The Citizen, 1991-05-29, Page 21PAGE 22. THE CITIZEN, WEDNESDAY, MAY 29,1991.
TOWNSHIP OF HULLETT
CONSOLIDATED FINANCIAL
STATEMENT
AS AT DECEMBER 31, 1990
AUDITOR'S REPORT
TO the members of Council, Inhabitants and
Ratepayers of the Corporation
of the Township of Hullett
We have audited the consolidated balance sheet of the corporation of the Township of Hullett as at December 31,1990 and the consolidated statement of
operations for the year then ended. These financial statements are the responslbllty of the township's management. Our responsibility Is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted audited standards. Those standards require that we plan and perform an audit to obtain
reasonable assurance whether the financial statements are free of material misstatement. An audit Includes examining, on a test basis, evidence
supporting the amounts and disclosures In the flnancll statements. An audit also Includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation.
In our opinion, these consolidated financial statements present fairly, in ail material respects, the financial position of the Corporation of the Township of
Hullett as at December 31,1990 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.
Clinton, Ontario.
March 12,1991
Licence No.: 1110
Vodden, Bender & Seebach
Chartered Accountants
ASSETS
Unrestricted
1990
TOWNSHIP OF HULLETT
CONSOLIDATED BALANCE SHEET
as at December 31,1990
1989
LIABILITIES
Account payable and accrued liabilities
1990
60,341
1989
79,265
Cash 250,144 127,274
Taxes receivable 156,510 115,299
User charges receivable 30,415 86,314
Accounts receivable 60.592 204.412
MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR
To be used to offset taxation or user charges
(note 6) 11,481
425,339
$497.661
Reserves (note 7)
1990
Budget
1990
Actual
SOURCES OF FINANCING:
Taxation and user charges
Residential and farm taxation 1,221,698 1,232,113
Commercial, Industrial and business
taxation 132,535 133,665
Taxation from other governments 31,924 32,828
User charges
Grants
42,100 58,320
Province of Ontario 403,000 433,635
Other municipalities
Other
—-342
Property owners' municipal drainage
assessments __(5,738)
Investment Income 20,467 42,611
Penalty and interest on taxes
Deduct amounts received or receivable
20,000 20,742
for county and school boards (note 2) (1,084.292)(1.094.650)
787,432 853,868
MUNICIPAL FUND BALANCES AT
THE BEGINNING OF THE YEAR (note 6)
To be used to offset taxation or
user charges 34.825 38,679
Total financing available during the year $.8221257 $892x547
$497.661________$533.299
The accompanying notes are an integral part of this financial statement
TOWNSHIIP OF HULLETT
CONSOLIDATED STATEMENT OF OPERATIONS
for the year ended December 31,1990
1989
Actual - - . .
1,117,353
122,956
31,924
46,601
505,930
37,843
82,994
31,141
25,307
(975.547)
1,026,502
(2.932)
$1.023.570
38,679
415.355
$533.299
APPUEDTO:
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
Road and bridge construction
Municipal drains
Net appropriations to reserves
MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR (note 6)
To be used to offset taxation or
user charges
Total applications during the year
The accompany notes are an integral part of this financial statement
TOWNSHIP OF HULLETT
NOTES TO FINANCIAL STATEMENTS
for the year ended December 31,1990
$ 822.257
1990 1990 1989
Budaet Actual Actual
115,844 130,674 109,963
61,557 59,903 53,391
316,886 343,116 317,628
26,947 26,900 27,312
2,895 3,920 5,089
1,100 700 650
47,609 50,915 68,740
1O1Q 10.244 ISiBOO
589,648 626,372 596,373
195,000 236,490 47,270
—7,720 325,393
195,000 224,210 372,663
10,000 10,484 15,855
27.609 11x481 38,879
$ 892.547 $1.023.570
'X/
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
dependent upon future events, the preparation of periodic financial statements Involves the use of estimates and approximations. These have been
made using careful judgements.
(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 elmlnated with the exception of loans or advances between reserve
funds and any other fund of the municipality and the resulting Interest Income and expenditures.
(II) Non-consolidated entitles
The Blyth and District Fire Area Board which Is a Joint local board Is not consolidated.
(III) Accounting for county and school board transactions.
The taxation, other revenues, expenditures, assets and liabilities with respect to the operations of the County of Huron and school boards are not
reflected in the municipal fund balances of these financial statements.
(Iv) Trust funds and their related operations administered by the municipality are not consolidated but are reported separately on the trust funds
statement of continuity and balance sheet.
(b) Basis of accounting
(I) Sources of financing and expenditure are reported on the accrual basis of accounting with the exception of principal charges on long-term
liabilities which are charged against operations In the periods In which they are paid. Continued from page 22