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Page §&, Terrace Bay-Schreiber News, Wednesday, June 27, 1984 - To The Members of Council, Inhabitants 'and Ratepayers of the Corporation Of the Township of Schreiber We have examined the consolidated balance sheet of the Corporation of the Township of Schreiber as at December 31, 1983 and the consolidated statement of operations 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 Township of Schreiber as at December 31, 1983-and the results of its operations for the year then ended in accordance with the accounting principles prescribed for Ontario Municipalities applied, after giving retroactive effect to the changes in accounting policies as explained in note 2 to the financial statements, on abasis consistent with that of the preceding year. Thorne Riddell Chartered Accountants Licence No. 678 Thunder Bay, Canada April 6, 1884 Consolidated Statement of Operations Year ended December 31, 1983 Budget Actual Actual 1983 1983 1982 Sources of Financin Taxation and user charges Residential and farm taxation $283,531 $286,285 $ 246,003 ' 162,783 165,273 143,638 Taxation from other governments 10,000 14,643 13,129 User charges Water es : 122,500 123,116 122,163 Sewer 86,900 86,935 86,214 Other 133,800 167,389 112,653 789,524 823,641 723,800 Grants Government of Canada 2,900 5,580 13,983 Province of Ontario 1,496,000 1,522,300 2,340,240 1,488,900 1,527,880 2,354,233 Other 2 Investment income 3,000 41,982 69,587 Sale of land 54,000 86,057 Penalties and interest on taxes 8,500 16,105 12,316 Contributions 21,195 Other 4,220 11,142 65,500 148,364 114,240 Net appropriations from reserves and reserve funds 235,183 MUNICIPAL FUND BALANCES AT THE BEGINNING aris YEAR To be used to offset taxation or user charges 20,532 33,519 26,538 Unapplied capital receipts 300,000 300,000 Total financing available during the year $2,674,456 $2,833,404 $3,453,994 AS AT DECEMBER 31, 1983 3 ASSETS 1983 1982 Unrestricted Cash : $116,462 $340,400 Taxes receivable 139,376 88,481 User charges receivable 4,975 10,376 Accounts receivable 329,330 182,245 : 590,143 621,502 Restricted Cash _ 278,890 266,793 Accounts if staGbis 8,182 14,302 Long term réc. = 38 15,792 15,173 ' 302,864 296,268 $893,007 $917,770 LIABILITIES ; 5 Accounts payable and accrue = liebilities, $300,192 $237,897 Other current liabilities 4A 86 300,236 237,983 FUND BALANCES AT THE END OF THE YEAR (note 7) To be used to offset taxation or user charges (note 7) 11,968 33,519 Unapplied capital receipts (note 7) 177,939 300,000 Reserves (note 8) 100,000 60,000 Reserve funds (note 8) 302,864 296,268 $893,007 $917,770 Budget Actual Actu. 1983 1983 1982 APPLIED TO Current operations General government $ 208,790 $ 213,045 $ 217,902 Protection to persons and property 59,376 44,342 48,962 Transportation services 217,883 236,253 186,839 Environmental services 210,989 207,644 245,455 Health services 36,790 41,448 49,793 Social and family services 108,472 94,895 -- 68,700 Recreation and cultural services 320,556 284,164 260,298 -- Planning and development 33,500 46,436 8,318 e 1,196,356 1,168,227 1,086,267 Township of Schreiber Auditors' Repo Capital General government 1,921 5,155 Protection to persons and 5 property 6,425 Transportation services 70,161 75,535 30,698 Environmental services 1,260,000 1,280,210 1,947,845 Health services 3,000 4,346 337 Recreation and cultural services : 10,600 45,249 23,411 Planning and development 4,988 26,762 1,343,761 1,418,674 2,034,208 Net appropriations to reserve and reserve funds : 134,339 56,596 MUNICIPAL FUND BALANCES AT THE END OF THE YEAR To be used to offset taxation < or user charges 11,968 33,519 Unapplied capital receipts 177,939 300,00 Total applications during : the year $2,674,456 $2,833,404 $3,453,894 Year Ended December 31, 1983 Cemetery Flash Fire : <= Perpetual Care Bourke Hall Total B t t inni "otthe Yaor" ae $12,283 $1,000 ¢ Nil 913,283 Capital receipts 866 25,000 25,866 Interest earned 6555 309 B84 1,421 309 25,000 26,730 Balance at the End of the Year $13,704 $1,309 $25,000 $40,013 Goere Sheet as at December 31, 1983 Cash $12,838 $ 309 $13,147 Term deposits | 1,000 $25,000 26,000 Receivable from Township of Schreiber 866 866 __ $13,704 -- $1,309 -- $25,000 $40,073 FUND BALANCE $13,704 $1,309 ---- $25,000 --- $40,073 NOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 1983 1. ACCOUNTING POLICIES (Continued): b) Basis of accounting i) 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. ii) The accrual basis of accounting recognizes revenues as they become available and measurable; expenditures are recognized as they are incurred and measurable as a result of receipt of goods or services and the creation of a legal obligation to pay. iii) Capital outlay to be recovered in future years The historical cost and accumulated depreciation of fixed assets are not reported for municipal purposes. Since there are no outstanding long term liabilities or capital projects not yet permanently financed, no amounts are reported on the balance sheet as capital outlay to be recovered in future years. 2. CHANGES IN ACCOUNTING POLICIES Effective January 1, 1983, Ontario municiplaities and their local boards must follow the accounting principles outlined in the Municipal. Financial Reporting Handbook. The new Handbook substantially revised many of the accounting and reporting requirements applicable to Ontario municipalities for the fiscal year 1983. The 1982 figures presented for comparative purposes have been restated, where determinable to conform with the new presentation in 1983. The following summary outlines the more significant changes made. i) Previously assets were not segregated between restricted and unrestricted. For 1983 the assets of reserve funds are now reported as restricted assets. ii) The overlevies for school boards, which had been previously recorded as fund balances at Me! ~~ of the year on the consolidated balance sheet, are now reported as other current jiabilities. By applying the above changes retroactively, the effect on the consolidated statement of operations has been a decrease of $42 in the net change:in fund balances for 1983, (1982, $448). The retroactive effect on the fund balances on the consolidated balance sheet as at December 31, 1982 has been reflected in the 1982 comparative figures and is summarized below. To be used to offset taxation or user charges: = As previously reported $33,605 Decrease due 'to change in accounting policy with respect ot overlay for school boards 86 As restated $33,519 3. OPERATIONS OF SCHOOL BOARDS . : Furtttaxr to note 1(a)(iv), the taxatiote other revenues, expenditurem and overlevies (underlevies) of the school boards are comprised of the following: 1983 1982 Taxation $196,871 $180,859 Grants in lieu of taxes 2,248 " 199,118 180,859 Requisitions 196,707 179,948 Supplementary taxation 2,464 1,359 199,161 181,307 Underlevies for the year (42) (448) Overlevies at the beginning of the year 86 534 Overlevies at the end of the year $ 44 $ 86 4. CONTRIBUTIONS TO UNCONSOLIDATED JOINT BOARDS The assets and liabilities of joint boards have not been consolidated and are not reported on the consolidated balance sheet. The operations of these joint boards have also not been consolidated. The consolidated statement of operations includes only the following contributions made by the municipality to those boards: . 1983 1982 Thunder Bay District Health Unit $11,696 $ 6,692 District of Thunder Bay Home For the Aged 9,775 8,253 $21,471 __ $14,945 The municipality is vegicins | liable for its share, which is approximately 5.7%, of the accumulated deficit to the end of the year for the District of Thunder Bay Home For The Aged in the amount of $1,047 (1982, $Nil).