The Huron Expositor, 1983-05-11, Page 14a.
8
14 -THE HURON EXPOSITOR, MAY 11, 1983
TOWN OF SEAFORTH AUDITOR'S REPORT
To the Members of Council,
Inhabitants and Ratepayers of
the Corporation of the
Town of Seaforth:
For The Year Ending December 31, 1982
NOTES TO THE FINANCIAL STATEMENTS
CON'T
We have exam_ned the balance sheet of the Corporation of the
Town of Seaforth as at December 31, 1982 and the stato,'-tnts of ret,'uc
and expenditure, capital operations, and reserve and res, rye funds
continuity and analysis of year end p,•sition for the year then
Our examination was made in accordance with benera113 accepted ,u•'»t1»
- standards, and accordingly included such tests and other proc,dur, '- as
we considered necessary in the ctrcui,,tances.
In our opinion, these tivancta4 :.tat env 0ts prc'.r. nt fairly the
financial position of the Corporet ton 0f tht Tow 01 S.afort1. a +,t
December 31, 1982 and the results of its operations for tbo y,x„r th..6
ended in accordance with generally accepted account tt, principl',.fur
Ontario municipalities applied on a basic tun»».tent with 1».at o1 th,
preceding year.
,f
1 ,.
London, Canada Chartered Accountants
February 9, 1983 l.icvnco No. 257
BALANCE SHEET
as at December 31, 1982
ASSETS
Current assets
Cash
Taxes receivable
Accounts receivable
Other current assets
Investments
Capital outlay to be recovered in
future years
Other long term assets
O, H. R. P, loans receivariale
STATEMENT OF REVENUE AND EXPENDITURE
for the year ended December 31, 1982
Accum,tlaltd net revenue (deficil) at
the Ixgimung of the year
Fxpentblures anti transfers
Mame, Tal expenditures
Crenecil government
protection to persons and properly
ir:unpurta non services
h.r,vuunment:l servers
Ilcalth servers •
Social and laindy servo rs
Her reuuun and cultural services
I'I.,nnmr and development
( llher-Re';erve for wnrkiue lands
l 'lag expenditure
(musters
• I r:u,sle rs to w)pun or unntty
1'1114,, lu 55 110»,1 boards
I olal transfers
1 nlal expend?tures and Transfers
Revenue by purpose
Muni` q,,J pea poses
1 .0,1,011
Payments in heti of 1,555
On6rrm grants
Other grants
Fres and to it , harm's
011ier 111 .,O-.1. r 1 roe
Revenue 10,pay (or municipal purpust•s
Iteg,untar , mn11 rt•gesrlt011
I .11,,lion�
P.,t meats til hcu 0( taxes
Ontario grants
I Rhee
Resenue to pay the region nr omit) rrquosltion
4 40111 1.0,nd n'gws, limn
1`,i)n,enls m 11,1 1,7 hint's
(((her
R1,t•n110 10 pas the uhonl (n t,»l rcquninon
1 nOd rc.ennr
At cumulated act rcvenee )deli, 1) at
the end of the teat
Analysed as ftllnws
(;rncr,il rr•rnur
Region it county
School hoards
Special charpcs
Special arras
1 osal hoards
Municipal t nlerpnces
19142
Swirl
(7,404)
1982
Afloat
(7,404)
1981
Actual
S
36,015
200,849 - 233,450 211,476
217,602. 218,979 189,073
305,922 329,264 262,9262,9688
139,977 188,188
200' 8 1,599
190,216 155,882 194,793
9,530 7,572 3,132
*10,000 38,600
1,064,296 . 1,133,343 1,049,177
84,936
299,830
384,166_
1,456,466
159,826
_52 1 , 0(1(1
155;424
62,142
260,619'
12,500
I, (171, 7 0
87,986
307,928
395,914
1,536,661
77,842
279,776
357.18
1,406,795
595,191 355,544
23,327 21,184
382,347 353,187
27,254 20,747
245,545 234,035
9,50(1 20,000
(,073,164. 1,0114,697
84,503 89,253 78,909
433
84,9,6
299,7(0
299,830
1,456,466
0
433
89,686
114,461
314,461
334
79,243
279,436
279,436
LIAslunEs
Current liabilities
Temporary loans
Accounts payable and accrued IiabiLaes
Other currcnt liabilities
1,487,311 1,363,376
(49,350) ._.(7,404)
(55,674) (7,603)
893 (10)
5,431 209
(49,350)
Net long term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts
(7,404)
STATEMENT OF CAPITAL OPERATIONS
for the year ended December 31, 1982
tnfinanced capital nutlat ,Unexpended capital
financing) at the beginning of the s ear
(appal expend,ntre
(,,neral government
Protection to pres.'s and properm,
l ranspnrfarnnn `cr'i,rc
Environmental vont/
Health sr:viees
Social and (amds trn„cc
Rn rrau"n and cnitu'al crinis
Planning and dr ,cl.,omrnt
Ocher
gnlal cspcndrture
(-spiral financing
( nntnhutions from the revenue fund
Contributions from reserves
and reserve funds
long term luhihnrt .n, a rd
Ontario grana
other
Inca) capital finanerng
1'nf,naneed exptul outlay It Inez ',ended
apical financing) at the end o/ the year
„p.^rut . •••
1982
Areal
1981
Actual
0 I -0 _
7br .esa,wpa"Jiwa Worn..+ n i..gr.l part
efibis f : eidstamen...
1982
Actual
31,344
95,347
53,642
46,500
226,833
42,000
59,974
328,807
1982
Actual
10,000
93,074
103,074
42,000
233,083
(49,350)
328,807
1981
Actual
94,941
81,757
123,735
2,000
77,500_
379,933_
50,000
61,454
491,387
3. Accumulated net revenue (deficit)
at the end of the year
The balance in the revenue fund at the year end is available to
re3"c (to be added to) the levies of the following classes of ratepayers:
1982 1981
$(-5-554,12),,
General ratepayers 67,43 (10)
School board ratepayers 209
County ratepayers
$ (49,350) $ (7,404)
4, Charges for net long -tern liabilities
Total charge& for the year fur net long-term liabilities were as
•
follows:
1982 1981
Principal payments 4,715 $ 8,000 $ ,75:n
Interest
$ 12,715 $ 12,475
The charges shown above were paid from general municipal revenues
of the raunicipalft.y and are included in expenditures on the Statement of
Rcvetue and 1.'pendi Wore classified under the appropriate functional headings.
Investments
1981 The inv0;tronts included in current assets ere recorded at cost
Actual
43,335 as at the end. of the year.
160,000 of $ 46,500 and have n market value of $
60,207 1.. Comparative amounts
Curtain of the 1981 amounts have been reclassified to conform with
Clic presentation adopted in 1982.
50,000 protection services
Effective January 1, 1980, the municipality entered into an
228,584
ttl;rcun,ont to provide fire protection services to Seaforth' and other surrounding
(7,404) -
townships, Included in these statements arc the town's portion of the total
costs to op' rite the fire department during, 1982•
491,387
_s- formation of the Seaforth and District
Comvunity Centres Manmcement Committee
220207 _
NOTES TO THE FINANCIAL STATEMENTS -
1. Account in.. policies
(a) Statersnt of revenue and expenditure
This statement reflects *revenues and expenditures of the
revenue fund. There are no local hoards or municipal enterprises consolidated
1n those results.
1,1 Statement of capital operations
This statement reflects the capital expenditure of the municipality
t.• b4 r,covrred from the general municipal revenue of the municipality.
.c1 Balance sheet.
This statement reflects the assets and liabilities of the revenue
�xthe capital fund and reserve funds.
1,11 I'(.rd assets
The historical cost and accumulated depreciation of fixed assets
t;• not reported for municipal purposes. Instead, the "Capital outlay to be
r,c,•v.•red in future years", which is the principal portion of unmatured
l,,n. _Corr liabilities, is reported on the balance sheet.
tot )lnnicipal enterprises
Municipal enterprises are those activities whose costs are
ub;a.,ntially recovered from service charges on the users. The enterprise
„f t!iis municipality whose revenues and exp,:g.i„1,Ltures have not been
consolidated in these financial statements is the Waterworks and the
i ir,hoard.
,ll Char{os for net long-term liabilities
D.•ht retirement costs including principal and interest are charged
a,u(nst current revenues in the periods in which they are paid, interest
char;es arc not accrued for the periods from the date of the latest interest
payment to the end of the financial year.
bet long-term liabilities
(a) The balance for net long-term liabilities reported on the balance sheet
is made up of the following:
Total long-term liabilities incurred by
the municipality and outstanding at the
end of the year amount to
.'f the longterm liabilities shm..m above,
the responsibility for payment of
2,153 36,452 principal and interest charges has been
649 11,310 assumed by others (see (b) below) for
152,183 130,976 a principal amount of
28,570
;:et long-term liabilities at the end of
the year -
33,029 27,871
216,584- 206,609
102,534
108,509
114,050 98,100
216,584. .206,09
t,_mtal pasn^ents required on the net
lone. -term liabilities are as follows,
1981
1984
1985
1986
$ 248,005
206,00(,
$ 42,000
Principal Interest
$ 9,000
10,000
11,000
12,000
$ 3,844
2,870
1,794
615
$ 42,000 $ 9,123
(81 nn January 1, 1969 the Huron County Board of Education assumed from
the municipality the responsibility for the payment of the principal and
interest charges on the debentures issued for school board purposes.
•
Thu Seaforth and District Community centres Management Committee carie
'into esu atenee as a result of an tii:roemcnt dated September 1', 1982 between
Seaforth and surrounding townships. The original agreement expired December 31,
1'182 and was subsequently renewed by the members through to December 31, 1985.
The corraittdc was fanned to manage and control all present and future operations
of the Conr,unity. Centre. Under the terns of the agreement an operating deficit
is shared bythemembers on the following percentages:
Town of Seaforth 53.3
Township of McKillop 25.0 '\
Township of Tuckersm}th 13.5
Township of Hibbert 5.8
Township of Ilullett 2.4
The aforementioned percentages are to be reviewed every three years
and arc to be adjusted based on usage. Included in these statements are the
town's portion of the total costs to operate the Community Centre during 1982.
RESERVE AND RESERVE FUNDS
STATEMENT OF CONTINUITY AND
ANALYSIS OF YEAR END POSITION
for the .year ended December 31,1982
Available at the beginning of the year for
future municipal purposes
Revenue
( onirlbut(ons from the rese110C fund
Contributions from developers
Repay»^est of forgiveable 0,11,0,2. loan
Intcresl earned
Expenditure
Transfers to the capital fund
Transfers 10 the revenue fund
0,11.11,P, loans - repayable
0.11.R. P. Crmmr i s n ions
Available at the year, end for future
municipal purposes •
1982
Actual
1,9)0
20,180
.4,310
9,500
8,08(1
.,-51
,,494
233,083
1971
Actual
2x13.»
1.,
24,"1.
ANALYSIS OF YEAR-END POSITION
as at December 31, 1982
Reserves
Industrial
Working capital
Reserve funds
Industrial
0.9.8.P.
Working capital
Year end position of reterves
and reserve funds
T5, .no.,p..y09r .me....., ,,..r..r p.e.
Oa. /r...d.? .u...r.r
1982
Actual
66,710
21,570
88,210
590
103,429
40,854
144,873
233,083
9x1
Actual
63,561
101,421
63,600
228,584
228,584