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~ Page 6, Terrace Bay-Schreiber News, Wednesday, July 25, 1984 - TOWNSHIP OF TERRACE BAY -- CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 1983 Auditors' Report Consolidated Statement of Operations continued To The Members of Council, inhabitants and Ratepayers of the Corporation Actual Actual of the Township of Terrace Bay an ' 1983 : 1982 We have examined the consolidated balance sheet of the Corporation of the Township. of Capital ; Terrace Bay as at December 31, 1983 and the consolidated statement of operations for the year =r government 3,000 2,400 7,914 then ended. Our examination was made in accordance with generally accepted auditing fotectorr so persons and property 11,800 2,974 13,087 standards, and accordingly included such tests and other procedures as we considered Tisesportation services 56,000 104,972 120,601 necessary in the circumstances. Environmental services 71,000 47,178 7,727 In our opinion, these consolidated financial statements present fairly the financial position -- eae | \ i 2,000 360 14,328 of the Corporation of the Township of Terrace Bay as at December 31, 1983 and the results of its ecreation and cultureaseiyvieee 96,575 112,638 ; 134,727 operations for the year then ended in accordance with the accounting principles prescribed for 240,375 270,512 298,304 Ontario Municipalities applied, 'after giving retroactive effect to the changes in accounting Net appropriations to reserves policies as explained in note 2 to the financial statements, on a basis consistent with that of the and reserve funds 92,975 109,907 - 230,258 preceding year. Th Riddell MUNICIPAL FUND BALANCES AT THE mene END OF THE YEAR (note 8) : Heme § ° ~ Canada To be used to offset taxation or April 19, f usercharges - 93,289 99,035 : se Ridell Unapplied capital receipts 3,921 Licence No. 678 93,289 102,956 Total applications during the year $1,995,723 $2,138,061 $2,137,111 s ~ we 4 Mill Rates Notes to Financial Statements General_Municipal Separate School Year ended December 31, 1983 Public School 1. ACCOUNTING POLICIES ~ High School : ee a) Basis of consolidation 1982 1983 1982 1983 1982 1983 1982 1983 i) Consolidated balance sheet Residential 27.789 * 24856 14.900 15.799 15.737 17.630 13.694 14.959 This statement reflects the assets and liabilities of the revenue fund, reserve funds and the Commercial 32.693 * 29.253 17.529 18.589 18.514 20.741 16.111 17.600 capital fund and includes the activities of all committees of Council and the following local * in urban service area boards which are under the control of. Council: Public Library Board Recreation Committee H ii) Consolidated statement of operations Consolidated Balance Sheet This statement reflects the consolidated sources of financing and expenditures of the revenue As At December 31, 1983 fund, reserves, reserve funds, and the capital fund of the municipality and those local boards described in note 1 (a) (i). ASSETS Bs, 1983 1982 iii) Non-consolidated entity é u seicied 384,316. 324,517 The accounts of the Hydro-Electric Utility have not been consolidated and the Consolidated price "es 105 : 74 Balance Sheet does not reflect the assets or liabilities of this utility except to the extent of as! ies 685 na amounts due to or from the utility. The Consolidated Statement of Operations does not reflect Taxes receiva' #3 105,685 yen any of the revenues and expendifures of this utility. : Accounts receivable 62,579 896 iv) The expenditures, assets and liabilities with respect to the operations of the school boards, 459,712 are not reflected in these financial statements except to the extent that overlevies are Less payable to reserve funds 215,326 159,551 reported on the consolidated Balance Sheet as other current liabilities. 337,254 300,161 v) Trust funds and their related operations administered by the municipality are not a? : eaten but are reported separately on the trust funds statement of continuity and Cash 95,054 40,922 pitictew cd Add receivable from revenue fund 215,326 159,551 b) Basis of accounting : 310,380 200,473 i) Sources of financing and expenditures are reported on the accrual basis of accounting with $647,634 $500,634 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 5 : not accrued for the periods form the dates of the latest instalment payments to the end of the LIABILITIES $1801 Hs tad P' T I inancial year. : Accapeie ckeokies and accrued ii) The accrual basis of accounting recognizes revenues as they become available and liabilities $ 92,649 44,200 measurable; expenditures are recognized as they are incurred and measurable as a result of Other current liabilities eae 1,316 1,204 receipt of goods or services and the creation of a legal obligation to pay. . 93,965 47,205 iii) Capital outlay to be recovered in future years rs eS The historical cost and accumulated depreciation of fixed assets are not reported for municipal dee tet are gocher re se purposes. Since there are not net outstanding long term liabilities or capital projects not yet user charges in 1984 93,289 99,035 permeeny sone' Sie ee are reported on the Consolidated Balance Sheet as capital : ; : ri tlay to be recovered in future years. Unapplied capital receipts 3,921 wd Reserves (note 9) 150,000 150,000 Reserve funds (note 9) 310,380 200,473 $647,634 $500,634 2 CHANGES IN ACCOUNTING POLICIES H = : Effective January 1, 1983, Ontario municipalities and their local boards must follow the Consolidated Statement of Operations accounting principles outlined in the Municipal Financial Reporting Handbook. The new December Handbook substantially revised many of the accounting and reporting requirements applicable Year Ended : 31, 1983 to Ontario municipalities for the fiscal year 1983. The 1982 figures presented for comparative Budget Actual Actual purposes have been restated, where determinable to conform with the new presentation in 1983 1983 1982 1983. The following summary outlines the more significant changes applicable to this SOURCES OF FINANCING : municipality. Taxation and user charges i) Previously assets were not segregated between restricted and unrestricted. For 1983 the Residential and farm taxation $ 534,489 $ 535,538 $ 502,734 assets of reserve funds are now reported as restricted assets. Commercial, industrial and . ii) The overlevies for school boards, which had previously been recorded as fund balances at business taxation : 1,909,534 1,909,539 1,791,772 - the end of the year on the Consolidated Balance Sheet, are now reported as other current Taxation from other governments 63,625 43,674 46,716 - liabilities. User charges 186,510 237,236 185,390 Deduct amounts received or a as ivable f hool board 7382, 1,384, 252,304! Se ee 1,301,403 a ee a 74 _ By applying the above changes retroactively, the effect on the Consolidated Statement of : A 274, Operations has been a decrease of $112 in the net change in municipal fund balances for 1983. Grants The retroactive effect on the fund balances on the Consolidated Balance Sheet as at December Govern Se aces Bo wrates 31, 1982 has been reflected in the 1982 comparative figures and is summarized below. rovines OL niario " To be used to offset taxation or user charges. Other municipalities 16,000 16,440 14,828 Angra repeal 9 $100,239 564,260 607,973 588,964 Decrease due to change in accounting policy with respect to underlevy for Other Investment income : 20,000 53,535 66,558 Penalty and interest on taxes 7,500 11,764 9,595 1,204 Sales of equipment, etc. 000 15,020 4,679 = ae ge Die 1525 5,492 646 As restated _$ 99,035" 31,025 85,811 81,478 MUNICIPAL FUND BALANCES AT THE BEGINNING OF THE YEAR To be used to offset taxation : or user charges 99,035 99,035 188,440 3. OPERATIONS OF SCHOOL BOARDS Unapplied capital receipts 3,921 3,921 The taxation, other revenues, and overlevies (underlevies) for the school boards are Total financing available during comprised of the following: the year $1,995,723 $2,138,061 $2,137,111 3 1983 1982 i Taxation $1,383,351 $1,251,106 Grants in lieu of taxes 1,314 1,198 1,384,665 1,252,304 Budget Actual Actual 1983 1983 1982 Requisitions 1,383,958 1,259,876 x ene To Supplementary taxation -- 696 15,246 urrent operations e General government $ 219,353 $ 239,518 $ 173,362 Overlevies fundetlaviaas+ Las 1 Protection to persons and property 365,307 362,397 345,433 ms evies (underlevies) for Transportation services 439,260 368,294 405,351 re) i Sea h 2 112 (22,818) Environmental services 91,150 105,274 80,947 veneyies at ine Health services 21,643 18,130 10,092 beginning of the year 1,204 24,022 Social and family services 62,875 59,298 52,376 Overlevies at the Recreation and cultural services 457,085 -- 451,263 414,677 end of the year $ 1,316 $ 1,204 Planning and development 5,700 60,179 23,265 The overlevies at the end of the year are reported as other current liabilities on the i 1,662,373 1,664,353 1,505,503 Consolidated Balance Sheet.