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EE I Oe ELE ae SLE SLT eS ee ES EE Ea a aE TL a TI Se OE ST Eee c P ' Municip: ty NOTES TO THE a 4 z MEN' Municipality gee een ae Poe 5 TOWNSHIE (OF! DENY aie! STATEMENT OF CAPITAL OPERATIONS TOWNSHIP OF TINY 4 1. ACCOUNTING POLICIES for the year ended December 31, 1982 (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: 1982 1981 Actual Actual Township of Tiny Planning Board The Tiny Parks, Recreation and $ $s The Tiny Public Library Board Community Centres Committee (b) Statement of Capital Operations infinanced capital outlay (Unexpended capital \ isa aghanihe be varie pak eyed 4 . _(50,000) eR RELY) This statement reflects the capital expenditures to be recovered e : from general municipal revenues of the municipality, its local boards and municipal enterprise described in Note 1 (a). Capital expenditure (c) Balance Sheet This statement reflects the assets and liabilities of the revenue General government : CM AS - 3,971 fund, capital fund, reserve funds, local boards and municipal enterprise Protection to persons and property - 4,101 * ys described in Note 1 (a). Transportation services - 419,953 = . 3 Environmental services 3 753 . 64,018 WG) ce eecal Cees Health services 5 50,000 3 - The historical cost and accumulated depreciation of fixed assets Social and family services ae - . - is not reported for municipal purposes. Instead the "Capital outlay to Recreation and cultural services F: 70,987 o 116,291, % be recovered in future years" which is the aggregate of the principal Planning and development . 30,400 : 35,000 portion of unmatured long term liabilities, capital funds transferred to Other : = . = other organizations, and the cost of capital projects not yet permanently Total expenditure - 285,909 . 317,641 financed, is reported on the "Balance Sheet*™ (e) Municipal enterprises j Municipal enterprises are those activities whose costs are substantially recovered from service charges on the users. { (£) Charges for net long term liabilities . e Debt retirement costs including principal and interest are Capital financing charged against current revenues in the periods in which they are paid. 2 Interest charges are not accrued for the periods from the dates of the Contributions from the revenue fund sald, 263 oy SLB S54 latest interest payments to the end of the financial year. Contributions from reserves gndveverye funds ' ey iy 70,946 (g) Trust Funds Long term liabilities incurred 4 30,400 - 535,000 Trust funds administered by the municipality amounting to $40,149 Ontario grants - 366,246 - 224,436 are only reflected in the Trust Funds Statement of Continuity and Balance Other - --_-_--_ | . ST TER Cas Sheet. Total capital financing eb) -1,.017, 63 2. 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: 1982 1981 Unfinanced capital outlay (Unexpended ° f = (50,000) Special charges on benefitting ' capital financing) at the end of the year landowners $ 608,794 $ 615,379 Capital contribution to Huronia District Hospital 1,185,000 1,228,900 $1,793,794 $1,843,379 The accompanying motes are an integral part ey e of this financial statement. : 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 $1,185,000 will be recovered from the general revenues of the participating: municipalities based on pro rata usage of the hospital facility by residents of the f Municipality participating municipalities. BALANCE SHEET 3 3. RESERVE FUNDS TOWNSHIP OF TINY as at December 31], 1982 During the year, $140,485 was credited directly to reserve funds without being recorded as revenues and expenditures of the Revenue Fund. Major sources were: ASS Sale of land $ 85,938 ETS Ontario Home Renewal Plan grant 40,000 Contributions from developers 9,763 Int Current assets 1982 1981 Peace ees Actual Actual 4. NET LONG TERM LIABILITIES ------- $ $ Cash 3 150,592 s 173,360 The balance for net long term liabilities reported on the "Balance = sae Base eoeteas Sheet" is made up of the following: axes receivable - C ' = . (a) Debentures issued to finance a capital contribution to Accounts receivable es 228,238 2 250,726 Huronia District Hospital by the Township of Tiny and five surrounding municipalities. The cost of retiring Other current assets - 8,186 - 12,328 these debentures will be shared by Tiny township and the surrounding municipalities according to annual usage of the hospital by residents of the participating aise a5 e aaenne municipalities. $1,185,000 Capital outlay to be recovered in Debentures issued to finance capital projects. The future years cost of retiring these debentures will be recovered from benefitting landowners. 608,794 Other long term assets gr 19 3, 054s hl 843,379 $1,793,794 194.841 144.202 5. ACCUMULATED NET REVENUE AT THE END OF THE YEAR The balance in the revenue fund at the year end is evailable to reduce (to be added to) the levies of the following classes of ratepayers. 3,268,407 3,100,594 General ratepayers $ (57) $ 25,127 Designated ratepayers 131,464 137,510 School board ratepayers (751) (637) County ratepayers 17,284 4,437 LIABILITIES $147,940 $__166, 437 6. CHARGES FOR NET LONG TERM LIABILITIES jabiliti 1982 21 Current Liabilities Acta aa Total charges for the year for net long term liabilities were as follows: Temporary loans : 848 894 2 580, 970 1982 1981 Accounts payable and accrued liabilities E 153,633 - 83,822 Prinei pal paynenke $ 79,985 $ 46,094 oe es 8 Interest 227,827 219,593 li ' ' Other current liabilities $307,812 $265.687 999:;527 670,792 e Of the total charges shown above, $307,812 was paid from general municipal revenues of the municipality and are included in expenditure on the war F "Statement of Revenue and Expenditure" classified under the appro riate Y 1,793,794 PRA SECY EVER 7 Ae pprop Net long term liabilities cE: functional heading. Amounts received from benefitting landowners and ighbouring municipalities to finance these payments are included in . 327,146 |. 369,986 peed Reserves and reserve funds revenues on the "Statement of Revenue and Expenditure" classified under Y 5 the appropriate f ti 1 heading. Accumulated net revenue (deficit) and . ana aa gets ecinctt « unapplied capital receipts ike S40 a e216, 437 7. OTHER INFORMATION (a) The temporary borrowings of the municipality at December 31, 1982 3,268,407 3,100,594 of $845,894 exceeded the statutory limit provided by Section 189 (2) of , the Municipal Act. (b) Subsequent to the year end the Ontario Municipal Board granted an award The accompanying notes ave an integral part in favour of the Township of Tiny amounting to $42,302 to be paid by the Town of this fincncial statement, of Midland with respect to legal costs incurred by the township on various aspects of pending annexation proceedings. Friday, July 1, 1983, Page 11