Times-Advocate, 1978-06-22, Page 8Page 8 Times-Advocate, June 22, 1978
VILLAGE OF GRAND BEND AUDITOR'S REPORT 1977
To the Members of Council, Inhabitants and Ratepayers of the Corporation of the
Village of Grand Bend.
We have examined the 1977 financial statements of the Corporation of the Village of
Grand Bend which are listed on the attached Index except for the six year financial
review. Our examination was made in accordance with generally accepted auditing
standards and accordingly included such tests and other procedures as we con
sidered necessary in the circumstances.
In our opinion, these financial statements present fairly the financial position of the
Village of Grand Bend 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.
R.E. Holbrook & Partners
Chartered Accountants
Licence #821
Sarnia, Ontario
April 4,1978
Reserve and Reserve Funds
Statement of Continuity and Analysis of Year End Position
for the year ended December 31.1977
Available at the beginning of the year for
future municipal purposes...................
REVENUE
Contributions from the revenue fund ...
Interest earned......................................
EXPENDITURE
Transfers to the revenue fund
Available at the year end for future
municipal purposes.....................
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.................................
Environmental 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..................................................
Other grants....................................................
Fees and service charges................................
Other ...............................................................
Revenue to pay for municipal purposes...........
Region or county requisition
Taxation..........................................................
Payments in lieu of taxes................................
Revenue to pay the region or county requisition
School board requisition
Taxation..........................................................
Payments in lieu of taxes................................
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...'...............................................
ASSETS
Current assets
Cash........................
Accounts receivable
Taxes receivable ....
Investments...........
1977
$
110,051
12,015
2,579
14,594
20,511
20,511
109,248 104,134
Balance Sheet
as at December 31,1977
Capital outlay to be recovered in
future years...-.........................
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities
Other current liabilities.........................
Net long term liabilities.......................
Reserves and reserve funds................
Accumulated net revenue (deficit) and
unapplied capital receipts................
1977
Budget
$
49,456
175,112
224,568
439,991
111,804
1,500
40,000
5,000
21,375
11,570
191,249
46,104
__175
46,279
171,410
___396
171,806
409.334
Nil
Nil
277,062
434,073
9,759
434,073
Statement of Capital Operation
for the year ended December 31,1977
Unfinanced capital outlay (Unexpended capital
financing) at the beginning of the year..........
CAPITAL EXPENDITURE
General government
Transportation services.....................................
Environmental services.....................................
Recreation and cultural services........................
Total expenditure...............................................
CAPITAL FINANCING
Contributions from the revenue fund.................
Contributions from reserve funds
and reserves....................................................
Total capital financing.........................................
Unfinanced capital outlay (Unexpended
capital financing) at the end of the year.........
Current Assets
Cash..................................
Taxes receivable..............
Investments.....................
Other accounts receivable
Capital outlay to be recovered
in future vears...................../
Total.........................................
Current liabilities
Accounts payable and
acrued liabilities ....
Other current liabilities
Net long term liabilities ..................
Reserves and reserve funds
Balance (or deficit) at the vear end ..
Total....................................................
1977
Actual
$
30,657
49,545
177,392
226,937
459,214
112,742
1,742
35.707
6,183
39,827
17,595
213,796
46,959
__151
47,110
176,866
___544
177,410
438,316
9,759
5,693
742
3,324
9,759
9.641
9.641
285.796
104,134
RESERVES
Working funds
Analysis of Year-End Position
as at December 31,1977
Reserve funds
Cemetery........................
Road repair....................
Ministry of Environment
Year end position of reserves
and reserve funds...............
ASSETS
60,500
60,500
60,500
60,500
13,035
16,621
13,978
43,634
109.248 104,134
Grand Bend Public Utilities Commission Water
Balance Sheet
December 31,1977 with comparison at December 31,1976
Current assets
Cash........................
Accounts receivable
Capital Outlay to be Recovered in Future Years
Distribution system............................................
Total assets.......................................................
LIABILITIES AND ACCUMULATED NET REVENUE
Current liabilities
Accounts payable...............................................
Commuted payments...........................................
Long term liability due Ministry of Environment
Accumulated net revenue.....................................
Total liabilities and accumulated net revenue .
REVENUE
Sale of water................................
Frontage and collection charges..
Fire protection charges...............
Sundry...........................................
Grand Bend Public Utilities Commission Electricity
Statement of Revenue and Expenditure
for th- • year ended December 31,1977
with comparisons for tlie year ended December 31,1976
REVENUE
Residential service........................
Commercial service.......................
Street lighting.................................
Total service revenue..................
Other income......................................
Total revenue.............................
EXPENDITURE
Power purchased............................
Operations and maintenance.........
Administration...............................
Depreciation...................................
Total expenses ............................
Net income for the Vear (deficit)
ASSETS
1977
$
1976
$
136,855
95,628
7,722
240,205
12,552
252,757
183,066
22,292
30,442
8.688
244J88
8,269
Grand Bend Public Utilities Commission Electricity
Balance Sheet
December 31.1977 with comparisons at December 31. 1976
Current assets
Cash on hand and in bank
Accounts receivable......
Inventories.....................
Fixed assets
Land.....................................................
* Buildings..............................................
Plant and equipment...........................
Transmission and distribution system
Less accumulated depreciation
41,555
8,964
7,163
57,682
108,506
77,857
5,277
191,640
10,442
202,082
14,261
16.072
5,224
35,557
12,516
5,689
18,205
277,062
11,977
307,264
6,486
12,765
277,062
10,951
307,264
Grand Bend Public Utilities Commission Water
Statement of Revenue and Expenditure
for the year ended December 31.1977
with comparisons for the vear ended December 31.1976
1977
$
EXPENDITURES
Purchased water.....................................
Principal and interest on long term debt
Maintenance of system ..........................
Administration........................................
Net revenue for the year....
Accumulated not revenue
at the beginning of the year
Accumulated net revenue
at the end of the year.........
13,938
2,142
16,652
16,652
16,652
Nil
39,792
29,281
Nil
GmndcBend
'CORPORATION OF
THE VILLAGE OFGRAND BEND, ONTARIO
Analysis of Assets and Liabilities
as at December 31.1977
revenue
fund
$
48,832
14,072
45,359
capital
fund
$
revenue
funds
$
108,263
108.263
277,062
277,062
48.748
48.748
48.748
15,504
22,500
38.004
60,500
9.759
108,263
277,062
48,748
48.748
68,487
16,850
18,077
__152
103,566
38,446
-31.397
1.862
20,830
92,535
11,031
(80)
10,951
593
3,288
3,881
285,796
11,997
301,674
3,193
12,765
285,796
(80)
301,674
46,502
16,850
13,310
2,109
78,771
20,466
(80)
Other asset
Due from village for street lighting
Total assets-.................................
LIABILITIES AND EQUITY
Current liabilities
Accounts payable............................
Other current liabilites..................
Equity
Debentures redeemed
Contributed capital ...
Retained earnings.....
Total liabilities and equity
3,832
211,325
4,967
197,642
19,806
25,556
83.326
102,443
1852769
211.325
16,234
4,870
21,104
83,326
1,498
91,714
176,538
197,642
Notes to the Financial Statements
1. Significant Accounting Policies
(a) Basis of Consolidation
These financial statements reflect the consolidation of the revenue fund,
capital fund, reserve funds, and the Grand Bend Recreation Committee.
The Grand Bend Public Utilities Commission (Electric and Water) is not con
solidated except to the extent of their related net long term liabilities and
capital outlay to be recovered in future years. The financial statements of the
commission appear separately.
(b) Fixed Assets
The historical cost and accumulated depreciation of fixed assets is not
reported for municipal purposes. Instead tne “Capital outlay to be recovered
in future years’’ which is the principal portion of unmatured long term
liabilities is reported on the Balance Sheet. This amount is $277,062 (1976:
$285,796) and is the amount due to the Ministry of the Environment under the
water service agreement which will be recovered from the water supply
system in future years.
2. Charges for Net Long Term Liabilities
Total Charges for long term liabilities recovered from the water supply system
for 1977 with comparisons for 1976 are:
Contributions to the Ministry of the
Environment sinking fund and debt
retirement fund..............................
Interest...............................................
1977 1976
Accordingly these charges are reflected in the financial statements of the water
supply system.
3. Reserve Funds
Interest income of $4,253 (1976: $2,579) was credited directly to the reserve fund
without being recorded in the revenue fund.
consolidated
total
$
48,832
14,072
45,359
48.748
157.011
* 277.062
434.073
(All dollar amounts are in thousands of
dollars, except per capita figures.)
SIX-YEAR FINANCIAL REVIEW
Not subject to audit
*
197219771976197519741973
1. Population at the end of the year.831 818 818 779 749 740
2. Area in acres at the end of the year.480 480 480 480 480 480
3. Employees—continuous full time 3 3 3 2 2 2
—part time 4 3 2 1 1 1
4. Number of households 238 234 234 224 210 209
5. Assessment
Taxable assessment upon which the year’s rates of taxation
were set
Residential and farm $1,573 $1,569 $1,557 $1,545 $1,538 $1,510
Commercial and industrial 352 358 376 377 379 395
Business 118 120 125 125 126 135
Total $2,043 $2,047 $2,058 $2,047 $2,043 $2,040
Per capita $2.5 $2.5 $2.5 $1.9 $2.7 $2.8
Commercial and industrial, and business as a percentage
of taxable assessment 23.0%23.4%24.3%24.5%24.7%26.0%
Exempt assessment $89 $89 $89 $89 $89 $89
Provincial equalization factor 17.6 17.6 17.6 17.6 17.6 17.6
6. Rates of taxation
Residential and farm mill rate
for general municipal purposes 42.8 46.2 46.3 57.9 56.0 43.3
for region or county purposes 21.6 25.0 23.3 23.3 20.5 18.1
for school board purposes 82.6 74.5 60.4 53.5 51.2 47.6
Total 147.0 145.7 130.0 134.7 127.7 109.0
Commercial and industrial mill rate - total 167.5 160.0 140.0 144.6 135.6 .117.0
7. Revenue for general municipal services
Taxation $112 $116 $117 $122 $117 $91
Payments in lieu of taxes .2 10 1 1
Ontario grants 36 40 36 29 26 16
Other grants 6 7 7 6 6 5
Fees and service charges 40 31 24 12 11 7
Other 18 30 24 28 17 13
Total $214 $234 $209 $198 $177 $132
8. Tax arrears—per capita $55 $74 $67 $51 $58 $80
—percentage of current levy 12.8%17.8%17.6%18.4%15.1%26.2%
9. Expenditure—general municipal $232 $222 $208 $151 $186 $140
10. Transfers to the region or county $50 $53 $52 $44 $40 $37
11. Transfers to school boards $177 $160 $128 $114 $107 $102
12. Net long term liabilities
General municipal activities --•••
Municipal enterprises $277 $286 $294 $301 $340 $353
13. Charges for net long term liabilities
General municipal activities --••-
14. Capital financing during the year
Contributions from own funds $17 $40 $25 $5 $5 $1
Total $17 $40 $25 $5 $5 $1
15. Capital expenditure during the year $17 $40 $25 $5 $5 $1
16. Accumulated net revenue (deficit) at the end of the year $10 $30 $34 tt$26 $(25)$(23)
17. Reserves and reserve funds $109 $104 $110 $92 $81 $75
The corhparative figures for 1972 to 1976 have been restated to give effect to the revisions required by
the Ministry of Treasury, Economics and Intergovernmental Affairs for the years 1975, 1976 an$l 1977.
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