Clinton News-Record, 1984-05-16, Page 29O'FpOration o'
i�. Village of Blyth
1983 A.UDITQR'S REP. • RT
AUDITOR'S REPORT
CONSOLIDATED BALANCE SHEET
AS AT DECEMBER 31, 1983
CONSOLIDATED STATEMENT OF
OPERATIONS FOR THE YEAR ENDED
DECEMBER 31, 1983
To the Membe;a of Council, Inhabitants
and Ratepayers of the Corporation of
the Village of Blyth:
I ASSETS
1983
$
1982
8
Unrestricted
We have examined the consolidated balance sheet of the Corporation
of the Village of Blyth as at December 31, 1983 and the consolidated state
went of operations for the, year then ended. Our examination was made in
accordance with generally accepted auditing standards, and accordingly in-
cluded such teats 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 Village of Blyth
as at December 31, 1983 and the results of its operations for the year cher
ended in accordance with the accounting principles prescribed for Ontario
Municipalities applied on a basis consistent with that of the preceding
year.
•
Cash .
Investments (note )
Taxes receivable
User charges receivable
Accounts receivable
Other current assets
Long term receivables
101,031
14,736
59,739
53
4
175,559
Restricted
Clinton, Ontario
Date: March 22, 1984 Durst, Vodden & Bender
Licence No. 782 Chartered ;\ccu.mtants
Cash
Investments (note )
Accounts receivable
Other current assets
Long term receivables
Investment in own debentures
31,714
2,784
6,211
AUDITOR'S REPORT
40,709
Capital outlay financed by long terns liabilities
and to be recovered in future years (note 5) 14,000
23,181
29,327
• 80,396
17
• 132,921
3,650
2,890
4,600
11,140
20,000
$ 230,268 $ 164,061
LIABILITIES
. Temporary loans -
Accounts payable and accrued liabilities 18,853
Other current liabilities 12
. To the Members of Council, inhabitants
,and Ratepayers of the Corporation of
the Village of Blyth:
SOURCES OF FINANCING:
Taxation and user charges (mote 1,2)
Residential and farm taxation
Commercial, industrial and
business taxation
Taxation from other governments
User charges
Deduct Amounts received or receivable
for region or county. and school boards
Grants
Budget
1983
$
Actual
1963
$
Actual
1982
$
190,443. •
80,979 •
9,510 •
9,925 •
200,045 • 186,866
88,679 • 78,514
9,933 9,235
200,610 150,394
152,381) •( 157,133 ) •1 143,331
138,476 342,134 281,678
22,000
16,025
18,865 38,025
• Govemmcnt of Canada
Province of Ontario
Other municipalities
Other
127,445
7,125 ,
115,518 . 112,365
7,125 7,418
Contributions from developers
Investment income
Sale ofiand '
Other
• Penalties and interest on taxes
• Sewerage frontage and connection fees
Proceeds from the issue of loos
term liabilities
Extraordinary gain (note )
Net appropriations from reserves
and reserve funds
2,000
31,000
2,300
7,159 9,732
30,800 8,100
3,867 4,961
413 98,599
7,560
MUNICIPAL FUND BALANCES AT
THE BEGINNING OF THE YEAR (note 6 )
Nct long term liabilities (note
14,000 • 20,000
To be used to offset (or to be
recovered from) taxation or user charges
Unexpended capital financing (or
capital operations not yet
financed)
17,504
41,261
222
We have examined the balance sheet of the trust funds of the Corporation
of the Village of Blyth as at December 31, 1983 and the statement of continuity
of trust funds 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 financial statements present fairly the financial
position of the trust fund for the Corporation of the Village of Blyth as at
December 31, 1983 and the continuity of trust funds for the year then ended, in
accordance with accounting principles prescrihed for Ontario Municipalities
applied on a basis consistent with that of the preceding year.
FUND BALANCES AT THE END
OF THE YEAR (note )
• To be used to olfict (or to be recovered
from) taxation or uscr charges (note 6 )
Total financing availableduring the year
' 80,496 41,261
Unexpended capital financing (or capital
operations not yet permanently financed) (note
Reserves (note 7)
Reserve funds (note 7 )
56,198 44,551
60,709 20,224
Clinton, Ontario
Date: March 22; 1984 thirst,- Vodden 4 Bender
Licence No. 782 Chartered Accountants '.
$ 230,268 $ 164,061
APPLIED TO:
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
Other
325,850 • 548,277 • 530,635
Actual Actual
1983 1982
$ $
Budget
1983
$
40,600 •
18,400 •
43,700
35,700
2,000 •
36,450 ,
3,500
37,297
20,347
41,436
'99,540
7,250
106,286
7,188
40,860
15,647
52,270
86,432
9,837
101,115
6,680 '
TRUST FUNDS
NOTES TO THE
FINANCIAL STATEMENTS
180.350 •
319,344 • 312,841
Capital
• Street reconstruction
• Storm sewer construction
• Parking development
• Sanitary sewer connection
•
• 60,000
18,000 ,
• . 17,000
60,153
19,699
16,040
413,
•
•
•
•
53,893
17,000
7,041
98,599
STATEMENT OF CONTINUITY
for the year ended December 31, 1983
Cemetery
Total 'Perpetual Care
Trust Fund
1. Accounting policies
a) Basis of consolidation
Balance at the beginning of the year
Capital receipts (specify)
• Perpetual care charges'
24,831 24,831
(255) . (255)
Interest carred 2,432 2,432 , '
Other revenue •
2,177 • 2,177 •
Expenditures (specify)
• Transfer for cemetery expenses 2,499 . 2,499 •
•
2,499
Balance at the end of the year
24,509
BALANCE SHEET
as at December 31, 1983 Total
The consolidated. financial statements reflect the assets and liabilities,and
operations of the village revenue fund, capital fund, reserves, reserve funds
and the recreation committee, community centre board, cemetery board,
sewerage system and waterworks. The assets and liabilities and operations of
the hydro system are not consolidated. Except to the extent of disclosure of
revenue required. to payrequisitions, the operations of the school boards and
county are not consolidated.
b). Budget comparisons
Budgeted amounts for operations are those of the village general account only.
Formal budgets are not prepared by the other boards and committees.
c) Basis of accounting
Sources of financing and' expenditures are reported on the accrual basis of
accounting with the exception( of principal and interest charges on long-term
liabilities which are charged against operations in the periods in which they
are paid. 'The principal and interest charges are not accrued for the periods
2,499 • from the dates of the latest installment payments to the end of the financial
year
24,509 • The accrual basis of accounting recognizes revenues as they become available
and measurable; expenditures are recognized a5 they are incurred and
measurable as a result of receipt of goods or services and the creation of a
legal obligation to pay.
The historical cost and accumulated deprcriation of fixed assets are not
reported for municipal purposes. Instead fixed assets are expensed in
accordance with the method of financing. "Capital outlay'to he recovered in
future years" reported on the balance sheet is equal to the principal portion
of unmatured long term liabilities to be expensed with current operations in
future years when payable.
2. Operations of school boards and county
The consolidated statement of operations discloses revenue levied by the
municipality to pay school board and county requisitions. Over (under) levies
at the end of the year are reported as other current assets or liabilities on
the consolidated balance sheet.
ASSETS
$ $ $
Cash
Investments, at cost
(market value S
Canada
Provincial
Municipal own
- other
• Ontario hydro
▪ Bank certificates
3,464 3.464 •
100 100
990 990
10,456
12,000
10,456 •
12,000 •
23,546 23,546 •
Other (specify)
27,010
(Underlevy), beginning of year
Taxation revenue
Requisitions
(Underlevy) overlevy, end of year
school hoards ,aunty
(17) -
125,188 11,945
125,159 31,998
95, 000 .
96,305 . 176,533
Extraordinary loss (note
)
Net appropriations to reserves and reserve funds •
MUNICIPAL FUND BALANCES
AT THE END OF THE YEAR (note 6
To be used to offset (or to be
recovered from) taxation or user charges
Unexpended capital Finan ng (or
capital operations not y
financed)
Total applications during the year
50,500 •
52,132
80,496 41,261
325,850 • 548,277 . 530,635
BLYT.H HYDRO.
BALANCE SHEET
DECEMBER 31, 1983
Current
Cash
Accounts receivable
Inventories
Assets
1983
1982
63,890
7,184
7,250
78,324
57,872
11,615
230
69,717
3. Contribution to unconsolidated joint local board
• The assets and liabilities and oporatiuns of the Blyth lti•:trict Fire Arra
Board have n6t been cnnsnl idated. The consolidated st:i 1 ,nient of opera( ion•.
includes the village's contribution to the board of $ 17,880, (1982: $ 11,0t(t.
27,010 The.village is contingently li.,ble for Its ~baro of the file area board',:
deflcit at the end of the year. The villas''''• 19 shine. would he $ 2,129.
(1982: $ 676.)
LIABILITIES
Accounts payable and accrued liabilities 2,501 2,501 •
Other (specify)
Balance - capital
- income
• 2,501
• 24,509
4. Trust funds
Trust •funds administered by the muni, ipallty, briny, 1,r,etery Perpetuity-ltn,t
Funds $ 24,509. ($ 24,831. november 31, 1982), have not leen included -in the
consolidated balance sheet nor have their operation, been included in the
.2,501 . consrilidated statement of operations.
24,509
• 27,010 • 27,010 •
AUDITOR'S REPORT
Fixed
.Land and buildings
Transmission aria distribution
Trucks and equipment
Less: Accumulated depreciation
Equity in Ontario hydro
3,574
260,903
6,150 .
270,627
112337
158,290
240,740
$ 477,354.
Current liabilities
' Due to Blyth Sewerage
Due to Blyth Waterworks
Accounts payable
Liabilities and Surplus
3,574
256,437
7L170
267,181
102,951
164 230
221,482
$ 455,429
6,231
3,512
36, 350
46,093
5,629
2,467
31 603
34 699
5. Net lone term liabilities
lens term liabilities incurred by the mint ieipalitc and nnt'tandin;•, at the re.]
end total $ 14,000. Principal payments to be recovered from 1'netal municipal
revenue are payable $ 7,000. in 1984 and $ 7,000. in 1985.
Approval of the Ontario Mnn1r1pal Board has been obtained for the longe, tet,
liabilities reported on the consolidated balance sheet.
To the Members of Council, Inhabitants
and Ratepayers of the Corporation of
the Village of Blyth:
We have examined the balance sheet of the Blyth Hydro as at December 31,
1983 and the statement of revenue and expenditure for the year then ended., Our
examination was made in accordance with generally accepted auditing standads,
'and accordingly included such tests and other procedures as we considered
necessary in the circumstances.
In our opinion these financial statements present fairly the financial
position of the Blyth Hydro as at December 31, 1983 and the results of its oper-
ations for the year then ended in accordance with generally accepted accounting
principles for Ontario municipal electric utilities applied on a basis consistent
with that of the preceding year.
Reserve for Equity in fhitario Hydro
Surplus ,,,
Dehenttttes redeemed
. Contributed surplus
Accumulated net revenue
240,740 221,482
6. Municipal fund balances at the end of the year
Fund balahces available to offset taxation or user
rates will be used as follows: 1283 1982
to reduce 1984 general taxation levies for village
general purposes 891 17,504
- to reduce 1984 revenue levies of boards and
committees 9,036
- to reduce sewerage system user rates 54,158
to reduce waterworks user rates 16,411
$ 80,496
7. Reserves and reserve funds
Clinton, Ontario
1,582
11,707
10'468
16,032
44,817 ..
129,672
190,521
$ 477,354
$ 41,261 .
Reserve and reserve fund balances consist of the
following:
Set aside for specific purposes by council
- for acquisition of fixed assets
- for working capital
- for recreation facilities
1983
Set aside for specific purpoaea by legislation
- for park purposes •
- for loans under the Ontario Home Renewal Program
Date: March 22, 1984 Durst, Vodden & Bender
Licence No. 782 Chartered Accountants
57,965
45,000
3 698
106,663
1982
Statement of Revenue and Expenditure
for' the year ended Decemh;ir 3j, 1983
Accumulated net revenue January 1
16,032
44,070
134,146
194.248
$ 455,429
1983
1982
136,146 121,249
Revenue
Sale of energy - residential
- general
- street lights
Installations and recoveries
Penalties
Interest
Miscellaneous
16,084
35,000
2,551
53,635
1,236 1,152
9,008 9,988
10,244 11,140
$ 116,907 • $ �g4.775
I•
168,344 160,292
211,973 200,011
6,884 6,487
828 776
836 595
4,290 7,741
582
394,948 376,4(34
Expenditure
Power purchased
Distribution ayetem operation and maintenance
Administration and general
Billing and collecting
Depreciation
Accumulated net revenue December 31
365,220 333,766
8,460 4,951
6,040 • 5,230
9,186 9,344
10,516 10,296
399,422 ,363,587
$ 129,672 $ 134,146