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Home My WebLink AboutFIR 1991 1991 FINANCIAL INFORMATION RETURN MUNICIPALITY: Village of Port Burwell 19 9 in the Region, County or District of: Bl�irl 1::;' 4 R DECLARATION OF THE MUNICIPAL TREASURER Pursuant to the determination of grants under the Ontario Unconditional Grants Act,and to the information required by the Province under the Municipal Affairs Act,the following schedules are attached: Attached 1 Analysis of Revenue Fund Revenues X 2LT Analysis of Taxation 2UT Analysis of Upper Tier Requisitions and Direct Charges NLA 2MA Analysis of Taxation in Merged Areas NLA 3 Analysis of Current Revenue for Specific Functions 4 Analysis of Revenue Fund Expenditures 5 Analysis of Capital Operations 6 Analysis of Capital Grants and Own Expenditures 7 Analysis of Net Long Term Liabilities By Function NLA 8 Analysis of Long Term Liabilities and Commitments x 9LT Continuity of Upper Tier and School Board Levies 10 Continuity of Reserves and Reserve Funds 11 Analysis of Consolidated Year End Balances 12 Statistical Data 13 Grant Information 14 Grant Information NLA The schedules have been drawn up in accordance with the instructions provided by the Ministry of Municipal Affairs.They represent the consolidated financial activities of the municipality,all local boards,including joint boards where applicable and any other local corporate entities set up by the municipality to provide services to ratepayers. The consolidated local boards and entities are: • • • • Trust funds administered by the municipality and its local boards, harbour commissions, humane societies, municipal non-profit housing corporations,provincial-municipal housing authorities,sinking funds,retirement or pension plan funds, school boards, conservation authorities, children's aid societies, district health councils, municipal hospitals and gas,telephone and hydro utilities are not consolidated. The schedules have been prepared by Raven & Company,,.0Artex'ed.Accountants.. (Auditor's firm or name of Municipality) Questions regarding the information contained in them should be addressed to Brad Millson (519) 631-8250 at (Area code and telephone) A 9 Date March 12 1992 ..i um� . Treasurer Raven & Company Affiliated with Deloitte&Touche Raven & Company Chartered Accountants 136 Centre Street Telephone: (519) 631-8250 St. Thomas, Ontario Telecopier: (519) 631-8919 ACCOUNTANTS' REPORT N5R3A2 To the Ministry of Municipal Affairs: Our audit of the consolidated financial statements of the Corporation of the Village of Port Burwell for the year ended December 31, 1991 was made for the purpose of forming an opinion on the consolidated financial statements referred to in our auditors' report to the Members of Council, Inhabitants and Ratepayers, dated March 12, 1991. Schedules 1 to 11 of the 1991 Financial Information Return have not been prepared on the same basis as the consolidated financial statements. For the purposes of this report we have performed, at your request, the following procedures in connection with Schedules 1 to 11 of the Financial Information Return of the Corporation of the Village of Port Burwell for the year ended December 31, 1991: ( a) We have compared the amounts disclosed on these schedules to the books and records of the Village of Port Burwell and found them to be in agreement; ( b) We have added and cross-added all schedules and found them to be arithmetically correct; and ( c) We have checked the cross-references indicated in the "Cross- Reference to Other Schedules" section for each of the above-noted schedules, as outlined in the "Instructions for Completing the 1991 Financial Information Return", and found all such cross-references to be in agreement. The above-noted procedures do not constitute an audit of these schedules. Therefore, we do not express an opinion on Schedules 1 to 11 of the 1991 Financial Information Return. v4 ��rtere.seji Accd[tnta s St. Thomas, Ontario March 12, 1992 Raven & Company Affiliated with Deloitte&Touche Raven & Company Chartered Accountants 136 Centre Street Telephone: (519) 631-8250 St. Thomas, Ontario Telecopier: (519) 631-8919 N5R 3A2 AUDITORS' REPORT To the Ministry of Municipal Affairs: At your request, we have audited grant information Schedule 13 of the Financial Information Return of the Corporation of the Village of Port Burwell for the year ended December 31, 1991, prepared in accordance with the "Instructions for Completing the 1991 Financial Information Return", issued by the Ministry of Municipal Affairs. This financial information is the responsibility of the Village' s management. Our responsibility is to express an opinion on this financial information 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 information is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial information. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial information. In our opinion, this schedule presents fairly, in all material respects, the grant information shown therein in accordance with the "Instructions for Completing the 1991 Financial Information Return" issued by the Ministry of Municipal Affairs. ,041i1 Chart Accountan St. Thomas, Ontario March 12, 1991 rPrrHVt --ft.). MAS? 'i i;34a 1 OP � L� IM � x •- 450$IeNSET DRIVE G.C. LEVERTON.A.M.C.TO r. U COUNTY CLERK AND TREASURER vtST. THON AS, ONTARIO (MRS.) R.M. DANIEL O %/ 5R 5V1 DEPUTY CLERK-TREASURER �'TA1R1 PHONE (519) 631-1460 FAX (519) 633-7661 March 8, 1991 To Clerks of the Local Municipalities in Elgin County Dear Sir or Madam: Re: County Apportionment I would again ask for your co-operation in forwarding information necessary to calculate the 1991 County apportionment. Enclosed is a photocopy, from the Ministry of Revenue, for assess- ments for the taxation year 1991. Please review and certify if correct, otherwise alter and return certified. Also enclosed is a form requiring information from the F. I .R. 1989 - Schedule 13 . Please return as soon as possible to facili- tate the calculations required. To expedite return of the forms you may fax the information to us at the Fax Number indicated at the top of this letter. We will still require that the original signed form be sent back to us. Yours truly, G. C. Leverton, Clerk-Treasurer. GCL:sh Encl. 1991 COUNTY APPORTIONMENT CALCULATION INFORMATION INFORMATION REQUIRED FROM EACH LOCAL MUNICIPALITY IN ELGIN COUNTY DUE MARCH 15TH, 1991 SOURCE: F. I .R. 1989 - SCHEDULE 13 Comm. & Bus. Taxes Levied (Local and County only) for 1989 $ b 9,9 1 Comm. & Bus. Assessment for 1989 $ 93 33a Payments-In-Lieu (Local and County only) —O for 1989 $ Telephone & Telegraph Payments (Local and County only) for 1989 $ 27.2/ *9) OF TENNA Date Municipality yr) Signature of Clerk ` . ,"~^`" 19*0 REGION e3 For raxow*pm,^`' ELGIN �� ,° �~ u_ a°, vzswm« VILLAGE Page 2 s+ n� /�=mmo"'", p�� ...s""" A43,...,,,�°^~, �-------- � ---� - ---- --_ -- - ' --_�_- ^ __________E . 34 04 ASSESSED VALUE RESIDENT/AL pom�zc ` ' ^ ^xosr� / - -'� - � --^ 1 mEozDevTzx� SEPARA1� | -��''----- ----- [- - nomwsxczx� PUBLIC ' oa6zp -'- -~ ! ComoEwczm- SEPARATE 6*57 • — -l�� M*rma-TT:74r-NO SUPPORT 594or--' -------'---- -- ------ - BUSINESS PUB-/o 21060 1 r______- - BUSINESS SEPARATE /vvs !: ' ^~ - ' ' �---' '__---_ �____ _ _ _____ RU '-' ' � T-I-^ - 5,2444 , , ~, �� | ! | "C L . --.-____...� '-'--� __� -___--_'-_- '---_-_- 1-.. ' ' ; ' | '^^ . --__ __ ____-_' . - ' _--_ ' __ - --_�— ____-- - II IS I ~ I. "" �`' Ir. ______ " ' /~ /' _ .....1 -____- —.._1...„, - ` " ' p= -------- .. - ^ -' , 6,6», —~- ---- »:' VILI AGE OF VIENNA x ^ saL BQX 133 . _ _ , VIENNA, ONTARIO � ° ,' --� ' NDj 1ZO . `~^ - v , m° ___ __- ...--_-_-__--_.- _ . �� ° I111; �^l " , •,.., ^ ___—__'— _ ' __ ---' _'—_-_—_ — —. --' `. ' ,. � � � - � '' � . _-__- n , *, .... -----------' -- --['------- -------- - -- -'�-�� ' .� -------'-• . . .� ��_....... " I. nu ` -___ __- .---__--- _ __--_--_- ° I. IN; ��| S , :K° -— -- _ __I� _- .. , ° p o^ ��/ i ,°~�~-..) Pillat of Vienna 29 FRONT STREET, P.O. BOX 133 CLERK'S OFFICE VIENNA, ONTARIO -NOJ 1Z0 (519) 874-4225 March 31/92 1992 COUNTY APPORTIONMENT CALCULATION INFORMATION Comm. & Bus . Taxes Levied for 1990 (Local & County only) 19 ,524 Comm. & Bus. Assess. for 1990 84,146 Payments inlieu 0 Telephone & Telegraph for 1990 Local & County only 3 ,260 VILLAGE OF VIENNA Assessment Compiler 1 in tile Year CounlyiRegionDlsift.I Co,nte/RegrOA,DiSifict Evaluation con au coos de l'anrOo 1991 REGION 23 ULGIN ly Mun Map Slli) M,/I Ilf:V4tY All/n C.1,te VIENNA VILLAGE 34 04 parcel siT.T,7ii, CNTY MUN 34 04 ASSESSED VALUE RESIDENTIAL PUBLIC 448338 RESIDENTIAL SEPARATE 14113 COMMERCIAL PUBLIC 56091 COMMERCIAL SEPARATE 3650 EXEMPT NO GRANT NO SUPPORT 58890 BUSINESS PUBLIC 17440 BUSINESS SEPARATE 1095 *** MUNICIPALITY TOTAL *** 599617 VILLAGE OF VIENNA FRONTSTREET,P.O. BOX 133 CLERK'S OFFICE VIENNA, ONTARIO - NOJ 1Z0 • (519) 874-4225 FAX NO, 874-4225 FAX COVER SHEET DATE e‘ -5 a 1/9 -.. T O: ef/A9 , 33 -- -266 / RE: cz�P—° ! P 309 ' / 2, No. of pages including this page 1 F ROM : IF YOU DO NOT RECEIVE ALL PAGES , PLEASE CONTACT THIS OFFICE IMMEDIATELY , CCal:4ENTS : .�A ✓,;;Xl-A-12/n•P.1L • 90 Lee-, Jv / c-,2 7 / 305 "1 3 g6 a- QQos � = � � 6 ems . — / __ - 6 / Cay y9 „,, Og 'Slf, Fr r L.B. SHEWFELT, CMA `�D d x 450 $uNBET DRIVE O COUNTY TREASURERY, W444. 4 ,..-FJTIHOMAS, ONTARIO R.M. DANIEL 0 TARN N5R 5V1 DEPUTY TREASURER PHONE (519)631-1460 FAX(519)633-7661 March 10, 1992 To: Clerks of the Local Municipalities of Elgin County Dear Sir/Madam: Re: 1992 County Apportionment Attached is a list of the figures required to calculate the 1992 County Apportionment. As discussed by telephone, we will require this information by March 27th, in order to meet the April 1st deadline for the by-law. Please FAX the completed form to 633-7661 and return a certified copy by mail. Thank-you in advance for your assistance. Yours truly - c-f22-14c-J Linda Shewfelt Treasurer LS/db enclosure Ffr 1 1992 COUNTY APPORTIONMENT INFORMATION 1) 1992 Residential and Farm Local Assessment Taxable $ 2) 1992 Commercial and Industrial Local Assessment Taxable $ 3) Source - F. I.R. 1990 - Schedule 13 a) Commercial and Business Taxes Levied (Local and County only) $ for 1990 b) Commercial and Business Assessment for 1990 $ c) Payments In-Lieu (Local and County only) for 1990 $ d) Telephone and Telegraph Payments (Local and County only) for 1990 $ RAVEN & COMPANY REPORT RECORD Office ST.THOMAS Client/engagement numbers 20046 Date of report MARCH 12, 1992 Jurisdiction of Name of entity being reported on VILLAGE OF PORT BURWELL Incorporation ONTARIO Name of client(i. e. person or entity or engaged us) if different from above Description of report document, including dates/ periods covered by rpt. (see exact wording of cover, where appropriate CONSOLIDATED FINANCIAL REPORT YEAR ENDED DECEMBER 31, 1991 Distribution of Copies: Bound Unbound Special Retained by issuing office.......................(Master)............................. (1) Working papers(for current year and for next year's draft) ............................ 1 To EO Toronto (see Page 2) ......................................................... To (attach details if insufficient space) MINISTRY OF MUNICIPAL AFFAIRS 3 CLIENT 8 Fortax purposes...................................................................... — Total..................................................................... 11 _ Engagement ]Supervising Partner C. T. RAVEN Supervising Manager** N/A Supervision ]Accountant in Charge B. MILLSON Overriding Working ]Primary review by DON LEMON review by Partner** C. T. RAVEN Papers ] Report and ]Drafted by B. MILLSON References checked by DON LEMON Related ]Primary review Client ] by Manager** C. T. RAVEN Partner C. T. RAVEN Presentations ]Concurring review by N/A Report signed by C. T. RAVEN Names(s) and title(s) of clients representative(a) with whom report and related client presentations were reviewed, date of review, and by which partner (or manager, where the report is not an audited financial statement(s) FINANCIAL STATEMENTS REVIEWED WITH VILLAGE COUNCIL Check if this report is to be reproduced by someone other than DHSS ; J Check if the report document is amended and re -issued ; J , or is another of the special concurring review situations (see Page 2) ; J Check appropriate box(es) to identify type of report: Audit report on financial statements: (a) Standard wording (Section 5400 of CICA Handbook) ( b) Non-standard wording Report on unaudited interim or annual financial information: (a) Standard wording (b) Non-standard wording m Special report (Sect 5800 of CICA Handbook); J Report on forecast or projection ; J Management letter Filed with govmt. or regulatory agency Other Have any events come to our attention between the date of our report and the date it is being sent to the client, that may require disclosure in, revision of, or adjustment to, the financial ;,_; statements and/or our report thereoull Yes No Date eport sent to client Mgnaturdwof Supervising Partner ** Where not applicable, so indicate. Canada - Form 136-1(1/81) CORPORATION OF THE VILLAGE OF PORT BURWELL Financial Statements Year Ended December 31, 1991 and Auditors' Report to the Members of Council, Inhabitants and Ratepayers CORPORATION OF THE VILLAGE OF PORT BURWELL INDEX OF THE CONSOLIDATED FINANCIAL REPORT DECEMBER 31, 1991 Consolidated Financial Statements Auditors' Report 1 Consolidated Statement of Operations 2 Consolidated Balance Sheet 3 Notes to the Consolidated Financial Statements 4 Trust Fund Auditors' Report 5 Statement of Continuity and Balance Sheet 6 Notes to the Financial Statements 7 1 AUDITORS' REPORT To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Village of Port Burwell: We have audited the consolidated balance sheet of the Corporation of the Village of Port Burwell as at December 31, 1991 and the consolidated statement of operations for the year then ended. These financial statements are the responsibility of the Village' 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 Corporation of the Village of Port Burwell as at December 31, 1991 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. o/44 40-47 Chartered Accountants March 12, 1992 2 CORPORATION OF THE VILLAGE OF PORT BURWELL CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1991 Budget Actual Actual Budget Actual Actual 1991 1991 _ 1990 1991 1991 1990 SOURCES OF FINANCING: APPLIED TO: Taxation and user charges Current operations Residential and farm taxation $288,991 $289,428 $246,583 General government $146,491 $211,491 $234,328 Commercial and industrial Fire protection 36,000 34,461 30,114 taxation 69,083 68,346 63,014 Other protection to persons Business taxation 28,272 21,980 20,556 and property 7,450 7,569 13,923 Taxation from other Transportation services 124,450 87,039 73,157 governments 11,200 11,315 10,393 Sanitary sewers 109,200 132,901 90,494 Water and sewer billings 151,200 158,049 163,156 Waterworks system 51,700 48,329 76,278 User charges 101,400 129,969 151,736 Garbage collection 33,500 40,916 32,105 Recreation and culture 650,146 679,087 655,438 service 57,300 97,146 31,916 Grants Planning and development 5,000 16,218 50,844 Province of Ontario 213,400 203,746 154,047 Government of Canada 25,000 36,824 72,401 571,091 676,070 633,159 Other municipalities 3,600 7,278 3,644 242,000 247,848 230,092 Other Capital operations Sale of land 11,500 10,499 - Roadways 46,000 13,427 46,422 Penalties and interest on taxes 9,000 7,163 8,021 Harbour 5,000 4,976 31,544 Investment income 6,500 2,489 8,895 Recreation and culture Donations - - 17,510 services - 2,330 49,735 Fire fighting equipment - - 17,510 27,000 20,151 34,426 Other - 5,896 35,160 Deduct: Amounts received or receivable for County and 51,000 26,629 180,371 school boards (Note 2) (233,932) (238,333) (203,098) Net appropriation from reserves Net appropriations to reserves and reserve funds - - 26,400 and reserve funds 6,000 6,000 - MUNICIPAL FUND BALANCES, MUNICIPAL FUND BALANCES, BEGINNING OF YEAR (Note 5) END OF YEAR (Note 5) (To be recovered from) to (To be recovered from) be used to offset taxation or user charges - (57,069) (57,123) taxation or user charges (57,123) (57,123) 13,149 Total financing available during the Total applications during the year $628,091 $651,630 $756.407 year $628,091, $651,630 $756,407, The accompanying notes are an integral part of this financial statement. 3 CORPORATION OF THE VILLAGE OF PORT BURWELL CONSOLIDATED BALANCE SHEET DECEMBER 31, 1991 1991 1990 ASSETS UNRESTRICTED Cash $ 30, 338 $ 37, 548 Taxes receivable 63, 555 46, 549 User charges receivable 31, 084 23, 187 Accounts receivable 29, 861 59, 717 154, 838 167, 001 RESTRICTED Cash 3, 000 - $157, 838 $167, 001 LIABILITIES CURRENT LIABILITIES Temporary loans $ 80, 000 $ 30, 000 Accounts payable and accrued liabilities 85, 282 150, 410 Other current liabilities 1, 318 1, 407 166, 600 181, 817 FUND BALANCES ( TO BE RECOVERED FROM) TAXATION OR USER CHARGES (Note 5) (57, 069) ( 57, 123) RESERVES (Note 6) 45, 307 42, 307 RESERVE FUNDS (Note 6) 3, 000 - $157, 838 $167, 001 The accompanying notes are an integral part of this financial statement. 4 - CORPORATION OF THE VILLAGE OF PORT BURWELL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 1991 1. ACCOUNTING POLICIES The consolidated financial statements of the Corporation of the Village of Port Burwell are the representation of management prepared in accordance with accounting policies prescribed for Ontario municipalities by the Ministry of Municipal Affairs. Since precise determination of many assets and liabilities is dependent upon future events, the preparation of periodic financial statements necessarily involves the use of estimates and approximations. These have been made using careful judgements. ( a) Basis of Consolidation ( i) Consolidated Statements These consolidated statements reflect the assets, liabilities, sources of financing and expenditures of the revenue fund, capital fund, reserve funds and reserves and include the activities of all committees of Council and the following boards and municipal enterprises which are under the control of Council: Port Burwell Waterworks Port Burwell Recreation, Parks and Community Centre Board Port Burwell Community and Historical Board All interfund assets and liabilities and sources of financing and expenditures have been eliminated with the exception of loans or advances between reserve funds and any other fund of the municipality and the resulting interest income and expenditures. ( ii) Non-Consolidated Entities There are no non-consolidated entities. ( iii) Accounting for County and School Board Transactions (net) The taxation, other revenues, expenditures, assets and liabilities with respect to the operations of the school boards and the County of Elgin are not reflected in the municipal fund balances of these financial statements. Overlevies (underlevies) are reported on the "Consolidated Balance Sheet" as "other current liabilities" ("other current assets"). 4 - ii CORPORATION OF THE VILLAGE OF PORT BURWELL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 1991 1. ACCOUNTING POLICIES ( continued) ( iv) Trust Funds The trust fund and its related operations administered by the Village is not consolidated, but is reported separately on the "Trust Fund Statement of Continuity and Balance Sheet". ( b) Basis of Accounting ( i) Accrual Accounting Sources of financing and expenditures are reported on the accrual basis of accounting. The accrual basis of accounting recognizes revenues as they become available and measurable; expenditures are recognized as they are incurred and measurable as a result of receipt of goods or services and the creation of a legal obligation to pay. ( ii) Fixed Assets The historical cost and accumulated depreciation for fixed assets are not recorded for municipal purposes. Fixed assets are reported as an expenditure on the "Consolidated Statement of Operations" in the year of acquisition. 2. OPERATIONS OF SCHOOL BOARDS AND THE COUNTY OF ELGIN Further to note 1(a) (iii) , the taxation, other revenues, expenditures and overlevies (underlevies) of the school boards and the County of Elgin are comprised of the following: School Boards County Taxation $176, 060 $ 62, 273 Requisitions 176, 148 62, 274 (Underlevies) , for the year (88) (1) Overlevies, beginning of year 1, 407 - Overlevies (underlevies) , end of year $ 1, 319 $ ( 1) 4 - iii CORPORATION OF THE VILLAGE OF PORT BURWELL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31. 1991 3. 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 Village' 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 termination, amounted to $10,509 (1990 - $5, 395) at the end of the year. No provision has been made for this liability in the financial statements. 4. TRUST FUND The trust fund administered by the Village amounting to $113, 425 (1990 - $111,374) has not been included in the "Consolidated Balance Sheet" nor have its operations been included in the "Consolidated Statement of Operations". 5. MUNICIPAL FUND BALANCES AT THE END OF THE YEAR The balance on the "Consolidated Statement of Operations" of municipal ( deficit) of $(57, 069) (1990 - $( 57, 123) ) at the end of the year is comprised of the following: 1991 1990 For general (increase) of taxation $(72, 984) $( 80, 432) For general reduction of user charges: - Water 3, 558 15, 616 - Recreation 5, 126 348 - Museum 7, 231 7, 345 Total municipal (deficit) $(57, 069) $( 57, 123) 6. RESERVES AND RESERVE FUNDS The total balance of reserves and reserve funds of $45, 307 ( 1990 - $42, 307) and $3, 000 (1990 - Nil) respectively are made up of the following: 1991 1990 Reserve set aside for specific purpose by Council For working capital $42, 307 $42, 307 For waterworks purposes 3, 000 - $45, 307 $42, 307 Reserve funds set aside for specific purpose by Council For acquisition of a fire truck $ 3, 000 $ - 4 - iv CORPORATION OF THE VILLAGE OF PORT BURWELL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 1991 7. CONTRACTUAL OBLIGATION - MINISTRY OF THE ENVIRONMENT In accordance with a service agreement entered into by the Village with the Ministry of Environment, the existing sewage and water systems are owned and operated by the Ministry. The Village is obligated to meet all operating costs and repay the long-term liabilities related to these projects. Included in the "Consolidated Statement of Operations" are the 1991 charges from the Ministry for water of $25, 366 and for sewage of $114, 513. The "Consolidated Balance Sheet" does not reflect any assets or liabilities pertaining to the sewage or water systems except to the extent of service charges due to the Ministry. Information received from the Ministry as at March 31, 1991, indicates the following: Total Outstanding Accumulated 1991 Debt Long-Term (Deficit) Charges Liabilities Water System $( 19, 534) $3, 050 $31, 732 The operating surplus and long-term liabilities indicated above are not reflected in the accompanying financial statements. 5 AUDITORS' REPORT To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Village of Port Burwell: We have audited the balance sheet of the OHRP trust fund of the Corporation of the Village of Port Burwell as at December 31, 1991 and the statements of continuity of trust fund for the year then ended. These financial statements are the responsibility of the Village' 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 OHRP trust fund of the Village of Port Burwell as at December 31, 1991 and the continuity of trust fund for the year then ended in accordance with accounting principles disclosed in note 1 to the financial statements. 447 #1° °(4 Vd4", Chartered Accountants March 12, 1992 6 CORPORATION OF THE VILLAGE OF PORT BURWELL OHRP TRUST FUND STATEMENT OF CONTINUITY YEAR ENDED DECEMBER 31, 1991 1991 1990 BALANCE AT THE BEGINNING OF THE YEAR $111, 374 $117, 859 RECEIPTS Interest earned 1, 718 5, 982 Other 2, 651 2, 531 4, 369 8, 513 DISBURSEMENTS Ontario Home Renewal Program - loans forgiven 2, 318 8,571 Village of Port Burwell - administration fee - - Miscellaneous - 581 Forgiveness of interest - 4,749 Write-offs - 1, 097 2, 318 14, 998 BALANCE AT THE END OF THE YEAR $113, 425 $111, 374 BALANCE SHEET DECEMBER 31, 1991 ASSETS CASH $ 70, 023 $ 65, 928 LOANS RECEIVABLE 43, 402 45, 446 $113, 425 $111, 374 FUND BALANCE ONTARIO HOME RENEWAL PROGRAM $113, 425 $111, 374 The accompanying notes are an integral part of this financial statement. 7 CORPORATION OF THE VILLAGE OF PORT BURWELL OHRP TRUST FUND NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1991 1. ACCOUNTING POLICY Basis of Accounting The accrual basis of accounting is used for the trust fund. 2. ONTARIO HOME RENEWAL PROGRAM The Ontario Home Renewal Program was established by the Ontario Ministry of Housing in 1973 to provide grants for municipalities to make loans to assist owner occupants to repair, rehabilitate and improve their homes to local property standards. Individual loans are limited to $7, 500 of which the maximum forgivable portion is $4, 000. Ontario Home Renewal Program loans receivable at December 31, 1991 comprise repayable loans of $36, 337 (1990 - $36, 063) and forgivable loans of $7, 065 ( 1990 - $9, 383). Loan forgiveness is earned and recorded at a rate of up to $600 per year of continued ownership and occupancy. In the event of the sale or lease of the home or in the event of the homeowner ceasing to occupy the home, the balances of the repayable loan and the unearned forgivable loan immediately become due and payable by the homeowner.