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a6 economist sun1k1bunk august 9 1989 town of whitchurchrstouff ville consolidated financial report december 31 1988 auditors report lb the members of council inhabitants and ratepayers of the corporation of the town onvmtchurcwstouffville we hare examined the consolidated balance sheet of the corporation of the town of whitchurchstouffviue as at december 31 1988 and tbecotsoiidated statement of operations for the ar then enm our examination was made in accordance with generally accepted auditing standards and accordingly included such tests andwherprouresasweconsiieredcecessaryinthecircurnstances in our opinion these consolidated financial statements present fairly the financial position of the corporation of the tbwn of whitchurchstouffville as at december 31 1988 and the results of its operations for the year then ended in accordance with the account tag principles disclosed in note 1 to the financial statements applied on a basis consistent with that of the preceding year chartered accountants j markham canada march 3 1989- licence number 1251 consolidated balance sheet december 31 1988 assets unrestricted cash term deposits and canada treasury bills taxes receivable user charges receivable accounts receivable other current assets restricted cash term deposits and canada treasury bills capital outlay financed by longterm liabilities and to be recovered in future years note lb 19ss 5109896 4502107 i03687 641748 11280 12260 622200 308515 10426 13248 6457489 1197293 1705000 5477878 1309782 1853000 9339782 8640660 liabilities and municipal equity 2191761 579757 1705000 accounts payable and accrued liabilities other liabilities net longterm liabilities note5 fund balances to be used to offset taxation or user charges note6 unexpended capital financing capital operations not yet financed note 6 reserves and reserve lunds note 7 253104 916215 3683945 2481114 404908 1853000 441045 28316 3488909 9359782 8640660 consolidated statement of operations year ended december 31 1988 sources of financing taxation and user charges residential and farm taxation commercial industrial and business taxation taxation from other governments user charges budget 1988 s actual 1988 actual 1987 s 11434827 2712697 119166 1411815 11565909 2906908 115338 1279516 9764357 2331875 111791 1334438 15678505 deduct regional and school boards share note2 10816073 grants government of canada province of ontario 4862432 1508880 other contributions from developers investment income other 343298 353400 194005 proceeds from the issue of longterm liabilities net appropriations from reserves and reserve funds municipal fund balances at the beginning of the year note 6 to be used to offset taxation or user charges 1814467 441045 capital operations not yet financed 28516 total financing available during the year 9489211 15867671 11080601 4787070 2198 1065405 1237045 654741 172193 budget 1988 s 441045 28516 8331381 applied to current operations general government 1071649 protection to persons and property 858982 transportation services 970548 environmental services 861012 health services 35162 recreation and cultural services 1547844 planning and development 312858 actual 1988 952224 824014 959856 600505 30798 1510635 245688 5658055 5123750 capital general government 976351 protection to persons and property 64695 transportation services 1129228 environmental services 883613 health services 26000 recreation and cultural senices 735729 planning and development 15540 67414 37212 763760 381950 563 528210 34167 3831156 1813276 net appropriations to reserves and reserve funds municipal fund balances at theendoftheyeariote6 to be used to offset taxation or user charges unapplied capital receipts capital operations not yet permanently financed total applications during the year 195036 253101 13542461 9213807 4528654 1527 979617 1418831 426471 1493 246777 258761 487700 7522134 actual 1987 817584 736926 813190 610628 26521 1339100 205208 4548957 97483 289564 378434 250109 5882 298798 4669 1524739 1035709 441045 946215 28516 9489211 8531581 7522134 notes to the consolidated financial statements december 31 1988 1 accounting policies the consolidated financial statements of the municipality are the representation of management prepared in accordance with accounting policies prescribed for ontario municipalities by the ministry of municipal affairs since precise deter mination of many assets and liabilities is dependent upon future events the preparation of periodic financial statements necessarily involves the use of estimates and approximations these have been made using careful judgements a basis of consolidation i consolidated balance sheet these consolidated statements reflect the assets liabilities sources of financing and expenditures of the revenue fund capital fund reserve funds and resents and include the activities of all committees of coun cil and the following local boards and municipal enterprises which arc under the control oi the council town of whitcburhstoufivillc library board town of whitchurchstouffville cemetery board town of whitchurchstouffville waterworks townofwhitchurchtcuffvilfcbminimpiwiemcnl area board towtiofwwtchurchstoufvilic museum board towflrfwhjtetaelstoirffvutecomrnunityrte boards all mterfund assets and liabilities and sources of financing and expen- ditures have been ehmated with the exception of loans or advances let- weenthe reserve funds and any other fund of the municipality and the resulting interest income and expenditures ii nonconsolidated entity the town of whitcburcfcstouff ville hydroelectric commission is not consolidated iii accounting for region and school board transactions the taxation other revenues expenditures assets and liabilities with respect to the operations of the school boards and the region of york are not reflected in the municipal fund balances of these financial statements overlevies underlevies are reported on the consolidated balance sheet as toher current liabilities lother current assets iv trust funds trust funds and their related operations administered by the municipality are not consolidated but are reported separately on the 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 principal and interest charges on longterm liabilities which are charged against operations in the periods in which they are paid ii the accrual basis of accounting recognizes revenues as they become available and measurable expenditures are recognized as they are in curred and measurable as a result of receipt of goods or services and the creation of a legal obligation to pay iii fixed assets the historical cost and accumulated depreciation for fixed assets are not recorded for municipal purposes fixed assets are reported as a ex penditure on the consolidated statement of operations in the year of acquisition iv capital outlay to be recovered in future years capital outlay to be recovered in future years which represents the outstanding principal portion of unmatured longterm liabilities for municipal expenditures or capital funds transferred to other organiza tions is reported on the consolidated balance sheet 2 operations of school boards and the region of york further to note kahiii the taxation other revenues expenditures and overlevies underlevies of the school boards and the region of york are compris ed of the following taxation and user charges and grants amounts requisitioned overlevies underlevies for the year overlevies under levies beginning of year overlevies under levies end of year 3 trust funds trust funds administered by the municipality amounting to 234851 1987 210242 have not been included in the consolidated balance sheet nor hare their operations been included in the consolidated statement of operations 4 pension agreement the municipality makes contributions to the ontario municipal employees retirement fund omers which is a multiemployer plan on behalf of 48 members of its staff the plan is a defined benefit plan which specifies the amount of the retirement benefit to be received by the employees based on the length of service and rates of pay the amount contributed to omers for 1988 was 78737 1987 66121 for current service and is included as an expenditure on the consolidated statement of operations 5 net longterm liabilities a the balance of the net longterm liabilities reported on the consolidated balance sheet is made up olthe following school boards region 2023122 2023095 total 1988 total 1987 9057479 9058596 11080601 11081691 9213807 9191551 1117 27 1090 22256 86 76 10 22246 1031 49 1080 10 1988 total longterm liabilities incurred by the municipality including those incurred on behalf of school boards other municipalities and municipal enterprises and outstanding at the end of the year amount to in addition the municipality has assumed responsibility for the payment of principal and interest charges on certain longterm liabilities issued by the region of york at the end of the year the principal amount of this liability is of the longterm liabilities shown above tnc responsibility for payment of principal and interest charges has been assumed by school boards at the end of the year the outstanding principal amount of this liability is of the longterm liabilities shown above the responsibility for payment of principal and interest charges for tile drainage has been assumed by individuals at the end of the year th outstanding principal amount of this liability is net longterm liabilities at the end of the year 1987 34167 1719913 1859172 1719913 14913 1893339 34167 6172 1705000 1853000 b of the net londterm liabilities reported in a of this note 984000 in prin cipal payments are payable from 1989 to 1993 and 721000 from 1994 to 1998 and are summarized as follows 1989 to 1993 1991 to 1998 from general municipal revenues from benefitting landowners 928000 56000 984000 700000 21000 721000 c the municipality is contingently liable for longterm liabilites with repect to tile drainage and for those for which the responsibility for the payment of prinicipal and interest has been assumed by other municipalities school boards and unconsolidated local boards municipal enterprises and utilities the total amount outstanding as at december 31 1988 is 14513 1987 40539 and is not recorded on the consolidated balance sheet 6 municipal fund balances at the end of the year a fflic balances on the consolidated statement of operations of the municipal fund balance 1199519 1987 412729 at the end of the year are comprised of the following 1988 general reduction of taxation general reduction of user charges benefitting landowners relating to special charges and special areas acquisition of fixed assets to be financed by developer contributions acquisition of fixed assets to be recovered from provincial grants acquisition of fixed assets to be recovered through taxation or user charges funds available for the acquisition of fixed assets 98550 12907 141247 253104 297475 372938 10012 58095 441045 122750 207097 60000 1450787 154434 946215 28516 1199519 412729 b approval of the ontario municipal board has been obtained for the pending issues of longterm liabilities and for those commitment to be financed from revenues beyond the term of council 7 reserves and reserve funds the balance of reserves and reserve funds of 3583545 1987 3488509 is made up of the following 1988 1987 reserves set aside for specific purpose bycouncil replacement of equipment capital expenditures working capital contingencies reserve funds set aside for specific purposes by council debenture repayments upper tier purposes soft services parking facilities library materials reserve funds set aside for specific purposes by legislation regulation or agreement lotlevies and subdivider contributions recreational land the planning act 354459 1470018 570000 92176 27393 1423658 480000 2176 2486653 2179127 94642 2253 10716 105669 50500 3034 10681 107611 170184 620539 469142 600711 538887 1089681 1139598 3683545 3488509 8 charges for net longterm liabilities total charges for the year for net longterm liabilities which are reported on the consolidated statement of operations are as follows 1988 1987 principal payments interest 148000 195490 343490 121000 179209 300209 case of tile the charges for longterm liabilities assumed by individuals in the drainage are not reflected in these financial statements 9 nonaccrual of interest on longterm liabilities no provision has been made in these financial statements for the accrual of in terest on the net longterm liabilities the amount of interest that was not accrued is not significant in relation to the total municipal fund balance at the end of the year auditors report to the members of council inhabitants and ratepayers of the corporation of the town of whitchurchstouffville we have examined the balance sheet of the trust funds of the corporation of the town of whitchurchstouffville as at december 31 1988 and the statement of con tinuity of trust funds for the year then ended our examination was made in accor dance with jgenerally accepted auditing standards and accordingly included such tests and other procedures as we considered necessary in the circumstances in our opinion these financial statements present fairly the financial position of the trust funds for the corporation of the tbwn of whitchurchstouffville as at december 31 1988 and the continuity of trust funds for the year then ended in accordance with accounting principles disclosed in note 1 to the financial statements applied on a basis consistent with that of the preceding year markham canada march 3 1989 licence number 1251 chartered accountants r 1 wun jmut 3vv v trust funds statement of continuity year ended december 31 1988 total stouffiillc cemetery williamson perpetual grubin tare trusts ontario hartman home cemetery renewal perpetual plan care balance beginning of year assumption of hartman cemetery sale of plots interest earned expenditures transfer to to operations charity payments forgivenessof debt balance end of the year assets cash investment at cost municipal other term deposits other ontario home renewal plan loans receivable note2 balance 210242 90920 58547 1 10800 13356 13556 20139 10309 6414 44295 23665 6414 9872 7014 9872 7014 2800 19686 9872 7014 234851 104713 57947 balance sheet december 31 1988 18525 953 2125 1000 188269 1000 102760 55822 189269 103760 55822 27057 104713 234851 57947 234851 104713 57947 60775 10800 3416 3416 10800 2800 61391 10500 4647 29687 29687 27057 61591 10800 10800 10800 the accompanying notes are an integral part of this financial statement trust funds notes to the financial statements decembers 18 i accounting policies a basis of presentation these financial statements reflect the assets liabilities and operations of the trust fund administered by the municipality these assets liabilities and operations are not included in the municipalitys own consolidated financial statements which have been reported upon separately b basis of accounting source of financing and expenditures are reported on the cash basis of accounting 2 ontario home renewal program the ontario i lomc rencwcl program was established by the ontario ministry of housing in 1973 to provide grants for municipalities to make loans to assist owner occupants to repair rehabilitate and improve their homes to local property stan dards individual loans arelimitcd to 7500 of which the maximum forgivable portion is 4000 ontario home rencwcl program loans receivable at rccmbr31 ijttcompifcc rfrauyablc loans of 2057219872567 and forgivable loans of 648s 1987 6i67loan forgiveness is earned and recorded afa rate of uptokooperycar of continued ownership and occupancy in the event of the sale or lease of the home or in the event ofthe homeowner ceasing to occupy the fcmo the balances of the repayable loan and the unearned fbrghable loan imincdiaieh become due and payable by the homeowner