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ASSETS 1986 1985 Unrestricted Cash F 43,294 Taxes receivable 186,971 149,987 User charges receivable 4,177 2,840 Accounts receivable 170,951 338,412 Other current assets . 1,985 4,659 364,084 539,192 Less payable to reserve funds 3,500 53,689 j 360,584 485,503 Restricted Cash 292,199 114,249 Receivable from revenue fund 3,500 53,689 295,699 167,938 656,283 653,441 LIABILITIES Bank indebtedness 11,100 Accounts payable and accrued liabilities 91,743 152,240 Deferred revenue on sale of land 14,000 ; 116,843 152,240 Fund Balances at end of year 4 To be used to offset (to be recovered from) taxation (note 2) 93,741 (5,925) Unexpended capital financing (note 2) 2 - 189,188 Reserves (note 3) ; 150,000 150,000 Reserve funds (note 3) ; 295,699 167,938 $656,283 $653,441 Terrace Bay-Schreiber News, Wednesday, July 15, 1987, page 9 TOWNSHIP OF SCHREIBER CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 1986 Vested sick leave benefits Contractual obligations Contingent liabilities The total balances of reserves and reserve funds of $150,000 (1985, $150,000 of the following: RESERVES AND RESERVE FUNDS ) and $295,699 (1985, $167,938) respectively are made up 1986 - 1985 Reserves set aside for specific purpose by Council ee -for working capital $150,000 $150,000 Total reserves $150,000 $150,000 Reserve funds set aside for specific purpose by Council -for acqusition of fixed assets $252,823 $131,313 -for recreation programs and facilities 15,499 20,387 -for sick leave liability 22,111 16,238 -for library capital expansion 5,266 Total reserve funds $295,699 $167,938 Further to note 1 (a)( of the following: 1986 1985 Taxation $337,038 309,363 Grants in lieu of taxation 5,488 5,059 Amounts received or receivable 342,526 314,422 Requisitions 337,599 318,042 Supplementary taxation 2,253 2,142 z 339,852 320,184 Overlevies (underlevies) for the year 2,674 (5,672) Overlevies (underlevies) at the beginning of the year (4,659) 1,103 Underlevies at the end of the year : $(1,985) $(4,659) OPERATIONS OF SCHOOL BOARDS iii), the taxation, other revenues, expenditures and overlevies (underlevies) of the school boards are comprised AUDITOR'S REPORT To the Members of the Council, Inhabitants and the 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, 1986 and the consolidated statement of operations for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and ac- cordingly 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, 1986 and the results of its Opera- tions for the year then ended in accordance with the accounting principals disclosed in note 1 to the financial statements applied on a basis consistent with that of the preceding year. April 16, 1987 Licence No. 1086