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The Corporation of the Township of Terrace Bay 41987 Financial Statements Auditors Report March 11, 1988 To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Township of We have examined the consolidated balance sheet of the Township of Terrace Bay as at December 31, 1987 and th statement of operations for the year then ended. Our examination was made in accordance with generally accepted au 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 t Bay as at December 31, 1987 and the results of its operations for the year then ended in accordance with accoun in note 1 to the financial statements applied on a basis consistent with that of the preceding year. i THE CORPORATION OF THE TOWNSHIP OF TERRACE BAY Terrace Bay. License No. 108 Thorne Ernst & Whinney CONSOLIDATED BALANCE SHEET ASSETS December 31 Unrestricted Cash $232,905 $173,159 Taxes receivable 64,614 74,272 Accounts receivable 176,570 148,351 Other current assets 419 -- 474,508 395,782 Receivable from (payable to) revenue funds (297,586) 15,939 176,922 411,721 Restricted Cash 248,224 350,825 Receivable from (payable to) revenue fund 297,586 (15,939) Accrued interest receivable | 1,582 -- 547,392 334,886. $724,314 $746,607 LIABILITIES Accounts payable and accrued liabilities $ 46,500 $236,207 Other current liabilities -- 1,141 Deferred revenue 13,606 -- 60,106 237,348 FUND BALANCES AT END OF YEAR| To be used to offset (to be recovered from) taxation or user charges in 1988 (note 2) (43,184) 24,373 Reserves (note 3) 160,000 150,000 Reserve funds (note 3) 547,392 334,886 $724,314 $746.607_ e consolidated diting standards, he Township of Terrace ting principles disclosed