HomeMy WebLinkAboutZurich Citizens News, 1978-06-01, Page 6Page 6 Citizens News, June 1, 1978
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TOWNSHIP OF HAY AUDITOR'S
TO The Member of Council, Inhabitants and Ratepayers of the Corporation of the
Township of Hay.
We have examined the 1977 financial statements of the Corporation of the
Township of Hay. Our examination was conducted 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 Corporation of the Township of Hay and the Hay Municipal Telephone System as
at December 31, 1977 and the results of their operations for the year then ended, in
accordance with accounting principles generally accepted for Ontario
Municipalities and their enterprises applied on a basis consistent with that of the
preceding year.
Goderich, Ontario
March 3, 1978.
Durst, Vodden & Bender
Chartered Accountants.
Municipal Auditor's
License Number 567
Statement of Revenue and Expenditure
for the year ended December 31, 1977
Accumulated net revenue (deficit) at
the beginning of the year
EXPENDITURES AND TRANSFERS
Municipal expenditures
General government
Protection to persons and property
Transportation services
IEnvironmentalservices
Health services
Social and family services
Recreation and cultural services
Planning and development
Total expenditure
Transfers
Transfers to region or county
Transfers to school boards
Total transfers
Total expenditures and transfers
Revenue by purpose
Municipal purposes
Taxation
Payments in lieu of taxes
Ontario grants
Fees and service charges
Other
Revenue to pay for municipal purposes
Region or county requisition
Taxation
Ontario grants
Revenue to pay the region or county requisition
School board requisition
Taxation
Revenue to pay the school board requisition
Total revenue
Accumulated net revenue
(deficit) at
the end of the year
Analysed as follows:
General revenue
Region or county
School boards
Statement of Capital Operations
for the year ended December 31, 1977
Unfinanced capital outlay (Unexpended capital
financing) at the beginning of the year
CAPITAL EXPENDITURE
Protection to persons and property
Transportation services
Environmental services
Planning and development
Total expenditure
CAPITAL FINANCING
Contributions from the revenue fund
Long term liabilities incurred
Ontario grants
Other--'
Total capital financing
Analysis of Assets and Liabilities
as at December 31, 1977
revenue
fund
$
CURRENT ASSETS
Cash 16,804
Taxes receivable 53,283
Other accounts receivable 90.306
160,393
Capital outlay to be recovered
in future years
Other long term assets
Total 160.393
capital
fund
7,341
23.734
31,075
1,581,797
1,612,872
CURRENT LIABILITIES
Temporary loans 16,686 31,075
Accounts payable and
accrued liabilities 18,936
Other current liabilities . _1:;•9
-49,594
Net long term liabiliities
Reserves and reserve funds 94,109
Balance (or deficit) at the year end
Total 160,393._ 1,612,872
31,075
1,581,797
1977 1977
Budget Actual
$ $
(3,633) (3,663)
51,108 51,389
29,275 31,065
289,800 293,330
7,800 7,937
400 385
25 25
8,900 8,329
101,288 102,300
488,596 494,760
109,863 111,124
345,895 350,034
455,758 461,158
944,354 955,918
200,555 203,245
1,050 1,687
179,211 181,478
100,812 101,857
10,350 25,757
491,988 514,024
104,764 106,233
5,247 5,478
110,011 111,711
346,018 350,536
346,018 350,536
948,017 976,271
16,690
(15) 15,857
18 457
(3) 376
16,690
1977 1976
$ $
6,576.
84,477
249.317
340,370
88,750
190,100
23;216
38,304
340,370
reserve
funds
$
10,250
3,615
15,600
184,450
203,665
27,763
175,900
10,252
213,915
consolidated
total
$
29,110 53,255
53,283
4,735 118.775
33,845 225,313
1,581,797
16.736 16,736.
50,581 1,823,846.
50,581
50.581 ,
47,761
18,936
80,669
1,581,797
144,690
1823.846
Reserve and Reserve Funds
Statement of Continuity and Analysis
of Year End Position
for the year ended December 31, 1977
1977 • 1976
... $ $
Available at the beginning of the year for
future municipal purposes 110,014 108,754
REVENUE
Contributions from developers 5,000
Sale of land 298
Ontario Home Renewal Plan grants 29,000 706
Interest earned
34,706 706
EXPENDITURE
Planning & development residential
development
30 (554)
30 (554)
Available at the year end for future
municipal purposes 144,690 110,014
Analysis of Year End Position
as at December 31, 1977
RESERVES
For working capital 94,000 94,000
For construction of steps 109 109
94,109 94,109
RESERVE FUNDS
Parklands subdivider's contributions 12,871 8,707
Ontario Home Renewal Plan 37,710 7,198
50,581 15,905
Year end position of reserves
and reserve funds 144,690 110,014
Trust Funds Statement of Continuity
for the year ended December 31, 1977
Balance at the beginning
of the year
Interest earned
Expenditure
Maintenance
Balance at the end of
the year
Balance Sheet
as at December 31, 1977
ASSETS
Cash
Guaranteed Investment
Certificates 200 200
Hillsgreen
Total Cemetery
$ $
342 342
22 22
22 22
10 10
10 10
354 354
Total
$
$
154 154
200 200
LIABILITIES
Balance - capital
- income 354 354
354 354
354 354
Notes to the Financial Statements
1. Accounting Policies
(a) Statement of Revenue and Expenditure
This statement reflects the revenues and expenditures of the revenue fund.
There are no local boards or municipal enterprises consolidated in these
results.
(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 as describ-
ed innote l(a).
(c) Balance Sheet
This statement reflects the assets and liabilities of the revenue fund, the
capital fund and reserve funds as described in note 1(a). the assets and
liabilities of local boards and enterprises that have not been consolidated are
reflected only to the extent of their related net long term liabilities and
capital outlay to be recovered in future years.
(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:
Hay Municipal Telephone System
(f) 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.
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