Times-Advocate, 1982-06-30, Page 12•
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Times -Advocate. June 30.1982
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Report to the Ratepayers of Exeter
For the Year 1981
To; The Nemebees of Council, Inhabitants and
Ratepayers of the Corporation of the
TOWN CO HE TER.
We have examined the consolidated balance sheet of the Corporation of
the Town of Exeter asatDecember 31, 1981 and the consolidated statements of
revenue and expenditure and capital operations, fox 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 Town of'Exeteras at'
December 31. 1981, and the results of its operations for the year then
ended in accordance with accounting principles generally accepted for
Ontario .unicipalities applied on a basis consistent with that of the
previous year.
CHARTERED ACCOUNTANTS
London, Ontario
February 22, 1982
Licence Number 536
TOWN OF EXETER
PUBLIC UTIUTIES COMMISSION
ELECTRIC DEPARTMENT BALANCE SHEET
DECE!SEs 21, 1981
(with comparative figures at December 31, 1980)
ASSETS
1 9 8 1
Current:
• Cash' - $ 96,875
Investments - at cost 11,000
Accounts receivable 8,190
Inventory - at cost 2,232
Total current assets 118,297
Fixed - at cost:
Land
B uilding, plant and equipment
Lena accumulated depreciation
Other:
Unaeortised discount
•
' Equity. in H.E.P.C.
Deferred past service pension cost
Total assets
LIABILITIES AND SURPLUS
Current:
Accounts payable
Consumer deposits
Current portion of long-term debt
Total current liabilities
Long.terms
Bank loan
Debenture debt outstanding
Past service pension cost liability
Less portidn due within one year
. 16,298
1,507,326 '
1,523,624
558,904
964,720
2,513
702,255
40,427
745,195
$1,828,212
$ 104,894
2,910
24,113
131,917
1 9 8 0
$ 85,810
11,000
11,134
3,745
111,689
16,290
1,419,309
1,435,607
495,199
940,408
'2,928
649,858
57,476
710,262
$1,762,359
$ 103,042
2,710'
24,526
130,278
16,000 - 25,500
161,367. 173,820
40,427 57,476
217,794 256,796
24,113 24,526
193,681 232,270
Deferred credit --contributed capital 761 360
Reserves: Equity in H.E.P.C. 702,255 649,858
Capital surplus:
Equity in assets financed by debenture
Contributed capital
Retained earnings
Total liabilities'and surplus
TOWN OF EXETER
PUBUC UTIUTIES COMMISSION
ELECTRIC DEPARTMENT
STATEMENT OF OPERATIONS
71,777 49,714
91,872 91,872
163.649 141,586
635,949. 608,007
$1,828,212 $1,762,359
FOR THE YEAR MNDe0 DECILBBR 31, 1901
(with comparative figures for the year ended December 31, 1980)
*avenue
Sale of anergy - residential
- commercial
- street lighting
Rental
Interest and late payment. charges
Miscellaneous
Expenses
E nergy cost
Operation haintenance
Administration
Financial expense
Depreciation (net of contributed capital
amortization)
Net income
1 9 8 1
$ 679,837
543,054
20,491
4,636
27,272
5,472
1.280,762
1,003,601
62,354
82,473
26,004
56.324
1,230,757
$ 50,005
TOWN OF. EXETER
PUBLIC UTIUTIES COMMISSION
ELECTRIC DEPARTMENT
STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEIBER 31 1981
(with comparative figures for the year ended December 31, 1980)
1 9 8 1
Retained earning., January 1 $ 608.007
Add: net income 50,005
1978 excess earnings refunded
Less: appropriation for debt retirement (22,063)
Astained earnings, December 31 $ 635,949
TOWN OF EXETER
PUBUC UTIUTIES COMMISSION
WATER DEPARTMENT BALANCE SHEET
MCCN248ER 31, 1981
(with comparative figures at December 31, 1980)
Curren:
Cas
Accounts receivable
Inventory
Prepaid rent
Total current aseets
Fixed - at oo.t,
L'nd
Pm:photws and wells
Trmnmeluien and distribution system
Equipment
Les accumulated depreciation
Other:
Debenture disooent
Total Meets
.1980
$ 595,066,
483,032
18,177
4,532
17,554
6,200
1,124,561
885,246
67,663
76,279
13,634
53,779
1,096,601
$ 27,960
1 9 8 0
$ 557,406
27,960
25,027
(2,386)
$ 608,007
1 9 8 1 1 9 8 0
$156,415 - $181,115
155 SS7
1,900 2,950
1,930 7.210
160,420 191,832
16,561 11,375
575,905 426,654
1,432,127 1,607,205
46,010 41,638
2,270,603 2,087.074
7)1.394. 660.033
1.539.209 1,427.041
3,440 3,655
41,703,069 $1,622,528
LEM:11411118 AND SURPLUS
Current,
Accounts payable
Due to electric department
Current portion of logy -term debt
Total current liabilities
Long-term:
Debenture debt outatendirg
Less: portion due within one year
Capital surplus:
Equity in assets tiasaced by debenture
Contributed capital
Retained earnings
Total liabilities and surplus
TOWN OF EXETER
PUBLIC UTIUTIES COMMISSION
WATER DEPARTMENT
STATMENT OF OPERATIONS
AND RETAINED EARNINGS
$ 19.511 $ 8,295
6,872 4j,,733
18.000 11.800
$ 44.383 23.028
544,000 560,000
16.000 '_16,000
526.000 _mass
345,400 329,400
318,971 317,732
664,371 647.132
468,315 408,368
$1,703,069 41.622,52e
FOR TIM YEAR ENDED Ds>`otteot 31, 1981
(with comparative figures for the year entad De enter 31, 1980)
1 9 8 1 1 9 8 0
Revenue
Sale of water - domestic
- commercial
- fire protection
Investment income
Late payment charges
Miscollaeeous
'Expenses
General administration
Billing and data processing
Power add pumping
Maintenance - mains and water tower'
services
Rent
Principal and interest charges
Depreciation
Net income
Retained earnings, January 1
Renamed earnings, December 31
TOWN OF EXETER
PUBUC UTILITIES COMMISSION
NOTES TO FINANCIAL STATEMENTS
DIMMER 31, 1981 •
$140,505
1.06,516
26,166
31,544
1,076
2,539
308,346
22,203
10,848
52,575
13,657
4,325
5,280
73.240
66,271
$13+,980
'110,456
25,807
17,559
1,064
3.232
284.096
20,750
10,480
42,510
8;593
3,971
4,560
81,350
60.612
'248,399 232,826
. 59.947 51,272
408,368 357.096
11468,315 $408,368
The following summarized balance sheet and income statement indicates
thechanges which would be required in order to report on a fund accounting
basis:
IUCONE STATO®fr
Revenue
Bestatep
On Fund
Accounting
pasts
8706.346
Excesses
Capital expenditures out of revenue 182,290
Depreciation
Principal and interest charges 73,240
Other expenses 103.798
359.328
Net income (loss)
BAIANCE SHEET
Analysed u follow:
General revenue.
Region or county
School boards
Special charges
Spacial use*
Local boards
Municipal entwining
79,387 147,495
' 70 2,497
269 1,394
7.925 1,478
137,477 188,459
STATEMENT OF CAPITAL OPERATIONS
Ion he year ended Drevrmbee 31, 19$1
Unfinanced capital outlay (Uncxpendtd capital
financing) at the beginning of the year ,
Capital expenditure
Central government
Protection to persons and property
Transportation services-
Environmcntal services
Health services
Social and family services
Recreation and cultural services
Planning and development
Other
Total expenditure
Capital financing
Contributions from the revenue fund
Contributions from reserves
and reserve funds
Long term liabilities incurred
(hiurio grants
Other
Tool npital financing
Unfinanctd capital outlay (Unexpended
capital financing) at the end of the year
BALANCE SHEET
ASSETS
Current assets
Cash
Taxes receivable
Accounts receivable
Other current assets
As
ted
Capital owday to be hoovered )a
1308.346 .9 , ' holm yeses
Other )Dag term awns •
66,371-
73,240'
108. NB
244.399
$(50,982) 8 59,947
Assets
Current $160,420 $160,420
Fined - net 1,539,209
Capital outlay to be recovered 544,000
Other ' 3,440 3.440
8707.1960 • $1,703.069
Liabilities and surplus
Liabilities
. Capital surplus
Retained earnings
4570,383 8570,383
664,371
468,315
137,477
4707,860 81,703,069
The Commission bilieves that the fund accounting presentation doss not
present as fairly its financial position and operating results and has not
adopted the Ministry's suggested reporting forget. '
Put service pension liability
This liability represents the present value of the future payments required
to fully fund the vested past service pension benefits. This. payments will be
made annually through 1992.
TOWN OF EXETER
STATEMENT Of REVENUE AND EXPENDITURE
for rhe year ended December 31, 1981
Accumulated net revenue (deficit) al
the beginning of the year
Expenditures sad transfer
Municipal eapenditum
General government
Protection to persons Ind property
Transportation services
Environmental service
Health services
Social and family services
Recreation and cultural services
Planning and development
Other
1981
Bi}I
• 341.]2]
145,150
364,937
322,809
961,363
57,417
2,000
259,754
33,128
Total expenditure . 2.146.558
Transfers
Transfers to region or county
TrasNtn t0 school boards
Total transfers
Total expenditures and transfers
Revenue by purpose
Municipal purports
Taxation
Payments in lieu of taxes
Ontario grants
Other grants
Fees and aeMoe charges
Other
•
Reverse* to ps7 for m.nlcipsl purposes
Region or Cooney requisition
Taxation
Payments in lieu of taxa
Ontario grants
Other
166,615
. 674,663
841, 278
. 2,987,836
1,011,679
17,361
398,462
91,555
182,908
107,162
1,819,127
162,715
1,402
Revenue to pay the region or county requiitio. 1444117
School board tgvWtien _
Taxation 669, 227
Payments in lieu of taxes 4,042
Other
Revenue to pay the school hoard requbft(os . 671.269
Total reunite ].64a.e13
Accumulated net mune (deficit) at
IM end of the year
1
0,
H41
Aad.
• 341.313
•
•
128,382
365,420
295,545
857,339
60,847
911
244,290
31,472
1,984,206
168;449
682,221
850,670
2,834,876
1,017,684
18,578
420,231
78,774
178,684
157,612
1,871,563
164,543
1, 479
166.022
676,732
4,364
• 681,096
2.718.681
22"4
1110
Awed$
269,212
212,957
368,676
130,649
660,241
50,101
$31
240,818
22,667
3,686,940
143,132
• 590,364.
733,496
• 2,420,436
982,299
18,654
384,068
97,145
176,553
. 98,586
1,757,305
142,292
1,644
112.316
586,905
4,401
17
• _.2,4111,1v.
-1114.12.1
as at December 31, I581
1161
nasal
.6
109.074
U 5,065
. 17,104
• 242,942
• 302,007
4,638
147,477
710.291
458,149
. 10,331
. 145,000
. 169,807
56.992
A30.279 -
Mel
Ansel
8
388,246
77,171
178,965-
50012
695.094
2,071,930
347,338
3,114,362
341,323
1180
Seoul
$
Nil
•
•
102,173
• 150,702
. 60,180
. 366,612
528
(b)
Capital outlays, including fixed assets and the treatefees of capital
funds in the amount of $458,149 which have boon llaascsd IV= getera1
municipal reoonow of the current year, are reported On the Btatemsnt
of Revenue and 'vendible*. '
3. RUM, FUND"
.During the year 835.462 were credited -directly to reserve funds without
being recorded as revenues and expenditures of the Nevenue rued. rho
.Dort.. were: •
Investment income $35.462
4. NET MING TERN LIABILITIES
25,221
10,000
111.334 5.
• 873.930
330,763
318,5.34
69,000
46.579
764.876
(a) eh. balance for net long tarn liabilities reported on the Balance Sheet
is made op of the following:
Total long term liabilities incurred by the municipality
including those incurred on behalf of forms school
boards, other municipalities and municipal enterprises
and outstanding at the'end of the year amount bP
$2,522,460
Of the long tare liabilities shown above, the
responsibility for payment of principal and other interest
charges has been assumed by others for a principal 5.0001 (241,000)
The total value of sinking funds and the balance in the
Ministry of the inviroament Debt Retirement Fund which
have been accumulated to the end of the year to retire
the outstanding long term liabilities included above,
amount to (88,530)
Long term liabilities issued by the municipality and
held by reserve funds as investments amount to
(121,000).
Net long term liabilities at the end of the year $2,071.930
ACCUMULATED NET REVENUE (DEFICIT) AT THE END OP TM YEAR
The balance in the revenue fund at the yepr ond is available to
reduce (to be added to) the levies of the following classes of
ratepayers. -
1 9 8 1 1 9 8 0
General ratepayers $79,387 $147,495 ..
School board ratepayers 269 1,394
County ratepayers 70 2,497
$79,726- $151,386
6. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for long term liabilitieswere as follow:
1 9 8 1 1 9 8 0
Principal payments including contributions to sinking
funds and to the Ministry of Enviror1ent Debt
Retirement Fund $104,311 ' $ 67,884
Interest - 217,819 191,230
.109.074 $322.130 8259.114
1980
Ansel
8
444,878
Of the. total charges shown above, $264,498 were paid from general municipal
revenues of the municipality and ars included in expenditure on the
Statement of *avenue and Expenditure classified under the appropriate
functional headings. The reseieing $57,632 were recovered from municipal
enterprises for which the related net long term liabilities were incurred
and are. not reflected in the statement.
7. LIABILITY FOR VESTED SICK LEAVE BENEFITS
Under the sick leave benefit plan, unused sick leave can accumulate and an
79.708 employee may become entitled to a cash payment when they leave the
municipality's employment.
The liability for these accumulated dews, to the extent that they have
79,877 vested and could be taken in cash by an employes on ruminating, amounted
to $13,804 at• the end of. the year. Mb provision hes been made .for this
liability. .
64,211
668,274
2,297,241
128,547
3,094,062
LIABILITIES
Curtest liabilities
Tetnporuy loans
Accounu psyab'.• and accrued liabilities
Other current liabilities
Net Tong term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipu
NOTES TO THE
FINANCIAL STATEMENTS
AOLOIEITING POLICIES
(a)
135,010
. -2�04i
_142.055
2,071,510
673,277
227,100
1980
. Ansel
$
71,862
�2.22A
2,152,241
. 492,344
Statement of Revenue and Expenditure
This statement reflects the revenues and expenditures of the revenue
fund and the following local boards:
Exeter Cemetery Board
South Huron Recreation Committee
Easter Public Utilities Commission - water Department
(b) Statement of Capital Operations
This statement reflects the capital expenditure of the municipality
to be reoovered.1rom the general municipal revenue of the municipality
and its local bo.,rds as described in note 1(a).
(c) Balance Sheet
This statement reflects the assets and liabilities of the revenue
fund, the capital fund, reserve funds and local boards as described
in note 1(a). The assets and liabilities of enterprises that heve not
been consolidated are reflected only to the extent of their related
net long term liabilities and capital outlay to be recovered in future
years.
(d) Fixed Asset.
The historical cost and accumulated depreciation of fixed assets is
not reported for municipal purposes. Instead, the 'Capital oulny to
be recovered in future years* which is the aggregate of the principal
portion of umstured long term liabilities, capital funds transferred
to other organizations, and the cost of capital projects not yet
permanently financed is reported on the Balance Beset.
(e) Municipal enterprises
Municipal enterprises are those activities whose costs are substantially
recovered from service charges on the users. The enterprlsoa of this
municipality whose revenues and expenditures have not boon consolidated
In three financial statements are, .
Beater Public Utilities Commission - Hydro Department
(f) 1]ar9es foo net long torn liabilities
Debt, retirement costs including principal and interest are charged_
against current revenues In the periods in which they aro paid. Interest
°Mingo• are not accrued for the periods from the dates of the latest
interest peymeate to the end of the financial year.
2 C1PI7RL OUTLAY 1018 MOVE= IM FUTURE YEARS
(a)
Same capital outlay.to be recovered in future years does not represent
a buratto ma general municipal revenues, as it is to be recovered in
fetes years from other sources:.
ee.51itting landowners
IBwlolpel enterprises
Downtown euelnesemen'. Associations
re
1 9 8 1 1 9 9 0
$ 9.310 $ 10.000
721,167 759.320
90,000 100.000
'$ 820,677 $869,320
TOWN OF EXETER
CEMETERY BOARD
BALANCE SHEET
POR THE YSJsH ENDED DECENSAI 31, '4981
(with comparative figures for the year ended December 31', 1980)
Revenue:
Sale of plots
Burial charges
Foundations and markers.
Interest transferred frm Perpetual Caro
Transfer fro. Toon of Easter
Sundry
Expenses:
Administration and general
.Depreciation
Heat and light
Supplies and repairs
Wagis and benefits
Excess of revenue over expenditure
(expenditure over revenue'
Surplus, January 1
Surplus, December 31
TOWN OF'EXETER
CEMETERY BOARD
STATEMENT OF REVENUE,
EXPENDITURE AND SURPLUS
TOWN cc t315711l
CD1EIT IT BOARD
1 9 8 1 1 9 8 0
$ 4,665
8,040
2,745
3,896
6,000
593
$ 9,621
7,765
2,653
18,464
14,000
e1,107
5S,939 53,610'
2,429
913
2,084
2,727
48,968
1,702
681
2,033
1,682
44,157
S7,121 50,255
(1,182)
25.425
$24,243
BALANCE 811btT
DEMU=R 31 1981
(with comparative figures at December 31, 1980)
ASSETS
Current:
Cash
Accounts receivable
Fixed - at cost:
Land
Buildings
Tools and equipment
Less accumulated deprsclatlon
Other - at cost:
Perpetual Care assets
Pre -need Pund assets
4
LIABILITIES AND SURPIAS
payable
genual Care Pard
Total current liabilities
Current:
Accounts
Due to Per
Total assets
Reserves,
Re fon Perpetual Care contracts
Reserve for Pre -need Service contracts
Reserve for Perpetual Flowers
Surplus
Total liabilities and surplus
3,355
22070
$25,425
1 9 8 1 1 9 8 0
$ 9,803 $ 4,709
23,696 1,325
33,499 6,094
10.225 10,225
10,714 8,032
7.552 5,595
28,491 23,852 '
5.171 4,258
23.320 19,594
206,388
1,947
195,148
1,935
208,335 197,083
$222.771
$ SOO $ 162
7,045 101
7,545 263
134,842 105,680
1,947 1,935
96,578 89,468
233,367 197.087
24,243 25.42S
1265,155 -$222071
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