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1 > 1 The Canadian Statesman, Bowmanville, Wednesday, August 25,1993 21 ONTARIO Corporation of the Town of Newcastle Consolidated 1992 Financial Statements EFFECTIVE JULY 1, 1993 THE NAME THE CORPORATION OF THE TOWN OF NEWCASTLE HAS BEEN CHANGED TO THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON AUDITORS' REPORT To the Members ol Council, Inhabitants and Ratepayers ol the Corporation ol the Town ol Newcastle: Wo have audited the consolidated balance sheet ol Ihe Corporation Of the Town ol Newcastle as at December 31, 1992 and the consolidated statement ol operations lor Ihe year then ended. These linancial statements are Ihe responsibility ol Ihe Town's management. Our responsibility is to express an opinion on these financial statements based on our audit. .Wo conducted our audit in accordance with generally accepted auditing standards. Those standards require that wo plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a tost basis, evidence supporting tho amounts and disclosures in tho financial statements. An audit also includes assessing tho accounting principles used and significant estimates made by management, as well as evaluating the overall linancial statement presentation. In our opinion, those linancial statements present fairly, in all material respects, Ihe linancial position ol tho Town as at December 31, 1992 and the results of its operations for the year then ended in accordance with accounting principles disclosed in Nolo 1 to tho linancial statements. Dcloittc fi Touche Chartered Accountants April 30, 1993 TOWN OF NEWCASTLE CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31.1992 (b) SOURCES OF FINANCING Taxation and user charges Residential and farm taxalion Commercial, industrial and business taxation Taxalion from other governments User charges Deduct - Amounts received or recel vablo lor region and school boards (Note 2) Grants Government ol Canada Province ol Ontario Other Contributions from developers Investment income Sale ol land and equipment Penalty and interest on taxes Fines Recreational land - cash-.in-liou Donations and contributions from . others MUNICIPAL FUND BALANCES, BEGINNING OF YEAR (Note?) To bo used to offset taxation or user charges Unexpended capital financing TOTAL FINANCING AVAILABLE DURING THE YEAR APPLIED TO Current operations (Note 9 and 12) General government Protection to persons and property Transportation services Environmental services Health services Recreation and cultural services Planning and development Capital General government Protection to persons and properly Transportation services Environmental services Heallh services Recreation and cultural services Planning and development NET APPROPRIATIONS TO RESERVES AND RESERVE FUNDS MUNICIPAL FUND BALANCES, END OF YEAR (Note 7) To bo used to ollsot taxation or user charges Unexpended capital financing TOTAL APPLICATIONS DURING THE YEAR Actual 1992 Actual 1991 .$41,686,737 $38,711,390 10,407,361 8,841,701 1,710,763 1,642,597 2,828,624 i- 2,667,302 (39,537,328) (36,490,177) 3,801 4,663 3,895,054 3,780,614 2,930536 4,418,331 1,842,945 2,054,802 20,098 100 908,018 719,241 2,424 129 127,718 755,400 575,977 854,788 2,484,907 1,905,021 85.930 84.514 $29.973.365 $29,950,416 1 $3,500.096 $3,413,279 2,698,131 2,365,271 5,087,654 5,101,464 1,167,253 1,067,649 121,060 101,544 4,447,980 4,404,577 1,469.999 1,350,256 18,492,173 17,814,040 229,453 387,745 50,711 78,762 3.584,447 3,206,397 4,250 -- 18,413 23,331 1,013,696 1,602,461 191.386 69,144 5,092,356 5,367,840 3,946.001 4,197,699 2,350,652 2,484,907 92,183 85,930 $29,973,365 $29.950.416 boards and tho Region ol Durham are not reflected in tho "Municipal Fund Balances" ol those linancial statements. Overlevics (undorlovios) are reported on the "Consolidated "Consolidated Balance Shoot" as "other current liabilities" ("other current current assets"). (iv) Trust tends and their related operations administered by tho municipality are not consolidated, but are reported separately on tho "Trust Funds Consolidated Statement ol Continuity and Consolidated Balance Sheet". Basis of Accounting (I) Sources ol financing and expenditures are reported on the accrual basis ol accounting with the exception ol principal principal charges on long-term liabilities which are charged against operations in the periods in which Ihey are paid, (ii) Tho accrual basis ol accounling recognizes revenues as they become available and measurable; expenditures are recognized as they are incurred and measurable as a result result ol receipt ol goods or services and Ihe creation ol a legal obligation to pay. (ill) Fixed Assets The historical cost and accumulated depreciation lor fixed assets are not recorded lor municipal purposes. Fixed assets are reported as an expenditure on the "Consolidated "Consolidated Statement ol Operations" in the year ol acquisition. acquisition. (iv) Capital Outlay to be Recovered in Future Years "Capital outlay to be recovered In future years," which represents Ihe outstanding principal portion ol unmatured long-term liabilities lor municipal expenditures or capital funds transferred to other organizations, is reported on the "Consolidated Balance Sheet". OPERATIONS OF SCHOOL BOARDS AND THE REGION OF DURHAM Further to Note 1 (a) (iii), the taxation, grants, other revenues, expenditures and overlovies (underlovies) ol the school boards and Ihe Region ol Durham are comprised ol the following: Taxation and user charges Requisitions Overlevies (Underlovies) lor current year (b) Approval ol Ihe Ontario Municipal Board has been obtained lor the pending issue ol long-term liabilities and lor those commitments to be financed from revenues beyond the term ol Council. (c) The balance available lor the general reduction ol taxation lor the fiscal year ending December 31, 1992 has been reduced reduced (increased) by an amount ol $112,017 (1991 - $497,213) transferred to tho Reserves and Reserve Funds as authorized by Report «TR-50-93, dated June, 1993, as follows: Mame-Pf Reserve/Reserve Fund Amount nl Transfer Professional Fees Reserve ' -- Tax Write-oll Reserve General Capital Reserve Fire Department Equipment Reserve Reserve Fund lor Parkland Cash in lieu Reserve Fund lor Courtice Library Reserve Fund lor Courtice Community Complex $ 55,500 (18,746) 38,991 (20,000) 25,272 5,000 25,000 $ 112,017 Had this reduction not been made, tho balance available for the general reduction ol taxation would have shown a surplus surplus ol $2,439,021 (1991 -$2,921,600). , RESERVES AND RESERVE FUNDS The tolal balances ol reserves and reserve tends ol $5,313,401 (1991 - $4,604,507) and $17,157,595 (1991 - $13,920,518), respectively, are made up of tho following: 1992 Overlovies, beginning ol year Overlevics, end ol year School Boards Region $29,621,844 $ 9,915,484 29.614.554 ■1IL479.845 7,290 (564,361) 62 1.908,312 $ 7,352 $ 1,343,951 3. TRUST FUNDS Trust funds administered by the municipality amounting to $313,883 (1991 -$293,240) have not been included in the "Consolidated "Consolidated Balance Sheet" nor have their operations been included included In the "Consolidated Statement ol Operations". 4. PENSION AGREEMENTS The municipality makes contributions to tho Ontario Municipal Employees' Retirement Fund (OMERS), which Is a multiemployer multiemployer plan, on behalf ol 184 members (1991 - 185 members) members) of its staff. The plan Is a defined benefit plan which specifies specifies the amount ol the retirement benefit to be received by the employees based on the length ol service and rates ol pay. The amount contributed to OMERS lor 1992 was $433,066 (1991 - $353,324) lor current service and is included as an expenditure expenditure on the "Consolidated Statement ol Operations" 5. LIABILITY FOR VESTED SICK LEAVE BENEFITS Under the sick leave benefit plan, unused sick leave can accumulate accumulate and employees may become entitled to a cash payment when Ihey leave the municipality's employment alter live years ol continuous employment. Tho liability for these accumulated days, to tho extent that they have vested and could be taken in cash by an employee on terminating, terminating, amounted to $542,941 (1991 - $616,443) at the end ol tho year. An amount ol $257,894 (1991 - $273,764) has been provided lor this past service liability and is reported on tho "Consolidated Balance Shoot", included in reserves. An amount ol $65,870 (1991 - $57,721) was transferred Irom tho reserve to assist in financing payments made during the current year and is reported on the "Consolidated Statement ol Operations" and is included in "Not appropriations to reserves and reserve tends". The anticipated payments over tho next live years to employees who are eligible to retire are: 0222 1324 JS25 4223 1S2Z Total -- -- -- $24,122 $24,988 $49.110 Reserves set aside lor spocilic purpose by Council lor: Working capital Tax write-oll Sick leave Other cultural Acquisition ol fixed assets Building Maintenance and Construction Technical Services Legal/Consulting Issues Community Services Development Election Expenses Reserve funds set aside for specific purpose by Council for: Courtice O.H.A.P. Recreation programs and lacilitios Debonluro repayment Industrial development Other cultural Acquisition ol fixed assets Bowmanville Waterfront ■ Municipal Housing Study Newcastle Waterfront Study Bowmanville GO Rail $ 733,798 212,773 257,894 48,664 3,263,476 14,474 9,486 712,866 10,000 50.000 $ 29,249 682,112 690,208 350,900 143,474 872,723 16,942 5,946 76,120 6,544 2,874,218 1991 ! 754,898 231,518 273,764 40,588 2,314,584 10,474 9,486 934,195 10,000 25900 168,247 302,947 The Town commenced an action against a local company lor a declaration and injunction to restrain an unapproved business activity. A counter claim has been submitted to the Town ol Newcastle by this company, alleging damages and pumtivu damages related to an interlocutory injunction. Tho outcome ol this action is not yet determinable and accordingly no provision has been made in Ihe linancial statements lor any liability that my result. 12.BUDGET FIGURES Budgets established lor capital funds, reserves and reserve funds are based on a project-oriented basis, the costs ol which may be carried out over one or more years. As such, they are not directly comparable with current year actual amounts and budgets have, therefore, not been reflected on the "Consolidât- cd Statement of Operations". CONSOLIDATED STATEMENT OF CURRENT OPERATIONS YEAtLENDED DECEMBF^' 31 SOURCES OF FINANCING^' 1 " 2 Net municipal taxation $14,102,716 $14.267,533 $12 705 511 User charges Grants . Government ol Canada Province ol Ontario Other Investment income Penally and interest on taxes Donations Other 2.586,662 2.725,455 2,574.984 150 3,801 4,663 2,441,311 2,545,949 2,867.643 622.231 797.995 1.021,655 500,000 908,018 719,241 2,246 3,220 25.294 1.000 2.424 129 20,256,316 21.254,395 19.919.120 MUNICIPAL FUND BALANCES AT BEGINNING OF YEAR, TO BE USED TO OFFSET (TO BE RECOVERED FROM) TAXATION OR USER CHARGES Town Library Special areas Recreation, community centres and arena boards Central business district improvement areas Museums TOTAL FINANCING AVAIL ABLE DURING THE YEAR $21,017.958 $23,739.302 $21 824 141 APPLIED TO - 700,000 2.424,387 1.773,335 137 (985) 13.823 (35,853) (35.853) (11,909) 72,769 72.769 96,973 9,070 9,070 20,233 15.519 15.519 12.566 Reserve tends set aside lor specilic purpose by legislation, regulation or agreements: Park purposes 2,511,667 Lot levies and road contributions 9,981,034 Parking facilities 231,256 '228986 Development Charges 1,559,420 14,283.377 11,416,536 517,157,595 $13,920,518 9. CHARGES FOR NET LONG-TERM LIABILITIES Total charges lor tho year lor net long-term liabilities which are reported on the "Consolidated Statement ol Operations" are as 550,727 328,945 General government Protection to persons $ 3,449,739 $ 3,500,098 $3,413,279 171,693 and property 2,625,836 2,698,131 2,365,271 749,291 Transportation services 5,320,714 5,087,654 5,101,464 35,111 Environmonlal services 1,179,991 1,167,253 1^067,649 5,573 191,448 Heallh services Recreation and cultural 122,394 121,060 101,544 2,503,982 services Planning and development NET APPROPRIATIONS 4,516,538 1.479.620 18,694,832 4,447,980 1,469.999 i 8,492,173 4,404,577 1.360,256 17,814,040* 2,381,438 TO OTHER FUNDS •2,230,612 2,896,477 1,525,194 MUNICIPAL FUND BALANCES AT END OF YEAR, TO BE USED TO OFFSET (TO BE RECOVERED FROM) TAXATION OR USER CHARGES ' Town follows: Principal payments Interest 1992 $289,022 520,868 1991 $285,706 544,719 $809,890 $830,425 Library Special areas Recreation, community centre and arena boards Central business district improvement areas Museums TOTAL APPLICATIONS DURING THE YEAR $21.017.958 81,811 11,384 ■( 681) 2,327,004 14,695 (83,561) 81,811 11,384 ■ ( 681) 2,424,387 ( 985) (35,853) 72.769 9,070 15,519 1992 1991 Tho accompanying notes are an integral part ol this linancial statement. CONSOLIDATED BALANCE SHFFT DECEMBER 31.1987 1352 ASSETS UNRESTRICTED Cash Taxes receivable User charges receivable Accounls receivable Other current assets RESTRICTED Cash Duo Irom own tends Accounls Receivable I CAPITAL OUTLAY FINANCED BY LONG-TERM LIABILITIES AND TO BE RECOVERED IN FUTURE YEARS (Note 1 (b)) $ 4,638,845 6,328,599 599,961 840,295 487.90? 12,895,602 1991 $ 6,826,880 4,854,662 590,352 1,511,417 -- 481.133 14,264,644 CURRENT LIABILITIES Accounts payable and accrued liabilities Other current liabilities NET LONG-TERM LIABILITIES (Note 6) Contingencies (Note 11) FUND BALANCES, END OF YEAR To be used lo ollsot taxation or user charges (Note 7) Unexpended capital financing (Note 7) Reserves (Note 8) Reserve tends (Nolo 8) 15,917,598 12,133,120 665,380 1,552,587 574,61Z 224m 17.157.595 13.920 518 5.005.682 £.294.703. $35.058.879 $33.479.665 $ 1,892,069 $2,838,619 3 247 ?67 4 250 681 6. NET LONG-TERM LIABILITIES ' (a) The balance of not liabilities reported reported on the "Consolidated Balance Balance Sheet" is made up ol tho following: following: Tolal long-term liabilities incurred by the municipality including those incurred on behalf ol school boards, other municipalities municipalities and tho Newcastle Hydro Electric Commission and outstanding outstanding at tho end ol the year amount to $ 303,512 $ 371,690 In addition, tho municipality has assumed responsibility lor payment payment ol principal and Interest charges on certain long-term liabilities liabilities issued by other municipalities. municipalities. At tho end ol tho year, tho outstanding principal amount ol this liability Is Ol the long-term liabilities shown above, tho responsibility lor payment payment of principal and interest charges has been assumed by school boards, tho Newcastle Hydro Hydro Electric Commission, and other other municipalities. At tho end ol tho year, tho outstanding principal principal amount ol this liability is Ol tho long-term liabilities shown above, tho responsibility lor payment payment ol principal and interest charges lor tile drainage and shoreline property assistance loons has boon assumed by Individuals. Individuals. At tho end ol tho year, tho outstanding principal amount ol this liability is Not long-term liabilities, end ol year Tho charges lor long-term liabilities assumed by the non- consolidatod entities or by individuals in the caso ol tile drainage and shorolino property assistance loans aro not reflected in those statements. 10. AGREEMENT Ontario Hydro In connection with* the Darlington Generating Station Project, Ontario Hydro agreed* tô'cohtribüle approximately $3 million plus accrued interest toward the cost of roads, water, sewer services and other expenditures incurred by the municipality during tho construction period. These tends are held by Ontario Hydro in two separate accounls, one account entitled Station Account "A" relating to the construction ol water mains, sanitary sowers arid storm sowers and one entitled Station Account "B" relating lo other linancial obligations under tho above agreement. Tho residual amount, II any, in Station Account "A" at tho termination ol this agreement shall not bo paid to tho Town. Tho residual amount, if any, in Station "B" at tho termination of this agreement shall bo paid to the Town, subject to certain specified conditions being mot by tho Town. Tho balance ol tho tends, including interest earned less payments made to tho Town of Nowcastlo to date, amounted lo approximately $3,220,000 in account "A' and $1,380,000 in account "B" at December 31, 1992 (1991 - Account "A" - $3.200,000/Account "B" -$1,200,000) 5,810,426 6,206,788 11.CONTINGENCIES A delay claim has boon submitted to tho Town by a contractor relating to the reconstruction ol tho Town Hall. As ol April 30, 1993 legal action has not boon commenced against tho Town! The outcome of this action is not yet determinable and accordingly accordingly no provision has boon made in tho linancial statements lor any liability that may result. AUDITORS' REPORT To the Members ol Council, Inhabitants and Ratepayers ol the Corporation ol the Town ol Newcastle: We have audited tho balance shoot ol the bust tends ol tho Corporation Corporation ol tho Town ol Nowcastlo os at Docombor 31, 1902 and tho statement ol continuity ol trust tends lor tho year then ended. Those linancial statements are Ihe responsibility ol the Town's management. Our responsibility is lo express an opinion on those linancial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform perform an audit to obtain reasonable assurance whether the linancial statements are free ol material misstatement. An audit includes examining, examining, on a test basis, evidence supporting the amounts and disclosures disclosures in the financial statements. An audit also includes assessing assessing the accounting principles used and significant estimates made by management, as well as evaluating tho overall linancial statement statement presentation. In our opinion, those linancial statements present (airly, in all material material respects, tho linancial position ol tho trust tends lor the Corporation Corporation of tho-Town ol Nowcastlo as at Docombor 31, 1992 and tho continuity of trust tends for tho year then ended in accordance with accounting principles disclosed in Note 1 to tho linancial statements. statements. Doloitto & Touche Chartered Accountants April 30,1993 (1.021,426) (1,161,475) Tolal 5,139,336 7,089,300 5.005,682 5,294,703 2,350,652 2.484,907 (85,830) (122,300) $5,005,682 $5.294,703 TOWN OF NEWCASTLE TRUST FUNDS STATEMENT OF CONTINUITY „ YEAR ENDED DECEMBER 31.1992 Bowmanville Bondhoad Trull Advent Lovokin Ontario Cemetery Cemetery Cemetery Cemetery Cemetery Homo Perpetual Perpetual Perpetual Perpetual Perpetual Vandorvoor Monbguo Renewal Cam £ûQ2 CiUC Parc Cam Legacy Trust Program Election Surplus Bind (b) Ol tho not long-term liabilities reported in (a) ol this note, $1,718,682 in principal payments are payable Irom 1993 to 1997; $2,608,000 Irom 1998 lo 2002; and $679,000 there- alter and aro summarized as follows: BALANCE BEGINNING OF YEAR $223.240, $177640 $17.116 CAPITAL RECEIPTS Ccmotorios Other INTEREST EARNED SLZZi $.9.18 $10.002 $1.892 $26.913 $56 987 $ -- 02,183 5,313,431 1ZJ21525 $35058 879 85,930 4,604,507 13.920518 $33 479 865 Tho accompanying notes are an integral part ol this financial slaloment HQIESICLTllE.COflSOUDATED.niUAIlClALSIAIEMEtiI5 DECEMUCR.il ,.1392. 1. ACCOUNTING POLICIES Tho consolidated financial statements ol tho Corporation aro tho représentai on ol management prepared in accordance Willi accounting accounting policies proscribed lor Ontario municipalities by tho Mmislry ol Municipal Allans Smco precise determination ol many assets and liabilities is dependent upon luluro events, the preparation ol periodic financial statements necessarily Involves Iho use ol estimates and approximations Those have boon made using carolul lodgements (a) (I) Basic of Consolidation These consolidated financial statements lolled tho assois, assois, liabilities, sources ol financing anil expenditures ol tho revenue fund, capital tend, lutorvo funds and reçoives reçoives and include tho activities ol nil commllloos ol Council and Iho following local tioards, which are under tho control ot Council ■ Newcastle Public Library Board Clarke Museum and Archives Bowmanville Museum Board - Board ol Management 1er Iho Bowmanville Central Business District Improvement Area - Do,ml ol Management lor tire Nowcastlo Central Business District Improvement Area Board ol Management lor lire Orono Genual Business District Improvement Aren - Orono Arena and Community Connu Board Nowcastlo Arena Board Newcastle Community Hall Baaid A4 infuilund assets and liabilities and sources ol financing financing an f oipondduros have been eliminated with iho os ni son el loans or advances between Iho rosurvo funds and any oilier tend ol Iho municipality and Iho resell ng mil msi me omo andospondiluros nu fi U consolidated I i lly Thor.ii cuiisokd dud financial siaiemenis do not include mo assois, liabilities sooicos ol financing and oipendi lures ol ihe Nowcnsto llydio Electee Commission out Accounting 1er neg an and School Oaaid transactions Tho i.uaioii and oilier revenues, expenditures, assels and i-abiM-os wTh respect lo iho oporalions ol tho school 1993 to 1998 to 2003 and From general 122Z 2002 Iherealtet municipal revenues From bonofilting $1,521,000 $2,508,000 $879.000 landowners 12L682 100000 £1.7.18.682 $2.608.000 a S6Z9.00Q 14,404 8,512 33.745 56 861 13,245 26.953 40.198 1,159 1222 2888 (I) (c) Included In 'Not long-term liabilities* on iho "Consolidated Balanco Shoot* Is nn amount ol $47,249 (1991 ■ $59,575) pnynbto In United Slnlos dollars, which was convortod into Canadian dollars nl Iho rate ol oxchango prevailing whon Iho liability was Incurrod. II iho liability is convortod into Canadian Canadian dollars ol iho oxchango rnto prevailing at Docombor 31, 1992, Iho liability would bo Incronsod by $11,295(1991 •$6,076). (d) Approval ol Iho Ontario Municipal board has boon oblainod lor Iho long lorm liabilities In (a) Issued In iho name ol iho municipality. (o) Tho municipality Is conimgonily liable lor long-term liabilities wllli respect lo iilo drainage and shorolino properly assis- lanco loans, and 1er ihoso lor which iho responsibility tor iho payment ol principal and Interest has boon assumed by oilier oilier municipalities, school boards and tho Nowcasllo Hydro Electric Commission. Tho total nmounl oulslandmg ns nl December 31,1992 is $1,108,250 (1991 - $1,283,775) and Is not recorded on Iho 'Consolidated Balance Shoot*. Included In 'Not long term liabilities* on iho 'Consolidated Balance Sheer is a loan ol $180,607 (1991 • $210.000) payable to Ministry ol Municipal Allaire, and a loan ol $00,000 (1901 • $90,000) payable to Ontario llydio under the Ontario Housing Action Program Those loans which relate relate to the Courtice Storm Water Facilities Projocl, me interest interest free and repayable over filioon years Paymenii com- moncod in 1000 Thu tends to repay lliosu loans are lo lie piovidud liom Letters ol Credil held by iho Town issued by Ihe developers, pursuant to a development agreement MUNICIPAL FUND BALANCED AT THE END OF THE YEAII (a) The balances on lliu 'Consolidated Statement ol Opera- lions" ol municipal equity ol $3,442,036 (1991 - $2,570 037) nl the end ol the year is composed ol ihe following 1822 1281 ■ for general reduction ol taxation $2,327,004 $2,424.30? ■ 1er general reduction ol user charges - tor benef iting landowners related la special charges and special areas EXPENDITURES Contributions to Ccmotorios Olhcr BALANCE, END OF YEAR 26,953 26553 1.729 1,729 29,829 6,189 36,018 $313.883 Bowmanville Bondhoad Cemetery PorpolunI Ifilnl Cota --2 9 IS --IB 18 18 223 228 1,120 1,120 1.796 1.796 ..... Advent Lovokin Comotory Comotory Cemetery Cemetery PorpolunI PorpolunI PorpolunI PorpolunI Vandorvoor **-- Caul Caro Cam Cam Legacy DUE TO GENERAL FUNDS FUND DAIANCES Capital $5,453 313883 190.685 1319,33d $100,885 $190,885 $18,275 $1,774 $_918 $10000 $1,000 $28.709 Montague Irnii _ $ - 28,709 ' 28,709 $28,709 28,709 $28 709' CASH ACCOUNTS RECEIVABLE Duo Irom General Fund $37.563 $ - $ - ASSEIS $ - $ - $ - $ - 12,633 4,003 113 LOANS RECEIVABLE 21,469 INVESTMENTS Invoilmonl Certificates 247,440 180.077 10.182 1.774 918 10.000 1.000 Intorosl Receivable 231 -, -- ™ -- 201,773 190,885 18,275 1.774 018 10.000 iTooo $310.330 $190.885 $18,275 $1,7/4 $918 $10.000 $1.000 $ - llABimiES.AND FUND BALANCE? $ - $ - $ - $ 18,275 $18 275 1.774 $1.774 018 10.000 _$_0J8 $10,000 $ - J.000 $1.000 3.012 2JÜ2 8.512 3Ü2 / 6.189 6.189 "II $53,810 $8,512 Ontario Homo Renewal Program Election Surplus Bind $37,563 s - 21.469 0.512 231 -- 21,700 $59,263 0.512 $8.512 $5.453 $ - 53.810 "$59,263 8,812 "$B.S12 107,209 90,373 tends available 1er lire acquisition ol fixed assets 163,5611 2.340,062 135,6531 .484,007 62,183 05,$26 42.442.839 42,570,U3? HQIEBJQ-THB TRUBT FUND» FINANCIAL STATEMENT!! DECEMBER 31. 108» 1. ACCOUNTING POLICIES Dails of Accounting: Operating and Capital receipts ntu reported on the cash basis ol accounling Expenditures mo reported on the cash basis ol accounling with Ho exception ol edmlniioaiivo expenses winch are reported on llio accrual basis ol accounling, which recognizes expend,lures ns they are Incurred and measurable as a resuii ol the receipt ol goods or services and Iho creation ol a legal obligation to pay 2, ONTARIO HOME RENEWAL PROGRAM Tho Qniaiio Home Renewal Program was established by iho Onlano Ministry ot Housing In 197J lo provide grants 1er municipalities municipalities I» make loans lo assist owner occupants lo repair, relia bilitaio and Improve llieir homes to local property siantlaids Individual Individual loans me limited to $7,600 ol winch Ihe maximum forgivable portion is $4.000 Ontario Homo Renewal Program leans receivable ai December 31, 1092 comprise repayable loans ol $10.023 (1991 $91201 and forgivable loans ol $11,446 (1091 - $9.069) Loan lorgne ness is earned and recorded ni a rale ol up to $600 pur year ol continued ownership and occupancy In ihe event ol iho sale or tease ol me nome or in ino event ol iho homeowner ceasing to occupy ihe home, ihe balances ol Ihe repayable loan and the unearned forgivable loan immediately become duo and payable by the homeowner 3 INVESTMENTS The tolal tor mvesimenis by the trust tends ol $247,440 11991 - $220,452) reported on the Rafance Sheet at cost has a maikoi value ol $247,440 (1991 - $220,452) at Iho endol Iho year