The Lucknow Sentinel, 1983-05-25, Page 11Lucknow Sentinel, Wednesday, May 25, 1983 -Page 11
�SHFIELD
S REPORT
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
Contributions from the revenue fund
Contributions from developers
0.H.R.P. grants
Interest earned
Expenditure
Transfers to the capital fund
Transfers to the revenue fund
0.H.R.P. loans forgiven
Available at the year end for future
municipal purposes
1981
Actual
S
108,201
8,000
15,000
1,558
24,558
480
2,650
3,130
129 ,629
ANALYSIS OF
YEAR-END POSITION
AS OF DECEMBER 31, 1982
Reserves
Working capital
Reserve funds
Parkland reserve
0.H.R.P. reserve
Year end position of reserves
and reserve funds
1082
Actual
f
1981
Actual
1
95,401
81,401
95,401
87,401
2,933
2,594
46,510
39,634
49,443
‘
42,228
144,844
129,629
-_
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31. 1982
1. ACCOUNTING POLICIES
(a) Statement of Revenue and Expenditure:
This statement reflects the revenuesand expenditures of the
revenue fund. There are no local boards or municipal enter -
prices consolidated in these results.
(b) Statement 'of Capital Operations:
This statement reflects the capital expenditure of the municip-
ality to be recovered from the general municipal revenue of the
municipality.
(c) Balance Sheet:
This statement reflects the assets and liabilities of the revenue
fund, the capital fund and reserve funds.
(d) Fixed Assets i
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:
There are no municipal enterprise, activities carried on by the
municipality.
(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 dates of
the latest interest payments to the end of the financial year.
2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
(a)
Some capital outlay to be recovered in future years does not
represent a burden on general municipal revenues, as it is to be
recovered in ,future years from other sources:
1982 1981
Special charges on benefitting landowners $1,233,819 $1,119,808
(b) Capital outlays, including fixed assets and the transfers of
capital funds in the amount of $150,933, which have been financed
from general municipal revenues of the current year, are reported
on the Statement of Revenue and Expenditure.
3. RESERVE FUNDS
Dur:.ng the year, $17,414 was credited directly to reserve funds without
being recorded as revenues and expenditures of the Revenue Fund. Major
sources were:
Interest income
0.H.R.P. grants
4. NET LONG TERM LIABILITIES
1982
8 2,414
15,000
$ 17,414
1981
$ 1,558
15,000
$ 16,558
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 including those incurred on behalf
of former school boards, other municipalities
and municipal enterprises and outstanding at
the end of the year amount to
Of the long term liabilities shown above, the
responsibilities for payment of principal and
interest charges has been assumed by others for
a principal amount of
$1,274,464
147,000
Net long term liabilities at the end of the year $1,127,464
5. ACCUMULATED NET REVENUE (DEFICIT) AT THE END OF THE YEAR
T he
(to
balance in the revenue fund at
be added to) the levies of the
the year end is available to reduce
following classes of ratepayers:
1982 1981
General ratepayers $ 5,542 $ 29,011
Designated ratepayers 140
School board ratepayers (61) (10)
Region ratepayers 8 (19)
Special charges 21,491 22,158
$ 27,120 $ 51,140
6. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for long term liabilities were as follows:
1982 1981
Principal payments
Interest
$133,483
69,788
$112,488
52,327
8203,271 $164,815
The total charges shown above were paid from general municipal revenues
of the municipality and are included in expenditure on the Statement of
Revenue and Expenditure classified under the appropriate functional
headings.
7. LIABILITY FOR VESTED SICK LEAVE BENEFITS
Under the sick leave benefit plsn, unused sick leave can accumulate and
employees may become entitled to a cash payment when they leave the
municipality's empioyment.
The liability for these accumulated days, to the extent that they have
vested and could be taken in cash by an employee on terminating, amounted
to $1,744 at the end of the year. No provision has been made in the
accounts for this liability.