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Aine RIS NRT RE Ae SORES NOTES TO THE ks i FINANCIAL STATEMENTS Municipality oa _ TOWNSHIP OF TINY _ Municipality STATEMENT OF CAPITAL OPERATIONS 2 TOWNSHIP OF TINY Sor the year ended December 31, 1981 1981 1980 Actual Actual $ $ Unfinanced capital outlay (Unexpended capital financing) at the beginning of the year 449,989 427,908 Capital expenditure General government Seat - Protection to persons and property 14,478 33,617 Transportation services 283,883 308,635 Environmental services 64,018 382, 867 Health services - 1,501,327 Social and family services - - Recreation and cultural services 1165291 11,610 Planning and development 35,000 56,900 Other 3 of Total expenditure : 517,641 52,294,956 Capital financing Contributions from the revenue fund 181,354 148,391 Contributions from reserves and reserve funds 70,946 38,610 Long term liabilities incurred 535,000 1,356,900 Ontario grants 224,436 393,921 Other 4 Bale Total capital financing Se byOL72690e.). 2222725875 Unfinanced capital outlay (Unexpended capital financing) at the end of the year ae eae The accompanying notes are an integral part of ts financial statement Municipality BALANCE SHEET 3 { TOWNSHIP OF TINY as at December 31, 1981 ASSETS Current.as: | 1981 1980 z Actual Actual $ $ Cash 173,360 232,112 Taxes receivable a 676,599 661,962 Accounts receivable 250,726 238,994 Other current assets 12-328 6,571 PeTPSSOL3 La1395639 Capital outlay to be recovered in future years Other long term assets at 1,843,379 1,848,568 144,202 133,063 3,100,594 3,121,270 LIABILITIES Current liabilities 1981 1980 Actual Actual Tempersyoas 588,970 941,850 Accounts payable and accrued liabilities 83,822 65,664 Other current liabilities = = = 670,792 1,007,514 Net long term liabilities OL BYP S ISS Ae] 1,354,473 Reserves and reserve funds 369, 986 661,494 Accumulated net revenue (deficit) and unapplied capital receipts 216,437 97,789 3,100,594 Seda 270 The accompanying notes are an integral part of this financial statement. T. 6. ACCOUNTING POLICIES (a) Statement of Revenue and Expenditure This statement reflects the revenues and expenditures of the revenue fund and the following local boards and municipal enterprise: The Tiny Parks, Recreation and Community Centres Committee Tiny Committee of Adjustment Township of Tiny Planning Board The Tiny Public Library Board Tiny Waterworks Department (b) Statement of Capital Operations This statement reflects the capital expenditures to be recovered from general municipal revenues of the municipality, its local boards and municipal enterprise described in Note 1 (a). (c) Balance Sheet This statement reflects the assets and liabilities of the revenue fund, capital fund, reserve funds, local boards and municipal enterprise described in Note 1 (a). (d) Fixed assets The historical cost and accumulated depreciation of fixed assets is not reported for municipal purposes. Instead the "Capital outlay to be recovered in future years" which is the aggregate of the principal portion of unmatured long term liabilities, capital funds transferred to other organizations, and the cost of capital projects not yet permanently financed, is reported on the "Balance Sheet", (e) Municipal enterprises Municipal enterprises are those activities whose costs are substantially recovered from service charges on the users. (£) Charges for net long term liabilities Debt retirement costs including principal and interest are charged against current revenues in the periods in which they are paid. Interest charges are not accrued for the periods from the dates of the latest interest payments to the end of the financial year. (g) Trust Funds Trust funds administered by the municipality amounting to $62,936 are only reflected in the Trust Funds Statement of Continuity and Balance Sheet. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS (a) Some capital outlay to be recovered in future years does not represent a burden on general municipal revenues, as it is to be recovered in future years from other sources: 1981 1980 Special charges on benefitting landowners $ 615,379 $ 582,568 Capital contribution to Huronia District Hospital 1,228,000 1, 266,000 $1,843,379 $1,848,568 Tiny Township has entered into agreements with five surrounding municipalities and Huronia District Hospital under which the balance of the capital transfer to Huronia District Hospital of $1,228,000 will be recovered from the general revenues of the participating municipalities based on pro rata usage of the hospital facility by residents of the participating municipalities. RESERVE FUNDS During the year, $75,776 were credited directly to reserve funds without being recorded as revenues and expenditures of the Revenue Fund. Major sources were: Sale of land $ 8,500 Ontario Home Renewal Plan grant 40,000 Contributions from developers 14,032 Interest 13,244 $< 75,778 NET LONG TERM LIABILITIES (a) The balance for net long term liabilities reported on the "Balance Sheet" is made up of the following: Total long term liabilities incurred by the municipality including those incurred on behalf of former school boards, outstanding at the end of the year amount to $1,854,879 Of the long term liabilities shown above, the responsibility for payment of principal and interest charges has been assumed by others for a principal amount of 11,500 Net long term liabilities at the end of the year $1,843,379 (b) Included in net long term liabilities are debentures amainting to $1,228,000 issued to finance a capital contribution to Huronia District Hospital by the Township of Tiny and five surrounding municipalities. Tiny township and the surrounding municipalities have entered into agreements to share the cost of retiring these debentures according to annual usage of the hospital by residents of the participating municipalities. ACCUMULATED NET REVENUE AT THE END OF THE YEAR The balance in the revenue fund at the year end is available to reduce (to be added to) the levies of the following classes of ratepayers. 1981 1980 General ratepayers $ 87,493 $ (4,622) Designated ratepayers 75,144 55,387 School board ratepayers (637) (651) County ratepayers 4,437 3,569 $166,437 $ 53,683 CHARGES FOR NET LONG TERM LIABILITIES Total charges for the year for net long term liabilities were as follows: rm 1981 1980 Principal payments $ 46,094 $ 37,649 Interest 2195593 162,811 $265,687 $200,460 Of the total charges shown above, $265,687 was paid from general municipal revenues of the municipality and are included in expenditure on the "State- ment of Revenue and Expenditure" classified under the appropriate functional heading. Wednesday, July 21, 1982, Page 11