Loading...
HomeMy WebLinkAboutThe Wingham Advance-Times, 1988-08-09, Page 10• k 47 Pap 1011 -Wiagham Adv a-` .1 a -s, A113&92St 9, 11.946 TOWN OF WINGHAM 1987 TRUST FUNDS FINANCIAL. R STATEMENT OF CONTINUITY FOR THE YEAR ENDED DECEMBER 31,1987 Balance at the beginning of the year Capital receipts Perpetual Care 3,160 Interest earned 11,143 Other revenue U 792 , 'CONTJNU , CEMETERY CEMETERY PERPETUAL DEFERRED TOTAL CARE FUNDS GRAVE OPENINGS ONTAR TO . GOME RENEWAL PROGRAM $153,998 $93,192 - $295 $60,511 3,160 8,836 792 ASSESS Cash LANE N.T DECEMBER 3l, 1987 ONTARIO CEMETERY CEMETERY NOME" PRRPETuA DEFERRED" RENEWAL TOTAL CARE FUNDS GRAVE OPE 1J'NGS, PROGRAM O 0 24 2,283 O 0 15,095 12,788 24 2,283 ,IflvestlenSa, at cost ($rkc't value $93,500) Provincial Other Expenditures Transfer to Revenue Fund Loans forgiven Administration fee Legal and miscellaneous costs Other Due from Revenue Fund Outstanding loans' $21,625 $249 $20,,819 17,21 1 17,271 • . 0 0 76,500 , 76,500 0 ..... 91,771 93,771 ` 93,771 �. 0 3,124 --�-- 3! 124 37,260 0 Balance at the end of the year NOTE (1): ACCOUNTING POLICIES BASIS OF ACCOUNTING 8,860 8,836 24 3,950 0 0 223 0 0 725 0 0 13,758 8,836 24 0 3,950 223 725 4,898 $155,335 $97,144 $295 $57,896 ®maamammaaa,.m sea aaaa®stmaanaaaaam®amamaay.aaaaaaaa LIABILITIES Due to Revenue Fund Balance - capital O 0 0 • 37,260 40,384 - 3,124 0 37,260 _®- $155,780 $97,144 $517 $58,119 ,.........................==.,............ $445 $445 155,335 $O 97,144 $222 $223 295 57,896 $155,780 $97,144. $517 $58,119 aaaas. aaa.���, ��,c�s-�ass�sa�acasmaanav� NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31,1987 CAPITAL RECEIPTS AND INCOME ARE REPORTED ON THE CASH BASIS OF ACCOUNTING. EXPENDITURES ARE REPORTED ON THE CASH BASIS OF ACCOUNTING WITH THE EXCEPTION OF AMINISTRATIVE EXPENSES WHICH ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING, WHICH RECOGNIZES EXPENDITURES AS THEY ARE INCURRED AND MEASURABLE AS A RESULT OF THE RECEIPT OF GOODS OR SERVICES AND THE CREATION OF A LEGAL OBLIGATION TO PAY. NOTE (2): ONTARIO HOME RENEWAL PROGRAM 1711710171 TILE ONTARIO HOME RENEWAL PROGRAM WAS ESTABLISHED BY THE ONTARIO MINISTRY OF HOUSING IN 1973 TO PROVIDE GRANTS FOR MUNICIPALITIES TO MAKE LOANS TO ASSIST OWNER OCCUPANTS TO REPAIR, REHABILITATE AND IMPROVE THEIR HOMES TO LOCAL PROPERTY STANDARDS. INDIVIDUAL LOANS ARE LIMITED TO $7,500 OF WHICH THE MAXIMUM FORGIVABLE PORTION IS $4,000. TOWN . OF WINGHAM .---WINGHAM .... 'Pl18LIC , UTILITIES COMMISSION - WATER WORKS FINANCIAL STATEMENTS DECEMBER 31, 1987 TO THE COMMISSIONERS, MEMBERS OF comm., INHABITANTS AND RATEPAYERS OF THE CORPORATION OF THE TOWN OF WINGHAM ONTARIO HOME RENEWAL PROGRAM LOANS RECEIVABLE AT DECEMBER 31, 1987 COMPRISE REPAYABLE LOANS OF $24,482 (1986 .6 $28,609) AND FORGIVABLE LOANS OF $12,778 (1986 $16,463). LOAN FORGIVENESS IS EARNED AND RECORDED AT A RATE OF UP TO $600 PER YEAR OF CONTINUED OWNERSHIP AND OCCUPANCY. IN THE EVENT OF THE SALE OR LEASE OF THE HOME OR IN THE EVENT OF THE HOMEOWNER CEASING‘TO OCCUPY THE HOME, THE BALANCES OF THE REPAYABLE LOAN AND THE UNEARNED FORGIVABLE LOAN IMMEDIATELY BECOME DUE AND PAYABLE BY THE HOMEOWNER. NOTE (3): INVESTMENTS THE TOTAL FOR INVESTMENTS BY THE TRUST FUNDS OF $93,771 (1986 m $89,979) REPORTED ON THE BALANCE SHEET AT COST, HAVE A MARKET VALUE OF $93,500 (1986 s $90,500) AT THE END OF THE YEAR. AUDITOR'S REPORT I RAVE EXAMINED THE BALANCE SHEET OF THE TOWN OF WINGHAM PUBLIC UTILITIES COMMISSION m WATERWORKS AS AT DECEMBER 31, 1987 AND THE STATEMENTS OF OPERATIONS AND EQUITY, AND CHANGES IN FINANCIAL POSITION FOR THE YEAR THEN ENDED. MY EXAMINATION WAS MADE IN ACCORD- ANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS, AND ACCORDINGLY INCLUDED SUCH TESTS AND OTHER PROCEDURES AS I CONSIDERED NECESSARY IN THE CIRCUMSTANCES. IN MY OPINION THESE FINANCIAL STATEMENTS PRESENT FAIRLY THE FINANCIAL POSITION OF THE TOWN OF WI•NGHAM PUBLIC UTILITIES COMMISSION WATERWORKS AS AT DECEMBER 31, 1987 AND THE RESULTS OF ITS OPERATIONS 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. WINGHAM, ONTARIO NOG 2W0 APRIL 29, 1988 BARRY W. REID CHARTERED ACCOUNTANT LICENSE NUMBER 1147 STATEMENT- 0F-AP:ERATIO NSAND EOUITY YEA.R...ENDED. _ DECEMBER 31, 1987 (WITFECbMPARATIVE FIGURES FOR 1986) REVENUE: SALE OF WATER - RESIDENTIAL .-\ ® 'NON-RESIDENTIAL FIRE PROTECTION - TOWN OF WINGHAM LABOUR AND OVERHEAD CHARGES INVESTMENT AND MISCELLANEOUS INCOME TOWN OF WINGHAM (ONIP) ONTARIO GRANTS CAPITAL EXPENDITURE CHARGED TO BENEFITTING SUBDIVIDERS 1987 1986 $100,511 112,576 18,240 0 9,970 0 138,478 $97,400 109',327 18,240 1,288 10,000 27,968 37,172 0 1,215 TOTAL REVENUE EXPENDITURES: 379,775 302,610 POWER AND PUMPING 55,004 WATER TRANSMISSION AND DISTRIBUTION 34,i62 - MAINS - SERVICES- _ TRUCK AND TRACTOR ADMINISTRATION: - GENERAL ADMINISTRATION 38,137 - BILLING AND DATA PROCESSING 33,872, LONG TERM DEBT CHARGES: 3,497 5,332 - PRINCIPAL - INTEREST CAPITAL EXPENDITURES CONTRIBUTIONS TO RESERVE FUNDS 18,534 10,562 2,233 14,702 14,528 2,555, 20,000 3,120 220,960 70,000 442,047 18,000 4,972 120,035 0 248,258 BALANCE SHEET AS AT DECEMBER 31,1987 (WITH COMPARATIVE FIGURES FOR 1986) ASSETS: UNRESTRICTED CASH ACCOUNTS RECEIVABLE - SALE OF WATER - OWN MUNICIPALITY OTHER INVENTORIES 1 RESTRICTED CASH . 1987 1986 $119,164 $146,291 30,232 28,891 5,633 2,995 40,994 2,235 40,066 48,309 236,089 228,721 71,955 0 CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS FROM WATERWORKS REVENUE 22,000 42,000 $330,044 $270,721 EXCESS -(DEFICIENCY) OF REVENUE OVER EXPENDITURES EQUITY AT THE BEGINNING OF THE YEAR EQUITY AT THE END OF THE YEAR ( 62,272) 188,702 $126,430 54,352 134,350 $188,702 ANALYSIS OF CAPITAL OPERATIONS YEAR ENDED DECEMBER 31 1.987 (WITH COMPARATIVE FIGURES FOR 1986) SOURCE OF FUNDS: ONTARIO GRANTS TOWN OF HINGHAM (ONIP) OTHER APPROPRIATIONS FROM CURRENT OPERATIONS EXPENDITURES: ENGINEERING STRUCTURES MACHINERY AND EQUIPMENT LIABILITIES: CURRENT ACCOUNTS PAYABLE AND ACCRUED LIABILITIES PAYABLL TO OWN MUNICIPALITY CUSTOMER DEPOSITS NET LONG-TERM LIABILITIES $83,378 26,271 .10 $21,301 18,708 10 109,659 40,019 22,000 42,000 UNEXPENDED COITAL FINANCING AT THE BEC1 INC OF THE YEAR UNEXPENDED CAPITAL FINANCING AT THE END OF THE YEAR SCHEDULE I 1987 1986 $138,478 $37,172 O 25,425 O 1,215 82,482 56,223 220,960 120,035 217,568 93,927 3,392 26,108 220,960 120,035 0 0 SO ANALYSIS OF *RESERVE FUNDS YEAR ENDED DECEMBER 31,1987 RESERVE FUNDS: SCHEDULE II (SEAT ASIDE BY COUNCIL FOR CAPITAL IMPROVEMENTS - BYLAW 1881) BALANCE AT THE BEGINNING OF THE YEAR $0 FUND BALANCES AT THE END OF THE YEAR: RESERVE FUNDS EQUITY: BALANCE' DECEMBER' 9,1,' 19871 71,955 0 REVENUE: CONTRIBUTIONS FROM CURRENT OPERATIONS INTEREST EARNED so $70,000 1,955 0,w ""'"" "'""nnlmno+noDPW-buOuU 41 rd 00g:124 WOWN4WJrd D.UWt, t, Sr 0.0 000 n. 00.1a m robre. 460o. 126,430 188;702 .,,.: ++cr I '11330,044 $210,721- si r.,4.0 ' 101WW ilisii BALANCE AT THE END©F TfHI ate.. yrW�AR nnae{aetMa+�na{a, a {� PY { Y 9 Y�EI"YNIi"/b'MYtl dkfiY�iHVMi1i/'ljRf1'IIFM M1kf 61'tl.�'trtllP 0linbin tl fi}Fr8 Yi11 (14YIU Oy �,9 C 9 n V e o � n , y 0 n o,r ,E1PENDITORES a:,rerr 71,955 0 ' a§ZIA 55md .R�iL.Nls♦i