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a v r 1 i- i 1 t i f 1 v tt s v -5- i j it 15 v auditorsreport to the members of council inhabitants i and ratepayers of the corporation of v s the oaitorauon of the towmofvflhtchurch stouffville s we have audited the consolidated balance sheet of the corporation of die townof whitchurch stouffville as at december 31 2000 and the consolidated statement of operations for the year then endecljjhese financial statements are the responsibility of the towns management we conducted our auditin accordance with generally accepted auditing standards those standards require that we plan and perform an audit to reasonable assurance whether the financial statements are free of material misstatement an audit includes examining on atest basis evidence supporting the amounts and disclosures m the financial statements an audit also includes assessing the accounting principles usedandjsignificant estimates made jy management as well as evaluating the overall financial statement presentation 3 j in our opinion these consolidated financial statements present fairly in all material respectsthe finannal position of thexorporahon of the townofwhitchurch stouffvuleas at december 31 2000 and the results ofjjitsoperahonsfofllhe year thenended in acconlancewith the accounting principles disclosed in note to the finanaal statements- march 142001 ff j if z ssog l a chartered accountants ijv fk 34000 i netfinancmgandtransfers 4224562 1014780 815049 irqmmtofmttfebt 37000 37000 ssgfeft 3700037000 k 34000 fid rebalance creinfundbalances 4011224 744171 349705 beginmngofyear 1385484 140796 1385484 127340 1313024 statements and reserve funds atrng activities set revenues income from subsidiary operations actual 2000 actual 1999 r wi fix pdecrease in taxes receivable f decrease m accounts receivables increase m prepaid expenses increase m accounts payable v and accrued liabilities- j increase decrease in other liabilities increase decrease in deferred revenue j net transfers mm to other funds 5011 81491 982888 572529 transfers from operating fund 1715220 1710763 zzj v transfers to capfcalfundv 424562 4871736 1559338 ur4 z ttz zrz consolidated statement ofhnandal position vy financing activities r long term debt repaid 306224 1 751626 v i vrpainninff of vear 895718- 13948154 jendofyear 562 562 9847280 843484 848495 9847280 151425 232916 9614364 5622718 10695775 984730 investment in subsidiary note 13 total assets liabihties i- accounts payabl otherhabilitu deferred revenue for development 2000 1999 1 ri i 3 v is j i fee si vsee accompanying notes to the financial statements j 37ooo 34000 jjgj consolidated financial statements tecerpb312000 significant accounting policies the consolidated financial statements of the corporation of the town of stouffville the municipality are prepared by management in r accepted accountuigpnnaples for local governments as ike sector accounting board of the canadian institute of ant aspects of the accounting policies adopted by the municipality are as follows a reporting entity the consolidated financial statements reflect the assets liabilities revenues expenditures and changes in fund balances and in finanaal position of the reporting entity the reporting entity is comprised of all organizations and enterprises accountable for the administration of their affairs and resources to the mapality and which are owned or controlled by the municipality in addition to eral government taxsupported operations they include the following the corporation of the town ofwhitchurch stouffville public library board the corporation of thetown ofwhitchurchstouffville business improvement area the corporation of thetown ofwhitchurchstouffville cemetery board lental and organizational transactions and balances are eliminated whitchurch stouffville hydro electric inc is a subsidiary corporation of the accounted for on a modified equity basis consistent with the accounting treatment for government enterprises note 13 n equity basis the business enterprises accounting principles are conform with those of the municipality and inter organizational and balances are not eliminated exclude trust assets that are administered for the benefit of external f i t iy r r- v aeveiopmeni t aouauo ooiu 838033 parties note 15 nickkhstoffy total expenditures 9425309 9317678 bbasisofaccounhng planning and development 980903 827810 see accqmpariyihg nofes tothe financial statements v expenditures 1065387 1650144 1907800 consolidated statement of financial activities financing and transfers s debtproapalrepayments j37000 37000 the basis of accounting followed in the finanaal statement presentation includes revenues in the period in which the transactions or events occurred that gave rise to the revenues and expenditures m the penod the goods and services are acquired x and a lability is incurred or transfers are due 34000 c fund accounting l the consolidated finanaal statements consist of the operating capital transfers between funds are recorded as adjustments to the balance- v arid school board transactions the taxation other revenues expenditures assets and labilities with respect to the orieradons of the school boards and the region are not reflected ui the muniapal jmndbalancesofthesenhancialstaternents p e capital assets the histoncal cost and accumulated depreciation for capital assets are not reported for muruapal purposes capital assets are reported as an expenditure on the consolidatedstatementofoperadonsintheyearofacquisition f deferred revenue for development purposes receipts which are restneted by legislation of senior governments or by agreement nvith external parties are deferred and reported as restneted revenues when 1 qualifying expenditures are incurred restneted revenues are brought into revenue at equal amounts revenuesreceivedmadvanceofe3qjen4tureswnichwillbe incurred in a later penod are deferred until they are earned by being matched artiini against mose expenditures y 1999 ft fw r v g a certain amounts as approved by municipal council are set aside in reserves and reserve funds for future operating and capital expenditures transfers to and from reserves and reserve funds are reflected as an adjustment to the respective fund wsubdivisionmfrastructure w ij subdivision streets lighting sidewalks drainage and other uifrastructure is required be provided by subdivision developers upon completion they are turned over to e municipality the municipality is not involved in the construction and does not budget for either the conttibuoon from the developer or the capital expenditure olocal improvements 7 ity records capital expenditures funded by local improvement l i i 1 n i t lepreparauonoffmanaalstotementsmaccoracewimgenerallyaccepted t accounnngpnnciples requires management to make estimates and assumptions f that effect the reported amounts of assets and liabilities and disclosure of w v 4 j j i8j 4retrtedanmuntsofimiesandexrutiu w y r- fjtv k 2cash and temporary investments netrcuesexpenditures3744 781171 383705 vtfl i twv 37 sandifortl drive 4thflbor stouffville l4a 7x5 wel sito wwwtownofwscom automated lines 905 6401910 905 8955299 drop off box at west entrance 2000 1999 ffi fi t 1 1 k t v f 4 v 1 i w l i sb fils r 33 i