The Wingham Advance Times, 1995-07-26, Page 8wriammeme
The Corporation of the
Towle of Winghep
Financial Statements
December 31, 1995
Batty (W. cRa(d
CHARTERED ACCOUNTANT
WINGHAM, ONTARIO
s w, Nero. c A
^.a r,nQR c.
RAMON° c o A.
TO THE MEMBERS OF COUNCIL,
INHABITANTS AND RATEPAYERS of
THE CORPORATION OF THE
TOWN OP WINGHAM "
s,REC,
um m 11001 w0
leu a. Me/
Me/
AUDITOR'S REPORT
--------------
I HAVE AUDITED THE CONSOLIDATED BALANCE SHEET OF THE CORPORATION
OP THE TOWN OF HINGHAM AS AT DECEMBER 31, 1994, AND THE CONSOLIDATED
STATEMENTSTEMENT OP OPERATIONS FOR THE YEAR THEN ENDED. THESE FINANCIAL
NIL ARE INTO SPONSIBILITY OP THE TOWN'S MANAGEMENT.
RASED ON MY AUDIT. EXPRESS AN OPINION ON THESE FINANCIAL SMY
TATEMENTS
I CONDUCTED MY AUDIT IN ACCORDANCE WITH GENERALLY ACCEPTED
STANINADSASONABOSE t;TANIDARUB REQUIRE THAT I PLAN AND PERFORM AN AUDITTO
OBTAIN R ASONABLE ASSURANCE WHETHER THE FINANCIAL STAT
EVIDEVIDENCE SUPPORTING THE AN AUDIT INCLUDES EXAMINING, STATEMENTS ARE FREE OF
ENCE S 0R AUDIT ALSO AMOUNTS AND DISCLOSURES IN ON A TESTI LASTS,
USED AND SIGNANI INCLUDES ASSESSING THE FINANCIAL
THE OVERALL SI NIF/CCCINTADEIMATES MADE BY AAS WELA PEVALIATIS
STATEMENT PRESENTA� NEHENT, AS WELL AS EVALUATING
IN MY OPINION, THESE CONSOLIDATED FINANCIAL STATEMENTS p
IN ALL MATERIAL RESPECTS, THE FINANCIAL POSITION OP
AS AT DECEMBER 31, 1994, RESENT FAIRLY
THEA ENDED IN ACCORDANCE AND
HTHE THE RESULTS OF ITS OPERATIONSTTI NOWN OF WINGHAM
NOTE 1 TO THE FINANCIAL STATEMENT3COUNTING PRINCIPLES SCLOSEDEIYEAR
N
WINGHAM, ONTARIO
APRIL 17, 1995
TOWN OF CONSOLIDATED BALANCER HEEaT
FOR THE YEAR ENDED DECEMBER 31, 1994
(WITH COMPARATIVE FIGURES FOR 1993)
4//447
BARRY W. REI0
CHARTERED ACCOUNTANT
ASSETS:
UNRESTRICTED
Taxes receivable
Accounts receivable $ 131,864
Other current assets 742,872
. '-_.�• 190
___222.222
ACTUAL
1994
RESTRICTED
Cash and term deposits
Other current assets
Prepaid pension contributions
CAPITAL OUTLAY FINANCED BY LONG-TERM LIABILITIES
AND TO BE RECOVERED ±N FUTURE. YEAI13 (Note 1(b))
LIABILITIES:
Temporary loans
Accounts payable and accrued liabilities
Other current liabilities
Net long-term liabilities(Note 7)
FUND BALANCES AT THE END OF THE YEAH
To be used to offset (or to be recovered from)
taxation or user charges
Unexpended capital financing
Reserves (Note 8)
Reserve funds
(Notes 8 6 Schedule 1)
Capital operations not yet
permanently financed
TOWN OF WINGHAM
CONSOLIDATED STATEMENT OF
FOR THE YEAR ENDED DECEMBER 31, 1994
(WITH COI1PARATIVE FIGURES FOR 1993)
SOURCES OF FINANCING:
TAXAT ON AND USER CHARGES (Note 1(a)(111)
Residential and Farm Taxation
Commercial, industrial, and
business taxation
'Taxation from other governments
User charges
ACTUAL
1293
$ 189,301
445,970
---+s-ln�
6]6.A61
WEDNIESDA JDLV 26, 1995
am
Consoiidated Fhzanciai
1994
Ma Continued
(ii) Nan_Consolidated Entities
Th® Following local -bards,------------
The
-
uti
utilities are not coneolidatedlot local boards, municipal enterprise's and
Wingham Area Fire Board
Wingham Public Utilities Commission - Water
(iii) Accounting for Re - Electric
-c-__u-ting-for-- gion(County)-and School. Board Transactions
The taxation, other revenues, expenditures, assets and liabilities with
respect to the operations of the school boards, and the Count
are not reflected in the municipal fund balances of these financial
Heron
statements. Overlevlee aro reported on the Consolidated 9alance sheet a
other current liabilities",
(iv) Trust funds and their related operations administered by
Municipality are not consolidated but are reported separately
Trust Funds Statement the
of Continuity and Balance Sheat", Y on the
(b) BasisofAccounting
(i) Sourcesoffinancing and expenditures are reported on
basis of accounting with the exception of principal and into
on long term liabilities which are the accrue
periods in which charged against o teat charges
they are paid. operations in the
(ii) The accrual baste of accounting recognizes revenues as they
become available and measurable; expenditures are recognized as
incurred and measurable as a re
the creation of a legal obligation result
oPpayceipt of Bootle or services yard
('iii) Piked Assets
------------
o The historical cost and accumulated depreciation for fixed assets are not
recorded for municipal purposes. Fixed assets are reported as an
expenditure on the Consolidated Statement of Operations
acquisition. '
In the year of
(iv) Capital Outlay To Be Recovered in Future Years
^Capital outlay top be recoveren d( in future years", which represents
outstanding principal
municipal expenditures or capitalufundurtr long term Nobilities for
is reporter) on the "ConeolidtedB9 Balance Sheet". other Organizations
2. Operations of School Boards and the County of Huron
Further to note 1(05)(111), the taxation, other revenues and re
for school boards and the County of Huron are comprised of
requisitions
the Following:
School
Boards
$ 1,042,130
28,932
Taxation and user charges
Share of payments in lieu of taxes
Stare e o taxation of telephone and
graph,gross receipts
Grants
Other revenue
Amounts requisitioned
3. Contributions to Unconsolidated Joint Hoards
147,630 133,455 to these boards:
Further to note cOntributlons were made by the
- - --------
79,120 58,810 municipality 1(a)(11), the following ----
226 750 I_ 92 2G
4-•-661225 5- 5118'1332.
$ 1, 63.431 $_3� 4�_A'�8
8 290,114 $ 89,864
209,985 191,777
5 04
290,845
461,245
14,196
0
310,190
276,165
518,132
14.,094
O
238,827
284,958
Wingham Area Fire Board
The municipality is contingently liable
approximately 36.2% (1993 36.2%) of the
operating surplus(deficlt), The Town's
(deficit) at December 31, 1994 wan 910,
4. TrustFunds
Trust funds administered by the municipality amounting tc $178,957
(1993 a $187,731) have not been included in the "Consolidated. Balance
Sheet" nor have their operations been included in the "Consolidated
Statement of Operations",
5_ Liability Por Past Service Provision of Pension Agreements
Under the past service provisions of the OMENS agreement, the Municipality
is obligated at December 31, 1994 for and amount of approximate)
(1993 $43,275) as established. for the plan. No provision
for this liabilityon Y $42,575
the Consolidated Balance Sheet. has been made
' 6. Liabilityof Vested Sick Leave Benefits
ANALYSIS OFJCAPIOF TINGHA 8
FOR THE YEAR ENDED DECEMBER
OPERATIONS
(WITH COMPARATIVE FIGURES
31, 1994)
GURE3 FOR 1999)
SOURCE OP ACTUAL ACTUAL
Ontario grants 1994 9 3
Canada grants $ 199,861
Appropriations from other fends lab -,075 $ 171,922
current operations
reserves
s EXPENDITURES
Protection to persons and property
Transportation services
Environment services
Hearth Services
Recreation and cultural services
UNEXPENDED CAPITAL FINANCING (CAPITAL OPERATIONS NOT
YET FINANCED)
UNEXPENDED CAPITAL FINANCING (OR CAPITAL OPERATIONS
NOT YET FINANCED) AT THE BEGINNING OF THE YEAR
UNEXPENDED
( RP CAPITAL OPEERATIONS NOTAL YETAT THE END OF THE YEAR FINANCED)
202,542
140 S7& 58,050:
741 054
76 827.
95,911 0
333,487 149,817
106,720 120,505
0 7,652
204 36 _ 4� B
741.-05�y
--221,222
O 438,745
TOWN of WINGHAM
FOR THANE ALYSIS OP RESERVE FUNDS
AR ENDED DECEMBER 31, 1994
RESERVE FUNDS
BALANCE AT BEGINNING
OF THE YEAR
COR
REVENUE
INTEREST EARNED
EXPENDITURES
TRANSFERS TO
OPERATIONS/RESERVES
OFF THE YEALANCE AR E END
County
$ 314,047 OP E YLANCE EAR
10,968 10,968
27,924 8,929
0 0
8 1,098 66 �'-
�, $ 333,gne
$ 1224944 1993
for its share., which is
Fire Board's current year's
share of the current year's surplus
618 (1993 a ($9,483)).
Wingham Police Commission
0 As of December 31,-1985, the unused sick
Wingham Police Commission were frozen
at the n fore sof days, aof ccumulated
$-1.5_ 6d 3 21 $ 46.856 that time up: to a: maximum of number of tays
as of January 1,.198'5, days. The eracs.tolfund Sick iffer aBank
ce
between themay be used by dem iOtyiPlan ton fund ven difference
OPERATIONS sickness pay out from the. Weekly Indemnity plan in the event of
In the event o e normal salary earned by the Officer, for the same
In the
f an Officer's death, the Town of Wingham will payperiod.
beneficiary or estate of the deceased Officer, a cash a to his
number of days in the Officer's Accumulated Sick payment which equals
ACTUAL the Officer. for theLeave Bank. wouldde salaryof1,993 determining year is which he ceases to be s employed irybe the
would receveactNor in the amount of monies that his beneficiary or estate
expensed asprovision for this liability has been made as it will be
969,350 $ 969,387 it is paid out.
7. NetLong Term Liabilities
_
(a) The balance of net long term liabilities reported on the
"Consolidated Balance Sheet" is made up of the following:
Total long term liabilities incurred by the municipality
1S94
148,075
including those incurred on behalf of school boards and
D municipal enterprises and outstanding at the end of the
977,920 1,015,498 year amount to
59,802 133,640 $ 461,245 $
0 447 Of
e
49'061 16,608 for long term rincibilities shown above, the responsibility
payment of pe and interest charges
,092 assumed by municipal ant 4 has been
° the year, the out school boards. At the
GRANTS:
Canada
Province of Ontario
Other municipalities
OTHER:
Investment income
Other
Sale of Town Land
Homecoming Proceeds
NET APPROPRIATIONS PROM RESERVES
AND RESERVE FUNDS
MUNICIPAL' FUND BALANCES AT THE
BEGINNING OF THE YEAR
To be used to offset (or to be
recovered from) taxation or
user charges
Unexpended capital financing
Total financing available during
the year
APPLIED TO:
CURRENT OPERATIONS (Notes 3,10,11,)
General government
'Protection to persons and preperty
Transportation services
Environmental services
Health services
Social and family eervicee
Recreation and cultural services
Planning and development
CAPITAL
Protection to persons and property
Transportation eervicee
Environmental eervlces
Health services
Recreation and cultural services
NET APPROPRIATIONS TO RESERVES
AND RESERVE FUNDS
MUNICIPAL, FUND BALANCES AT THE
END OF THE YEAR (Note 8)
To be used to offset (or to be
recovered from) taxation or
user charges
Capital
italeoperations not permanently
Total applications during the year
THE ACCOMPANYING P TES ARE AN INTEGRAL
NOTES TO WN P _WIN
YEAR ENDED DECO AL STATEMENTS
EMBER 31, 1994
ACTUAL
1994
408,576
86,732
575,548
365.;926
39,775
578,980
16,332 a rises end h 1
23,704 18 0 end P outstanding
liability is 4 principal amount of this
397,908 533,255
14,094
0
The balance in the Ministry of
Retirement Fund which has been
year to retire the outstanding
above, amount to
the Environment Debt
accumulated. to the end of the
long term liabilities included
1221
518,132
0 0
Net ion term 0
4 rm liabilities at the end of the year $ 461,2as
(16,048) (b) A `L S. 518.132
Approval of the Ontario Municipal Board has been obtained for the
(438,745) long-term liabilities in (a) issued in the name of
the Municipality.
with (c) The ThetMunicipalite yois^contingently liable for long term liabilities
principal and interest has been assumed
for then paymentmual
enterprises. The total amount tand by school December
and municipal
(1993 e, NIL and or, outstanding as lati atedmBal 31, 1994,hNIL,
'1a not recorded on the "Consolidated Balance Sheet",
$ �.7- 27 102 8-3.216,815
ACTUAL ACTUAL
/22.1 1993
$ 331,603 $ 323,633
558,696 588,528
548,367 506,1'37
332,482 262,074
30,839 28,179
415,774 402,993
279,630 350,946
1q 6 -gin _ 9 1>-S
2.51U 036
-1,A21.&12
95,911 0
333,487 149,817
106,720 120,505
0 7,652
2- 0-- h+•=U& ____-.1§..1.011
74 0 4 114 .Wa
461,834 407,024
14,198 14,094
$_ 3.72 7.102
--�5_3.2t�°S�s
PART bF TRIS FINANCIAL STATEMENT)
GRAM
1. Accounting Policies
-------------------
The consolidated financial etatements of the Corporation of the
Wingham are the representation of management prepared in accordance with
accounting policies the
Town of
ofeetry
Municipal policies
for Ontario municipalities b
liabilities is dependant upon Since pfuture eventise , elledetermination preparation
many enacts periodic
financial statements necessarily involves the tusepofpestimatesfand
approximations. These have been Periodic
made using 083.501 judgments.
(a) (i) Baeis of Consolidation
----------------------
These
Einaneing anddexpenditureents of treflect
e revenue fund,
liabilities, sources of
funds and reserves and include the activities ofoalltec fund, resaris
and the following boards which are under all comCutcil of Council
Wingham Police Commole®ion Control of Council:
Wingham Recreation and Community Centres. Hoard
Wingham Public Cemetery
Wingham Day Care Board
All Lnterfund assets and liebiliti.s end eourcis of financing and.
expenditures have bean eliminated with the exception of loans or advances
between reserve tunas and any Other fund of the municipality and the
resulting interest income and expenditures,
8. Reserves and Reserve Funds
The balances of reserves and reserve funds are made up of the'following:
Reserves set aside for specific purposes by 1994 122
Council
for capital expenditeres
for contingencies
Reserve funds set aside for
by Council (Schedule 2)
for sewage works purposes
$ 191,412 $ 30,426
118.7•sw
$�.s 208 ant
specific purpose
Reserve funds set aside for speciflc Purposes
by legislation, regulation or
for renewals, etc., under the Ministry of
the Environment
Nursery School Fund
Recreation Equipment Fund
Pension fund reserve
Total
9_ ChargesforNet Long Term Liabilities
Total charges for the year for net long Berm liabilities which
On the Consolidated Statement of'Opsration6" are as follows:
ars reported
Principal Interest 2.52
1993
181,077 $
79,120
6,544
9,424
210,242
58,810
6,505
9,401
OAR 74 716
S- '_76• $ 7• 8a 58
Min. of Environment
Cedar/John Streets
Debentures
The charges for
entries are not
$
6,687 $
0 o0n734 $ 7,621 $ 7,620
--- � 60, 490 110. eon t D 83
- $::" 61.224 $ t1g 11t 7t
a,aase S 7,445
liabilities assumed by the non -consolidated
in these Statements,
long term
reflected
10_ Budget Figures
Budget figures have not been.reflectod an the Consolidated Stdtement of
Operations as the format and basis of preparation of the budgeta prepared
by the municipality are not consistent with the format and belieof
preparation of revenues and expenditures on the consolidated Statement Of
Operations.
11. Commitments
The Town of Wingham 1s the sponsoring Municipality for the Horth Huron
Transit Corporation, 0/A Wheels Away. This organ ration provides
transportation services to disabled and senior persons in•the area
surrounding the Town of Wingham. Aa the epanloring Municipality the Town
would have ultimata responsibility of any opiPating/6ccttnxlatied deficit
should the oreeniaation become unable to coatinua.optratin,l, The amount
of deficit eficit oP this organization for the year ending December 91,
1s the de,
1994
0
REVENUE
CONTRIBUTIONS
INTEREST EARNED
TRANSFERS TO
OPERATIONS/RESERVES
BALANCE AT THE END
OP THE YEAR
TOTAL
$ 284 95A
i4 8 74 a')
SCHEDULE 1
MINISTRY
OF THE
ENVIRONMENT SEWAGE
$- 58 94. $ a --..10+2.51y
230,438 15,925
8 311 __ AL3 aY
--241.2A2
$ 276 1r
NURSERY
RECREATION
8
23
0
s 44 $ 424
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS FINANCIAL STAT)
214,513
864
Town of Wingham
Trust Funds
Financial Statements
December 31, 1995
13atty W. rl'iEid
CHARTERED. ACCOUNTANT
WINGHAM, ONTARIO
w Rea ^A
4'1
e A.wwaun c0 A
TO THE MEMBERS OF COUNCIL,
INHABITANTS AND RATEPAYERS OF
THE CORPORATION OF THE
30812 OF W1NGHAM
OmeRR,11e s1Ree.
E00 00 1100 Neo
4522
Tax 337
AUDITOR'S REPORT
'CORpO 0 1'IOE VE AUDITS THE BALANCE SHEET OF THE TRUST FUNDS OF THE
STATEMENT OF CAPITAL CCOONTINUZ Y OF FOR THEAS T0�EMFEN 1994, AND THg
FINANCIAL STATEMENTS ARE THE RESPONSIBILITY OF TSE TOWN'STHESE
MY RESPONSIBILITY IS TO EXPRESS AN OPINION ON THESE FINANCIALASTATEMENTS
EASED ON MY AUD2T.
STANDI CONDUCTED HY AUDIT IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING
ARDS. THOSE STANDARDS REQUIRE THAT I PLAN AND PERFOR8 AN AUDIT TO
REssomaeLE ASSURANCE WHETHER THE FINANCIAL STATF139NTS ARE FREE OF
NATER2AI, MISSTATEMENT. AN AUDIT INCLUDES EXAMINING ON A TEST BASIS,
EVIDENCE SUPPORTING TEE AMOUNTS AND DISCLOSURES IN THE FINANCIAL
STATEMENTS. AN AUDIT ALSO INCLUDES ASSESSING THE ACCOUNTING PRINCIPLES
USED AND 9IGNIF2CANT ESTIMATES MADE BY MANAGEMENT, AS WELL AS.. EVALUATING
THE OVERALL FINANCIAL STATEMENT PRE0ENTAT20N,
IN MY OPINION, THESE FINANCIAL STATEMENTS PRESENT FAIRLY IN ALL
MATERIAL RESPECTS, THE FINANCIAL POSITION OF THE TOWN OF GINGHAM'S
TRUST FUNDS AS AT DECEMBER 31, 1994, AND THE CONTINUITY OF TRUST FUNDS
FOR THE YEARS THEN ENDED IN ACCORANCE WITH THE ACCOUNTING PRINCIPLES
DISCLOSED IN NOTE 1 TO THE FINANCIAL STATEMENTS.
WINGHAM, ONTARIO
NOG 250
APRIL 17, 1995
TOWN OF GINGHAM
TRUST FUNDS
BALANCE SHEET
AS AT DECEMBER 31, 1994
CEMETERY
PERPETUAL
ASSETS TOTAL CARE FUNDS
Cash
$42,475 $17,934
investments, at cost(Note 3) 117,302 117,302
Duo Fran Revenue Fund
2,024 2,024
Other
Outstanding loans (Note 2) 17,156
--------------- 17,156
$178,957 $137,260 ,9•
$385 935.9177
85,395
641/1,8.1
BARRY W. REID
CHARTERED ACCOUNTANT
CEMETERY
DEFERRED
CRAVE OPENINGS
$385
ONTARIO
HONE CEMETERY
RENEWAL MARKER
PROGRAM CARE FUND
$18,761 $5,195
LIABILITIES AND CAPITAL
Due to General Fund
Capital Balance
Capital Balance at the
beginning of the year
Receipts
Interest earned
Expenditures
Loons forgiven
Legal and other costs
Payments to Ministry
$178,957 $137,260
____________• $384 $35,917 85.395
.$178,957 5137,260 _ _5_395
$389 _ $39,917 95,395
TOWN OF WINGHAM
STATEMENT OF CAPITA CONTINUITY
FOR THE YEAR ENDED DECEMBER, 31, 1994 '
CEMETERY CEMETERYONTARIO
PERPETUAL DE HEWS CEMETERY
IOTA CARE FUNDS GRAVE OPEN/RR MARKER
NOS PROGRAM CARE FUND
5187,731
$137,260 6361$47,165 $2,923
2,472
2,472
978 2
976
191,181 137,260 385
48,141 4,395
3,109
1, 786
7,329
Capital Balance at the 12,224 0
and of the year 12,224
$178,957 $137,260 $385
$35,917 85,395
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF TRIS FINANCIAL STATEMENT)
TOWN OF WINGHAM
TRUST FUNDS
---------------
NOTE3 TO THE FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1994
3,109
1,786
7,329
NOTE (1): ACCOUNTING POLICIES
-----------------
BASI9 OF ACCOUNTING
CAPITAL RECEIPTS AND INCOME ARE REPORTED ON THE CASH BASIS OF ACCOUNTING.
ADM/NB�S ARE REPORTED ON THE CASH BASIS OF ACCOUNTING WITH THE EXCEPTION OF
TEATIVE EXPENSES 1ARE AS T
)881599 RREPORTED
YPRTEDION THE ACCfu, 9BASIS OF ACCOUNTING,
OFICH RECOGNIZES THE RECEIPT OF .DO9DSDIT& SERVICES 5NA THE
CREATION OFASURa8L8 A9 A RESULT
LEGAL OBLIGATION TO
NOTE (2): ONTARIO HOME alantw L PROGRAM
----------------------------
IN 19073 TDOPHOfMER NEWALSPR0O3AM WAS ESTABLISH® BY THS ONTARIO MINISTRY OF HOUSING
TO L973 T 9301958TGGRAN MUNICIPALITIES TO MAEE LOANS. TO ASSIST OWNER OCCUPANTS
AND IMPROVE THEIR HOMES TO LOCA PROPERTY STANDARDS,
ONTARIO HOME RENEWAL PROGRAM.. 2OAN ANDCFOROIV AT DECEMBER 31, 1993 COMPRISE REPAYABLE
LOANS OF $14,1155 (1993 -
LOAN,FOEAIVEHted ;S EARNED AND REOOBD85 AT RATE LE Op UP TO$ 86001 E 93 -
OWNEREHIF AND OCCUPANCY, /STEIN EVBN'T OF THE SALE OR 8600 PER YEAR OP GSONTINUEb
ANU THE. EVENT OM THE HOMEOWNER. CEASING TO OCCUPY TH8 HCMEt THE MAI,5ROF
CLt5T8$ HOME: OR IN THE
UNEARNED FORGIVABLE LOAN., IMMO/ATELY BECOME OP TER LE BY DUE AND PAYABLE REPAYABLE LOAN
THE. HOMEOWNER.
NCI& (3): IMVEs2H0BTS
THTHE E TOTS FbRCEINV I COSyTHR V. .AST �S OF 0117,302 (1993 - $122,303) REPORTED
be END' OF THE YFAR, MARKET VALUE OP $117,302 (1993 e $122,303) AT
m