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Page 12, Terrace Bay-Schreiber News, Wednesday, June 29, 1983 Townshipof AUDITOR'S REPORT To The Members Of Council, STATMENT OF CAPITAL OPERATIONS Inhabitants And Ratepayers Of for the year ended December 31, 1982 The Corporation Of The 1982 1981 Township Of Terrace Bay : " Actual , Actual We have examined the consolidated balance sheet of the Corporation of $ $ the Township of Terrace Bay as at December 31, 1982 and the consolidated Unfinanced capital outlay (Unexpended capital financing) statements of revenue and expenditure, capital operations, continuity of at the beginning of the year (3,921) (274,382) trust funds, and reserve and reserve funds continuity and analysis of year end position for the year then ended. Our examination was made in Capital expenditure accordance with generally accepted auditing standards, and accordingly General government 7,914 52.161 included such tests and other procedures as we considered necessary in the Protection to persons and property 13,097 27,925 Mie cake tees: ats Transportation services 120,601 298,944 In our opinion, these consolidated financial statements present fairly the Environmental services 7.727 94.198 financial position of the Corporation of the Township of Terrace Bay as Health services 14,328 2 ended December 31, 1982 and the results of its operations for the year then Social and family services ended in accordance with generally accepted accounting principles for Recreation and cultural services 134,727 | 1,482,943 'Ontario municipalities applied on a basis consistent with that of the Planning and development e . preceding year. Other Thunder Bay, Canada April 8, 1983 i 394 Licence No. 506 Total expenditure 298 1,956,171 MILL RATES ---- Contributions from the revenue fund 254,762 383,214 1982 1981 : Contributions from reserves and reserve funds 417,158 Residential Commercial& Residential Commercial & Long term liabilities incurred & Farms Industrial & Farm industrial a grants 43,632 rare Township purposes 23.696 27.878 22.568 26.550 = : School Board purposes 29.431 34.625 26.108 30.715 Total capital financing 298,394 | 1,685,710 Total 53.127 62.503 48.676 57.265 Unfinanced capital outlay (Unexpended capital financing) at the end of the year (3,921) (3,921) STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31, 1982 BALANCE SHEET 1982 1982 1981 as at December 31, 1982 Budget Actual Actual 1982 1981 $ $ $ Actual Actual Accumulated net revenue (deficit) at $ $ the beginning of the year 212,461 212,461 91,059 ASSETS Current assets Expenditures and transfers Cash ; 365,439 263,759 Municipal expenditures Taxes receivable 74,299 55,362 General government 285,776 283,012 202,531 Acounts receivable 60,896 88,581 Protection to persons and property 369,160 358,530 306,084 Other current assets Transportation services 596,001 643,303 363,155 Environmental services 83,200 88,674 99,557 500,634 407,702 Health services 29,400 24,420 14,394 Social and family services 49,100 52,377 41,238 Capital outlay to be recovered in future years Recreation and cultural services 513,993 512,971 548,277 Other long term assets Planning and development 22,600 23,265 439 Other 500,634 407,702 Total expenditure 1 0 1 2 1,575,675 " ae ane a LIABILTIES Transfers : Current liabilties Transfers to region or county Temporary loans -- 1,801 4,831 Transfers to school boards 1,218,667 | 1,275,122 | 1,076,423 Accounts payable and accrued liabilities 44,200 66,274 Other current liabilities Total transfers 1,218,667 1,275,122 1,076,423 46,001 71,105 Total expenditures and transfers 3,167,897 3,261,674 2,652,098 Net long term liabilities Revenue by purpose Reserves and reserve funds 350,473 120,215 Municipal purposes Accumulated net revenue (deficit) and unapplied capital receipts 104,160 216,382 Taxation 1,029,861 1,064,570 993,383 Payments in lieu of taxes 44,900 45,518 44,092 500,634 407,702 Ontario grants 549,723 530,504 436,918 Other grants 12,000 14,828 17,137 -- service charges pian pon mets The accompanying notes are an integral part of this financial statement. Revenue to pay for municipal purposes 1,790,934 1,897,148 1,681,613 N OTE S TO TH F FIN AN cl AL ST ATEMENTS Region or county requisition : : ; Taxation 1. ACCOUNTING POLICIES Payments in lieu of taxes (a) Statement of revenue and expenditure Ontario grants This statement reflects the revenues and expenditues of the revenue fund and the following local Other boards and municipal enterprise: Public Library Board Civic Recreation Committee Revenue to pay the region or county requisition Waterworks System (Council) (b) Statement of capital operations This statement reflects the capital expenditures and the related capital financing of the School board requisition municipality and its local boards and municipal enterprise as described in note 1(a). Taxation 1,218,667 1,251,106 1,089,820 (c) Balance sheet Payments in lieu of taxes 1,198 2,067 This statement reflects the assets and liabilities of the revenue fund, the capital fund, reserve Other funds and the local boards and municipal enterprise as described in note 1(a). (d) Fixed assets The historical cost and accumulated depreciation of fixed assets is not reported for municipal Revenue to pay the school board requisition 1,218,667 1,252,304 1,091,887 purposes. Since there are no net outstanding long term liabilities or capital projects not yet permanently financed, no amounts are reported on the balance sheet as capital outlay to be Total revenue 3,009,601 | 3,149,452 | 2,773,500 ----_scovered in future years. : Municipal enterprise activities are those activities whose costs are substantially recovered from Accumulated net revenue (deficit) at service charges on the users. The accounts of the Hydrp-Electric Utility have not be consolidated in the end of the year 54,165 100,239 212,461 these financial statements. (f) Trust funds E : Trust funds administered by the municipality amounting to $11,804 are only reflected in the Trust Analysed as follows: Funds Statement of Continuity and Balance Sheet. General revenue 39,084 141,984 2. CAPITAL OUTLAYS Region or county Capital outlays of $254,762 (1981, $383,214) which have been financed from general revenues of School boards 24.022 1,204 24,022 the current year are reported on the "Statement of Revenue and Expenditure" under the appro- A si £ = priate functional classification. Special charges 3. RESERVES AND RESERVE FUNDS Special areas (3,666) (a) Provisions for reserves and reserve funds amounting to $226,287 (1981, $35,000) are reported Local boards 9,212 10,778 on the "Statement of Revenue and Expenditure" sae the appropriate functional classification. unicipa rises 343 (b) Interest of $3,971 (1981, $13,294) earned during the year was credited directly to reserve funds M | enterp 30,143 50,739 39, without being recorded as revenue and expenditure of the revenue fund. 64,165 | 100,239| 212,461 continued on pegs 772