The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

et de ne et Sienntedl Staite ee te ee Oe ee es yes Municipality NOTES TO THE Gass: = Municipality FINANCIAL STATEMENTS STATEMENT OF CAPITAL Bag ruil ee ie ket cod hs. 4 Dye a3 q aaa TOUNSHEE Oy RERGNIE 2 1 ACCOUNTING POLICIES Sor the year ended December 31, 1981 35 Weg: = . a) Statement of Revenue and Expenditure ° This statement reflects the revenues and expenditures of the revenue fund 1981 1980 and the following local boards and municipal enterprises: Actual Actual . Medonte Library Board Carley Community Centre Board $ $s Medonte Planning Board Eady Community Centre Board 7 Police Village of Hillsdale Moonstone Community Centre Board Unfinanced capital outlay (Unexpended capital Medonte Recreation, Parks and Price Park Community Centre Board financing) at the beginning of the year : 84 404 : 25,877 Community Centres Board Hillsdale Waterworks System Hillsdale Community Park Board Warminster Waterworks System . - Warminster Community Centre Board Medonte Hills Water System Capital expenditure Vasey Community Centre Board Medonte Committee of Adjustment General government . 13,098 : b) Statement of Capital Operations Protection to persons and property : 1,195 : : ; Transportation services ; ; 163,705 ' 162,080 This statement reflects the capital expenditures and the related capital Environmental services z 4 102,844 , 84,404 financihg to be recovered from general municipal revenues of the Health services a municipality, its local boards and municipal enterprises described in Social and family services : ans ' note 1 a). Recreation and eultural services 4 31,047 4,166 Planning and development : 26,500 : 10,000 c) Balance Sheet Other : ra : 338,389 f 260.650 This statement reflects the assets and liabilities of the revenue fund, Total expendivire : z : z the capital fund, reserve funds, local boards and municipal enterprises 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 62,345 58,831 organizations, and the cost of capital projects not yet permanently 3 financed, is reported on the "Balance Sheet". Capital financing Contributions from the revenue Contributions from reserves and reserve funds Long term liabilities incurregy a | 26,500 10,000 e) Municipal enterprises Ontario grants ri oe ; : age : 133,292 Municipal enterprises are those activities whose costs are substantially ' 338.824 ~ 202,123 recovered from service charges on the users. f) 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. 83,969 84,404 g) Trust Funds Trust funds administered by the municipality amounting to $2,019 are only reflected in the Trust Funds, Statement of Continuity and Balance Sheet. 2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS a) Some capital outlay to be recovered in future years does not represent a burden on general municipal revenues, as it is to be recovered in future years from other sources. Capital outlay to be recovered in future years is analyzed as follows: Municipality ¥ 19 1980 BALANCE SHEET ~ a TOWNSHIP OF MEDONTE 3 Municipal enterprises $ = by 44,000. ; Special charges on benefitting as at December 31, 1981 : landowners 150,003 129,798 $150,003 $143,398 -- ASSETS b) Capital outlays, including fixed assets and the transfers of capital funds in the amount of $62,345 which have been financed from general Current aanete 1981 1980 pale seine as pest seas year, are reported on the "Statement : Actual, 'ketaar venue an penditure",. ; $ $ 206, 244 158,524 sage : 3. RESERVE FUNDS i 203,960 149,903 waxes receivable 4 y j 5 During the year interest of $20,528 was credited directly to reserve funds Accauntarecewable : 118,758 ; 163,423 without being recorded as revenues and expenditures of the Revenue Fund, Oi pea EMP EDU ASSETS 4. NET LONG-TERM LIABILITIES a) The balance for net long-term liabilities reported on the "Balance Sheet" 528,962 471,850 is made up of the following: Capital outlay to be recovered in Total long-term liabilities incurred by the future years nee : municipality including those incurred on behalf of former school boards, outstanding Other long term assets _ 150,003 : 133, 398 at the end of the year amount to $110,532 176,517 177,220 _ Of the long-term liabilities shown above, the - : responsibility for payment of principal and ~<--interest charges has been assumed by others for a principal amount of 7 44,500 855,482 782,468 Net long-term liabilities at the end of the year $_66,032 5. ACCUMULATED NET REVENUE AT THE END OF THE YEAR LIABILITIES / % The balance in the revenue fund at the year end is available to reduce (to be added to) the levies of the following classes of ratepayers: \ Current liabilities 1981 1980 aie ae Actual Actual General ratepayers $(55,660) $(16,926) Temporary loans 5 F $ Designated ratepayers 57,677 35,581 104,000 155,000 School board .ratepayers (171) 325 Accounts payable and accrued liabilities 2 e202 34 A 195,582 County ratepayers pee A088 478 Other current liabilities i a a8 366,434 350,582 z 6, CHARGES FOR NET LONG-TERM LIABILITIES Net long term liabilities : 66,032 |... 48,994 Total charges for the year for net long-term liabilities were as follows: Reserves and reserve funds . ene 42059020 358,434 : . ; 1981 1980 Accumulated net revenue (deficit) and Principal payments $ 9,462 $ 8,339 unapplied capital receipts --_- ; 2,114 24,458 neous 2.832 2.560: $12,294 $ 10,799 - 855 482 782,468 Of the total charges shown above, $12,294 was paid from general municipal "4 x revenues of the municipality and are included in expenditure on the "Statement of Revenue and Expenditure" classified under the appropriate functional headings. The accompanying notes are an integral part of this financial statement, 7 Wednesday, July 14, 1982, Page 9