The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Page 12 â€" Waterloo Chronicle, Wednesday, May 4, 1977 ASSETS Current assets Cash and demand deposits Accounts receivable Taxes receivable Investments Other current assets Capital outlay to be recovered in future years LIABILITIES Current liabilities Other long term assets Accumulated net revenue Net long term liabilities Reserves and reserve funds (All dollar amounts are in thousands of dollars, except per capita figures) 1. â€" Population at the end of the year. 2. â€" Area in acres at the end of the year. 3. Employees â€" continuous full time Accounts payable and accrued liabilities Total 10. Net Long term liabilities General municipal activities â€" per capita â€" percentage of taxable assessment Municipal enterprises 11. â€" Charges for net long term liabilities â€" General municipal activities â€" per capita â€" as a mill rate 12. Capital financing during the year Contributions from own funds Long term liabilities incurred Ontario grants Other * Exempt assessment Provincial equalization factor 6. â€" Rates of taxation Residential and farm mill rate for general municipal purposes for region or county purposes for school board purposes 15 13 14 Total Commercial and industrial mill rate â€" total 7. â€" Revenue Taxation â€" realty â€" business â€" special charges Subtotal Contribution from other governments Other â€" part time Number of households Tax arrearsâ€" per capita â€" percentage of current levy Expenditure â€"general municipal â€" region or county â€" school boards Taxable assessment upon which the year‘s rates of taxation were set Residential and farm Commercial and industrial Business Total Per capita Commercial and industrial, and business as a percentage of taxable assessment _ Total Capital expenditure during the year Accumulated net revenue (Deficit) at the end of the year Reserves and reserve funds CONSOLIDATED BALANCE SHEET Total $ 126,328 $ â€" 2,528 $ 42,893 26 $ 11,386 1,912 $ 17,815 $ 3,127 75 3.0 % $ 1, 423 $ 2,087 842 1976 49,972 16,500 211 14 29,478 16,848 17,742 13,932 2,263 1547 7,618 3,420 6,777 1,650.139 570.864 5,.354.239 5.533.034 2.997.828 2.647.668 8,353.993 8,.184.998 3,573 3,187 626 1,674 1,043.794 1.646.456 1,043,794 1,646,456 8.353,993 8.184.998 5,010,395 4.779.016 1,674,158 1,060.981 SIX YEAR FINANCIAL REVIEW 416,000 70.470 28 19 48 37 % 444 18 802.709 1,.330.946 258 .924 197 .000 $ 77,243 28,213 16,105 $ 121,561 $ 42,068 26 $ 10,053 1,682 451 $ 15,689 $ 3,413 70 2.8 % $ 1,530 $ 2,219 361 354 820 16,500 203 I n f or m a t i o n I n form a t i o n 12,186 2,177 1479 15,842 6,722 3,242 5,725 3,.711 1061 87 26 18 43 15 FINANCIAL STATEMENTSâ€"For The Year Ended, December 31, 1976 Unfinanced capital outlay at the beginning of the year Capital expenditure Total expenditure Capital financing Contributions from the revenue fund Contributions from reserve funds and reserves Long term liabilities incurred Ontario grants Total capital financing Unfinanced capital outlay at the end of the year General government Protection to persons and property Transportation services Environmental services Health services Social and family services Recreation and cultural services Planning and development With comparative figures for the year ended December 31, 1975 STATEMENT OF CAPITAL FUND OPERATIONS STATEMENT OF REVENUE AND EXPENDITURE $ 112,171 $ â€" 2,474 $ 41,069 27 $ 7,982 1,362 467 $ 13,077 is not available. is no tav ailable. $ 5,38 1 119 4.8 % $ 1,465 $ 1,066 23 10. $ 1,930 279 250 713 1974 CITY OF WATERLOO 45,349 16,500 26 12,982 9,811 2,007 1,164 5,913 2,499 4,665 3,172 3,769 546 1 377 24 14 37 87 $ 105,344 $ 38,167 27 $ 7,230 1,493 $ 5,7126 5.4 % $ 1,628 $ 1,012 24 10 $ 1,380 1973 41,998 16,500 12,014 11,745 9,205 4,794 2,523 4, 428 2.217 2,785 185 1,251 37 % 172 373 21 16 85 $ â€"59,244 $ â€"98,915 40 % 39 $ 35,880 $ â€"35,880 27 26 $ _ 6,455 1,135 S 1,887 $ 1,336 $ 1,559 1,265 169 713 1972 38,817 13,763 10,013 8,374 3,480 9,015 232 â€" 9.1 % 225 2952 32 40 72 372 14 1.536.028 1.827.357 1.214.811 1.225.908 3.186.762 3.710.507 1,784,802 841.872 199.653 3.572.936 590.018 _ 633.113 240.834 163.321 31.1768 302.146 $ 2,575 $ 6,04 1 1,124 747 $ 1,493 251 175 129 1971 36,313 1.974.903 57,069 23,839 12,616 93,524 3.1753.602 243.601 133.879 ~ 590.018 7,912 1,449 5,936 4,026 1975 8,494 9.1 2,063 1,320 36 14 2,069 215 619 79 145 674 40 87 â€" _ Accumulated net revenue at the end of the year Accumulated net revenue at the beginning of the year Expenditure General municipal purposes General government Protection to persons and property Transportation services Environmental services > Health services Social and family services Recreation and cultural services Planning and development Revenue Total expenditure To the Members of Council, Inhabitants and Ratepayers of The Corporation of the City of Waterloo: Total revenue We have examined the consolidated balance sheet of The Corporation of the City of Waterioo as at December 31. 1976 and the statements of revenue and expenditure, capital operations and continuity of trust funds 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 circumâ€" In our opinion these financial statements present fairly the financial position of The Corâ€" poration of the City of Waterloo as at December 31, 1976 and the results of its operations for the year then ended. in accordance with accounting principles generally accepted for Ontario municipalities applied on & basis consistent with that of the preceding year Our reports wc-t‘r'\'_revsrprec‘tité the Waterloo Library Board and municipal enterprises are attached to the relevant statements Clarkson. Gordon & Co Anrl 14 1977 Chartered Accountants., April 14. 1977 General municipal purposes Taxation Payments in lieu of taxes Ontario grants Other grants Region or county purposes School board purposes Region or county purposes School board purposes Taxation Payments in lieu of taxes 1. ACCOUNTING POLICIES The municipality utilizes accounting principles. methods and procedures. as outlined in The Municipal Finance Manual published by the Ministry of Treasury. Economics and Intergovernâ€" mental Affairs. The following is a summary of significant accounting policies followed in the preparation of these financial statements (a) Basis of consolidation â€" The statements of revenue and expenditure and capital operations reflect the activities of all committees of council and the Waterloo Library Board The consolidated balance sheet reflects the assets and liabilities of the revenue fund. capital fund. reserve funds and the Waterloo Library Board The municipal enterprises as defined in note 1(b) are not consolidated in these statements except for the inclusion of their respective capital outlay to be recovered in future vears and related net longâ€"term liabilities ~ Trust fund assets administered by the municipality, of $190,000 ($175,000 in 1975). have not been consolidated in these financial statements. (b) Municipal enterprises â€" Municipal enterprise activities are those activities whose costs are substantiallyv recovered from service charges on the users and are as follows Waterworks Taxation Payments in lieu of taxes Ontario grants Analysed as follows General revenue Region or county School boards Special charges Special areas Local boards (c) Fixed assets â€" â€" The historical cost and accumulated depreciation of fixed assets is not reported for munici pal purposes. ~Capital outlay to be recovered in future years | is the aggregate of the princ: pal portion of unmatured longâ€"term liabilities and the cost of capital projects not vet perma nently financed . NOTES TO FINANCIAL STATEMENTS AUDITORS‘ REPORT 17.5942.921 17.815.227 15.688.483 1.225.915 1.655.459 1.792.555 869.019 74.150 Budget Actual 1.364.631 296.931 7.478.660 â€" 7.617.849 3.381.763 3.420.044 6.682.498 6.777.334 4.469.239 544.705 807 .100 16.344.376 17.742.328 15.841.755 6.780.112 2.617.572 371.242 6.648.117 6,.743.225 34.108 34.108 3.382.039 3.419.099 6.682.225 6.777.333 5.724.730 Nil Nil Waterloo Hydro Commussion 1,283.821 1.661.284 1.717.943 1.634.806 _ 1.448.338 293.219 307 .271 4.533.950 574.654 7.945.896 2.654.632 2.427.489 371.242 331 .544 1.547.725 81.378 23.930 (5.751) 1(936) 7 .341 License number 490 1.040.983 1.436.816 1.610.154 6.721.812 3.241.944 5.124.1727 4.062.746 579.371 6.875.072 5.695.698 1.478.697 3.241.953 19753 5.015 (d) Charges for net longâ€"term liabilities â€" Charges for net longâ€"term liabilities include principal and interest and are charged against current revenues in the periods in which they are paid. Interest charges are not accrued for the periods from the dates of the latest interest payments to the end of the financial year t¢e) Payments for sick leave benefits â€" Payments for sick leave benefits are normally charged against current revenues in the periâ€" ods in which the payments are made to employees. However. reserve funds are set aside to meet abnormal payouts as disclosed in note 7 2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS ib) Capital expenditures of $302.146 ($243.601 in 1975) have been financed from general municipal revenues of the current year and are reported on the Statement of Revenue and Expendiâ€" ture ‘ under the appropriate functions. 3. RESERVE FUNDS AND RESERVES ia) Transfers to reserves and reserve funds are reported as expenditures on the ~Statement of 4. NET LONGâ€"TERM LIABILITIES ta) The balance of net longâ€"term liabilities reported on the ~Balance Sheet‘ * is made up of the following : 1976 1975 Total longâ€"term liabilities incurred by the municipality including those incurred on behalf of former school boards, other municipalities and municipal enterprises and outstanding at the end of the year amount to $8.174.415 $9.160.523 In addition, the municipality has assumed responsibility for the ; payment of principal and interest charges on certain longâ€"term liabilities issued by other municipalities. At the end of the year m the principal amount of this liability is 1.633.960 898.091 Of the longâ€"term liat;ili:dies shown :::ve. the responsibility for t of principal and interest has been assumed by others lf):ry:m princippal anlrunt of ce 6Â¥ 14,657.980) (5.115.598 5.150.395 _ 4.943.016 Longâ€"term liabilities issued by the municipality and held by reserve funds as investments. amount to 1140.000) _ (164.000) Net longâ€"term liabilities. at the end of the year ©.010.1 H.79.016 (b) The following is a summary of the future principal payments by five year periods of the net longâ€"term liabilities reported in (a) of this note: 1977 1982 1987 ta) Some capital outlay to be recovered in future years does not represent a burden on general municipal revenues. as it is to be recovered in future years from other sources Special charges on benefitting _ l!‘N _ _l_flj <c) Included in "Net longâ€"term liabilities®" on the ~~Balance Sheet ° is an amount of $741.100 payâ€" able in U.S. dollars. and converted into Canadian dollars on the basis of $1 Canadian being equal to $1 U.S. If the liability is converted into Canadian dollars at the exchange rate preâ€" vailing at December 31. 1976 the liability would be increased by $7.500. 5. CHARGES FOR NET LONGâ€"TERM LIABILITIES Total charges for the year for net longâ€"term liabilities were as follows: Payments from general municipal revenues â€" 1976 1975 Principal $ 569.406 $ 465.519 Interest 338.955 282.235 ib) The ‘Statement of Revenue and Expenditure® * does not reflect the following revenues for the year which were credited directly to reserve funds : 1976 1975 Contributions by subdividers n ran ns (¢) The reserve funds and reserves reported on the balance sheet are comprised of the following statement . 6. LEASE COMMITMENT . _ . . . The lease commitment for City Hall office premises. which expires in 1982. is determined on a netâ€"net basis and amounts to $46.200 per annum . 7. LIABILITY FOR VESTED SICK LEAVE BENEFITS Under the sick leave benefit plan. unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the municipality‘s employment The liability for these accumulated days. to the extent that they have vested and could be taken in cash by an employee on terminating. amounted to $543,000 at December 31. 1976. An amount of $174.100 has been provided in a reserve fund for this past service liability and is reported on the ‘*Consolidated Balance Sheet* and in note 3 (c). _ 8. THE ANTIâ€"INFLATION ACT The municipality. its local boards and commissions are by agreement between the Government of Canada and the Government of the Province of Ontario dated January 13. 1976 subject to The Antiâ€"inflation Act (Canada) and the national guidelines. Accordingly the municipality is subject to mandatory compliance with controls on employee compensation 9. PAST SERVICE PROVISION OF PENSION AGREEMENTS Under the past service provision of certain pension agreements. the municipality is obligated at December 31. 1976 for an amount of approximately $250.000 as established by an actuarial valuation of the benefits related to past service No provision has been made for this liability in the accompanying statements. The liability will be funded by annual payments of $28.000 in the years 1977 to 1990 10.INVESTMENTS The investments included in current assets in the ‘Consolidated Balance Sheet | ar cost and have a market value of $417,000 at December 31. 1976 11.COMPARATIVE FIGURES Certain 1975 figures have been restated to conform to classifications adopted in 1976 Revenue and Expenditure®© under the appropriate functions in the following amounts The charges paid from general municipal revenues of the municipality are included in exâ€" ?endimres on the ‘Statement of Revenue and Expenditure * classified under the appropriate unctions. The charges recovered from the municipal enterprises are not reflected in that Reserve funds : From contributions by subdividersâ€" for subdivision services for parklands for unit levies Municipal enterprises Reserves for equipment replacement Transfer to reserves Transfer to reserve funds Payments recovered from municipal enterprises â€" Principal Interest Contributions from other governments Contributions from the capital fund Income from investments Transfer from waterworks reserve fund From general municipal revenues From benefitting landowners From municipal enterprises for development agreements Sick leave benefits U.S. debenture retirement Downtown improvements Housing incentive program â€" CMHC Regional rate stabilization grant Merged area adjustment Total for impost charges Waterloo Chronicle, Wednesday, May 4, 1977 â€" Page 13 $ 961.001 $ $2.405.651 $1.886.579 475.000 $2.971.744 _ $2.456.200 $1.548.744 $ 926.200 1.423.000 _ 1.530.000 $2.129.944 101.057 $2.204.238 $1.843.299 $117,400 23.1710 1,511,867 â€"162.391 $1,132.966 988.057 416.651 174,098 177 .066 Sheet" are recorded at 49.519 579.094 8.651 14.000 107 .000 117.605 908. 361 3.718 $1.754.124 $ 488.165 $ 858.165 $125.748 â€" 14.60 273.3%61 1%.135 162.363 943.901 117.080 33.067 144.769 161.206 45.198 134.606 105.697 174775 193