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Page 10, News, Tuesday, May 22, 1990 Report THE CORPORATION OF THE TOWNSHIP OF TERRACE BAY 1989 Financial Statements Auditors' To The Members of Council, Inhabitants and Rate payers of the Corporation of The Township of Terrace Bay. 1989 Financial Highlights Mill Rates We have examined the consolidated balance sheet of the Township of Terrace Bay ree ws - ; as at December 31, 1989 and the consolidated statement of operations for the year Pon can ems then ended. Our examination was made in accordance with generally accepted 1989 1989 auditing standards, and accordingly included such tests and other procedures as| | Township Purposes 37. 403 44.004 we considered necessary in the circumstances. Public School 24.204 28.475 In our opinion, these consolidated financial statements present fairly the financial | | Separate School 24.189 28.458 position of the Corporation of the Township of Terrace Bay as at December 31, 1989 | | Secondary School 20.980 24.682 and the results of its operations for the year then ended in accordance with accounting principles disclosed in note 1 to the financial statements applied on a 1988 1988 basis consistent with that of the preceding year. Township Purposes 34.655 40.771 Public School 22.367 34.655 March 10, 1990. Separate School 22.336 26.278 License No. 1086 Peat Marwick Thorne | | Secondary School 19.142 22.520 CONSOLIDATED OPERATIONS CONSOLIDATED OPERATIONS FOR THE YEAR ENDED DECEMBER 31 YEAR ENDED DECEMBER 31 Sources of financing: Applied to: Budget Actual Actual Taxation and user charges Budget Actual Actual] | Current operations (notes 5 and 7) 1989 1989 1988 ee st Hye $ 426,981 7 $ 491,994 $ 483,169 Residential and farm taxation $ 386,017 $ 386,640 $ 353,915 General government : : ; Commercial, industrial and 1,255,277 1,256,278 1,165,054 Protection to persons and 578,867 522,959 480,337 business taxation property 1,641,294 1,642,918 1,519,969 Transportation services _ 528,346 507,027 477,438 153,717 164,426 144,021 Taxation from other governments Pre Eales Binge a ig cae 20,809 18,721 17,252 User Charges , ts Sosiel and thinly earvicns 435,272 142,501 125,679 2,060,222 2,031,434 1,888,294] | Recreation and Cultural one ene peel Planning and Development : . 'i Grants va na ex 2,669,593 2,585,664 2,442,431 : : y Capital Government of Canada cased? 972,167 841,468] " ; , 12,700 9,249 19,822 Province of Ontario 16100 15,565 15,441 2 ar epee 176,400 115,426 47,290 Other Municipalities pO cay ieee aoe Protection to persons and ; ; " piecad rope Sei 1,088,017 989,532 867,819 er ectaticn per 597500 ann 1 2, m | Investment income 38,000 113,413 51,214 idtcakaedin 15,600 3,843 ad Penalty and interest on tax 8,500 18,957 8,625 Recreational anti Gaviial 19,270 13,906 140,158 - Sales of equipment etc. 5,639 5,284 9,494 - a Contribution from trust fund 15,600 3,843 i 5 763,970 581,067 475,385 Other 1,957 2 72 aed 69,696 141,497 70,305 ws eronsare to reserve and ; Net appropriations from reserves and 165,000 . 184,310} | MUNICIPAL FUND BALANCES AT reserve funds END OF YEAR (note 2) MUNICIPAL FUND BALANCES AT To be used to offset taxation : 39,700 49,728 BEGINNING OF YEAR (note 2) 3,433,563 3,212,191 2,967,544 To be used to offset taxation 49,728 49,728 (43,184) Total applications during the year ee -- eager ry Total financing available during 3,433,563 3,212,191 2,967, 544) CONSOLIDATED BALANCE SHEET the year Tn ROE Se Ae DECEMBER 31 Assets 1989 1988 ; Unrestricted EEE EE EE Cash $ . $ 29,866 Taxes Receivable 444,433 92,808 Accounts Receivable 332,558 321,933 49 RANSACTIONS FOR SCHOOL BOARDS mt fanront ee = eee 477,017 444,656 1989 1988 Receivable from (payable to) 15,548 (115,798) Grants in lieu of taxes 1,140 1,046 Cash 384,390 ee 1,985,021 1,821,904 Accrued interest receivable he a iacciaees 384,390 247,284 Requisitions 1,982,977 1,821,053 15,548 115,798 Supplementary taxes 2,021 481 vate Payee ' "a 3! St a as 368,842 363,082 1,984,998 1,821,534 " eee 861,407 691,940 Overlevies for the year 23 370 Liabilities Underlevies at beginning of year (49) (419) - gimme Ge ee Bank indebtedness' 38,202 . Underlevies at end of year Accounts payable and accrued liabilities 249,979 119,130 Y (28) sie Deferred revenue 4,684 5 292,865 119,130 _| Fund Balances At End Of Year : To be used to offset taxation (note 2) 39,700 49,728 TAS SS RE EPS IT EC MA TE ET LG Reserves (note 3) 160,000 160,000 Reserve funds (note 3) 368,842 363,082 861,407 691,940