Zurich Citizens News, 1976-05-26, Page 6Page 6 -Citizens News, May 26, 1976
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VILLAGE ■ ZURICH - AUDITOR'S REPORT, 1975
TO: The Members of Council, and Ratepayers of the Corporation of the Village
of Zurich.
We have examined the 1975 financial statements of the Corporation of the Village
of Zurich and its local boards, which are listed on the attached. Index. Our examina-
tion included, a general review of the accounting procedures and such tests of
accounting records and other supporting evidence as we considered necessary in
the circumstances.
In our opinion these financial statements present fairly the financial position of
the Corporation of the Village of Zurich and its local boards as at December 31st,
1975, and the results of their operations for the year then ended, in accordance with
accounting principles generally accepted for Ontario municipalities applied, after
giving retroactive effect to policy changes as shown in note 8 of the notes to finan-
cial statements, on a basis consistent with that of the preceding year.
Woodstock, Ontario
March 31, 1976
Licence Number 439 G.H. Ward & Partners
STATEMENT OF REVENUE AND EXPENDITURE
for the year ended December 31, 1975
Accumulated net revenue (deficit) at
1 the beginning of the year
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Expenditure
General municipal purposes
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and development
Other
Region or county purposes
School board purposes
Total expenditure
Revenue
General municipal purposes
Taxation
Payments in lieu of taxes
Ontario grants
Other grants
Other
Region or county purposes
Taxation
Payments in lieu of taxes
Ontario grants
School board purposes
Taxation
Payments in lieu of taxes
Other
Total revenue
Accumulated net revenue (deficit) at
the end of the year
Accumulated net revenue (deficit) at
the end of the year
Analysed as follows:
General revenue
Region or county
School boards
b) Fixed Assets
No value is attached to fixed assets for municipal reporting services. Expendi-
tures on fixed assets are charged against current revenues unless the expendi-
tures are financed out of -.long term debt . Debt retirement costs are charged
against current revenues in the periods in which they are paid.
c) Provincial road subsidy revenue and expenditure on roads
Provincial subsidy programmes are on a "receipt and disbursement" basis
which does not recognize accruals. The municipality has expended amounts for
which the road subsidy will not be eligible for claim until the succeeding year.
Such future subsidy revenues have been accrued in the current year.
d) Charges for net long term liabilities
Charges for net long term liabilities include principal and interest. Interest
charges are not accrued for the period(s) from the date(s) of the latest interest
payment(s) to the end of the fiscal year.
2. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for net long term liabilities were as follows:
Principal payments
Interest
7,423
17,532
24,955
1975 1974
Actual Actual Of the total charges shown above $7,825 was paid from the revenue of the
municipality and is included in expenditure, classified under the appropriate
functional headings, and $17,130 was recovered from the municipal enterprises
(10,700) (4,388) for which the related net long term liabilities were incurred.
3. PROVISIONS FOR RESERVES AND ALLOWANCES
Provisions for reserves and allowances amounting to $500 are included in the
"Statement of Revenue and Expenditure'.
4. CONTRIBUTIONS TO RESERVE FUNDS
The revenues for the year of reserve funds include the following which
credited directly to the reserve funds.
Interest earned on bank deposits
Subdivider and developer contributions
21,443
6,518
41,788
24,817
198
45,384
2,477
20,439
10,280
23,215
26,205
351
41,308
515
2,623
142,625
30,512
34,331
124,936
24.311
30,972
207,468 180,219
59,271
2,644
50,549
5,525
30,117
59,373
1.834
31.050
3.972
30,396
148,106 126,625
25,346
256
6,006
31,608
16.616
16,616
were
45
150
195
5. NET LONG TERM LIABILITIES
Total long term liabilities incurred by the municipality and outstanding
at the end of the year amount to $196,797
6. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
Some capital outlay does not represent a burden on general municipal revenues,
as it is to be recovered in future years from other sources:
Municipal enterprises - Zurich Waterworks $154,000
7. CONTRACTUAL OBLIGATIONS
Sewage Service Agreement
The Village of Zurich has entered into an agreement with the Ministry of the
Environment 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 1975 was 59.3 cents per one thousand gallons,
for a total charge in 1975 of $10,940.
(2) All sums received by the Village of Zurich as sewage rates upon owners and
occupants of land which in 1975 was $19,311.
33,933 30,666 The gallonage charge is financed by a sewage surcharge on the water billings
477
34,410 30,666
214,124 173,907
4,044 (10,700)
(5,154)
118
(10,635)
(104)
39
(4,044) (10,700)
STATEMENT OF CAPITAL FUND OPERATIONS
for the year ended December 31, 1975
Unfinanced capital outlay (Unexpended capital
financing) at the beginning of the year
Capital expenditure
General government
Recreation and cultural services
Total expenditure
Capital financing
Contributions from the revenue fund
Other
Total capital financing
Unfinanced capital outlay (Unexpended
capital financing) at the end of the year
BALANCE SHEET
as at December 31, 1975
Current assets
Cash
Accounts receivable
Taxes receivable
Capital outlay to be recovered in
future years
Current liabilities
Temporary loans
Accounts payable and accrued liabilities
Net long term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts
1,712 500
58,540 8,212
44.114
102,654 8,212
6,500
3,600 500
3,600 7,000
100,766 1,712
33,996
79,440
4,412
32,712
15,475
5,458
117,848 53,645
297,563
205,932
415,411 259,577
145,240 31,000
47,136 28,302
192,376 59,302
196,797 204,220
30,282 6,755
(4,044) (10,700)
415,411 259,577
NOTES TO FINANCIAL STATEMENTS
1. ACCOUNTING POLICY
a) Balance Sheet
The Balance Sheet reflects the combined assets
fund, capital fund, reserve funds, and the local bo
Certain assets are not reflected as described in (b)
and liabilities of the revenue
ards.
of this note.
ILIN
ummm vamp= mm
Mt Mil 211 INIEMI OM r
which in 1975 amounted to $13,400.
8. Accounting and reporting principles for Ontario Municipalities were changed
in 1975. These policy changes included (1) the consolidation of local boards and
(2) the over and under levies for school boards and county are no longer reflected
as deferred revenue but shown as an allocation of surplus. The 1974 comparative
amounts have been restated to reflect this new policy. The effect on the opening
1975 deficit was an increase of $65 from $10,635 to $10,700.
WATERWORKS
STATEMENT OF REVENUE AND EXPENDITURE
for the year ended December 31, 1975
Accumulated net revenue (deficit) at the beginning off the year
Expenditure
Operations
Water Supply
Power and pumping
Water transmission and distribution
Administration
Total operating expenditure
Principal payments and interest charges on long term debt
Principal payments and interest charges on long term debt
Capital expenditure out of current revenue
Total expenditure
Revenue
Sale of water
Municipal contribution
Fire protection
Other revenue
Total revenue
Accumulated net revenue (deficit) at the end of the year
WATERWORKS
ANALYSIS OF REVENUE
for the year ended December 31, 1975
1975 1974
5,184 11,922
448 1,056
6,857 5,856
3,788 2,338
4,929 6,179
16,022 15,429
17,130 17,400
944 1,356
34,096 34,185
20,319 16,717
9,141 8,902
1,650 1,650
4.614 178
35,724 27,447
6,812 5,184
Sale of Water
Residential 16,698 16,717
Non-residential 3 621
Municipal Contribution
20,319 . 16,717
Frontage charges -under Ministry of the Environment
agreements 8,910 8,902
8,910 8,902
Fire protection
Own municipality
Other revenue
Rentals
Installation and service charges
Investment income
Forfeited discounts and penalties
Commissions on collection of sewage or other charges
Total Revenue
111111 1911
1,650 1,650
1,650 1,650
831.
37
273
3,704
20
12
146
4,845
178
35,724
27,447