The Lucknow Sentinel, 1987-06-10, Page 6Page 6-Lucknow Sentinel, Wednesday, June 10, 1987
The Corporation of the Village of Lucknow
Auditor's Report and Financial Statements
FOR THE YEAR ENDED DECEMBER 31, 1986
Village of Lucknow
Notes to Financial Statements
for the year ended December 31, 1986
Accounting polities
The consolic+ated financial statements of the Village of Lucknow are the
representation of management prepared in accordance with accounting policies
prescribed for Ontario municipalities by the Ministry of Municipal Affairs.
Since precise determination of many assets and liabilities is dependent upon
future events, the preparation of periodic financial statements involves the use
of estimates and'approximations. These have been made using careful judgments.
Basis of consolidation
These consolidated statements reflect the
financing and expenditures of the revenue
funds and reserves and include the
committees, and waterworks which arc
interfund assets and liabilities and
(a) ( i )
(i
assets, liabilities,
fund, capital fund, reserve
activities of the recreation and arena
under control of council. All
sources of financing and
expenditures have been eliminated with the exception of loans or
between reserve funds and any other fund of the municipality and
and expenditures.
sources
of
resulting interest income
ii) Non -consolidated entities
The Lucknow Hydro .is not consolidated.
ii) Accounting for county and school -board transactions
The taxation, other revenues, expenditures, assets and liabilities with
respect to rhe operations of the county and school boards are
not'reflected in the municipal fund balances of these financial
statements. Overlevies (underlevies) are reported. on the consolidated
balance sheet as other current liabilities (other current assets)..
advances
the
Reserves -
The total balance of reserves of $ 42,500 (1985: $ 40,000) consists of the
following: "
Reserve's set aside by council 19'86
35,000
6,500
1,000
for
for
for
for
working funds
town hall renovations
fire truck purchase
sewage system Construction
A complete audi.tor's report is available at
the Municipal Office.
$ 42,500
1985
35,000
X00
$ 40,000
Consolidated Balance Sheet
AS AT DECEMBER 31, 1986
Village of Lucknow
ASSETS
Unrestricted
Cash
Taxes receivable
Accounts receivable
Other current assets
Capital outlay financed by long-term liabilities
and to be recovered in future years (note 1(b))
LIABILITIES
Temporary loans.
Accounts payable and accrued liabilities
Other current liabilities
Net long-term liabilities (note 4)
FUND BALANCES AT THE. END
OF THE YEAR
•
1986
38,027
35,567
68,193
33
141,820
4,000
$ 145,820
84,016
4,000
88,016
To be used to offset taxation or user charges (note 5) 15,304
42,500
$ 145,820
Reserves (note 6)
1985
41,070
29,252
128,393
198,715
12,206
$ 210,921
50,000
78,292
21
12,206
140,519
30,402
40,000.,,
$ 210,921
The accompanying notes are an integral part of this financial statement
Consolidated Statement of Operations
FOR THE YEAR ENDED DECEMBER 31, 1986
SOURCES OF FINANCING:
Taxation and user charges
Residential taxation
Commercial, industrial and
business taxation
Taxation from other governments
User charges
Grants
Province of Ontario
Other municipalities
Other
Penalties and interest on taxes
Investment income
Deduct: Amounts received or receivable
for county and school boards (note 2)
MUNICIPAL FUND BALANCES AT
THE BEGINNING OF THE YEAR
To be used to offset taxation or
user charges (note 5)
Capital operations not yet financed
1986 1986 1985
budget Actual Actual
274,533 274,726 246,968
134,243 143,608 123,046
9,700 9,800 8,911
186,095 174,127. 169,493
224,265 246,876 281,188
5,800 5,500 5,711
4,000 4,444 4,117
1,005 1,007 1,256
(274,479) (281,142) (243,509)
565,162 578,946 597,181
30,402 , 30,402 25,574
(9,700
Total financing available during the year $ 595,564 $ 609,348 $ 613,055
The accompanying notes are an integral part of this financial statement
APPLIED TO:
Current operations
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and development
Capital
Town hall renovations
Street reconstruction
Sewerage system
Net appropriations to reserves
MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR
To be used to offset taxation or
user charges (note 5)
To,lal applications during the year
1986
Budget
1986
Actual
1985
Actual
55,500 53,996 56,868
61,800 54,304 51,585
83,500 92,666 75,996
94,500 90,994 73,805
24,800 15,584 17,215
1,500 1,525 1,525
100,000 93,612 95,226
9,000 12,613 8,644
430,600 415,294 380,864
30,000 - -
83,000 79,531 157,527
40,000 96,719 39,262
153,000 176,250 196,789
d
2,500 2,500 5,000
9, 464
$ 595,564
15,304
$ 609,348
30,402
$ 613,055