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town of consolidated financial report december nr auditors report to the members of council inhabitants and ratepayers of the corporation of the town of whitchurchstouffville we have audited the consolidated balance sheet of the corporation of the town of whitchurchstouffville as at december 31 1994 and the consolidated statement of operations for the year then ended these financial statements are the responsibility of the towns management our responsibility is to express an opinion on these financial statements based on our audit we conducted our audit in accordance with generally accepted auditing standards those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement an audit includes examining on a test basis evidence supporting 1he amounts and disclosures in the financial statements an audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation in our opinion these consolidated financial statements present fairly in all material respects the financial position of the corporation of the town of whitchurchstouffville as at december 31 1994 and the results of its operations for the year then ended in accordance with the accounting principles disclosed in note 1 to the financial statements markham canada march 17 1995 licence number 1251 chartered accountants consolidated balance sheet december 31 1994 assets unrestricted 1994 1993 cash term deposits and canada treasury bills taxes receivable accounts receivable other current assets 3996584 4657952 634519 5392 2912647 4791792 821658 26017 9294447 8552114 restricted cash term deposits and canada treasury bills capita outlay financed by longterm liabilities and to be recovered in future years note 1b 3123214 842000 2611996 721000 13259661 11885110 liabilities accounts payable and accrued liabilities other liabilities net longterm liabilities note 5 fund balances to be used to offset to be recovered from taxation or user charges note 6 unexpended capital financing capital operations not yet permanently financed note 6 reserves and reserve funds note 7 1 2774474 2468092 510610 505312 842000 721000 305314 315410- 234903 553360 8592360 7321936 13259661 11885110 notes to the consolidated financial statements december 31 1994 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 determination 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 entities these consolidated statements reflect the assets liabilities sources of financing and expenditures of the revenue fund capital fund reserve funds and reserves and include the activities of all committees of council and the following local boards and municipal enterprises which are under the control of the council town of whitchurchstouffville public library board town of whitchurchstouffville cerhetery board town of whitchurchstouffville business improvement area board all interfund assets and liabilities and sources of financing and expenditures have been eliminated with the exception of loans or advances between the reserve funds and any other fund of the municipality and the resulting interest income and expenditures ii nonconsolidated entity the town of whitchurchstouffville 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 other current liabilities other current assets iv trust funds trust funds and their related operations administered by the municipality are not consolidated but arereported separately on the trust funds statement of continuityand balance sheet b basis of accounting i sources of financing andexpenditures are reported on the accrual basis of accounting with the exception of principal and interest charges on longterm liabilities which are charged against r 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 incurred and measurable as a result of receipt of goods or services and the creation of a legal obligation to pay iii capital assets the historical cost and accumulated depreciation for capital assets are not recorded for municipal purposes capital 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 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 organizations is reported on the consolidated balance sheet 2 operations of school boards and the region of york further to note 1aiii the taxation other revenues expenditures and overlevies underlevies of the school boards and the region of york are comprised of the following school total total boards r 1994 1992 taxation and user charaes 181 3892393 2206652 s21 2 7 reserves and reserve funds the balance of reserves and 7321 936 is made up of the following reserves set aside for specific by council fffljfltt replacement of equipment capital expenditures working capital contingencies reserve funds set aside for specific by council debenture repayments upper tier parking facilities library materials reserve funds set aside for specific by legislation regulation or agreement lot levies and subdivider parkland wbbmbk development charges act 8 charges for net longterm total charges for the year for net the consolidated statement of operations principal payments interest 9 the charges for longterm liabilities tile drainage are not reflected in these nonaccrual of interest on no provision has been made in these of interest on the net longterm liabilities not accrued is not significant in relation to at the end of the year 10 budget figures budgets established for capital funds based on a projectoriented basis the over one or more years although they current year actual amounts they have statement of operations auditors to the members of council inhabitants and ratepayers of the corporation of the town of whitchurchstouffville we have audited the balance sheet of the of the town of whitchurch stouffville as statement of continuity of trust funds financial statements are the our responsibility is to express an opinion based on our audit we conducted our audit in accordance i