HomeMy WebLinkAboutThe Wingham Advance-Times, 1989-03-28, Page 101Q
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FINANCIAL STATEMNT
TOWNSHIP
TURNBERRY
AUDITOR"S' R*PORT
To the Members of Council, Inhabitants and
Ratepayers of the Corporation of the
Township of Turnberry
We have examined the consolidated balance sheet of the
Corporation of the Township of Turnberry as at December 31, 1988
and the consolidated statement of operations the
ended. Our examination was made in accordance with des erthey
accepted auditing {standards, and accordingly included suchteatsand other procedures as we considered necessary in the
circumstances.
In our opinion, these consolidated financial statements
present fairly. the financial position of the Township as at
December 31, 1988, 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,
•
Stratford, Ontario,
January 18th, 1989.
Chartered Accountants
License No. 1202
TOWNSHIP OF TURNBERRY
CONSOLIDATED BALANCE SHEET
as at December 31 1988
(with comparative figures for 1987)
OuNic 1.441 r , 044Towtsup at ?Uaustaily
NOT's$ to the FI`N'4NCiAL $T.AT RNIB for the read- ended December 31. 1.8&R
I. Acca nt i mat 'Rri l i i es :
7h10.ctulsolid,s>tt,d financial a,tatemonts of the Corporation
(.aatci,p Ii;ty z(rarM rcpseasntation of management prepared
in eaco'rtiAnce with 4cep40t'Qin( •policies preocribed for Ontario
#uRi.>rzP4I^lties by the -Ministry of Municipal Affair°. Since
',precise Aetermination of many assets and liabilities is
depe7»dent upon future events, the preparation of periodic
firlan:c.iel statements necessarily involves the use of estimetea
Judgements.
JRd •�ximetlons, These have been made using careful
• (a) (4) 4gs,is of Consolidation:
These
conaolidaeed statements reflect the
1iabilitiee, sources of assets.if the r. venue fund, capitalc fund,ndreserve fuifunds
4;ad, reserves and include the activities of all
wolmmi.tteea; of Council and the follpwing .boards,
which are under the cpntrol of Council.
Bluevale Community Hall Board
Bluevale Community Recreation Committee
Township of Turnberry Awards Committee
Bluevale Cemetery Board
Louise Patton Memorial Park
Y
All.interfund assets and liabilities and sources of
financing and expenditures have been eliminated with
the exception of loans or advances between reserve
funds and any other fund of the municipality and the
resulting interest income and expenditures.
(ii) Non -Consolidated Entities:
ASSETS
Unrestricted
Cash
Investments (Note 5)
Taxes Recoverable
Accounts Receivable
Other Current Assets
1988
$
177,352
112,995
67,389
35,918
3,600
1987
205,404
7,883
105,165
32,547
4,338
Restricted'
as
Cash
397,254•
355,337
LIAttLITIEs
Accounts Payable and Accrued Liabilities
Other Current Liabilities (Note 2)
Tile Drainage Prelevies
72,000
469,254 355,337.
FUND BALANCES AT THE END OF THE YEAR
28,425
15,454
26, 376
1,496
18,873
43,879 46,845
To be used to Offset (or to be .Reeoveaxed7
from) Taxation or User Charges (Note 9)
Unapplied Capital Receipts
(Capital Operations not yet Permanently
Financed) (Note 9)
Reserves (Note 10)
Reserve Funds (Note 10)
84,302-71777'"7"'""--"Te-72' ".tea1 ..f
51,34
(4,035)
273,108
72,000
(6,457)
263,608
2.
.:•ti��pn.:-. �,p
-t�
erse pi.nitineial Statements
356,337
to ;' ere ai} 'hi
TOWNSHIP of TURNBERRY
CONSOLIDATED STATEMENT OF OPERATIONS
For the Year Ended December 31 1988
(with comparative.figures for 1987)
The following local boards, joint local boards, are
not consolidated.
Wingham Fire Area
(iii) Accounting for County and School Board Transactions:
The taxation, other revenues, requisitions, assets
and liabilities with respect to the operations of
the school boards, and the County of Huron are not
reflected in the municipal fund balances of these
financial statements.
(iv) Trust funds and their related operations
administered by the se,unicipality are not
consolidated but are reported separately on the
"Trust Funds Statement of Continuity end Balance
Sheet."
(b) Basis of Accounting:
(i) Sourcea of financing and expenditures ere reported
on the accrual basis of accounting with the
exception of principal and interest charges on long
term liabilitiee which are charged against
operations in the periods in which they are paid.
(ii) The accrual basis of accounting recognizes revenues
as' they become available. npd measurable;
expenditures are recognized as they are incurred and
measurable as a result of receipt of goods or
services and the creation of a legal obligation to
pay.
(iii) Fixed Assets: -
The historical cost and accumulated depreciation for
fixed °meets. are not recorded for municipal
purposes. Fixed assets are reported as ars'
expenditure on the Consolidated Statement of
Operations' in;the year of acquisition.
" ^" . i; ) ,.. e 4 a' : Ef t3$Yz"'td•.t,e Recovered in firtriirt "YenlgtrI,sl`.-.:.'
"Capital outlay to be recovered in future'years,"-
which represents the outstanding principal portion
of u.nmatured long term liabilities for uaunicipel
expenditures or capital fiends transferred to other
organizations, is reported an the "Consolidated
Balance Sheet."
Operations of School Boards end the County of Huron:
Pidirtet'E tttdE lt(t)(aii)®:pthe tax tion, other:revenues, and
requisitions f.or the school boards and the County of Huron
are c.oaprised of the following:
•
Budget
1988
$
Actuul
1988
$
SOURCES OF FINANCING
Taxation and User Charges
Residential and Farm Taxation
Commercial, Industrial and Business
Taxation
Taxation from Other Governments
User Charges
Grants
Province of Ontario
Other Municipalities'
Other pj,
Penalties end Interest on Taxes'
Prepaid Special Charges
Investment Income
Other
Actual
1987
$
School
Boards
$
180,993 187,884
51,094
2,500
59,910.
189,434
53,038
1,555
54,587
35,110
2,078
87,004
Taxation and user
Share of payments
Share of taxation
telegraph gross
charges
in lieu of taxes
of telephone and
receipts
Amounts Requisitioned
439,286
2.976
7.775
454,038
County
of
Huron
$
126,454
892
2,260
129,606
320,302 361,435
300,370
30 193
10,000
15,700
MUNICIPAL FUND BALANCES AT THE
BEGINNING OF THE YEAR (Note 9)
To be used to Offset /or to be Recovered
From) Taxation or User Charges
Unapplied .Capital Receipts (or
Capital Operations not yet Financed)
Total Financing Available during
the Year
11,548
2,603
21,057
1,497
15,952
2,859
15,900
These amounts include $21,895 for the school boards and the
County of Huron which were paid by tire Province of Ontario on
behalf of ratepayers to lessenthe impact of reassessment in
the Township.
Contributions to Unconsolidated Jeiat,f.Boerds:
t
Further to ii-ote 1(a)(ii) the, fellowii}g'contributions were made
by the Municipality to these boards:
APPLIED TO
Current Operations (Note 3)
liisrsrai 0overnient
'lirotecried' to Persons Mud 'Property
Transportation Services .
Environmental Services
Health Services
Social and Family Services
Recreational and Cultural Services
Planning and Development
51,341 51,341
(6,457) (6,457)
685,383
22s=2=2=
740,118
CSC=e4=a
(7,625)
(6,961) ,
Wingham Fire Area
634., 214
==nse=a=
122,7;8
50.310
270,500
6,600
1,325
a2,303
9,000
'86,259
.4(4206
222,435
27,996
828
32,594
7,976
88,717
49,022
230,501
6,187
1,098
400
34,159
6,471
1988 1987
$ $
32,180
c
35,604
__
The municipality is contingently liable for its share, which
is approximately 18% of the accumulated deficits as at the
end of the year for these boards. The municipality's share
of the accumulated surpluses (or deficits) of these joint
boards is as follows:
498;654 425,353
Capital
General Government
Treoaportatioa Services
Environmental Services
Planning and Development
82,500
14-;000
149,802
2,807
389
07,500 152,998
Net Increase (Decrease) .in Reserves
end Reserve Funds
416,555
6,325 lt�
108,449
3,186-
3,446
121.405
Wingham Fire Area
4. Trust Funds:
198(? !9
s t
2====.S22C sm®==teas
Trust funds administered by the municipality amounting to
*173,717 ' (1987 $139,481) have not been included in the
"Consolidated salamis Sheet" nor have their operations been
included in the "Consolidated Statement of Operations",
S. Investwentea
81.600 01,500
MUNICIPAL FUND BALANCES AT TRE
fa N0 OF THE YEAR (Note 9)
To be used toOffset.(or to be Recovered.
From) Taatatiop,or User Charges
-UnapP1#ed Capital Receipts (or Capital
Operations not yet Fineneed)
21.764
(4,035)
The total of investments of *112,995 (1987 *7,883) reported
on the "Consolidated Balance Sheet' et eost, have a market
51.370 value of 5112.995 (1987 57,783) at the end of the year.
Pension Atrserental:
The Municipality makes contributions to the Ontario Municipal
Employees Retirement Fund (014888). which is a multi-employer
plan, on behalf ot 2 members of its staff. The plan is a
defined benefit • plan which specifies the amount of the
retiretiisnt benefit to be received by the employees based on
the length of service and rates of
pays
The amount contributed to 0M883 for 1988 was $2,941 (1987
*2.828) for current service end is included es an expenditure
on the Consolidated Statement of Operations.
84..302°, 5.1, 341
(4,035) • (6,467)-
740,118
6,467)-
Total Applications During the Year
685,383
4a*2aac2
740,118
sessesse
634,214
=LSILfl B•Ct
The . A;efiowpsnying Nota
ars an Integral Part of thea.• Financial Statements