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(c) Balance Sheet -- .... Municipality STATEMENT OF CAPITAL : 2 This statement reflects the assets and liabilities of the OPERATIONS TOWNSHIP OF MEDONTE revenue fund, the capital fund, reserve funds, local boards and municipal for the year ended December 31, 1980 Fe oe oO (d) Fixed assets 1 1979 peed Abtual The historical cost and accumulated depreciation of fixed assets 5 $ is not reported for municipal purposes. Instead the "Capital outlay to be recovered in future years" which is the aggregate of the principal portion : 4 accutane hided canital of unmatured long term liabilities, capital funds transferred to other ty inance isis outlay an x P' 25,877 8,998 organizations, and the cost of capital projects not yet permanently financed, inancing) at the beginning of the yea : is reported on the "Bal ance Sheet". Capnahesnenditue (e) Municipal enterprises 6 i 7 : i Municipal enterprises are those activities whose costs are Bitton to perkons siipeeeay ; ss : i substantially recovered from service charges on the users. i i - 162,080 oe dpe O50 oie a tealern faire : 84,404 16,007 (£) Charges for net long term liabilities Sobalnatenie apisites : i : s Debt retirement costs including principal and interest are Roe ated Wid lehinneal eeewiees : 4.166 ; 32.332 charged against current revenues in the periods in which they are paid. Podassy snd Uercidgmient : 10.000 9.000 Interest charges are not accrued for the periods from the dates of the fee 8 B ?, z latest interest payments to the end of the financial year. 260,650. | | 228,389 Total expenditure (g) Trust Funds Trust funds administered by the municipality amounting to $1,746 are only reflected in the Trust Funds, Statement of Continuity and Balance Capital financing Sheet. oe 2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS Contributions from the revenue fund : 58,831 7 48,050 Contributions from reserves ~ (a) Some capital outlay to be recovered in future years does not and reserve funds ot Sowden . es : F represent a burden on general municipal revenues, as it is to be vals ecem lialshbies ineuried r 14338 i Bota recovered in future years from other sources, Capital outlay to be Sikes Bae ; eee H id recovered in future years is analyzed as follows: Total capital financing eee O2e 23 5 Ze nlla) 1980 1979 Municipal enterprises $ 3,600 $13,665 Special charges on benefitting landowners 129,798 40,333 General municipal revenues - 19,211 Unfinanced capital outlay (Unexpended $133,398 SO SeOo capital financing) at the end of the year Bi, G04 253877 _ Sr pares =a aa (b) Capital outlays, including fixed assets and the transfers of ; capital funds in the amount of $58,831 which have been financed from Tr acreraeraine Motes. ore ap attgral part general municipal revenues of the current year, are reported on the of this financial statement. a E iW ee Statement of Revenue and Expenditure", unicipality BALANCE SHEET 3. RESERVE FUNDS as at December 31, 1980 TOWNSHIP OF MEDONTE 3 ------ During the year, $90,062 were credited directly to reserve funds without ASSETS ; 3 being recorded as revenues and expenditures of the Revenue Fund. Major aoe A a sources were: Z Contribution from developers $ 9,000 Sa a ae Ontario Home Renewal Plan grant 70,059 = ae - Interest on reserve fund deposits 11,003 Cash pe 158,524 AB A727 | $90,062 Taxes receivable . 149,903 _ 131,970 4. NET LONG TERM LIABILITIES Accounts receivable LP L6Sea23) _ 117,204 (a) The balance for net long term liabilities reported on the "Balance Other current assets : = , = Sheet"' is made up of the following: 471, 850 366,601 Total long term liabilities incurred by the Capitalioutl Reketomredin 3 ; municipality including those incurred on : JAE GMVEE SD) Pens 133.398 73,209 behalf of former school boards, outstanding cure gy cats ' at the end of the year amount to $106,494 V7 220 152,706 rhea te Tein assets Sorat cdi ei he Of the long term liabilities shown above, the 782,468 592,516 responsibility for payment of principal and Cae ae! interest charges has been assumed by others for a principal amount of 57,500 LIABILITIES Net long term liabilities at the end of the year $ 48,994 Current liabilities 1980 1979 Pree f Actual ecual 5. ACCUMULATED NET REVENUE AT THE END OF THE YEAR Temporary loans - 155000 - 428000 eee The balance in the revenue fund at the year end is available to Accounts payable and accrued habilities - 195,582 Ute reduce (to be added to) the levies of the following classes of ratepayers. Other current liabilities ' pi PRE AE Ee ge 2 a a 1980 1979 350,582 239,842 iss 2S TRAE LEN cy Oa General ratepayers $(16,926) $(26,894) Net long term liabilities 48,994 47,333 Designated ratepayers 35,581 33,491 ' School board ratepayers 325 1,554 Reserves and reserve funds _ 358,434 2954508 : County ratepayers 5,478 1,682 Accumulated net revenue (deficit) and $ 24,458 $ 9,833 unapplied capital receipts _ 24,458 j 9,833 ary 6. CHARGES FOR NET LONG TERM LIABILITIES 782,468 | _ 592,516 _ Total charges for the year for net long term liabilities were as follows: : 1980 1979 The accompanying notes are an integral part of this financial statement Aeiauedine. Principal payments $ 8,339 $ 7,940 NOTES TO THE -- Interest 2,460 2,360 eed FAN Ae sae er ee as TOWNSHIP OF MEDONTE 4 § 10,799 1. ACCOUNTING POLICIES Of the total charges shown above, $10,799 was paid from general (a) Statement of Revenue and Expenditure municipal revenues of the municipality and are included in expenditure on the "Statement of Revenue and Expenditure" classified under the This statement reflects the revenues and expenditures of the appropriate functional headings. revenue fund and the following local boards and municipal enterprises: 7. CONTINGENCY Medonte Library Board Carley Community Centre Board Medonte Planning Board Eady Community Centre Board , bet Police Village of Hillsdale Moonstone Community Centre Board sabe Hein Egan Onde rape the MEINE) ARSENE Sate yrey GEA hisses au Medonte Recreation, Parks and Price Park Community Centre Board 1280 8 POLE of the "Township of Medonte was annexed Eo) the Vilage ob Communities Gerered aard Hillsdale Waterworks System Coldwater effective as of July 1, 1980. No financial settlement has been Hillsdale Community Park Board Wauuinster Waterworks System established between the Village of Coldwater and the Township of Medonte Garmigeber ComudfeyiOenere oard MeGionte Bidis Water! System pertaining to this annexation pending the outcome of litigation initiated Maseyecoumeniie iGenbce taned Hedcnee Com@n-eetaki id jusemenr by the Township of Medonte challenging the legality of the annexation. The amount of any such settlement pertaining to the annexed area would not materially affect the financial position of the township. An amount of $2,816 representing 50% of the 1980 property taxes in the annexation area for general municipal purposes has been provided on account of this liability and is reported on the balance sheet as an account payable. (b) Statement of Capital Operations This statement reflects the capital expenditures and the related capital financing to be recovered from general municipal revenues of the municipality, its local boards and municipal enterprises described in Note 1 (a). Wednesday, June 17, 1981, Page 15