The Citizen, 1989-07-12, Page 10PAGE 10. THE CITIZEN, WEDNESDAY, JULY 12, 1989.
TOWNSHIP OF HULLETT
CONSOLIDATED FINANCIAL STATEMENT
AS AT DECEMBER 31,1988
AUDITOR’SREPORT
To the Members of Council, Inhabitants and
Ratepayers of the Corporation
of the Township of Hullett
We have examined the consolidated balance sheet of the Corporation of the
Township of Hullett as at December 31, 1988 and the consolidated statement of
operations for the year then ended. Our examination was made In accordance with
generally accepted auditing standards, and accordingly Included such tests and
other procedures as we considered necessary in the circumstances.
In our opinion, these consolidated financial statements present fairly the financial
position of the Corporation of the Township of Hullett as at December 31,1988 and
the results of its operations for the year then ended In accordance with the
accounting principles disclosed in note 1 to the financial statements applied on a
basis consistant with that of the preceding year.
Clinton, Ontario
March 27,1989 Vodden, Bender & Seebach
Licence No.: 1110 Chartered Accountants
TOWNSHIPOFHULLETT
CONSOLIDATED BALANCESHEET \
as at December 31,1988
$ 506,611 $ 490,933
1988 1987 1988 1987
ASSETS *
LIABILITIES
Unrestricted
Cash 133,314 278,407
Account payable and
accrued liabilities 110,043 88,834
Taxes receivable
User charges receivable
Accounts receivable
147,249
158,401
67,647
109,045
87,667
15,814
MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR
To be used to offset taxation or
$ 506,611 $ 490,933 user charges [note 6] [2,932]
Reserves [note 7] 399,500 96,799
305,300
The accompanying notes are an integral part of this financial statement
TOWNSHIPOFHULLETT
CONSOLIDATEDSTATEMENTOFOPERATIONS
for the year ended December 31,1988
1988
Budget
1988
Actual
1987
Actual
SOURCES OF FINANCING:
Taxation and user charges
Residential and farm taxation963,267 968,664 817,250
Commercial, industrial and
business taxation
Taxation from other
108,482 109,593 87,047
governments 25,949 25,972 25,822
Usercharges 32,500 37,458 34,756
Grants
Provinceof Ontario 392,355 388,991 459,551
Other municipalities --26,145
Other
Property owners’ municipal
drainageassessments 140,000 139,844 58,011
Investment income 18,600 20,558 22,074
Penal ty and interest on taxes 13,000 17,278 11,948
Deduct: Amounts received or
receivable for county and school
boards [note2] [862,607][867,795] [683,931]
831,546 840,563 858,673
MUNICIPAL FUND BALANCES AT
THE BEGINNING OF THE
YEAR [note 6]
To be used to offset taxation
or userscharges 96,799 96,799 89,571
Total financing available during
the year $ 928,345 $ 937,362 $ 948,244
1988
Budget
1988
Actual
1987
Actual
APPLIED TO:
Current operations
General government 100,400 106,096 83,049
Protection to persons and property 50,310 48,536 51,877
Transportation services 255,900 266,299 212,221
Environmental services 22,000 21,209 19,241
Health services 6,200 4,927 1,574
Social and family services 2,300 885 986
Recreation and cultural services 46,035 45,255 46,792
Planning and development 7,000 4,444 7,418
490,145 497,651 423,158
Capital
Road and bridge construction 124,000 129,487 241,241
Municipal drains 220,000 218,956 184,746
344,000 348,443 425,987
Net appropriations to reserves 94,200 94,200 2,300
MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR [note 6]
To be used to offset taxation or
user charges -[2,932]96,799
Total applications during the year $ 928,345 $ 937,362 $ 948,244
The accompanying notes are an integral part of this financial statement
TOWNSHIPOFHULLETT
NOTESTO FINANCIALSTATEMENT
for the year ended December 31,1988
1. Accounting policies
The consolidated financial statements of the Township of Hullett 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 deper
events, the preparation of periodic financial statements in'
estimates and approximations. These have been made using c«. eful judgments.
nt upon future
es the use of
[a] [i] Basis of consolidation
These consolidated statements reflect the assets, liabilities, sources of financing
and expenditures of the revenue fund, capital fund, reserve funds and reserves and
include the activities of the recreation committee and the Auburn community hall
board which are under control of council. All interfund assets and liabilities and
sources of financing and expenditures have been eliminated with the exception of
loans or advances between reserve funds and any other fund of the municipality and
the resulting interest income and expenditures.
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