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Page 14, News, Tuesday, June 11, 1991 aS| "ated ae oP: 4 AY A / Yee oe THE CORPORATION OF THE TOWNSHIP OF TERRACE BAY 1990 Financial Statements AUDITORS' REPORT To The Members of Council, Inhabitants and Ratepayers of The Corporation of The Township of Terrace Bay. We have audited the balance sheet of the Township of Terrace Bay as at December 31, 1990 and the statement of operations for the year then ended. These financial statements are the responsibility of the Township's management. Our responsibility is to express an opinion on these financial statements based on our audit 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 management, 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 Township as at December 31, 1990 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. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The current year's supplementary information included in the Schedules is presented for purposes of additional analysis and is not a required part of the basic tinancial statements. Such supplementary information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. April 8, 1991 Licence No. 1086 Peat Marwick Thorne Chartered Accountants Consolidated Statement of Operations Year Ended December 31, 1990 (With comparative figures for 1989) 1990 1990 1989 Budget Actual Actual Sources of financing: Taxation and user charges: Residential and farm taxation $415,004 $417,467 $386,640 Commercial, industrial and business taxation 1,759,652 1,763,353 1,642,918 Taxation from other governments 60,163 60,738 57,297 User charges 358,111 316,679 331,219 2.177.926 _2.140,770 _2,031,434 Grants: 1,800 18,911 1,800 Governinest Sa 1,405,704 1,186,529 972,167 Province of Ontario Other municipalities ----28.555 ___21,012 ----15,565 1,436,059 _ 1,226,452 _ 989,532, Other: Investment income = --_ poerene gaan and interest on 19,000 22,573 18,957 Sales of equipment, etc. sari "sate sa Contribution from trust Be e 3.843 fund 2.133 x eS Other 91,843 141,500 141,497 Net appropriations from 95.342 EZ ces reserve and reserve funds Municipal fund balances, beginning of year (note 2) CONSOLIDATED BALANCE SHEET YEAR ENDED DECEMEBER 31, 1990 (With Comparative Figures 1989) 1990 1989 Assets Unrestricted: Taxes receivable a. 2 ip a Accounts receivable 38. 405 ' Other current assets --319,605 477,017 Receivable from (payable to) reserve funds ----(166,001) ieee 383,604 --_492,565. Restricted: Cash 252,017 384,390 Receivable from (payable to) revenue fund __166,001 15,548 --_ 418,018 __ 68,842 801,622 861,407 Liabilities Bank indebtedness $41,749 $38,202 Accounts payable and accrued 121,162 249,979 liabilities Deferred revenue - __4,684 162,911 ----292,865 Fund balances, end of year To be used to offset taxation (note 2) 46,925 39,700 Unexpended capital financing 13,768 i Reserve (note 3) 160,000 160,000 Reserve funds (note 3) ___ 418,018 __368,842 ____ 638,711 --_ 568,542. $801,622 ----$861,407 Liability for vested sick leave benefits (note 8) Comments (note 9) See accompanying notes to ~ financial statements." "> ~* =~" SESE Total applications during the year financial statements. See accompanying notes to Te to offset BS -- 39.700 ___39.700 ___49,728 Total financing available during the year $3,840,870 $3,548,422 $3,212,191 Applied to: Current operations (notes 5 and 7): General government $543,880 $501,323 $491,994 Protection to persons and 599,380 560,078 522,959 property Transportation services 700,905 528,680 507,027 Environmental services 51,315 144,181 164,426 Health services 15,197 21,525 18,721 Social and family services 164,350 189,832 142,501 Recreation and cultural services 760,458 775,199 694,489 Planning and development 158,975 90,620 43,547 : E 2,994,460 2,811,438 2,585,664 Capital: General government 11,700 8,864 9,249 Protection to persons and property 94,250 94,875 115,426 Transportation services 232,760 160,294 433,317 Environmental services 6,000 19,247 5,326 Health services -- - 3,843 Social and family services 10,000 - =~ Recreation and cultural services 91,500 43,678 13,906 Planning and development 400,200 = 900,190 2 Joes 846,410 627,115 581,067 Net appropriations to reserve and reserve funds : - 49,176 5,760 Municipal fund balances, end of year (note 2): To be used to offset / taxation - 46,925 39,700 : Unexpended capital c 13,768 ee -- 60,693 39,700 $3,840,870 $3,548,422, $3,212,191,