Fund $59,073 Interest , ° 18,479. are reported on the .77,552 flaaafl $56,497 23,371 $79,868 The charges for long term liabilities assumed by the non -consolidated entities are not reflected in these statements. 11. Nonaccrual of Interest on Long Term Liabilities No provision has been made in these. financial statements for the accrual of interest on the net long term liabilities. Had this provision been made, the municipal fund balances as at December 31, 1987, would have been decreased by $2,412 (1986 a $3,462). 12. Ministry of the Environment - Joint Projects Operating Charges ------------ /ncluded in the "Consolidated Statement' of Operations" are the charges from the Ministry of the Environment for MOE operated sewer systems in • the amount of $8,631 (1986 • $16,207). TOWN OF WINGHAM 1987 TRUST FUNDS FINANCIAL REPORT TO THE MEMBERS OF COUNCIL, INHABITANTS AND RATEPAYERS OF /HE CORPORATION OF THE °TOWN OF HINGHAM AUDITOR'S REPORT I HAVE EXAMINED THE BALANCE SHEET OF THE TRUST FUNDS OF THE CORPORATION OF THE TOWN OF WINGHAM AS AT DECEMBER 31. 1987 AND THE STATEMENT OF CONTINUITY OF TRUST FUNDS FOR THE YEAR THEN ENDED. MY EXAMINATION WAS MADE IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS, AND ACCORDINGLY INCLUDED SUCH TESTS AND OTHER PROCEDURES AS 1 CONSIDERED NECESSARY IN THE CIRCUMSTANCES. IN MY OPINION, THESE FINANCIAL STATEMENTS PRESENT FAIRLY THE FINANCIAL POSITION OF THE TRUST FUNDS FOR THE CORPORATION OF THE TOWN OF WINGHAM AS AT DECEMBER 31, 1987, AND THE CONTINUITY OF TRUST FUNDS FOR THE YEAR THEN ENDED IN ACCORDANCE WITH THE ACCOUNTING PRINCIPLES DISCLOSED IN NOTE 1 TO THE FINANCIAL STATEMENTS APPLIED ON A BASIS CONSISTENT WITH THAT OF THE PRECEDING YEAR. VINGHAM, ONTARIO MOO 2W0 APRIL 29, 1988 lair4 BARRY W. REID CHARTERED ACCOUNTANT LICENSE NUMBER 1147 - .1)t;Igw. orduc, 4,Rdui1cs, 5' 44. 14.4 ,j;