Clinton News-Record, 1979-05-10, Page 301978
Budget
50,144
122,857
189,166
284,831
120,178
14,350
100,049
10,600
842,031
• 137,673
277 , 531
• _ ..41 ��04
1', 257 , 235
rAt.k; SA --CLINTON NEW$ -RECORD, THURSDAY, MAY 10, _1979
TOWN OF CLINTON
REPORT 19:
MacGillivray Et Co.
Chartered Accountants
Box 187
40 The Square, Goderlch, Ontario
N7A 3.7.2
(612) 5242677
International
Spicer and Oppenhelm
TO: The members of council, inhabitants and
ratepayers of the Town of Clinton
Montreal
Toronto
Hamilton
Brampton
St. Catharines
Port Colborne
Lletpwel
Goderich
Winnipeg
Calgary
Edmonton
Prince George
Vancouver
We have exa,,miq,e „t;he..f..lnancial statements of the Town of
Clinton, its local boards and municipal enterprises for the year ended
December 31, 1978. Our examination was made in accordance with generally
accepted auditing standards and accordingly included such tests and
Bother pFocedures as we considered necessary in the circumstances.
In our opinion, these financial statements present fairly the
financial position of the Town of Clinton, its local boards and municipal
enterprises as at December 31, 1978 and the results of its operations
for the year then ended in accordance with accounting principles generally
accepted for Ontario municipalities applied on a basis consistent with
that of the preceding year.
Goderich, Ontario
February 27, 1.979
LICENCE NO. 836
Z.
CHARTERED ACCOUNTANTS
/4
STATEMENT OF REVENUE
AND EXPENDITURE
for the year ended December 31,1978
Accumulated net revenue (deficit) at
the beginning of the year 444
Expenditures and transfers ,
Municipal expenditures
General government
Protection. to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and'development
Other
Total expenditure
Transfers
Transfers to region or county
Transfers to school boards
Total transfers
Total expenditures and transfers
Revenue by purpose
Municipal purposes
Taxation
Payments in lieu of taxes
Ontano grants
Other grants
Fees and service charges
Other
Revenue to pay for municipal purposes
Region or county requisition
Taxation
Payments in lieu of taxes
Ontario grants
Other
Revenue to pay the region or county requisition
School board requisition
Taxation
Payments in lieu of taxes
Other
Revenue to pay the school board requisition
Total revenue
Accumulated net revenue (deficit) at
the end of the year
Analysed as follows:
General revenue
Region or county
School boards
Special charges
Special areas
Local boards
Municipal enterprises
w
STATEMENT OF CAPITAL
OPERATIONS
for the year ended December 31, 1978
Unfinanced capital outlay (Unexpended capital
financing) at the beginning of the year
Capital expenditure
General government
Protection to persons and property
.Transportation services
Environmental services
Health services
a J Social and family services
Recreation and cultural services
t Tanning and development
Other
Total expenditure
Capital financing
Contributions from the revenue fund
Contributions from reserve funds
and reserves
Long term liabilities incurred
Ontario grants
Other
Total capital financing
Unfinanced capital outlay (Unexpended
capital financing) at the end of the year
BALANCE SHEET
as at December 31. 1978
use is
Current assets
Cash
Taxes receivable
Accounts receivable
347 ,396
19,248
346,366
30,407
33,744,
8 000
785,161
77,484
3,277
57,098
137,859
277,531
6,540
284,071
1,207,091
NIL
1978
Actual
92,802
123,939
169,930
256,549
•321,129
19,880
137 ,619
13,103
1,042',149
140,127
285,9'63
4.26,090
. 1468239
n.
531,938
19,707
345,643
33,387
35,203
64,519
1,030,397
83,615
2,797
57•,043
143,455
278,199
7,082
:285,281.
1,459,133
83,696
60100
3,768
92
(12,097)
31,833
83,696
1978
Actual
NIL
7 ,027
4,825
17,033
47,536
152,753
229,17
67,588
9,726
70,555
147,869
81,305
1978
f
107,637
72,015
76,389
1977
Actual
100,762
118,119
155,970
293,922
293,834
22,228
400
165,864
10,165
1,060,502
133,496
260,086
393,582
1;454,084
1
513,964
19,500
342,453
28,835
52,038
94,802
1,051,592
97,125
3,02.3
34,428
134,576
253,419
6,537
259,956
1,446,124
•92,802
49,207
440
590
(3,032)
45,597
Other current assets
Capital outlay to be recovered in
future ycars
Other long term assets
liabilities
Current liabilities
Temporary loans
Accounts payable and accrued liabilities
Other current liabilities
Net Iossg term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts
NOTES TO THE
FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
a) Statement of Revenue and Expenditure
• .J
2,504
258,545
854,007
21,244
875,251
1,133,796
106,859
106,859
772,702
170,539 '
83,696
1,026,937
1,133,796
For the Year Ended December 31, 1978..
AU
3,224
346,868
809,466
22,764
832,230
1,179,098
132,756
132,756
809 ,466
144,074
92,802
1,046 ,342
1,179,098""
This statement reflects the revenues and expenditures of the revenue
fund and the following local b9ards and municipal enterprises:
Clinton Recreation Committee
Clinton Cemetery Board
Clinton Public Utilities Commission - Waterworks
Clinton Public Utilities Commission - Sewage
b) Statement of Capital Operations •r•
This statement reflects the capital expenditure of the municipality
to be recovered from the general municipal revenue of the municipality
and its Local boards and municipal enterprises as described in' note
1(a).
c) Balance Sheet
Thia,state1nent reflects the assets and liabilities of the revenue
fora¢, ,t.h.'capital fund, reserve fuR4s,(,and local boards a n;d...,mu,nicipal
enterprid`es as described in note 1(a)=
Fixed Assets
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 and capital funds trans-
ferred to other organizations, is reported on the Balance Sheet.
e) Municipal Enterprises
Municipal enterprises are those activities whose costs are substantially
recovered from service charges on the users. The enterprises of this
municipality whose revenues and expenditures have notbeen consolidated
in these financial statements are:
Clinton Public Utilities Commission - Hydro
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 period from the dates of
the latest interest payments to the end of the financial year.
g) Trust Funds
Trust funds administered by the municipality amounting to $49,749
are only reflected in the Trust Funds, Statement- of Continuity and
Balance Sheet.
2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
Capital outlays, including fixed assets and the transfers of capital funds
in the amount of $67,588, which have been financed from ge°°heral municipal
revenues of the current year , are reported on the Statement of Revenue
and Expenditure.
3. RESERVS FUNDS
During the year, $996 were credited directly to reserve funds without
being recorded as revenues and expenditures of the Revenue Fund. Major
sources were:
Investment inc mite $996
4. NET LONG TERM LIABILITIES
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 formez.schoo).,:;Y
boards, other municipalities and municipal enterprises
and outstanding at the end, of the year amount to
Of the long term liabilities shown above, the respon-
sibility for payment of principal and interest charges
92,802 has been assumed by others for a principal amount of
1977
Actual
YS
NIL
9,176
67,405
28,146
2,072
1,490
108,289
96,176
12,113
108,289
NIL
1977
1'97;14
66,756
79,074
Net Long Term Liabilities At The End Of The Year
$846,702
74,000
$772,702
5. ACCUMULATED NET REVENUE AT THE END OF THE YEAR
The balance in the revenue fund at the year end is availabf6 to reduce the
levies of the following classes of ratepayers.
General ratepayers
School board ratepayers
County ratepayers
1978
$79,836
92.
3,768
1977
$91,772
590
440
$83,696 $92,802
6. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for long term liabilities were as follows:
Principal payments
Interest
1978 1977
$ 36,764 $ 53,874
70,589 74,857
$107,353 $128,731
T)se 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. LIABILITIES FOR VESTED SICK LEAVE BENEFITS
Under the sick leave benefit plan, unused sick leave can accumulate and
employees may become entitled to a cash payment when they leave the
municipality'a employment. The liability which has not been provided for
amounted to $18,909 at December 31, 1978.
TRUST FUNDS
STATEMENT OF CONTINUITY
for the year ended
December 31, 1978
Balance at the beginning
of the year
, Capital receipts
.Perpetual Cure
Interest earned
Other revenue
Total
48,553
1,043
246
1,289
ems metery
Pre petu1ty
Library
Stavely
Fred MuTlio an
Trust
1 $
40,312 5,000 2,095
1,043
1,043
90 116
90 t16
Expenditure
.flank charges
,Traeti(e€onrom Town of
Balance at the cnd of
the year
r ,
BALANCE SHEET
as at December 31, 1978
Assets
Cash
Investments, at cost
(market value S
Canada
Provincial
Municipal - own
H dro E1 tric Power
• (.omission
,Investment certificates''
Other
Due from Cemetery
Board
Due from Town of Clinton°
Ltaoilities
Accounts payable and
accrued liabilities
Other
Balance - capital
- income
TRUST FUNDS
3
90
93
49,749
Total
$
3,036
.6.x700
1,954
8,500
1,975
"` 25.200
, 44,329
384
2,000
2,384
49,749
49,749
49,749
STATEMENT OF CONTINUITY (cont' d)
for the year ended
December 31. 1978
Balance at the beginning
of the year
Capital receipts
interest earned
Other revenue
Expenditure
Balance at the end of
the ,year
BALANCE SH(~ET. _-
as at December 31, 1978
Assets
Cash
Investments, at cost
(market value $
Canada
Provincial,
Municipal -- own
- other
Other
Liabilities
Accounts payable and
accrued liabilities
Other
Balance - capital
- income
To tat
RESERVE AND RESERVE FUNDS
STATEMENT OF CONTINUITY AND
ANALYSIS OF YEAR END POSITION
for the year ended December 31, 1978
Available at the beginning of the year for
futurle municipal purposes
Revenue
Contnbut°ons from the revenue fund
Contributions from developers
0.H.R.P.
Interest earned
Expenditure
Transfers to the capital fund
Transfers to the revenuer fund
O.H.R.P. loans forgiven
Available at the year end for future
municipal purposes
ANALYSIS OF YEAR-END POSITION
as at December 31, 1978
Reserves'
• Working capital
. Town Hall Renovations
Reserve funds
Ontario Home Renewal Plan
Recreation land
Waterworks
Year end position of reserves
and reserl,e funds
3
3
41,352
1,625
2,90()
1,954
8,500
1,000
25.200
39,554
173
41,352
90
90
5,000
f
3,000
3,000
2,000
2,000
5,000
41;352 5,000 '
• 41,352 5,000
41112
41,352
Peacock
Special Relief
1,146
40
g•_, 40
1,186
386
800
806---
1,186
1,186
1,186
5,000 .
1978 •
Actual
° 144,074
30,670
. 996
31,666
561
4,640
•
5,201
170,539
2,211
f
1,025
975 ,
975
211
211
2,211
2,211
2,211
2.211
197/
Actual
V'
101,477
27,000
25,000
397
52,397
3,763
6,037'
9,800
144,014
100,000
30,000
130,000
38,631
951
957
•
40,59
110,539
100,000
100,000
42,245
892
937
44,074
144,074
1�