Loading...
HomeMy WebLinkAboutFinancial Statements 2009 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Financial Statements December 31, 2009 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Financial Statements Year Ended December 31, 2009 Table of Contents PAGE Auditors' Report 1 Consolidated Statement of Financial Position 2 Consolidated Statement of Operations and Accumulated Surplus 3 Consolidated Statement of Change in Net Financial Assets 4 Consolidated Statement of Cash Flows 5 Notes to the Consolidated Financial Statements 6 - 15 Consolidated Schedule of Segment Disclosure 16 - 17 Schedule of Segment Disclosure 18 Consolidated Schedule of Tangible Capital Assets 19 - 20 GRAHAM William A.Graham* John M.Scott* Alan R.l nns* Robert B. Foster* James G.Frederick* Michael S.Stover* awe SCOTT Michael J.MacKinnon Betty A.Gropp William J.Luyks lira EN NS LLP • CHARTERED ACCOUNTANTS *Practicing through a Professional Corporation 450 Sunset Drive,St.Thomas,ON N5R 5V1 25 John St.S.,Suite 208,Aylmer,ON N5H 2C1 Phone:(519)633-0700 Fax:(519)633-7009 Phone:(519)773-9265 Fax:(519)773-9683 AUDITORS' REPORT To the Members of Council, Inhabitants and Ratepayers of The Corporation of the Municipality of Bayham We have audited the consolidated balance sheet of The Corporation of the Municipality of Bayham as at December 31, 2009 and the consolidated statement of operations and changes in cash flow for the year then ended. These financial statements are the responsibility of the Municipality's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian 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 consolidated financial statements present fairly, in all material respects, the financial position of The Corporation of the Municipality of Bayham as at December 31, 2009 and the results of its operations and changes in cash flow for the year then ended in accordance with Canadian generally accepted accounting principles. St. Thomas, Ontario 9irdtafft SCS Egad zip May 21, 2010 CHARTERED ACCOUNTANTS Licensed Public Accountants - 1 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Statement of Financial Position As At December 31, 2009 (restated Note 2) 2009 2008 $ $ ASSETS FINANCIAL ASSETS Cash and short term deposits 3,640,975 4,355,785 Taxes receivable (Note 3) 614,092 645,533 Accounts receivable 574,344 382,770 4,829,411 5,384,088 LIABILITIES Temporary bank advances 800,000 - Deferred revenue - obligatory reserve funds (note 9) 243,126 109,745 Accounts payable and accrued liabilities 836,061 461,700 Net long-term liabilities (note 4) 581,037 770,992 2,460,224 1,342,437 NET FINANCIAL ASSETS 2,369,187 4,041,651 NON-FINANCIAL ASSETS Tangible capital assets (Note 6, pages 19, 20) 54,017,780 52,545,718 Inventories and prepaid expenses 24,292 29,358 54,042,072 52,575,076 ACCUMULATED SURPLUS (NOTE 7) 56,411,259 56,616,727 See accompanying notes to the consolidated financial statements. - 2 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Statement of Operations and Accumulated Surplus Year Ended December 31, 2009 (restated Note 2) Unaudited Budget Actual Actual 2009 2009 2008 $ $ $ REVENUES Property taxation 2,672,477 2,643,720 2,583,978 Taxation from other governments 51,779 51,779 50,255 User charges 1,369,711 1,343,735 1,264,406 Government grants 3,199,376 2,063,924 2,923,433 Contribution from developers - - 70,074 Investment income 81,000 162,778 132,101 Penalties and interest on taxes 74,000 84,905 78,712 Recoveries from benefiting landowners 217,659 227,117 306,153 Other 40,231 61,047 40,389 Total Revenues 7,706,233 6,639,005 7,449,501 EXPENSES General government 627,066 699,412 630,546 Protection to persons and property 1,233,066 1,223,489 1,158,974 Transportation services 1,264,273 2,413,094 1,943,241 Environmental services 1,262,687 1,701,097 1,511,862 Health services 26,046 152,019 177,957 Social and family services 7,800 6,256 7,462 Recreation and cultural services 307,802 373,915 357,411 Planning and development 253,035 275,191 222,518 Total Expenses (Note 12) 4,981.775 6,844,473 6,009,971 ANNUAL SURPLUS 2,724.458 (205,468) 1,439,530 ACCUMULATED SURPLUS, BEGINNING OF YEAR 56,616,727 56,616,727. 55,177,197 ACCUMULATED SURPLUS, END OF YEAR(Note 6) 58,170,487 56,411,259 56,616,727 See accompanying notes to the consolidated financial statements. - 3 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Statement of Changes in Net Financial Assets Year Ended December 31, 2009 (restated Note 2) 2009 2008 $ $ ANNUAL SURPLUS (205,468) 1,439,530 Acquisition of tangible capital assets (2,816,107) (1,103,191) Amortization of tangible capital assets 1,344,045 1,250,469 Change in inventories,prepaid expenses and deferred charges 5,066 (4,466) INCREASE (DECREASE) IN NET FINANCIAL ASSETS (1,672,464) 1,582,342 NET FINANCIAL ASSETS, BEGINNING OF YEAR 4,041,651 2,459,309 NET FINANCIAL ASSETS, END OF YEAR 2,369,187 4,041,651 See accompanying notes to the consolidated financial statements. - 4 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Statement of Cash Flows Year Ended December 31, 2009 (restated Note 2) 2009 2008 $ $ OPERATING ACTIVITIES Annual surplus (205,468) 1,439,530 Add(deduct)items not involving cash: Amortization of tangible capital assets 1,344,045 1,250,469 1,138,577 2,689,999 Change in non-cash assets and liabilities related to operations: (Increase) decrease in taxes receivable 31,441 (94,305) (Increase) decrease in accounts receivable (191,574) 31,840 (Increase) decrease in inventories and prepaid expenses 5,066 (4,466) Decrease in temporary bank advances 800,000 - Increase (decrease) in accounts payable and accrued liabilities 374,361 (23,558) Increase (decrease) in deferred revenue - obligatory reserve funds 133,381 (59,665) Net change in cash from operating activities 2,291,252 2,539,845 INVESTING Acquisition of tangible capital assets (2,816,107) (1,103,191) Net change in cash from investing (2,816,107) (1,103,191) FINANCING Long-term debt repayment (189,955) (182,489) Net change in cash from financing (189,955) (182,489) NET CHANGE IN CASH AND CASH EQUIVALENTS (714,810) 1,254,165 OPENING CASH AND CASH EQUIVALENTS 4,355,785 3,101,620 CLOSING CASH AND CASH EQUIVALENTS 3,640,975 4,355,785 SUPPLEMENTARY INFORMATION: Cash paid for interest on debt 45,420 52,227 Cash received for interest on investments 162,778 132,101 See accompanying notes to the consolidated financial statements. - 5 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 The Municipality of Bayham is a municipality in the Province of Ontario. It conducts its operations guided by the provisions of provincial statutes such as the Municipal Act, Municipal Affairs Act and related legislation. 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements of the Corporation of the Municipality of Bayham are prepared by management in accordance with Canadian generally accepted accounting principles for local governments, as recommended by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants. Significant aspects of the accounting policies adopted by the Municipality are as follows: Reporting Entity The consolidated financial statements include the assets, liabilities, revenues and expenses of the reporting entity. The reporting entity is comprised of all organizations, committees and local boards accountable for the administration of their financial affairs and resources to the Municipality and which are 100% owned or controlled by the Municipality. Consolidated Entities The following local boards are consolidated: -Various Community Centre Boards -Various Cemetery Boards - Museum Board Inter-departmental and inter-organizational transactions and balances between these organizations are eliminated. Proportionate Consolidation The Elgin Area Primary Water Board and Port Burwell Water Board have been consolidated on a proportionate basis. The Water Boards are proportionately consolidated based upon the water flow used by our Municipality in proportion to the entire flows provided by the joint boards. Accounting for School Board Transactions Although the Municipality collects taxation on behalf of the School Boards, the taxation, otherrevenues, expenses, assets and liabilities with respect to the operations of the school boards are not reflected in these statements. Trust Funds Trust funds and their related operations administered by the Municipality are not included in these consolidated financial statements. - 6 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Basis of Accounting The consolidated financial statements are prepared using the accrual basis of accounting. The accrual basis of accounting records revenue as it is earned and measurable. Expenses are recognized as they are incurred and measurable based upon receipt of goods or services and/or the creation of a legal obligation to pay. Deferred Revenue Government transfers, contributions and other amounts are received from third parties pursuant to legislation, regulation or agreement and may only be used in the conduct of certain programs, in the completion of specific work. In addition, certain user charges and fees which have been collected but for which the related services have yet to be performed. Revenue is recognized in the period when the related expense are incurred, services preformed. Use of Estimates The preparation of consolidated financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. In addition, the Municipality's implementation of the Public Sector Accounting Handbook PS3150 has required management to make estimates of historical cost and useful lives of tangible capital assets. These estimates and assumptions are based on the Municipalities best information and judgment and may differ significantly from actual results. Government Transfers Government transfers are recognized in the consolidated financial statements as revenues in the financial period in which events giving rise to the transfer occur, providing the transfers are authorized, any eligibility criteria have been met including performance and return requirements, and reasonable estimates of the amounts can be determined. Any amount received but restricted is recorded as deferred revenue in accordance with Section 3100 of the Public Sector Accounting Handbook and recognized as revenue in the period in which the resources are used for the purpose specified. In addition, the Municipality periodically receives senior government capital funding in the form of infrastructure grants and receives ongoing funding from both senior levels of government as a result of an allocation of the gas tax funds. - 7 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Non-financial assets Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year and are not intended for sale in the ordinary course of operations. The change in non-financial assets during the year, together with the excess of revenues over expenses, provides the Change in Net Financial Assets for the year. i) Tangible capital assets Tangible capital assets are recorded at cost which includes all amounts that are directly attributable to acquisition, construction, development or betterment of the asset. The cost, less residual value, of the tangible capital assets are amortized on a straight-line basis over their estimated useful lives as follows: Building and components 20 to 75 years Vehicles 5 to 25 years Machinery and equipment 5 to 27 years Land improvements 18 to 25 years Plants and facilities 20 to 75 years Roads 20 to 60 years Bridges and other structures 15 to 80 years Underground and other networks 17 to 100 years No amortization is charged in the year of acquisition and a full year of amortization is charged in the year of disposal. Assets under construction are not amortized until the asset is available for productive use. ii) Contributions of tangible capital assets Tangible capital assets received as contributions are recorded at their fair value at the date of receipt and also are recorded as revenue. iii) Works of art and cultural and historic assets Works of art and cultural and historic assets are not recorded as assets in these financial statements. iv) Interest capitalization The Municipality does not capitalize interest costs associated with the acquisition or construction of a tangible capital asset. v) Leased tangible capital assets Leases are classified as capital or operating leases. Leases which transfer substantially all of the benefits and risks incidental to ownership of property are accounted for as capital leases. All other leases are accounted for as operating leases and the related lease payments are charged to expenses as incurred. - 8 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) vi) Inventories of supplies Inventories of supplies held for consumption are recorded at the lower of cost and replacement cost. 2. CHANGE IN ACCOUNTING POLICIES The Municipality has implemented Public Sector Accounting Board (PSAB) sections 1200 Financial Statement Presentation and 3150 Tangible Capital Assets. Section 1200 establishes general reporting principles and standards for the disclosure of information in government financial statements. Section 3150 requires governments to record and amortize their tangible capital assets in their financial statements. In prior years, tangible capital asset additions were expensed in the year of acquisition or construction. The financial information recorded includes the actual or estimated historical cost of the tangible capital assets. When historical cost records were not available, other methods were used to estimate the costs and accumulated amortization of the assets. The Municipality applied a consistent method of estimating the replacement or reproduction cost of the tangible capital assets for which it did not have historical cost records, except in circumstances where it could be demonstrated that a different method would provide a more accurate estimate of the cost of a particular type of tangible capital asset. After defining replacement or reproduction cost, the non-residential building construction price index (NRBCP) and the consumer price index (CPI) were used as a resource for determining appropriate indices in order to deflate the replacement or reproduction cost to an estimated historical cost at the year of acquisition. This change has been applied retroactively and prior periods have been restated. This change in accounting policy has changed amounts reported in the prior period as follows: Accumulated surplus at January 1, 2008 Operating fund balance 52,728 Capital fund balance 550,760 Reserves balance 1,957,987 Reserve fund balance 604,550 Amounts to be recovered (875.502) Accumulated surplus, as previously reported 2,290,523 Net book value of tangible capital assets reported 52,602,773 Reserve and reserve funds from water boards not previously consolidated 283,901 Accumulated surplus, as restated 55,177,197 Annual surplus for 2008: Net increase in fund balances, as previously reported 1,516,141 Amortization expense not previously expensed (1,250,469) Tangible capital assets capitalized but previously expensed 1,103,191 Activity in reserve and reserve funds from water boards not previously consolidated 70,667 Annual surplus, as restated 1,439,530 - 9 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 3. TAXES RECEIVABLE Taxes receivable are reported net of allowance for doubtful accounts. Balances as at December 31 were as follows: 2009 2008 $ $ Taxes receivable 566,018 580,967 Penalties and interest 96,087 100,108 Allowance for doubtful accounts (48.013) (35.542) 614,092 645,533 4. NET LONG-TERM LIABILITIES a) The balance of net long-term liabilities reported on the Consolidated Statement of Financial Position is made up of the following: 2009 2008 $ $ Total long-term liabilities incurred by the municipality, including those incurred on behalf of benefiting landowner 513,919 698,304 Principal repayments are summarized as follows: 2010 2011 2012 2013 2014 Beyond Total Recoverable From $ $ $ $ $ $ $ General tax revenue - - - - - - - Benefiting landowners 202,092 214,945 115,654 6,943 7,327 34,075 581,036 202.092 214,945 115,654 6.943 7,327 34,075 581,036 b) All long-term liabilities issued on or before December 31, 1992 have received approval of the Ontario Municipal Board. Long-term liabilities issued after January 31, 1993 have been approved by by-law. The annual principal and interest payments required to service these liabilities are within the annual debt repayment limit prescribed by the Ministry of Municipal Affairs and Housing c) Interest expense on long-term liabilities in 2009 amounted to $45,420 (2008 - $52,227) - 10 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 5. OPERATION OF SCHOOL BOARDS AND THE COUNTY OF ELGIN During 2009, requisitions were made by the school boards and the County of Elgin requiring the municipality to collect property taxes and payments in lieu of property taxes on their behalf. The amounts collected and remitted are summarized below: School Boards County $ $ Taxation and user charges 1,362,866 2,415,005 Share of payments in lieu of taxes - 23,068 Amounts requisitioned 1,362,866 2,438,073 6. TANGIBLE CAPITAL ASSETS Net Book Value 2009 2008 S $ General Land 916,444 916,444 Buildings 1,016,077 890,314 Vehicles 860,673 565,249 Machinery and equipment 259,008 261,280 Land improvements 250,878 167,475 Infrastructure Plants and facilities 3,968,217 4,049,969 Roads 28,233,410 28,505,090 Underground and other networks 16,612,364 15,981,247 Machinery and equipment 1,182,387 1,133,871 53,299,458 52,470,939 Assets under construction 718,322 74,779 54,017,780 52,545,718 For additional information, see the Consolidated Schedule of Tangible Capital Assets (Schedule 1). During the year there were no write-downs of assets (2008 - $nil). In addition, roads and underground networks contributed to the Municipality totalled $nil (2008 - $nil) and were capitalized at their fair value at the time of receipt. - 11 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 7. ACCUMULATED SURPLUS The accumulated surplus balance is comprised of current fund, capital fund, balances in reserves and discretionary reserve funds, unfunded liabilities to be recovered in the future and investment in tangible capital assets. Operating fund Municipality 100,822 30,000 Cemetery boards 98,845 88,524 Benefiting landowners (167,977) (96.801) 31,690 21,723 Invested in tangible capital assets 54,017,780 52,545,718 Capital fund (1,471,980) 594,789 Reserves 3,503,492 3,294,937 Reserve funds 911,314 930,552 56,992,296 57,387,719 AMOUNTS TO BE RECOVERED Net long-term debt (581,037) (770,992) ACCUMULATED SURPLUS 56,411,259 56,616,727 RESERVES AND RESERVE FUNDS CONSIST OF THE FOLLOWING: Reserves set aside for specific purposes by Council: - for working capital 394,153 384,153 - for capital purposes 1,415,328 1,487,644 - for waterworks purposes 458,323 289,145 - for rate stabilization 602,670 602,670 - for other purposes 633,018 531,325 Total reserves 3,503,492 3,294,937 Reserve funds set aside for specific purposes by Council: - for water system 103,622 102,563 - for construction of sanitary sewers 691,047 730,644 - for recreation and cultural service purposes 109,666 90,366 - for other purposes 6,979 6,979 Total reserve funds 911,314 930,552 - 12 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 8. TRUST FUNDS Trust funds administered by the municipality amounting to $228,800 (2008 - $225,879) have not been included in the Consolidated Balance Sheet nor have their operations been included in the Consolidated Statement of Operations. 9. DEFERRED REVENUE - OBLIGATORY RESERVE FUNDS A requirement of the public sector accounting principles of the Canadian Institute of Chartered Accountants is that obligatory reserve funds be reported as deferred revenue. This requirement is in place as provincial legislation restricts how these funds may be used and under certain circumstances these funds may be refunded. The balances in the obligatory reserve funds of the Municipality are summarized below: 2009 2008 $ $ Development Charges 26,032 4,128 Gasoline tax 189,995 82,541 Parkland 27,099 23,076 243,126 109,745 10. BUDGET FIGURES The operating budget approved by the council of the The Corporation of the Municipality of Bayham for 2009 is reflected on the consolidated statement of operations. The budgets established for capital investment in tangible capital assets are on a project-oriented basis, the costs of which may be carried out over one or more years and, therefore, may not be comparable with current year's actual expenditure amounts. As well, the Municipality does not budget activity within Reserve and Reserve Funds, with the exception being those transactions, which affect either operations or capital investments. Budget figures have been reclassified for the purposes of these financial statements to comply with PSAB reporting requirements. 11. CONTINGENT LIABILITIES As at December 31, 2009 certain legal actions are pending against the municipality. An estimate of any contingency cannot be made since the outcome of these matters is indeterminate at this time. - 13 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 12. PUBLIC SECTOR SALARY DISCLOSURE In 2009, no employees were paid a salary, as defined in the Public Sector Salary Disclosure Act, 1996, of$100,000 or more by The Corporation of the Municipality of Bayham. 13. SUPPLEMENTARY INFORMATION: 2009 2008 $ $ Current fund expenses by object: Salaries, wages and employees benefits 1,757,199 1,708,461 Long-term debt interest expense 45,420 52,227 Materials 2,437,013 1,711,084 Contracted services 1,219,329 1,250,549 Rents and financial expenses 5,194 - Amortization expense 1,344,045 1,250,469 External transfers to others 36,273 37,181 6,844,473 6,009,971 14. SEGMENTED INFORMATION The Municipality of Bayham is a diversified municipal government institution that provides a wide range of services to its citizens, including fire, roads, sewer and water. For management reporting purposes the Government's operations and activities are organized and reported by Fund. Funds were created for the purpose of recording specific activities to attain certain objectives in accordance with special regulations,restrictions or limitations. Municipal services are provided by departments and their activities are reported in these funds. Certain departments that have been separately disclosed in the segmented information, along with the services they provided, are as follows. Public Works The Public Works department is responsible for the delivery of municipal public works services related to the planning, development and maintenance of roadway systems, the maintenance of parking and open space, and street lighting. The Water and Waste Funds The water and wastewater department provides drinking water to citizens of the municipality, as well as, collection and treatment of wastewater. This department is responsible for the operation and maintenance of both systems in accordance with government regulations under the Safe Drinking Water Act and other pieces of legislation. - 14 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2009 15. SEGMENTED INFORMATION (CONTINUED) Other funds and Corporation This segment includes the remaining departments and activities of the Corporation. Some of the larger activities in this segment include general government, fire, police, public health services, recreation and cultural services, planning and development and solid waste collection and disposal. For each reported segment, revenues and expenses represent both amounts that are directly attributable to the segment and amounts that are allocated on a reasonable basis. Therefore, certain allocation methodologies are employed in the preparation of segmented financial information. The General Revenue Fund reports on municipal services that are funded primarily by taxation such as property and business tax revenues. Taxation and payments-in-lieu of taxes are apportioned to General Revenue Fund services based on the Fund's net surplus. Certain government transfers, transfer from other funds, and other revenues have been apportioned based on a percentage of budgeted expenses. The accounting policies used in these segments are consistent with those followed in the preparation of the consolidated financial statements as disclosed in Note 1. For additional information see the Consolidated Schedule of Segment Disclosure and Schedule of Segment Disclosure. 16. COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS FIGURES The comparative consolidated financial statements have been reclassified from statements previously presented to reflect the restatement of items described in Note 2 as well as to conform to the presentation of the 2009 consolidated financial statements. - 15 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Schedule of Segment Disclosure Year Ended December 31, 2009 Water and Other Funds & Total Waste Funds Roads Corporation Consolidated $ $ $ $ REVENUE Taxation - 1,369,277 1,326,222 2,695,499 Sales of service and regulatory fees 988,860 21,687 333,188 1,343,735 Government transfer 40,042 520,126 1,503,756 2,063,924 Other 244,145 - 291,702 535,847 1,273,047 _ 1,911,090 3,454,868 6,639,005 EXPENSES Salaries, wages and employee benefits 248,407 515,629 993,163 1,757,199 Long-term debt interest expense 44,110 - 1,310 45,420 Materials 565,731 917,380 953,902 2,437,013 Contracted services 18,679 21,243 1,184,600 1,224,522 Amortization 381,964 843,806 118,276 1,344,046 Transfer to others - - 36,273 36,273 1,258,891 2,298,058 3,287,524 6,844,473 ANNUAL SURPLUS 14,156 (386,968) 167,344 (205,468) - 16 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Schedule of Segment Disclosure Year Ended December 31, 2008 Water and Other Funds & Total Waste Funds Roads Corporation Consolidated $ $ $ $ REVENUE Taxation - 923,760 1,710,473 2,634,233 Sales of service and regulatory fees 950,905 17,392 296,109 1,264,406 Government transfer 3,900 1,435,606 1,483,927 2,923,433 Other 385,443 3,190 238,796 627,429 1,340,248 2,379,948 3,729,305 7,449,501 EXPENSES Salaries, wages and employee benefits 253,379 475,683 979,399 1,708,461 Long-term debt interest expense 50,600 - 1,627 52,227 Materials 353,965 610,339 746,780 1,711,084 Contracted services 16,270 99,295 1,134,984 1,250,549 Amortization 375,122 757,924 117,423 1,250,469 Transfer to others - - 37,181 37,181 1,049,336 1,943,241 3,017,394 6,009,971 ANNUAL SURPLUS 290,912 436,707 711,911 1,439,530 - 17 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Schedule of Segment Disclosure Year Ended December 31, 2009 Unaudited Budget Actual Actual WATER AND WASTE WATER 2009 2009 2008 $ $ $ Revenue Sales of services and regulatory fees 1,038,470 988,860 950,905 Government transfers - 40,042 3,900 Benefiting land owners 206,397 221,514 268,795 Other 11,000 22,631 116,648 Total Revenues 1,255,867 1,273,047 1,340,248 Expenses Salaries, wages and employees benefits 262,755 248,407 253,379 Long-term debt interest expense 44,110 44,110 50,600 Materials 825,955 565,731 353,965 Contracted services, rents and financial expenses 17,000 18,679 16,270 Amortization - 381,964 375,122 Total Expenditures 1,149,820 1,258,891 1,049,336 Annual Surplus (Deficit) 106,047 14,156 290,912 Unaudited Budget Actual Actual ROADS 2009 2009 2008 $ $ $ Revenue Taxation 1,369,277 1,369,277 923,760 Sales of services and regulatory fees - 21,687 17,392 Government transfers 498,368 520,126 1,435,606 Other - 3,190 Total Revenues 1,867,645 1,911,090 2,379,948 Expenses Salaries, wages and employees benefits 472,608 515,629 475,683 Materials 760,665 917,380 610,339 Contracted services 31,000 21,243 99,295 Amortization - 843,806 757,924 Total Expenditures 1,264,273 2,298,058 1,943,241 Annual (Deficit) Surplus 603,372 (386,968) 436,707 - 18 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Schedule of Tangible Capital Assets Year Ended December 31, 2009 Opening Ending Opening Ending Ending Historical Historical Accumulated Accumulated Net Cost Cost Amortization Amortization Book Balance 2009 2009 2009 Balance Balance 2009 2009 2009 Balance Value Jan 1/2009 Acquisitions Disposals Write-Offs Dec 31/2009 Jan 1/2009 Disposals Amortization Write-Offs Dec 31/2009 Dec 31/2009 ASSET TYPE Infrastructure Related Land 187,256 - - - 187,256 - - - - - 187,256 Buildings/Building Improvements 5,079,521 60,290 - - 5,139,811 1,216,808 - 142,042 - 1,358,850 3,780,961 Machinery and Equipment 2,027,687 197,665 3,996 - 2,221,356 893,816 3,996 149,149 - 1,038,969 1,182,387 Linear-Roadways 37,510,498 430,635 - - 37,941,133 9,005,408 - 702,315 - 9,707,723 28,233,410 Linear-Sewer and Water Services 18,978,914 830,074 - - 19,808,988 2,997,667 - 198,957 - 3,196,624 16,612,364 Infrastructure Related Total 63,783,876 1,518,664 3,996 - 65,298,544 14,113,699 3,996 1,192,463 - 15,302,166 49,996,378 General Capital Land 916,444 - - - 916,444 - - - - - 916,444 Land Improvements 469,901 96,115 - - 566,016 302,426 - 12,712 - 315,138 250,878 Building/Building Improvements 2,170,696 173,659 - - 2,344,355 1,280,382 - 47,896 - 1,328,278 1,016,077 Machinery and Equipment 373,386 22,825 - - 396,211 112,106 - 25,097 - 137,203 259,008 Vehicle 975,416 361,301 60,271 - 1,276,446 410,167 60,271 65,877 - 415,773 860,673 General Capital Total 4,905,843 653,900 60,271 - 5,499,472 2,105,081 60,271 151,582 - 2,196,392 3,303,080 Total Capital Assets Sub-Total 68,689,719 2,172,564 64,267 - 70,798,016 16,218,780 64,267 1,344,045 - 17,498,558 53,299,458 Work In Progress 74,779 643,543 - - 718,322 - - - - - 718,322 Total Tangible Capital Assets 68,764,498 2,816,107 64,267 - 71,516,338 16,218,780 64,267 1,344,045 - 17,498,558 54,017,780 -19 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Schedule of Tangible Capital Assets Year-ended December 31, 2008 Opening Ending Opening Ending Ending Historical Historical Accumulated Accumulated Net Cost Cost Amortization Amortization Book Balance 2008 2008 2008 Balance Balance 2008 2008 2008 Balance Value Jan 1/2008 Acquisitions Disposals Write-Offs Dec 31/2008 Jan 1/2008 Disposals Amortization Write-Offs Dec 31/2008 Dec 31/2008 ASSET TYPE Infrastructure Related Land 174,609 12,647 - - 187,256 - - - - - 187,256 Buildings/Building Improvements 5,079,466 55 - - 5,079,521 1,074,555 - 142,253 - 1,216,808 3,862,713 Machinery and Equipment 2,075,561 71,533 119,407 - 2,027,687 884,048 82,434 92,202 - 893,816 1,133,871 Linear-Roadways 36,739,070 771,428 - - 37,510,498 8,322,236 - 683,172 - 9,005,408 28,505,090 Linear-Seward and Water Services 18,937,471 41,443 - - 18,978,914 2,798,523 - 199,144 - 2,997,667 15,981,247 Infrastructure Related Total 63,006,177 897,106 119.407 - 63,783,876 13,079,362 82,434 1,116,771 - 14,113,699 49,670.177 General Capital Land 916,444 - - - 916,444 - - - - - 916,444 Land Improvements 453,638 16,263 - - 469,901 290,308 - 12,118 - 302,426 167,475 Buildings/Building Improvements 2,139,790 30,906 - - 2,170,696 1,222,572 - 57,810 - 1,280,382 890,314 Machinery and Equipment 283,239 107,203 17,056 - 373,386 109,480 17,056 19,682 - 112,106 261,280 Vehicle 986,611 26,363 37,558 - 975,416 394,247 28,168 44,088 - 410,167 565,249 General Capital Total 4,779,722 180,735 54,614 - 4,905,843 2,016,607 45,224 133,698 - 2,105,081 2,800,762 Total Capital Assets Sub-Total 67,785,899 1,077,841 174,021 - 68,689,719 15,095,969 127,658 1,250,469 - 16,218,780 52,470,939 Work In Progress 49,429 25,350 - - 74,779 - - - - - 74,779 Total Tangible Capital Assets 67,835,328 1,103,191 174,021 - 68,764,498 15,095,969 127,658 1,250,469 - 16,218,780 52,545,718 -20 -