The Goderich Signal-Star, 1983-05-11, Page 11V
CrOD `.RICpf SIGNAL -STAR, inIPNESDAY,1 Y 11, * 0ft!k Wr•E'
1982 AUDITOR'S R
To the Members 9f Council,
Inhabitants and Ratepayers of the
Corporation of the Town of Goderich:
We have examined the consolidated balance sheet of the
Corporation of the Town of Goderich as at December 31, 1982 and the
consolidated statements of revenue and expenditure, capital operations,
con4inuity of trust funds, and reserve and reserve funds continuity and
analysis of year end position 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 Town
of Goderich as at December 31, 1982 and the results of its operations
for the year then ended in accordance with generally accepted accounting
principles for Ontario municipalities applied on a basis consistent with
that of the preceding year.
Goderich, Ontario
February 21, 1983
License Number 622
CLe
CHARTERED ACCOUNTANTS
STATEMENT OF CAPITAL
OPERATIONS
for the year ended December 31, 1982
BALANCE SHEET
as at December 31, 1982
ASSETS
Current assets
Cash
Taxes receivable
Accounts receivable
Other, current assets
Capital outlay to be recovered in
future years
Other long term assets
1982
Actual
$
626 ,827
320 ,611
627,205
530,110
2,104,753
805,708
157,154
3,067,615
1981
Actual
5
711,490
378,259
540,518
476,698
2,106,965
740,745
144,187
2,991,897
LIABILITIES
Current liabilities
Temporary loans
Accounts payable and :coved' liabilities
Other current liabilities
Net long term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts
1982
Actaal
s
556,593
52,713
609,306
760,110
1,323,796
374,403
3,067,615
1981
Actual
256,346
52,505
308,851
740,745
1,636,939'
305,362
2,991,897
R
1
PORT
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
u
a) Statement of Revenue and Expenditure.
This statement reflects the revenues and expenditures of the
revenue fund and the following local boards and municipal
enterprises:
(a) Public Utilities Commission -'Waterworks
(b) Maitland Cemetery Board
(c) Goderich Recreation and Community Centre Board
(d) Goderich Economic Development Committee
(e) Goderich Tourist Promotion Committee
(f) Goderich Area Planning Board
(g) Goderich Architectural Conservation Advisory Committee
(h) Goderich Housing Action Committee
(i) Goderich Parks Advisory Committee
(3) Goderich Land -fill Site Committee
(k) Goderich Airport Committee
(1) Goderich Municipal Day Nursery Committee
b) Statement of Capital Operations
This statement reflects the capital expenditures of the municip-
ality 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
This statement reflects the assets and liabilities of the revenue
fund, the capital fund, reserve funds and local boards and
municipal enterprises described in note 1(a).
d) 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, capital
funds,transferred to other organizations, and the cost of capital
projects not yet permanently financed is reported on the Balance
Sheet.
e) Municipal Enterprises -._
Municipal enterprises are those activities whose costs are sub-
stantially recovered from service charges on the users. The
enterprises of this municipality whose revenues and expenditures
have not been consolidated in these financial statements. are:
f)
Public Utilities Commission - Hydro
Charges for Net Long Term Liabil
Debt retirement costs including
against current revenues in the
Interest charges are not accrued
the latest interest payments to
g) Trust Funds
Trust funds administered by the
are only reflected in the Trust
Balance Sheet.
it ies
principal and interest are charged
periods in which they are paid.
for the periods from the dates of
the end of the financial year.
municipality amounting to $139,381
Funds, Statement of Continuity and
CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
a) Some capital ,outlay to be recovered in future years does not
represent a burden on general municipal revenues; as it is to be
recovered in future years from other sources:
Municipal enterprises
1982 1981
$191,079 $245,187
b) Capital outlays, including fixed assets and the transfers of 'capital
funds in the amount of $431,991, which have been financed from
general municipal revenues of the current year, are reported on
the Statement of Revenue and Expenditure.
3. RESERVE FUNDS
During the year, $107,918 werecredited directly to the reserve funds
without being recorded as revenues and expenditures of .the Revenue or
Capital fund. Major sources were:
0.H.R.P. grants
Contributions from subdividers
Contributions from consumers
Interest earned
Ontario grant receivable re sewers
Sale of land ,
Donations and sundry
1982 1981
6,750
98,668
2,500
$107,918
$ 80,000
750
700
110,018
59,493
13,550
$264,511
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 former school boards, other
municipalities and municipal enterprises
and outstanding at the end of the year
amount to
Of the long term liabilities shown above, the
responsibility for payment of principal and
interest charges has been assumed by others
for a principal amount of
The total value of sinking funds and the balance
in the Ministry of the Environment Debt Retire-
ment Fund which have been accumulated to the end
of the year to retire the outstanding long term
liabilities included above, amount to
Net Long Term' Lial?ilities at the End of the Year
5. ACCUMULATED NET REVENUE AT THE END OF THE YEAR
$1,492,227
230,000
502,117
732,117
$ 760,110
The balances in the revenue fund at the year end are available to
reduce (increase) the levies of the following classes of ratepayers:
B.I.A. ratepayers
General ratepayers
School board ratepayers
County ratepayers
1982 1981
$ 9,293
262,333
7,182
1,767
$ 27,709
190,982
6,346
1,972
$280171 $227,009
6. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for long term liabilities were as follows:
1982 1981
Principal payment including contributions
to sinking funds and to the Ministry of
the Environment
Interest
$ 83,717 $ 81,828
73,257 78.679
$156,974
$160.507
The total charges shown above were paid from general municipalrevenues
of the municipality and are included in expenditure on the Sttement of
Revenue and Expenditure classified under the appropriate functional
headings.
7. LIABILITY FOR VESTED SICK LEAVE BENEFITS
Under the sick leave benefit plan, unused sicb. leave can accumulate and
employees may become entitled to a cash payment when they leave the
municipality's employment.
The liability for these accumulated days, to the extent that they have
vested and could be taken in cash by an employee on terminating, amounts
to $106,468 at the end of the year: An amount of $29,157 has been
provided for this past service liability and is reported on the Balance
Sheet.
8. INVESTMENTS
The investments' included 'incurrent assets of $511,543 are recorded at
cost and have a market value of $511,543 as at the end of the year.
9. COMMITMENT
During 1982, the Town commenced its pollution control plant expansion
project. This project will be'completed in 1983 at an estimated
additional cost of $325,000 and is to be funded completely by the
pollution control reserve fund and a grant from the provincial government.
STATEMENT OF REVENUE
AND EXPENDITURE
for the year ended December 31, 1982
1982
,Budget
$
1981
Actual
S
1982
Actual
S
Unfrnanccd capital outlay (Unexpended capital
financing) at the beginning of the year
(78.353)
37 ,457
125,072
227,009
Capital expenditure
257,284
Expenditures and transfers
General government
4,443
207,322
Protection to,personsand property
73,348,
16,161
Transportation scrviccs965,853
759,841
Environmental scrviccs
1,391 ,902
137 ,285
Hcalth services
23,469
2,263
. Social and family services
-
-
'f't"Recrtation and cultural services
132,765
341;576
Planning and development
54,316
7,500
Other
1,086,501
. 1,093,898
2,646 ,096
1,471,948
Total expenditure
Capital financing
101,515
Contributions from the revenue fund
431,991
• 516,259
Contributions from reserves
and reserve funds
553,442
169,566
Long term liabilities incurred
50,000
100,000
Ontariogrants
Other
1,534,033
370,844
Total capital financing
2,615,973
1,587,758
Unfinanced capital outlay (Unexpended
capitahfinancing) at the end of the year
(48,230)'
(78,353)
BALANCE SHEET
as at December 31, 1982
ASSETS
Current assets
Cash
Taxes receivable
Accounts receivable
Other, current assets
Capital outlay to be recovered in
future years
Other long term assets
1982
Actual
$
626 ,827
320 ,611
627,205
530,110
2,104,753
805,708
157,154
3,067,615
1981
Actual
5
711,490
378,259
540,518
476,698
2,106,965
740,745
144,187
2,991,897
LIABILITIES
Current liabilities
Temporary loans
Accounts payable and :coved' liabilities
Other current liabilities
Net long term liabilities
Reserves and reserve funds
Accumulated net revenue (deficit) and
unapplied capital receipts
1982
Actaal
s
556,593
52,713
609,306
760,110
1,323,796
374,403
3,067,615
1981
Actual
256,346
52,505
308,851
740,745
1,636,939'
305,362
2,991,897
R
1
PORT
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
u
a) Statement of Revenue and Expenditure.
This statement reflects the revenues and expenditures of the
revenue fund and the following local boards and municipal
enterprises:
(a) Public Utilities Commission -'Waterworks
(b) Maitland Cemetery Board
(c) Goderich Recreation and Community Centre Board
(d) Goderich Economic Development Committee
(e) Goderich Tourist Promotion Committee
(f) Goderich Area Planning Board
(g) Goderich Architectural Conservation Advisory Committee
(h) Goderich Housing Action Committee
(i) Goderich Parks Advisory Committee
(3) Goderich Land -fill Site Committee
(k) Goderich Airport Committee
(1) Goderich Municipal Day Nursery Committee
b) Statement of Capital Operations
This statement reflects the capital expenditures of the municip-
ality 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
This statement reflects the assets and liabilities of the revenue
fund, the capital fund, reserve funds and local boards and
municipal enterprises described in note 1(a).
d) 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, capital
funds,transferred to other organizations, and the cost of capital
projects not yet permanently financed is reported on the Balance
Sheet.
e) Municipal Enterprises -._
Municipal enterprises are those activities whose costs are sub-
stantially recovered from service charges on the users. The
enterprises of this municipality whose revenues and expenditures
have not been consolidated in these financial statements. are:
f)
Public Utilities Commission - Hydro
Charges for Net Long Term Liabil
Debt retirement costs including
against current revenues in the
Interest charges are not accrued
the latest interest payments to
g) Trust Funds
Trust funds administered by the
are only reflected in the Trust
Balance Sheet.
it ies
principal and interest are charged
periods in which they are paid.
for the periods from the dates of
the end of the financial year.
municipality amounting to $139,381
Funds, Statement of Continuity and
CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
a) Some capital ,outlay to be recovered in future years does not
represent a burden on general municipal revenues; as it is to be
recovered in future years from other sources:
Municipal enterprises
1982 1981
$191,079 $245,187
b) Capital outlays, including fixed assets and the transfers of 'capital
funds in the amount of $431,991, which have been financed from
general municipal revenues of the current year, are reported on
the Statement of Revenue and Expenditure.
3. RESERVE FUNDS
During the year, $107,918 werecredited directly to the reserve funds
without being recorded as revenues and expenditures of .the Revenue or
Capital fund. Major sources were:
0.H.R.P. grants
Contributions from subdividers
Contributions from consumers
Interest earned
Ontario grant receivable re sewers
Sale of land ,
Donations and sundry
1982 1981
6,750
98,668
2,500
$107,918
$ 80,000
750
700
110,018
59,493
13,550
$264,511
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 former school boards, other
municipalities and municipal enterprises
and outstanding at the end of the year
amount to
Of the long term liabilities shown above, the
responsibility for payment of principal and
interest charges has been assumed by others
for a principal amount of
The total value of sinking funds and the balance
in the Ministry of the Environment Debt Retire-
ment Fund which have been accumulated to the end
of the year to retire the outstanding long term
liabilities included above, amount to
Net Long Term' Lial?ilities at the End of the Year
5. ACCUMULATED NET REVENUE AT THE END OF THE YEAR
$1,492,227
230,000
502,117
732,117
$ 760,110
The balances in the revenue fund at the year end are available to
reduce (increase) the levies of the following classes of ratepayers:
B.I.A. ratepayers
General ratepayers
School board ratepayers
County ratepayers
1982 1981
$ 9,293
262,333
7,182
1,767
$ 27,709
190,982
6,346
1,972
$280171 $227,009
6. CHARGES FOR NET LONG TERM LIABILITIES
Total charges for the year for long term liabilities were as follows:
1982 1981
Principal payment including contributions
to sinking funds and to the Ministry of
the Environment
Interest
$ 83,717 $ 81,828
73,257 78.679
$156,974
$160.507
The total charges shown above were paid from general municipalrevenues
of the municipality and are included in expenditure on the Sttement of
Revenue and Expenditure classified under the appropriate functional
headings.
7. LIABILITY FOR VESTED SICK LEAVE BENEFITS
Under the sick leave benefit plan, unused sicb. leave can accumulate and
employees may become entitled to a cash payment when they leave the
municipality's employment.
The liability for these accumulated days, to the extent that they have
vested and could be taken in cash by an employee on terminating, amounts
to $106,468 at the end of the year: An amount of $29,157 has been
provided for this past service liability and is reported on the Balance
Sheet.
8. INVESTMENTS
The investments' included 'incurrent assets of $511,543 are recorded at
cost and have a market value of $511,543 as at the end of the year.
9. COMMITMENT
During 1982, the Town commenced its pollution control plant expansion
project. This project will be'completed in 1983 at an estimated
additional cost of $325,000 and is to be funded completely by the
pollution control reserve fund and a grant from the provincial government.
STATEMENT OF REVENUE
AND EXPENDITURE
for the year ended December 31, 1982
1982
,Budget
$
1981
Actual
S
1982
Actual
s.
Accumulated net revenue (deficit) at
the beginning of the year
125,072
227,009
257,284
Expenditures and transfers
Municipal expenditures
General government
461,224
377,338
457,640
Protection to persons and property
770,226
769,990
701,171
Transportation services
977,346
. 1,155,574.
1,093,837
Environmental services .
1,086,501
. 1,093,898
.
1,015,647
Health services96,005
101,515
63,150
Social and family services
28,999
. 36,768
35,009
Recreation and,cultural services
729,273
670,295
667,920
Planning and development
70,460
54,268
_
58,771
Other•
Total expenditure •
4,220,034
4,261,646
4,093,145
Transfers
Transfers to.region or county
371,779
378,476
343,853
Transfers to school boards .
1,681,041
. 1;712,792
•,
1,525,248
Total transfers••
2,052,820
2,091,268
1,869,101
6,272,854
_ 6,352,914
5,962,246
Total expenditures and transfers .
•
Revenue by purpose
Municipal purposes
Taxation .
2,359,696
. 2,351,614
.
2,151,847
Payments in lieu of taxes51,015
62,865
2
53,527
Ontario grants .
791,988
775,793
715,084
Chi= goblin
260,426
. 319,869
.
278,463
Pees and service charges
560 ,097
. 535,147
,
591,847
Other .
131.401
269.293
.
263.395
Revenue to pay for municipal purposes
4,154,623
4,314,581 •
4,054,163
Region or county requisition
Taxation
353,754
370,597
340,280
Payments in lieu of taxes .
'• 6,227
. 7,674
5,891
Ontario grants .
Qther'
a
Revenue to the region or county requisition
359,981
378,271
•
346.171
pay
School board requisition
Taxation •
1,608,418
• 1,683,116
-
1,508,810
Payments in lieu of taxes
24,760
• 30,512
22,827
Other -
1,633 ,178
1,713,628
1, 531.637
Revenue to pay the school board requisition
Total revenue
6,147,782
6,406,480
5,931,971
Accumulated net revenue (deficit) at
the end of the year
280,575
227,009
Analysed as"follows:
General revenue•
179,296
97,160
Region or county
1,767
1,972
School boards• •
, 7,182
.
6,346
Special charges.•
eament Area :•
Special ars - Business Lmp,ove
9,293
.
27,709
Local boards•
(25)
Municipal enterprises •
83,037
93,847
-
280,575
227,009