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Home My WebLink AboutZurich Citizens News, 1978-05-25, Page 8Page 8 Citizens News, May 25, 1978 i,pinimulu nnnnuwllullnllnnnlunuulnmunlu►mulnnnunnnuuununlnllllllullnnunlmifili nnnnnunuinimmulumini mininnlumlll11utulIIllllllllllllnnunnnunulnnnnnlnlnlnulnnnlllnllllumiluillinimuuui VILLAGE OF ZURICH -AUDITOR'S REPORT, 1977 TO: The Members of Council, Inhabitants and Ratepayers of the Village of Zurich. We have examined the 1977 financial statements of the Corporation of the Village of Zurich. 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 financial statements present fairly the financial position of the Village of Zurich as at December 31, 1977 and the results of its operations for the year then ended, in accordance with accounting principles generally accepted for Ontario Municipalities applied on a basis consistent with that of the preceding year. F. H. WARD & PARTNERS Chartered Accountants Woodstock, Ontario April 20, 1978 License Number. 647 Statement of Revenue and Expenditure for the year ended December 31, 1977 1977 Budget Accumulated net revenue (deficit) at the beginning of the year 3.602 Expenditures and transfers Municipal expenditures General government 63,340 Protection to persons and property 8,559 Transportation services 55,450 Environmental services 49,830 Social and family services 300 Recreation and cultural services 43,425 Planning and development 2,500 Total expenditures 223,404 Transfers Transfers to region or county 32,693 Transfers to school boards 53,673 Total transfers 86,366 Total expenditures and transfers 309,770 Revenue by purpose Municipal purposes Taxation 93,178 Payments in lieu of taxes 2,350 Ontario grants 77,278 Other grants 5,912 Fees and service charges Other 41,000 Revenue to pay for municipal purposes 219,718 275,475 Region or county requisition Taxation 21,157 Payments in lieu of taxes 441 Ontario grants 11,255 Revenue to pay the region or county requisition 32,853 31,673 School board requisition Taxation 52,541 53,891 Payments in lieu of taxes 1,056 622 Revenue to pay the school Board requisition 53,597 54,513 Total revenue 306,168 361,661 Accumulated net revenue (deficit) at the end of the year NIL 1977 Actual 1976 Actual $ 13.066 2,924 59,849 12,838 60,795 81,754 150 47,806 6,574 41,929 6,554 40,912 82,128 154 43,502 4,544 269,766 219,723 32,739 53,766 86,505 356,271 31,247 46,061 77,308 297,031 118,056 115,237 2,973 2,485 72,009 52,469 18,465 5,634 16,065 47,907 55,234 231.059 21,695 256 9,722 17,971 36 12,084 30,091 45,937 86 46.023 307,173 18,456 13,066 Analysed as follows: General revenue 5,902 Region or county (1,229) School boards 826 Local boards 706 Municipal enterprises 12,251 Statement of Capital Operations for the year ended December 31, 1977 Unfinanced capital outlay (Unexpended capital fanancing) at the beginning of the year Capital expenditure Recreation and cultural services Total expenditure Capital financing Contributions from the revenue fund Long term liabilities incurred Ontario grants Other Total capital financing Unfinanced capital outlay (Unexpended capital financing) at the end of the year Balance Sheet as at December 31, 1977 4,098 (164) 80 (412) 9,464 18,456 13,066 1977 Actual 1976 Actual $ 36,256 100,766 30,176 44,455 30,176 44,455 10,722 27,000 40,806 32,483 4,000 38,400 44,806 108,965 21,626 36,256 Current liabilities Temporary loans Accounts payable and accrued liabilities 36,700 39,200 16,255 24,276 52,955 63,476 Net long term liabilities 204,862 215,325 Reserves and reserve funds 72,908 30,400 Accumulated net revenue (deficit) and unapplied capital receipts 18,456 13,066 349,181 322,267 1. Accounting policies Statement of Revenue and Expenditure This statement reflects the revenues and expenditures of the revenue fund and the following local boards and municipal enterprises: Zurich Municipal Recreation Committee Zurich and Area Fire Board Zurich Waterworks (b) Statement of Capital Operations This statement reflects the capital expenditure of the municipality to be recovered from the general municipal revenue of the municipality and its local boards 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 the local boards and municipal enterprises as discribed in note 1(a) . (d) Fixed Assets 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 projects not yet 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: Zurich Hydro Electric System Charges For Net Long -Term Liabilities Debt retirement costs including principal and interest are charged against current revenues in the periods in which they are paid. Interest charges are not accrued for the periods from the date(s) of the latest interest payment(s) to the end of the financial year. (a) Notes to the Financial Statement (f) 2. Reserve Funds During the year $29,672 were credited directly to reserve funds without being recorded as revenues and expenditures of the Revenue Fund. Major sources were: The Ontario Home Renewal Plan: Ontario Grants $ 29,000 Interest Earned 672 $ 29,672 3. Net Long -Term Liabilities The balance for net long-term liabilities reported on the "Balance Sheet" is made up of the following: Total long-term liabilities incurred bythe municipality including those incurred on. behalf of municipal enterprises and outstanding at the end of the year amount to $204,862. 4. Accumulated Net Revenue (Deficit) At The End of the Year The balance in the revenue fund at the year end is available to reduce (to be added to) the levies of the following classes of ratepayers. General ratepayers School board ratepayers County ratepayers Local boards Municipal enterprises 1977 1976 $ 5,902 $ 4,098 826 80 (1,229) (164) 706 (412) 12,251 9,464 $ 18,456 $ 13,066 5. Charges For Net Long -Term Liabilities Total charges for the year for net long-term liabilities were as follows: 1977 $ 10,462 18,150 $ 28,612 Principal payments Interest 1976 $ 8,472 17,922 $26,394 The total charges shown above, were paid from general municipal revenues of the municipality and are included in expenditure on the "Statement of Revenue and Ex- penditure" classified under the appropriate functional headings. 6. Contractual Obligations Sewage Service Agreement The Village of Zurich has entered -into an agreement with the Ministry of the En- vironment to provide a service of treatment and disposal of Sewage. The Village of Zurich will be charged on the following basis: (1) A gallonage charge which in 1977, was 65.32 cents per one thousand gallons, for a total charge in 1977 of $16,776. (2) All sums received by the Village of Zurich as sewage rates upon owners and occupants of land which in 1977, was $36,072. The gallonage charge is financed by a sewage surcharge on the water billings which in 1977, amounted to $20,834. Current assets 1977 1976 7. Changes In Consolidation The Zurich Waterwoorks has been consolidated in the accompanying financial Cash 48,647 11,802 statements for the first time. The 1976 comparative amounts have been restated Accounts receivable 30,252 29,800 to reflect this consolidation. The effect on the opening 1976 accumulated net Taxes receivable 11,834 4,129 revenue (deficit) was an increase of $6,812. Other current assets 10,411 10,318 8. The Anti -Inflation Act 101,144 56,049 The municipality, its local boards and commissions are by agreement between the Capital outlay to be recovered in Government of Canada and the Government of the Province of Ontario dated future years 226,488 251,581 January 13, 1976, subject to The Anti -Inflation Act (Canada) and the national Other long term assets 21,549 14,637 guidelines. The legislation limits increases in compensation payments effective 349,181 322,267 October 14, 1975. Please turn to Page9 =rllllllllllnllllllllllllllllllllllllllllll111111111111111111111lIIIIIIn11nII11nIII11111II111111111111111111nII111nIIiIIII1111nII1111I11nn1n1111111111111n11111111111nIIIII11111111nn111nI111111111n1111111111111nt11111nnInlllnnnnl111111111111111111111111111111n111111n1IIIIIIIIIIIInuntIHLI11