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HomeMy WebLinkAboutFinancial Statements 2008 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Financial Statements December 31, 2008 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Financial Statements Year Ended December 31, 2008 Table of Contents PAGE Auditors' Report 1 Consolidated Statement of Financial Position 2 Consolidated Statement of Financial Activities 3 Consolidated Statement of Changes in Financial Position 4 Notes to the Consolidated Financial Statements 5 - 12 Consolidated Schedule of Funds 13 - 15 Consolidated Schedule of Segment Disclosure - Current Fund Operations 16 - 17 Schedule of Segment Disclosure - Current Fund Operations 18 G R A H A M William A.Graham* SCOTT John Scott' R. Alan R.Enns` !P- EN V N A cSL L P Michael S.Stover* Robert B.Foster* •CHARTERED ACCOUNTANTS Betty A.Gropp lames G.Frederick* Phone:(519)633-0700 Fax:(519)633-7009 450 Sunset Drive,St.Thomas,ON NSR 5V1 'Practicing through a professional corporation. www.grahamscottenns.com 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, 2008 and the consolidated statement of financial activities and changes in financial position 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, 2008 and the results of its operations and changes in financial position for the year then ended in accordance with Canadian generally accepted accounting principles. St. Thomas, Ontario 91141MM Sce tt goad ZIP March 5, 2009 CHARTERED ACCOUNTANTS Licensed Public Accountants - 1 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Statement of Financial Position As At December 31, 2008 2008 2007 $ $ ASSETS Financial Assets Cash and short term deposits 3,981,136 2,847,181 Taxes receivable 645,533 551,228 Accounts receivable 373,276 409,813 Other current assets 29,358 24,892 TOTAL ASSETS 5,029,303 3,833,114 LIABILITIES Liabilities Deferred revenue - obligatory reserve funds (note 7) 109,745 169,410 Accounts payable and accrued liabilities 414,590 497,679 Net long-term liabilities (note 4) 698,304 875,502 1,222,639 1,542,591 MUNICIPAL POSITION FUND BALANCES (NOTE 5) Current fund(page 13) 21,722 52,728 Capital fund (page 14) 632,772 550,760 Reserves (page 15) 3,022,485 1,957,987 Reserve funds (page 15) 827,989 604,550 4,504,968 3,166,025 AMOUNTS TO BE RECOVERED From future revenues (698,304) (875,502) TOTAL MUNICIPAL POSITION 3,806,664 2,290,523 TOTAL LIABILITIES AND MUNICIPAL POSITION 5,029,303 3,833,114 See accompanying notes to the consolidated financial statements. - 2 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Statement of Financial Activities Year Ended December 31, 2008 2008 2007 $ $ REVENUES Property taxation 2,583,978 2,460,937 Taxation from other governments 50,255 47,910 User charges 1,452,928 1,362,275 Government grants 2,923,433 2,380,876 Contribution from developers 70,074 48,038 Investment income 123,836 98,702 Penalties and interest on taxes 78,712 69,840 Recoveries from benefiting landowners 306,153 272,171 Other 33,960 66,926 Total Revenues 7,623,329 6,807,675 EXPENDITURES Current General government 600,431 586,747 Protection to persons and property 1,093,245 1,085,479 Transportation services 1,389,623 1,215,040 Environmental services 1,244,117 1,194,293 Health services 177,699 88,146 Social and family services 7,462 6,702 Recreation and cultural services 268,673 261,534 Planning and development 172,924 180,097 Total current expenditures 4,954,174 4,618,038 Capital General government 25,206 42,312 Protection to persons and property 22,075 76,111 Transportation services 830,364 779,364 Environmental services 44,716 47,489 Health services 1,950 3,157 Recreation and cultural services 186,031 228,877 Planning and development 42,672 60,396 Total capital expenditures 1,153,014 1,237,706 Total Expenditures 6,107,188 5,855,744 NET REVENUES/(EXPENDITURES) 1,516,141 951,931 Decrease in amounts to be recovered (177,198) (167,333) CHANGE IN FUND BALANCES 1,338,943 784,598 See accompanying notes to the consolidated financial statements. - 3 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Statement of Changes in Financial Position Year Ended December 31, 2008 2008 2007 $ $ OPERATIONS Net revenues 1,516,141 951,931 Uses: Increase in taxes receivable (94,305) - Increase in accounts receivable - (27,145) Increase in other current assets (4,466) - Decrease in accounts payable and accrued liabilities (83,089) - Decrease in deferred revenue - obligatory reserve funds (59,665) (39,082) (241,525) (66,227) Sources: Decrease in taxes receivable - 53,754 Decrease in accounts receivable 36,537 - Decrease in other current assets - 2,392 Increase in accounts payable and accrued liabilities - 156,801 36,537, 212,947 Net change in cash from operations 1,311,153 1,098,651 FINANCING Long-term debt repayment (177,198) (167,333) Net change in cash from financing (177,198) (167,333) NET CHANGE IN CASH AND CASH EQUIVALENTS 1,133,955 931,318 OPENING CASH AND CASH EQUIVALENTS 2,847,181 1,915,863 CLOSING CASH AND CASH EQUIVALENTS 3,981,136 2,847,181 See accompanying notes to the consolidated financial statements. - 4 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2008 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 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 reflect the assets, liabilities, revenues, expenditures and fund balances 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 owned or controlled by the Municipality. These financial statements include: -Various Community Centre Boards -Various Cemetery Boards - Museum Board Inter-departmental and inter-organizational transactions and balances between these organizations are eliminated. The following joint local board is not consolidated: (see Note 2 and 8) Elgin Area Primary Water Board Port Burwell Secondary Water System Fund Accounting Funds within the consolidated financial statements consist of current, capital and reserve funds. Transfers between funds are recorded as adjustments to the appropriate municipal fund balance. Trust funds and their related operations administered by the municipality are not included in these financial statements but are reported on separately on the Trust Funds Statement of Continuity and Balance Sheet. Capital Assets Expenditures made on capital assets are reported as capital expenditures on the statement of financial activities in the period incurred. - 5 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2008 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Reserves and Reserve Funds Certain amounts, as approved by Municipal Council, are set aside in reserves and reserve funds for future operating and capital purposes. Transfers to and/or from reserves and reserve funds are an adjustment to the respective fund when approved. Government Transfers Government transfers are recognized in the financial statements as revenues in the period in which events giving rise to the transfer occur providing the transfers are authorized, any eligibility criteria have been met, and reasonable estimates of the amounts can be made. Deferred Revenue Deferred revenues represent user charges and fees which have been collected but for which the related services have yet to be performed. These amounts will be recognized as revenues in the fiscal year the services are performed. Use of Estimates The preparation of financial statements in conformity with Canadian generally accepted accounting principles require 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 expenditures during the period. Actual results could differ from these estimates. 2. CONTRIBUTIONS TO UNCONSOLIDATED JOINT BOARDS Further to Note 1, the Municipality contributed $105,281 in the current year (2007 - $96,498) to the Elgin Area Primary Water Board. The Municipality is contingently liable or has contingent gains for its share of any deficit/surplus, reserves/reserve funds and long-term liabilities which may arise or be incurred by the Elgin Area Primary Water Board. See Note 8 for further disclosure on the Elgin Area Water Board. - 6 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2008 3. OPERATION OF SCHOOL BOARDS AND THE COUNTY OF ELGIN During 2008, 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 1,374,561 2,290,022 Share of payments in lieu of taxes - 21,019 Amounts requisitioned 1,374,561 2,311,041 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: 2008 2007 $ $ Total long-term liabilities incurred by the municipality, including those incurred on behalf of benefiting landowner 698.304 875,502 Principal repayments are summarized as follows: 2009 2010 2011 2012 2013 Beyond Total Recoverable From $ $ $ $ $ $ $ General tax revenue - - - - - -Benefiting landowners 184,386 196,162 208,510 109,246 - - 698,304 184,386 196,162 208,510 109,246 - - 698,304 - 7 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2008 4. NET LONG-TERM LIABILITIES (CONTINUED) 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 2008 amounted to $ 52,227 (2007 - $63,180) 5. MUNICIPAL FUND BALANCES AT THE END OF THE YEAR The Municipality's fund balances are comprised of the following: 2008 2007 S $ For general reduction of taxation: Municipality 30,000 72,294 Cemetery boards 88,523 90,236 Benefiting landowners (96,801) (109,802) 21,722 52,728 For acquisition of fixed assets 632,772 550,760 Reserves 3,022,485 1,957,987 Reserve funds 827,989 604,550 4,504,968 3,166,025 6. TRUST FUNDS Trust funds administered by the municipality amounting to $228,800 (2007 - $225,879) have not been included in the Consolidated Balance Sheet nor have their operations been included in the Consolidated Statement of Operations. - 8 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2008 7. 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: 2008 2007 $ $ Development Charges 4,128 11,229 Gasoline tax 82,541 108,141 Parkland 23.076 50,040 109.745 169,410 8. CONTRACTUAL OBLIGATION-CITY OF LONDON/ONTARIO CLEAN WATER In accordance with a service agreement entered into by the Municipality with the Ontario Clean Water Agency (OCWA) the existing Elgin Area Primary Water Supply System is owned and operated by the Agency. The municipality is obligated to meet its share of the operating costs and deficits and repay its share of the long-term liabilities related to these projects. The municipality's share is based on its water consumption relative to that of the other participating municipalities. As of September 1, 1998, the municipality has authorized the City of London to take over the administrative functions of the Primary Water Supply System including the issuance of debt to pay out the balance of debt and accumulated deficit of the participating municipalities. Charges related to operating costs and debt servicing are recovered through the water rates levied by the Municipality. Information received from the City of London as at December 31, 2008 indicates the following: Outstanding Contractual Accumulated 2008 Debt Long-term Obligation Surplus Charges Liabilities Primary Water Supply System City of London 97,487 7,413 54.078 The operating surplus and long-term liabilities indicated above are not reflected in the accompanying financial statements. - 9 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2008 9. BUDGET FIGURES The Council of the Municipality of Bayham completes separate budget reviews for its operating and capital funds each year. The approved 2008 operating and capital budgets are reflected on the respective schedules of operations. Funding for the capital projects is made by transfers from reserve and operating funds, application of associated grants, and the use of other funds available to apply to capital projects. During 2008, Council approved transfers totaling $718,568 (2007 - $740,573) from reserve and reserve funds for capital projects. As many capital projects are carried out over one or more years, the annualized budget information on the Consolidated Schedule of Capital Operations represents the budget portion of expenditures for the current year only. 10. PUBLIC SECTOR SALARY DISCLOSURE In 2008, 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. 11. SUPPLEMENTARY INFORMATION: 2008 2007 $ $ Current fund expenditures by object: Salaries, wages and employees benefits 1,708,461 1,607,188 Long-term debt interest expense 52,227 62,692 Materials 1,621,925 1,490,144 Contracted services 1,534,380 1,431,090 Transfer to others 37,181 26,924 4,954374 4,618,038 - 10 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2008 12. 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. 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 2. For additional information see the Consolidated Schedule of Segment Disclosure — Current Fund Operations and Schedule of Segment Disclosure—Current Fund Operations. - 11 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Notes to the Consolidated Financial Statements Year Ended December 31, 2008 13. NEW ACCOUNTING PRONOUNCEMENTS Recent accounting pronouncements with regard to Section 3150 of the Public Sector Accounting Board Handbook which requires governments to record and amortize their tangible capital assets on their financial statements must be implemented by the Municipality for the fiscal year ending December 31, 2009. In addition, revenue from contributed assets and government grants and transfers relating to capital acquisitions will be included in income. The Municipality has currently finished compiling listings of all tangible assets. At this time approximately fifty percent of historical costs and cumulative amortization values have been established but no asset category has been finished to completion. The Municipality has drafted proposed policies for capitalization and amortization and identified the software package they will be utilizing to track and amortize their tangible assets in future years. - 12 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Schedule of Current Fund Operations Year Ended December 31, 2008 Unaudited Budget 2008 2008 2007 $ $ $ REVENUES Property taxation 2,566,631 2,583,978 2,460,937 Taxation from other governments 50,255 50,255 47,910 User charges 1,287,756 1,247,014 1,306,545 Government grants 1,708,429 1,857,058 1,780,143 Investment income 60,000 121,262 85,024 Penalties and interest on taxes 70,000 78,712 69,840 Recoveries from benefiting landowners 227,993 243,754 249,314 Other 10,379 14,445 3,908 Total Revenues 5,981,443 6,196,478 6,003,621 EXPENDITURES General government 597,498 600,431 586,747 Protection to persons and property 1,233,607 1,093,245 1,085,479 Transportation services 1,293,617 1,389,623 1,215,040 Environmental services 1,271,881 1,244,117 1,194,293 Health services 92,094 177,699 88,146 Social and family services 7,700 7,462 6,702 Recreation and cultural services 298,559 268,673 261,534 Planning and development 186,782 172,924 180,097 Total Expenditures 4,981,738 4,954,174 4,618,038 NET REVENUES/(EXPENDITURES) 999,705 1,242,304 1,385,583 FINANCING AND TRANSFERS Transfers to reserves and reserve funds (156,667) (306,108) (355,596) Transfers to capital fund (718,568) (790,004) (787,426) Debt principal repayment (177,198) (177,198) (167,333) Net financing and transfers (1,052,433) (1,273,310) (1,310,355) CHANGE IN CURRENT FUND BALANCE (52,728) (31,006) 75,228 OPENING CURRENT FUND BALANCE 52,728 52,728 (22,500) CLOSING CURRENT FUND BALANCE - 21,722 52,728 - 13 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Schedule of Capital Fund Operations Year Ended December 31, 2008 Unaudited Budget 2008 2008 2007 $ $ $ REVENUES Government grants 112,222 1,066,375 600,733 Contribution from developers - 70,074 16,498 Sale of assets - 19,515 63,018 Benefiting landowners - 62,399 22,857 Other 188,158 205,914 55,730 Total Revenues 300,380 1,424,277 758,836 EXPENDITURES General government 36,100 25,206 42,312 Protection to persons and property 14,000 22,075 76,111 Transportation services 708,543 830,364 779,364 Environmental services 573,500 44,716 47,489 Health services 5,000 1,950 3,157 Recreation and cultural services 154,141 186,031 228,877 Planning and development 163,856 42,672 60,396 Total Expenditures 1.655,140 1,153,014 1,237.706 NET REVENUES/(EXPENDITURES) (1,354,760) 271,263 (478,870) FINANCING AND TRANSFERS Net transfers from (to)reserves and reserve funds 72,431 (979,255) 188,621 Transfers from operating fund 718,568 790,004 787,426 Net financing and transfers 790.999 (189,251) 976,047 CHANGE IN CAPITAL FUND BALANCE (563,761) 82,012 497,177 OPENING CAPITAL FUND BALANCE 550.760 550,760 53,583 CLOSING CAPITAL FUND BALANCE (13,001) 632,772 550,760 - 14 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Schedule of Reserves and Reserve Funds Year Ended December 31, 2008 2008 2007 $ $ REVENUES Contribution from developers - 31,540 Investment income 2,574 13,678 Net revenues 2,574 45,218 FINANCING AND TRANSFERS Net transfers from (to) capital fund 979,255 (188,621) Net transfers from (to) current fund 306,108 355,596 Net transfers 1,285,363 166,975 CHANGE IN RESERVE AND RESERVE FUND BALANCES 1,287,937 212,193 OPENING RESERVE AND RESERVE FUND BALANCE 2,562,537 2,350,344 CLOSING RESERVE AND RESERVE FUND BALANCE 3,850,474 2,562,537 ANALYZED AS FOLLOWS: Reserves set aside for specific purposes by Council: - for working capital 384,153 374,153 - for capital purposes 1,487,644 551,201 - for waterworks purposes 16,693 (7,256) - for rate stabilization 602,670 611,670 - for other purposes 531,325 428,219 Total reserves 3,022,485 1,957,987 Reserve funds set aside for specific purposes by Council: - for construction of sanitary sewers 730,644 530,314 - for recreation and cultural service purposes 90,366 67,539 - for other purposes 6,979 6,697 Total reserve funds 827,989 604,550 TOTAL RESERVES AND RESERVE FUNDS 3,850,474 2,562,537 - 15 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Schedule of Segment Disclosure - Current Fund Operations 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 - 296,109 1,247,014 Government transfer 3,900 385,424 1,467,734 1,857,058 Other 227.452 3.190 227.531 458,173 1.182.257 1.312.374 3.701.847 6,196,478 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 213,510 814,644 593,771 1,621,925 Contracted services 300,101 99,295 1,134,984 1,534,380 Transfer to others - - 37.181 37,181 817.590 1.389.622 2.746.962 4,954,174 NET REVENUES (EXPENSE) BEFORE FINANCING AND TRANSFERS 364,667 (77,248) 954,885 1,242,304 FINANCING AND TRANSFERS (364,667) - (908.643) (1,273,310) NET REVENUE (EXPENSE) FOR THE YEAR - (77.248) 46.242 (31,006) - 16 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Consolidated Schedule of Segment Disclosure - Current Fund Operations December 31, 2007 Water and Other Funds & Total Waste Funds Roads Corporation Consolidated $ $ $ $ REVENUE Taxation - 908,810 1,600,037 2,508,847 Sales of service and regulatory fees 920,782 - 385,763 1,306,545 Government transfer - 370,677 1,409,466 1,780,143 Other 208,764 2,454 196,868 408,086 1,129,546 1,281,941 3,592,134 6,003,621 EXPENSES Salaries, wages and employee benefits 245,876 412,737 948,575 1,607,188 Long-term debt interest expense 60,708 - 1,984 62,692 Materials 202,473 710,433 577,238 1,490,144 Contracted services 298,139 91,870 1,041,081 1,431,090 Transfer to others - - 26,924 26,924 807,196 1,215,040 2,595,802 4,618,038 NET REVENUES BEFORE FINANCING AND TRANSFERS 322,350 66,901 996,332 1,385,583 FINANCING AND TRANSFERS (322350) - (988.005) (1,310,355) NET REVENUE (EXPENSE) FOR THE YEAR - 66,901 8,327 75,228 - 17 - THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Schedule of Segment Disclosure -- Current Fund Operations Year Ended December 31, 2008 Unaudited Budget Actual Actual WATER AND WASTE WATER 2008 2008 2007 $ $ $ Revenue Sales of services and regulatory fees 1,015,598 950,905 920,782 Government transfers - 3,900 - Benefiting land owners 219,943 206,397 206,964 Other 10,000 21,055 1,800 Total Revenues 1,245,541 1,182,257 1,129,546 Expenditures Salaries, wages and employees benefits 254,422 253,379 245,876 Long-term debt interest expense 50,600 50,600 60,708 Materials 243,896 213,510 202,473 Contracted services 302,280 300,101 298,139 Transfer to others funds 225,000 195,324 163,115 Principal repayment 169,343 169,343 159,235 Total Expenditures 1,245,541 1,182,257 1,129,546 Net Surplus (Deficit) - - - Unaudited Budget Actual Actual ROADS 2008 2008 2007 $ $ $ Revenue Taxation 923,760 923,760 908,810 Government transfers 369,857 385,424 370,677 Other - 3,190 2,454 Total Revenues 1,293,617 1,312,374 1,281,941 Expenditures Salaries, wages and employees benefits 508,930 475,683 412,737 Materials 700,187 814,644 710,433 Contracted services 84,500 99,295 91,870 Total Expenditures 1,293,617 1,389,622 1,215,040 Net (Deficit) Surplus - (77,248) 66,901 - 18 -