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3nrrr w m to the members town of whitchurch- st consolidated financial report auditors report to the members of council inhabitants and ratepayers of the corporation of the town of whitchurchstouffville we have examined the consolidated balance sheet of the corporation of the town of whitchurchstouffville as at december 31 1989 and the consolidated statement of operations for the year then ended our examination was made in accordance with generally accepted auditing standards and accordingly included such tests and other procedures as we considered necessary in the circumstances in our opinion these consolidated financial statements present fairly the financial position of the corporation of the town of whitchurchstouffville as at december 31 1989 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 applied on a basis consistent with that of the preceding year markham canada february 29 1990 licence number 1251 6 kim rtulu chartered accountants n consolidated balance sheet december 31 1989 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 not 1b ias 5657872 1086318 990517 14191 v 7748898 1924383 1542000 11215281 liabilities and municipal equity accounts payable and accrued liabilities other liabilities net longterm liabilities note 5 fund balances to be used to offset taxation or user charges note 6 unexpended capital financing note 6 reserves and reserve funds note 7 2916743 721570 1542000 291632 55629 5687707 11215281 3388 5109896 703687 11280 622200 10426 6457489 1197293 1705000 9359782 2191761 579757 1705000 253104 946215 3683945 9359782 consolidated the accompanying notes are an integral part of this financial statement notes to the consolidated financial statements december 31 1989 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 determination of many assets and liabilities is dependent upon future events the preparation of periodic financial statements necessarily invoives 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 reserves and include the activities 6f ail commfttees of council and the following local boards and municipal enterprises which are under the control of the council town of whitchurchstouffville library board town of whitchurchstouffville cemetery board town of whitchurchstouffville waterworks town of whitchurchstouffville business improvement area board town of whitchurchstouffville museum board town of whitchurchstouffville community recreation centre boards 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 hydro electric 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 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 of 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 fixed assets the historical cost and accumulated depreciation for fixed assets are not recorded for municipal purposes fixed 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 2 operations of school boards and region of york general general benefitting special acquisition of financed acquisition of recovered acquisition of recovered acquisition of recovered liabilities funds fixed assets b approval of longterm the term of 7 reserves the balance of of the following reserves set capital working reserve funds debenture parking library reserve funds regulation or lot levies 8 charges total charges for consolidated principal interest the charges for not reflected in 9 no provision has net longterm relation to the sragbassakw wgi