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r li j i i 4h- rj j q ij- vmjtij as i s tkdnomisf8tsufusibuffville tribune thursdojulyzf 2000 i a flmnubv s- jfl pcs v w t5 sfbfiilstwfcldsettffs c77y ivx vi consol idatecl financial report december 51 1999 v r- j v t ift-4- auditors report 5 to the members of council inhabitants and ratepayers of v- r the corporation of the town of whitchurchstouffville lv b- we have audited the consolidated balance sheet of the corporation of the town of whitchurchstouffville as at december 31 1999 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 bur 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 the amounts and disclosures in the financial statements an audit also includes assessing theaccounting principles used and signifieanlestimates 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 townof whitchurchstouffville as at december 311999 and the results of its operations for the year thenended in accordance with the accounting principles disclosed in note 1 to the financial statements v v vli v- z iq-ul- markham canada i vf7l l-h- march 26 2000 vt l7twl i vt j licence number 1251 t chartered accountants 14 december 31 consolidated balance sheet 1999 1998 assets j t x unrestricted v j cash temi deposits and canada treasury bills 10173711 taxes receivable accounts recervabler c other current assets xt restricted v- i cash term deposits and canada treasury bills capital outlay financed by longterm liabilitiesand to be recovered in future years note 1b 3634806 885075 16279 14709871 3877606 a 9000 liabiuties j- jv accounts payable and accrued liabilities other liabilities r net longtenn liabilities note 5 v fund balances a r to be used to offset taxation or user charges note 6a- capital operations not yet permanently financed note 6b a j- reserves and reserve funds note 7 si 8806477 v -1- s 2990976 2441425 5432401 219000 s 7467428 3873759 473355 34603 11849145 4669735 253000 3063949 689799 3753748 t 253000 k 5651401 r 4 006748 i 289549 1385484 i1513024 14072938 13988607 13155076 12765132 18806477 s16771880 consolidated statement of operations year ended december 31 sources of financing taxation and user charges residential and farm taxation commercial industrial and busness taxation taxation from other governments user charges deduct regional and school boards share note 2 budget 1999 23608037 7617350 227950 4043382 35496719 25910827 9585892 grants province of ontario 195451 other special assessments and recoveries for capital projects contributions from developers investment income sales of land other net appropnations from reserves and reserve funds municipal fund balances at tho beginning of the year note 6 j to be used to offset taxation or user charges t 289549 capital operations not yet permanently financed 1513024 total financing available during the year 15221131 budget laaa 1786525 1386193 1540612 1688824 58278 2132124 1191928 9784484 actual 1999 23671934 7665953 258702 3878627 35475216 26009692 9465524 225949 actual 1998 23356522 7454896 198231 3 843533 34853182 25584588 9268594 144458 notes to the consolidated financial i 7 t 1999 l summary of signircant accounting policies f the consolidated financial statements of the municipality are the representation of l management prepared in accordance witwaccounting 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 r penodicf mancial statements necessarily involves the use of estimates and i approximations these have been made using careful judgements 1 a basis of consolidation -v- 0 consolidated entities v these consolidated statements reflect the assets liabilities sources of j financing and expenditures of the revenue fund capital fund reserve funds arid reserves and include the activities of all committees of council ahd the following local boards and municipal enterprises which are under the control of the council v v the conxaticn of the tovvn of whitchurchstouffville public bbrary board the corporation of the town of whitchurch stouffville cemetery board the corporation of the tom of whitchurch all interfund assets and liabilities and sources ol financing and v expenditures have been eliminated with the exception of loans or advances between the reserve funds and anyother fund ohhe municipality and the resulting interest income and expenditures ii nonconsolidated entity the corporation of the town of whitchurch stouffville hydro electric t v commission is not included in these consolidated financial statements gi accounting for region and school board transactions the taxation other revenues expenditures assets and liabilities with j respect to the operations of the school boards and the region of york are not reflected in themunicipal fund balances of these financial statements overlevies underlevies are reported on the consolidated balance sheet i as other current liabilities other current assets iv trust funds 4 j trust funds and their related operationsadminislered by the municipality i are not consolidated but are reported separately on the trust funds t statement of continuity and balance sheet b basis of accounting i i longterm liabilities v i i f of financmgand expenditures are reported on the accrual basis of accounting with the exception of principal and interest charges on longterm v liabilities which are charged against operations in the periods in which they arepaid r y ii- accrual basis xthe 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 i iii capital assets the histoncal cost and accumulated depreciation for capital assets are not aj r recorded formunicipalpurposes capital assets are reported as an expenditure on the consolklatedstatement of operations in the year of acquisition f t iv j capital outlay to be recovered in future years capilal outlay tobo recovered in future years which represents the outstanding principal portion of unmatured long term liabilities for municipal r expenditures or capital funds transferred to other organizations is reported j on the consolidated balance sheet uv- 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 j following school total total bsakls region 1999 1998 taxation and user charges s12729251 13282242 26011493 25593709 amounts requisitioned 12729251 13280441 26009692 25584588 7 reserves and reserve funds the balance of reserves and reserve funds of s14072938 1998 13988607 is made up of the following 1999 1998 reserves set aside for specific purposes by council replacement of equipment capital expenditures working capital reserve funds set aside for specific purposes by council parking facilities employee recognition reserve funds set aside for specific purposes by legislation regulation or agreement lot levies and subdrvider contnbutions parkland development charges act the reserves set aside for specific purposes by council are fully committed for the temporary financing of capital operations described in note 6b which are not yet permanently financed and the financing of future capital projects 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 1999 1998 principal payments 34000 31000 interest 22862 2549b s 56862 s 56498 353776 7076102 2335264 s 670633 6473075 2175164 9765142 9318872 icll 72140 10000 69831 10000 82140 79831 535294 1502910 2187452 811152 1225861 2552891 4225656 4589904 14072938 13988607 the charges for long term liabilities assumed by individuals in the case of tile drainage are not reflected in these financial statements 9 nonaccural of interest on longterm liabilities no provision has been made in these financial statements for the accrual of interest on the net long term liabilities the amount of interest that was not accrued is not significant in relation to the total municipal fund balance al the end of the year 10 budget figures budgets established for capital funds reserves and reserve funds are based on a projectoriented basis the costs of which may be carried out over one or more years although they are not directly comparable with current year actual amounts they have been reflected on the consolidated statement of operations the budget figures presented are unaudited 1801 2248 1801 9087 6839 6839 4049 10888 9121 34 9087 341277 984400 14921 1126486 824105 121272 1243834 22596 791448 749391 86884 1006084 5337586 applied to current operations general government protection to persons and property transportation services environmental services hearth services recreation and cultural services planning and development capital general government 194594 protection to persons and properly 1089379 transportation services 1259085 environmental services 174950 recreation and cultural services 2401889 planning and development i 55750 l v- 5175647 net appropriations to reserves and 1 reserve funds t murdtipalfutkltalarrasatthaend ct of the year note 6 v towused to offset to be recovered from taxation or user charges capital orations not yet v permanently financed j total applications during the year 289549 1513024 11798616 actual- 3392 1780009 1371632 1536394 1631334 56941 2132683 838036 9347029 220266 1092677 1008949 98287 839192 25750 84328 467622 517893 1746991 10 840357 actual 1998 1653983 1319380 1487643 1550988 62348 1942856 683423 8700621 540575 37620 695703 379082 253316 2704 1909000 vt 1454211 289549 overlevies for the year overlevies beginning of year overlevies end of year 3 trust funds trust funds administered by the municipality amounting to 390183 1998 366674 have not been included in the consolidated balance sheet nor have 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 the 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 1999 was 0 1998 73882 forcurrent service and is included as an expenditure on the consolidated statement of operations f i 5 net longterm liabilities a the balance of the net long term liabilities reported on the consolidated balance sheet is made up of the following auditors report to the members of council inhabitants and ratepayers of the corporation of the town of whitchurchstouffville we have audited the balance sheet of the trust funds of the corporation of the town of whitchurch stouffville as at december 31 1999 and the statement of continuity of trust funds 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 t 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 the amounts and disclosures in the financial statements an audit also includes assessing the accounting principles used and significant estimates made by managemenl as well as evaluating the overall financial statement presentation in our opinion these financial statements present fairly in all material respects the financial position of the trust funds of the corporation of the town of whitchurchstouffville as at december 31 1999 and the continuity of trust funds for the year then ended in accordance with the accounting principles disclosed in note 1 to the financial statements markham canada march 26 2000 licence number 1251 gh l chartered accountants trust funds statement of continuity year ended december 31 1999 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 1999 219000 1998 253000 f total balance beginning of year 366674 revenues sale of plots and bunal fees 18432 donations 2310 i interest earned 7150 394566 expenditures transfer to operations 683 chanty payments 3700 4383 balance end of the year stouffville cemetery perpetual ais 266937 18432 2436 287805 i hartman williamson cemetery grubin perpetual trusts care 63989 municipal election surplus funds museum endow- ment funds 13127 323 22298 3871 28 67860 13155 3700 3700 1 2310 814 324 25422 683 683 b of the net longterm liabilities repoted in a of this note principal payments are payable as follows 2000 to 2004 390183 287805 s 64160 13155 324 24739 balance sheet december 31 1999 stouffville hartman cemetery williamson cemetery perpetual a grubin perpetual from reserve funds s2 19000 6 municipal fund balances at the end of the year assets cash term deposits total 70389 327571 66457 226898 jmsjs 1122 62673 cam 1300 13000 municipal election surplus binds 32 museum endow- ment binds 1478 25000 a to be used to offset taxation or user charges for general reduction of taxation for benefiting landowners relating to special charges and special areas v b capital operations not yet permanently financed acquisition of capital assets to be recovered from proceeds of longterm liabilities and user charges funds available for the acquisition of capital assets r 397960 293355 iasa 1998 63795 14300 32 26478 385129 229273 82493 60276 467622 289549 liabilities duo to from town 7777 fund balance 390183 397960 5550 287805 293355 365 1145 64160 13155 63795 14300 292 324 1739 24739 see accompanying notes to the financial statements 1385484 1517509 4485 see accompanying notes to the consolidated financial statements 1513024 i vi v si- v the municipality has received approval for thejongterm financing of the construction of certain waterworks improvement syslemandrecreational facilities town council has however approved the selffinancing of these projects from available reserves and reserve funds not committed for any other purposes it is anticipated that the costs for the waterworks improvement systemiwill be recovered from annual 1 landowners assessments andthe costs jor the recreational facilities will be recovered from additional user fees generated through the expanded operations 32 26478 ijbbbb 11 tv v- s ii i trust funds notes to the financial statements december 31 1999 v d iji 1 summary of signircant accounting policies basis of presentation rt t j 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 x s basis of accounting source of financing and expenditures are reported on the cash basis of accounting 37 sandiford drive 4th floor stouffville l4a 7x5 townofwsinterlogeom automated lines 905 6401910 905 8955299 drop off box at west entrance h j i4vm3i s s i r iv