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Page 8 = TERRACE BAY/SCHREIBER NEWS Wednesday, May 17, 198: Asie f=) = THE CORPORATION OF THE TOWNSHIP OF TERRACE BAY The Corporation of the Township of Terrace Bay 41988 Financial Statements Auditors Report To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Township of Terrace Bay. We have examined the consolidated balance sheet of the Township of Terrace Bay as at December 31, 4988 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 we considered necessary in the circumstances. In our opinion, these consolidated financial statements present fairly the financial position of the Corporation of the Township of Terrace Bay as at December 31, 19 and the results of its operations for the year then ended in accordance with accounting principles disclosed in note 1 to the financial statements applied on a basi : consistent with that of the preceding year. March 11, 1989 License No. 1086 Thorne Ernst & Whinn CONSOLIDATED BALANCE SHEET Assets DECEMBER 31 Unrestricted Cash $ 29,866 $ 232,905 Taxes Receivable 92,808 64,614 Accounts Receivable - 321,933 176,570 Other Current Assets 49 419 444,656 474,508 Payable to reserve funds (115,798) (297,586) __ 328,858 176,922 Restricted Cash 246,836 248,224 Receivable from revenue fund 115,798 297 ,586 Accrued interest receivable 448 1,582 363,082 47,392 $ 691,940 $ 724,314 LIABILITIES Accounts payable and accrued liabilities $ 119,130 $ 46,500 Deferred revenue 2 ___13,.606 119,13 60,106 FUND BALANCES AT END OF YEAR To be used to offset (to be recovered from) taxation or user charges in 1989 (note 2) 49,728 (43,184) Reserves (note 3) 160,000 160,000 Reserve funds (note 3) 363,082 547,392 $ 691,940 $ 724,314