Page 2, Terrace Bay-Schreiber News, Wednesday, June 29, 1983 1. ACCOUNTING POLICIES (a) Statement of revenue and expenditure This statement reflects the revenues and expenditures of the revenue fund and the following local boards and municipal enterprises: Schreiber Recreation Committee Schreiber Public Library Board Waterworks Utility (Council) (b) Statement of capital operations This statement reflects the capital expenditures and the related capital financing of the municipality and the local boards and municipal enterprise as described in note 1(a). (c) Balance sheet : This statement reflects the assets and liabilities of the revenue fund, the capital fund, the reserve funds, the local boards and the municipal enterprise described in note 1(a). The -- and liabilities of the Hydro-Electric Commission are not reflected in the balance sheet. (d) Fixed assets The historical cost and accumulated depreciation of fixed assets is not reported for municipal purposes. Since there are no outstanding long term liabilities or capital projects not yet permanently financed, no amounts are reported on the balance sheet as capital outlay to be recovered in future years. (e) Municipal enterprises Municiapl enterprise activities are those activities whose costs are substantially recovered from service charges on the users. The accounts of the municipal Hydro-Electric Commission have not been consolidated in these financial statement. (f) Trust funds Trust funds administered by the municipality amounting to $13,283 are only reflected in the Trust Funds Statement of Continuity and balance sheet. 2. CAPITAL OUTLAY Capital outlay in the amount of $81,347 (1981, $131,637) which have been financed from general municipal revenues of the current year, are reported on the Statement of Revenue and Expenditure. : 3 RESERVE FUNDS During the year $67,525 was credited directly to reserve funds without being recorded as revenues and expenditures of the revenue fund. Major sources were investment income of $63,019, and donation receipts of $4,152. 4. RESERVES AND RESERVE FUNDS The total balance of reserves and reserve funds is $346,268 (1981, $581,451) and is comprised of the following: 1982 1981 Reserve for working funds ¢$ 50,000 $ 60,000 Reserve funds Equipment 25,387 17,522 Fire truck 16,248 8,751 Roads 63,646 31,199 Sanitary sewers 23,296 STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31, 1982 1982 1982 1981 Budget Actual Actual $ $ $ Accumulated net revenue (deficit) at the beginning of the year : 27,072 27,072 126,470 Expenditures and transfers Municipal expenditures General government 213,819 223,057 240,562 Protection to persons and property 73,601 69,962 75,897 Transportation services 207,688 235,723 187,164 Environmental services 334,639 394,465 445,521 Health services 40,785 40,133 39,362 Social and family services 29,833 54,920 32,585 Recreation and cultural services 261,640 267,708 203,633 Planning and development 20,500 21,868 15,013 Other Total expenditure 1,182,505 1,307,836 1,239,737 Transfers Transfers to region or county 3 Transfers to school boards 179,948 181,307 152,717 Total transfers 179,948 181,307 152,717 Total expenditures and transfers 1,362,453 1,489,143 1,392,454 Revenue by purpose Municipal purposes Taxation 597,341 598,018 520,959 Payments in lieu of taxes 14,500 13,129 11,326 Ontario grants 463,198 544,554 364,927 Other grants 9,500 13,993 105,046 Fees and service charges 57,056 80,165 68,246 Other 40,900 64,958 81,531 Revenue to pay for municipal purposes 1,182,495 | 1,314,817 1,152,035 Region or county requisition Taxation Payments in lieu of taxes Ontario grants Other Revenue to pay the region or county requisition School board requisition Taxation 179,948 180,859 140,441 Payments in lieu of taxes 580 Other Revenue to pay the school board requisition 179,948 180,859 141,021 Total revenue 1,362,443 1,495,676 1,293,056 Accumulated net revenue (deficit) at the end of the year 27,062 33,605 27,072 Analysed as follows: . General revenue 9,252 29,794 9,262 Region or county School boards 534 86 534 Special charges Special areas Local boards 2,405 3,725 2,405 Municipal enterprises s 14,871 14,871 27,062 33,605 27,072 Township of Schreiber Auditor's Report NOTES TO THE FINANCIAL STATEMENTS Arena ' a ms = * 12,778 22,159 Community centre : 55 1,000 Waterworks renewal ; Pa A 45,735 296,957 Fire hall . a _. §1,796 31,526 Ontario Home Renewal Plan <a 79,678 90,043 Cemetary Perpetual Care . 9,998 $296,268 $531,451 5. ACCUMULATED NET REVENUE AT THE END OF THE YEAR The balance in the revenue fund at the year end is available to reduce the levies of the following classes of ratepayers: 1982 1981 General ratepayers : $33,519 $11,667 School Board ratepayers 86 534 933,605 © $12,201 6. LIABILITY FOR VESTED SICK LEAVE BENEFITS Under the sick leave benefit plan, unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the municipality's employment. The liability for these accumulated days, to the extent that they have vested and could be taken in cash by an employee on terminating, amounted to approximately $39,000 at the end of the year. It is the policy of the municipality to provide in the current year's expenditures for cumulative sick leave payments made to employees during the year. Accordingly the above accrued liability is not included in revenue fund liabilities as at December 31, 1982. 7. COMMITMENTS (a) In 1981, the Township entered into an agreement for the surveying of a portion of its area at a total estimated cost of $25,000, of which an Ontario grant will provide $6,250. As at December 31, 1982, $12,000 has been expended on this project, and a grant of $3,000 has been accrued in these financial statement. (b) In 1981 the Township entered into an.agreement with the Ontario government for the renewal of its water supply system. At December 31, 1982, the distribution system renewal had been completed at a cost of $3,259,818. The renewal of the treatment plant, pumping station and transmission mains remain to be completed at an estimated cost of approximately $1,600,000. Of this amount, it is estimated that approximately $1,100,000 will be provided by government grants with the balance to be raised by the Township. 8. CONTRACTUAL OBLIGATIONS The Township has entered into an agreement with the Ministry of the Environment for sewage services. Under this agreement, ownership of the sewer system will remain with the Ministry and the Township will levy charges for payment to the Ministry. The estimated liability for this service for 1983 is approximately $89,000. STATEMENT OF CAPITAL OPERATIONS for the year ended December 31, 1982 1982 1981 Actual Actual $ $ Unfinanced capital outlay (Unexpended capital financing) at the beginning of the year NIL NIL Capital expenditure General government 5,155 13,368 Protection to persons and property i 8,496 Transportation services 30,698 5,276 Environmental services : 1,947,845 1,438,841 Health services 337 Social and family services Recreation and cultural services 23,411 29,226 Planning and development 26,762 20,815 Other Total expenditure 2,034,208 1,516,022 Capital financing Contributions from the revenue fund 81,347 131,637 Contributions from reserves and reserve funds 435,980 53,418 Long term liabilities incurred Ontario grants 1,795,686 1,330,967 Other 21,195 Total capital financing 2,334,208 1,516,022 Unfinancing capital outlay (Unexpended capital financing) at the end of the year 4 en NIL BALANCE SHEET as at December 31, 1982 ASSETS 1982 1981 Actual Actual Current assets $ Cash 175,193 750,885 Taxes receivable 88,481 88,205 Accounts receivable 206,923 110,360 Other current assets 432,000 13,843 902,597 963,293 Capital outlay to be recovered in future years Other long term assets 15,173 42,313 917,770 | 1,006,008 LIABILITIES Current liabilities Temporary loans Accounts payable and accrued liabilities 237,897 394,804 Other current liabilities 2,279 ; 237,897 397,083 Net long term liabilities Reserves and reserve funds 346,268 581,451 Accumulated net revenue (deficit) and unapplied capital receipts 333,605 27,072 917,770 | 1,005,606