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AUDITORS REPORT necessary in the circumstances. BARRIE, Ontario June 12, 1980 License #087 TOWNSHIP OF TINY of reserves and reserve funds for the year then ended. TO: THE NEMBER OF COUNCIL, INIABITANTS AND RATEPAYERS OF THE CORPORATION OF THE TOWNSHIP OF TINY We have examined the consolidated balance sheet of the Corporation of the Township of Tiny and its local boards and municipal enterprise as at December 31, 1979 and the statements of revenue and expenditure, capital operations, co' tinuity of trust funds and continuity Our examination and its local boards and municipal enterprise as at December 31, 1979 applied on a basis consistent with that of the preceding year. CLARKE, HENNING & CO., CHARTERED ACCOUNTANTS, was made in accordance with generally accepted auditing standards, and accordingly, included such tests and other procedures as we considered In our opinion these consolidated fimancial statements present fairly the financial position of the Corporation of the Township of Tiny and the results of their operations for the year then ended, in accordance with accounting principles generally accepted for Ontario municipalities for the year ended December 31, 1979 Accumulated net revenue (deficit) at the beginning of the year Expenditures and transfers Municipal expenditures General government Protection to persons and property Transportation services Environmental services Health services Social and family services Recreation and cultural services Planning and development Other Total expenditure Transfers Transfers to region or county Transfers to school boards Total transfers Total expenditures and transfers Revenue by purpose Municipal purposes Taxation Payments in licu of taxes Ontario grants Other grants Fees and service charges Other Revenue to pay for municipal purposes Region or county requisition Taxation Payments in lieu of taxes Ontario grants Other Revenue to pay the region or county requisition School board requisition Taxation Payments in lieu of taxes Other Revenue to pay the school board requisition Total revenue Accumulated net revenue (deficit) at the end of the year Analysed as follows. General revenue Region or county School boards Special charges Special areas Local boards Municipal enterprises STATEMENT OF REVENUE AND EXPENDITURE 1979 1979 1978 Budget Actual Actual S S 267, 9925 267,992. pee 0, Boe 223,977 316,124 262,370 100,000 66, 389 81,421 520,250 492,447 462,976 226, 660 214,482 192,200 14,106 118,736 118,736 1 3,000 3,688 3,562 \ 82,184 190,617 195,362 115,500 69,523 158,078 1,285,677_ |. 1,472,006 | . 1,474,705 De GTR 269,877 | - 249,566 . 1,682,798 1,700,951 | . 1,534,236 12950,220) 1,970,828 | . 1,783,802 3,235,897 _ 3,442,834 | . 3,258,507. 763,383 759,754 776,532 11,644 27,997 23,292 434,650 430,177 404,905 é 131,094 141,924 13,500 129, 337 166,618 ___ 63,000 _ SeALOLS OS 2ei | eaees 62. Coie . 1,286,177. BESSY IGTIEIES |) LSE epee 223,334 225,729 247,276 2,000 1,886 ee 16, 300 16, 239 18,343 241,634 243,854 267,392 . 1,682,667 1,700,820 | - 1,532,794 . 1,682,667 1,700,820 | . 1,532,794 . 3,210,478 _ 3,524,415 | . 3,396,108 2-242,573 a 349573 267,992, 197,840 303,670 ~ 197,340 24,766 24,531 50,554 (1,168) (1,168) (1,037) 6,179 9,711 6,179 254 54 254 14,702 12,775 14,702 242,573 267,992, TOWNSHIP OF TINY For the year ended STATEMENT OF CAPITAL OPERATIONS for the year ended December 31, 1979 1979 1978 Actual Actual $ s Unfinanced capital outlay (Unexpended capital -- financing) at the beginning of the year : = 9,465 Capital expenditure General government Protection to persons and property Transportation services 251,535 267,007 Environmental services Health services 432,188 Social and family services Recreation and cultural services 25,679 52,493 Planning and development Other A 'i 19,700 Total expenditure oy FOS 202M SeSoezOO Capital financing Contributions from the revenue fund 118,925 t50,935 Contributions from reserve funds and reserves 13,254 -Long term liabilities incurred 19,700 Ontario grants 162,379 164,776 Other Total capital financing 281, 294 348,665 Unfinanced capital outlay (Unexpended 427.90 capital financing) at the end of the year ae = NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (a) Statement of Revenue and Expenditure This statement reflects the revenues and expenditures of the revenue fund and the following local boards and municipal enterprise: Township of Tiny Planning Board The Tiny Public Library Board Tiny Waterworks Department (b) Statement of Capital Operations This statement reflects the capital expenditures to be recovered from general municipal revenues of the municipality, its local boards and municipal enterprise described in Note 1 (a). (c) Balance Sheet This statement reflects the assets and liabilities cf the revenue fund, capital fund, reserve funds, local boards and municipal enterprise described in Note 1 (a). (d) Fixed assets The historical cost and accumulated depreciation of fixed assets is not reported for municipal purposes. Instead the "Capital outlay to be recovered in future years" which is the aggregate of the principal portion of unmatured long term liabilities, capital funds transferred to other organizations, and the cost of capital projects not yet permanently financed, is reported on the "Balance Sheet". (e) Municipal enterprises Municipal enterprises are those activities whose costs are substantially recovered from service charges 'on the users. (£) Charges for net long term liabilities Debt retirement costs including principal and interest are charged against current revenues in the periods in which they are paid. Interest charges are not accrued for the periods from the dates of the latest interest payments to the end of the financial year. (g) Trust Funds Trust funds administered by the municipality amounting to $223,293 are only reflected in the Trust Funds Statement of Continuity BALANCE ASSETS Current assets 1979 1978 Actual - Actual s s Cash 82,803 71,196 Taxes receivable 569,454 589,282 Accounts receivable 191,906 296,845 Other current assets 8,226 5,986 ; 852,389 963,309 Capital outlay to be recovered in future years 463,131 38,689 Other long term assets 168 ,043 150,238 1,483,563. Bie eae: ee) rel be BC tL eee eae ees Pe ee we ee ae eee Si