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Page 9, News, Tuesday, June 19, 1990 CONSOLIDATED BALANCE SHEET December 31 1989 19¢8 ASSETS Unrestricted Cash $ 66,405 $19,403 Taxes receivable 116,011 117,323 User Charges receivable 5,241 3,706 Accounts receivable 163,609 213.674 396.344 354,111 Restricted Cash 393,929 416,776 Receivable from revenue fund 59,929 24.900 453.858 441.676 Capital outlay financed by long-term liabilities and to be recovered in futre years (note 1(b) (iv) 130.671 99.114 $980,873 $894,901 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 1. ACCOUNTING POLICIES (continued) (iv) Trust Funds Trust Funds and their related operations administered by the municipality are not consolidated, but are reported separately on tlic. trust funds statement of continuity and balance sheet. (b) Basis of Accounting (i) Sources of financing and expenditures are reported on the accrual basis of accounting with the exception of inventories and prepaid expenses which are charged against operations in the period in which they are incurred. (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) The historical cost and accumulated depreciation of fixed assets are not reported for municipal purposes. Fixed.assets are reported as an expenditure on the consolidated statement of operations in the year of acquisition. (iv) Capital outlay to be recovered in future years, which represents tne outstanding principal portion of unmatured long-term liabilities for municipal expenditures or capital funds transferred to other organizations, is reported on the consolidated balance sheet. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 2. NET LONG-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 at the end of ihe year amount to 1989 1983 $ 130,671 $ 99,*14 (b) Of the net long-term liabilities reported in (a) of this note the prirci, 'al payments are payable as follows: 1990 1995 2000 Total to to and From general 1994 1999 _ thereafter municipal revenues $53,411 $34,989 $42,271 $130,671 (c) Approval of the Ontario Municipal Board has been obtained for the long-term liabilities in (a) issued in the name of the municipality. 3. MUNICIPAL FUND BALANCES AT THE END OF THE YEAR The balances on the consolidated statement of operations of municir al equity of $2,108 (1988, $41,929) at the end of the year are comprise of the following: - to be applied to (to be recovered from) 1989 1988 operations of the operating fund for the = following year . $(4,774) $39,712 - to be applied to operations of local boards for the following year 862 2.217 $2,108 $41,929 LIABILITIES Accounts payable and accrued liabilities Other current liabilities Deferred revenue Payable to reserve funds Net long-term liabilities (note 2) Fund balances at. end of year To be used to offset taxation (note 3) Reserves (note 4) Reserve Funds (note 4) Contractual Obligations (note 10) Commitments (note 12) $ 154,780 $ 110,001 + 720 29,527 26,561 59,929 24,900 130,671 99,114 2,108 41,929 150,000 150,000 453,858 441,676 $980.873 $894,901 The accompanying notes to the consolidated financial statements a'e an integral part of this financial statement. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 4. RESERVES AND RESERVE FUNDS The total balances of reserves and reserve funds of $150,000 (1988, $150,000) and $453,858 (1988, $441,676), respectively, are made up of the following: Reserves set aside for specific purposes by Council - for working capital Total reserve funds Reserve funds set aside for specifice purpose by Council - for acquisition of fixed assets - for waterworks plant renewal - for recreation programs and facilities - for library capital expansion - for town hall renovations - for cemetery expansion Total reserve funds 5. OPERATIONS OF SCHOOL BOARDS 1989 1938 $150.000 $150.00 $150,000 $150.(00 $146,562 $137,574 213,353 224,145 19,453 17,894 16,423 12,282 28,126 25,935 22,941 23.846 $453,858 $441,676 Further to note 1 (a) (iii), the taxation, other revenues, expenditures and overlevies (underlevies) of the school boards are comprised of the following: Taxation Grants in lieu of taxation Amounts received or receivable Requisitions Supplementary taxation Underlevies for the year Overlevies at the beginning of the year Underlevies (overlevies) at the end of the year School Boards 1989 1988 $451,276 $383,427 6.476 5.688 457,752 389,115 447,375 394,288 11,175 1,924 458,550 396.212 (798) (7,097) 720 2817 $ (78) $720 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 6. CONTRIBUTIONS TO UNCONSOLIDATED JOINT BOARDS Further to note 1 (a) (ii) the following contributions were made by the municipality to these boards: Thunder Bay District Health Unit District of Thunder Bay Home for the Aged Thunder Bay Area Emergency Measure Organization North Shore Family Resource Centre 1989 1988 $10,593 $7.442 15,328 15 795 1,291 1,385 4,233 3.239 $31,445 $27,861 The municipality's share of the accumulated surpluses (deficits) of these joint boards is as follows: Thunder Bay District Health Unit (1.33%) District of Thunder Bay Home for the Aged (3.72%) 7. TRUST FUNDS ' 1989 1988 $ 317 $ 91 (2,833) 29 $(2.516) $190 Trust funds administered by the municipality amounting to $54,527 (1988, $51,048) have not been included in the consolidated balance sheet nor have their operations been included in the consolidated statement of operations. continued on page 10