HomeMy WebLinkAboutFinancial Statements 1990 TOWNSHIP OF BAYHAM
ONTARIO
FINANCIAL REPORT
DECEMBER 31, 1990
Doane Raymond Pannell
�Lc�;2
CONTENTS
Consolidated Financial Statements
Auditor's Report 1
Consolidated Balance Sheet 2
Consolidated Statement of Operations 3, 4
Notes to the Financial Statements 5
Trust Funds
Auditor's Report 6
Balance Sheet and Statement of Continuity
of Trust Capital 7
Notes to the Financial Statements 8
Supplementary Statements
Continuity of Accounts for the Street Light Areas 9
Cemetery Boards Balance Sheet and Statement of
Revenue and Expenditure and Accumulated Surplus 10, 11
Recreation and Community Service Boards Balance Sheet
and Statement of Revenue and Expenditure and
Accumulated Surplus 12
Doane Raymond Pannell
6
AUDITOR'S REPORT
To the Members of Council, Inhabitants and Ratepayers of the
Corporation of the Township of Bayham
We have audited the balance sheet of the trust funds of the Corporation of the
Township of Bayham as at December 31, 1990 and the statement of continuity of
trust funds for the year then ended. These financial statements are the
responsibility of the township'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 trust funds of the township as at
December 31, 1990 and the continuity of trust funds for the year then ended
in accordance with the accounting principles disclosed in note 1 to the
financial statements.
"...\.9.7"7"-t-- -1---y1-\4 tet ----9-7-1"--4-
Fort
Fort Erie, Ontario
April 24, 1991 Chartered Accountants
Doane Raymond Pannell
7
TOWNSHIP OF BAYHAM
TRUST FUNDS
BALANCE SHEET
AS AT DECMEBER 31, 1990
Cemeteries Ontario Home
Total Perpetual Care Renewal Plan Decloet
Assets
Cash $ 100,048 $ 90,183 $ 9,865
Investments, at cost
Investment certificates 5,653 $ 5,653
Township of Bayham
debentures 16,459 16,459
Long term loans receivable 20,781 20,781
$ 142,941 $ 106,642 $ 30,646 $ 5,653
Liabilities
Payable to cemetery boards 8,839 8,839
Trust capital
Balance at the end of the year 134,102 97,803 30,646 5,653
$ 142,941 $ 106,642 $ 30,646 $ 5,653
STATEMENT OF CONTINUITY OF TRUST CAPITAL
YEAR ENDED DECEMBER 31, 1990
Balance at the beginning of the year $ 132,162 $ 93,428 $ 33,642 $ 5,092
Receipts
From cemetery boards 4,375 4,375
Interest earned 11,878 9,963 1,354 561
16,253 14, 338 1,354 561
Expenditures
To cemetery boards for
maintenance 9,963 9,963
Loans forgiven 4,350 4,350
14,313 9,963 4,350
Balance at the end of the year $ 134,102 $ 97,803 $ 30,646 $ 5,653
The accompanying notes are an integral part of this financial statement.
Doane Raymond Pannell
8
TOWNSHIP OF BAYHAM
NOTES TO THE TRUST FUNDS FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1990
1. Accounting policies
Basis of Accounting
Capital receipts and income are reported on the cash basis of accounting.
Expenditures are reported on the cash basis of accounting with the exception
of administrative expenses which are reported on the accrual basis of
accounting, which recognizes expenditures as they are incurred and measurable
as a result of the receipt of goods or services and the creation of a legal
obligation to pay.
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 forgiveable portion is $ 4,000.
Ontario Home Renewal Program loans receivable at December 31, 1990 comprise
repayable loans of $ 11,347 (1989, $ 17,387) and forgivable loans of $ 9,434
(1989, $ 13,799) . Loan forgiveness is earned and recorded at a rate up to
$ 600 per year of continued ownership and occupancy. In the event of 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.
3. Investments
The total for investments by the trust funds of $ 22,112 (1989, $ 94,965)
reported on the Balance Sheet at cost, have a market value of $22,112
(1989, $ 94,965) at the end of the year.
Doane Raymond Pannell
9
TOWNSHIP OF BAYHAM
CONTINUITY OF ACCOUNTS FOR THE STREET LIGHT AREAS
YEAR ENDED DECEMBER 31, 1990
Corinth Eden Richmond Straffordville Talbot Total
Account balances at
the beginning of the
year, to be used to
offset taxation $ 839 $ 555 $ 3,445 $ 18,954 $ 343 $ 24,136
Special areas taxation 301 2,700 1,500 5,122 857 10,480
Grant, Province of
Ontario 6,348 6,348
Street light operation
and maintenance (571) (3,433) (1,348) (4,815) (702) (10,869)
Capital expenditure (13,671) (13,671)
Repayment of capital
expenditure to
municipality (1,541) (1,541)
Account balances at the
end of the year, to be
used to offset (or to
be recovered from)
taxation $ 569 $ (178) $ 2,056 $ 11,938 $ 498 $ 14,883
Note
The municipality paid for capital expenditures for street lights for the Richmond
Area in prior years from its consolidated sources of financing. An amount of
$ 1,541 representing principal and interest will be recovered by the municipality
from the Richmond area in 1991.
Doane Raymond Pannell
10
Edison
Calton Claus Dobbie Eden Pioneer
$ 586 $ 776 $ 1,436 $ 6,916 $ -
1,637 277 733 1,687 -
15, 728 2,646 7,000 16,475 10,687
$ 17,951 $ 3,699 $ 9, 169 $ 25,078 $ 10,687
$ 2,223 $ 1,053 $ 2, 169 $ 8,603 $ -
15,728 2,646 7,000 16,475 10,687
$ 17,951 $ 3,699 $ 9, 169 $ 25,078 $ 10,687
$ 200 $ - $ - $ 2,700 $ -
1,500 - 62 -
1,637 277 733 1,687 1,013
24 60 116 623 -
$ 3,361 $ 337 $ 911 $ 5,010 $ 1,013
$ (10) $ - $ 20 $ 16 $ -
_ - 450 2,818 -
2,454 - -
200 - - 945 1,013
2,644 - 470 3,779 1,013
717 337 441 1,231 -
$ 3,361 $ 337 $ 911 $ 5,010 $ 1,013
$ 1,506 $ 716 $ 1, 728 $ 7,372 $ -
717 337 441 1,231 -
$ 2, 223 $ 1,053 $ 2, 169 $ 8,603 $ -
Doane Raymond Pannell
11
Old Port
Burwell
Guysboro Light Baptist Smuck Straffordville Total
$ 9,954 $ 1,338 $ 6,734 $ 1,475 $ 7,032 $ 36,388
1,125 189 321 484 1,776 8,839
3,600 - - - - 3,600
11,295 1,840 3,060 4,770 17, 305 97,801
$ 25,974 $ 3,367 $ 10, 115 $ 6,729 $ 26, 113 $ 146,628
$ 14,679 $ 1,527 $ 7,055 $ 1,959 $ 8,808 $ 48,827
11,295 1,840 3,060 4,770 17,305 97,801
$ 25,974 $ 3,367 $ 10,115 $ 6,729 $ 26,113 $ 146,628
$ 700 $ 35 $ - $ 160 $ 2,100 $ 5,895
- - - - 2,905 2,905
13,205 49 - - 1,216 16,032
1,125 189 321 484 1,776 9,963
1,539 39 571 145 194 3,387
$ 16,569 $ 312 $ 392 $ 789 $ 8,191 $ 38,182
$ 129 $ - $ - $ 2 $ 221 $ 378
1, 170 175 200 350 5,294 11,357
8,125 - - - - 10,579
700 35 - 320 1,050 4,373
10,124 210 200 672 6,565 26,687
6,445 102 692 117 1,626 11,495
$ 16,569 $ 312 $ 892 $ 789 $ 8,191 $ 38,182
$ 8, 234 $ 1,425 $ 6,363 $ 1,842 $ 7,182 $ 37, 332
6,445 102 692 117 1,626 11,495
$ 14,679 $ 1,527 $ 7,055 $ 1,959 $ 8,808 $ 48,827
Doane Raymond Pannell
12
TOWNSHIP OF BAYHAM
RECREATION AND COMMUNITY SERVICE BOARDS
BALANCE SHEET
AS AT DECEMBER 31, 1990
Eden Recreation, Parks
Community and Straffordville
Centre Community Centre
Current assets
Cash $ 675
Receivables $ 3,167
$ 675 $ 3,167
Current liabilities
Bank overdraft $ 965
Accounts payable, trade 2,605
3,570
Accumulated net revenue (deficit) end of year $ 675 (403)
$ 675 $ 3,167
STATEMENT OF REVENUE AND EXPENDITURE
YEAR ENDED DECEMBER 31, 1990
Revenue
Rentals $ 12,700
Income from food and beverages 7, 200
Donations 731
Interest on bank deposits $ 54
Total revenue 54 20,631
Accumulated net revenue, December 31, 1989 621 1,419
Total $ 675 $ 22,050
Expenditure
Wages $ 6,400
Material, supplies, services paid to others 6,965
Heat, electric 9,088
Total expenditure 22,453
Accumulated net revenue (deficit) December 31, 1990 $ 675 (403)
Total $ 675 $ 22,050
Doane Raymond Pannell