Township logo

Township of North Stormont
Business Directory | Community Events | Emergency
------



Home
Council
Departments
Communities
Bulletin Board
Reports
Links
 

Reports

CORPORATION OF THE TOWNSHIP OF NORTH STORMONT
FINANCIAL REPORT
December 31, 2007

Table of Contents

AUDITORS' REPORT
FINANCIAL REPORTS
Consolidated Statement of Financial Position
Consolidated Statement of Financial Activities - Revenue
Consolidated Statement of Financial Activities - Expenditure
Consolidated Statement of Changes in Financial Position
Schedule of Operating Fund Activities
Schedule of Capital Fund Activities
Schedule of Reserves and Reserve Funds

AUDITORS' REPORT

To the Members of Council, Inhabitants and Ratepayers of the Corporation of the Township of North Stormont:

We have audited the consolidated statement of financial position of the Corporation of the Township of North Stormont as at December 31, 2007, and the consolidated statements of financial activities and changes in financial position 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 Canadian 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 Corporation of the Township of North Stormont as at December 31, 2007 and the results of operations for the year then ended, in accordance with Canadian generally accepted accounting principles.

Craig Keen Despatie Markell LLP

Cornwall, Ontario
April 17, 2008

CHARTERED ACCOUNTANTS

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at December 31, 2007

  2007 2006
NET FINANCIAL ASSETS    
Assets
Cash
Taxes receivable
Accounts receivable
Other current assets
Long-term receivable
$ 422,467
1,205,336
1,225,169
67,370
58,531		 $ 372,154
1,412,445
1,178,632
66,284
70,559
  2,978,905 3,100,074
 
Liabilities
Temporary borrowings
Accounts payable
Accrued interest on municipal debt
Deferred revenue (Note 2)
Future employment benefits payable (Note 3)
Net municipal debt (Note 4)
$ 600,000
487,628
-
107,971
46,566
-
114,262		 $ 620,000
501,254
4,419
136,509
39,004
-
215,950
  1,356,427 1,517,136
  $ 1,622,478 $1,582,938

MUNICIPAL POSITION    
Fund Balances (Note 5)
Operating fund
Capital fund
Reserves
Reserve funds
 $ (109,202)
(293,623)
2,060,193
125,938		 $ 59,988
(471,437)
1,994,690
259,070
  1,783,306 1,842,311
Amounts To Be Recovered From Future Revenues (Note 7)
Future taxation revenue
Local improvement charges
 (160,828)
-		 (195,016)
(64,357)
  (160,828) (259,373)
  $ 1,622,478 $ 1,582,938

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - REVENUE

For the year ended December 31, 2007

  BUDGET
2007		 ACTUAL
2007		 ACTUAL
2006
REVENUE
Taxation and user charges (Note 1(a)(iii))
Taxation
Taxation from other governments
Fees and service charges

$1,890,552
41,000

1,162,396

$ 1,853,617
34,778

1,274,553

$ 2,036,839
34,473

1,083,224
  3,093,948 3,162,948 3,154,536
Grants
Province of Ontario
Other municipalities
2,138,259
5,000
2,082,137
4,359
1,993,837
16,018
  2,143,259 2,086,496 2,009,855
Other
Investment income
Sale of land, equipment
Donations
161,800
50,000
-		 238,472
37,679
17,170 		218,358
-
-
Total revenue for the year $ 5,449,007 $ 5,542,765 $ 5,382,749

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - EXPENDITURE

For the year ended December 31, 2007

  BUDGET
2007		 ACTUAL
2007		 ACTUAL
2006
EXPENDITURE
Current operations
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Recreation and cultural services
Planning and development
$ 578,700
423,134

1,407,000
752,782
11,000
288,514

140,600
$ 607,318
402,556

1,402,516
751,546
13,932
294,673

262,728
$ 602,779
394,017

1,347,474
732,261
15,408
337,292

97,096
  3,601,730 3,735,269 3,526,327
Capital
General government
Protection to persons and property
Transportation services
Environmental services
Recreation and cultural services
Planning and development

3,000
120,800

1,265,551
121,700
140,000

-
1,025
277,177

1,106,794
156,518
148,030

78,412
6,506
522,102

1,067,302
164,044
-

127,103
  1,651,051 1,767,956 1,887,057
Total expenditure for the year 5,252,781 5,503,225 5,413,384
 
Net revenue (expenditure) for the year 196,226 39,540 (30,635)

CHANGES IN AMOUNTS TO BE RECOVERED FROM FUTURE REVENUES (Note 5)
Net municipal debt principal repayments
Retirement benefits and accrued interest
 (101,688)

-		 (101,688)

(3,143)		 (295,456)

(5,805)
  (101,688) (98,545) (301,261)
Change in fund balance $ 94,538 $ (59,005) $ (331,896)

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended December 31, 2007

  2007 2006
CASH USED IN OPERATING ACTIVITIES
Net revenue (expenditure) for the year
Taxes receivable
Accounts receivable
Other current assets
Accounts payable
Deferred revenue
Accrued interest on municipal debt
Retirement benefits payable
 $ (39,540)
207,077
(46,537)
(1,086)
(13,626)
(28,538)
(4,419)
7,562		 $ (30,635)
(319,750)
(261,141)
(7,937)
(21,205)
69,675
(5,334)
(471)
  159,973 (576,798)
 
CASH USED IN FINANCING ACTIVITIES
Decrease in net municipal debt
 (101,688) (295,456)
 
CASH FROM INVESTING ACTIVITIES
Decrease in long term receivable
 12,028 11,136
INCREASE (DECREASE) IN CASH AND EQUIVALENT 70,313 (861,118)
 
CASH AND EQUIVALENT, beginning of year (247,846) 613,272
CASH AND EQUIVALENT, end of year $ (177,533) $ (247,846)
REPRESENTED BY:
Cash
Temporary borrowings
 $ 422,467
(600,000)		 $ 372,154
(620,000)
  $ (177,533) $ (247,846)

SCHEDULE OF OPERATING FUND

For the year ended December 31, 2007
  BUDGET
2007		 ACTUAL
2007		 ACTUAL
2006
Revenue
Taxation
Fees and service charges
Grants
Interest
Other
$ 1,931,552
1,162,396
1,470,483
161,800
50,000 		$1,888,395
1,174,339
1,462,150
223,487
44,179 		$ 2,071,311
958,131
1,456,912
205,252
-
  4,776,231 4,792,550 4,691,606
Expenditure
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Recreation and cultural services
Planning and development
 578,700
423,134

1,407,000
752,782
11,000
288,514

140,600		 607,318
402,556

1,402,516
751,546
13,932
294,673

262,728		 602,779
394,017

1,347,474
732,261
15,408
337,292

97,096
  3,601,730 3,735,269 3,526,327
Net revenue (expenditure) 1,174,501 1,057,281 1,165,279
Financing and transfers
Transfer from (to) reserves and reserve funds
Transfer from (to) capital fund
Debt principal repayments
Retirement benefits and accrued interest
(147,578)

(908,275)
(101,688)
-
65,284

(1,193,210)
(101,688)
3,143
(88,621)

(789,824)
(295,456)
(5,805)
  (1,157,541) (1,226,471) (1,179,706)
Change in operating fund balance 16,960 (169,190) (14,427)
 
Operating fund - beginning of the year 59,988 59,988 74,415
Operating fund - end of the year $ 76,948 $ (109,202) $ 59,988

SCHEDULE OF CAPITAL FUND

For the year ended December 31, 2007

  BUDGET
2007		 ACTUAL
2007		 ACTUAL
2006
Revenue
Grants
Direct billings
Other
 $672,776
-
- 		$624,347
100,214
10,670 		552,943
125,094
-
  672,776 735,231 678,037
Expenditure
General government
Protection to persons and property
Transportation services
Environmental services
Recreation and cultural services
Planning and development
3,000
120,800

1,265,551
121,700
140,000

-
1,025
277,177

1,106,794
156,518
148,030

78,412
6,506
522,102

1,067,302
164,044
-

127,103
  1,651,051 1,767,956 1,887,057
Net revenue (expenditure) (978,275) (1,032,725) (1,209,020)
Financing and transfers
Transfer from (to) reserves and reserve funds
Transfer from (to) operating fund

30,000

908,275
17,329

1,193,210
100,000

789,824
  938,275 1,210,539 889,824
Change in capital fund balance (40,000) 177,814 (319,196)
 
Capital fund - beginning of the year (471,437) (471,437) (152,241)
Capital fund - end of the year $ (511,437) $ (293,623) $ (471,437)
Capital funds set aside are to be used for specific capital projects as follows:
Protection to persons and property
Ambulance bay
Transportation services
Environmental services
Recreation and cultural services
Planning and development













9,293

(253,449)
84,983
129
37,496

(172,075)


4,741

(127,587)
40,679
(235,324)
19,000

(172,946)
  (293,623) (471,437)

SCHEDULE OF RESERVE AND RESERVE FUNDS

For the year ended December 31, 2007

  BUDGET
2007		 ACTUAL
2007		 ACTUAL
2006
Revenue
Interest
 - 14,984 13,106
Financing and transfers
Transfer from (to) capital fund
Transfer from (to) operating fund
(30,000)
147,578
(17,329)
(65,284)
(100,000)
88,621
  117,578 (82,613) (11,379)
Change in reserves and reserve funds balance 117,578 (67,629) 1,727
 
Reserve and reserve funds - beginning of the year 2,253,760 2,253,760 2,252,033
Reserve and reserve funds - end of the year $ 2,371,338 $ 2,186,131 $ 2,253,760
Analyzed as follows:
Reserves set aside for specific purposes by Council:
- for working capital
- for transportation
- for elections
- for fire
- for sewer and water
- for capital expenditure
- for landfill
- for wards

$ 1,029,046
180,000
5,000
282,834
128,541
69,840
20,000
344,932

$ 1,041,214
140,000
-
250,163
128,541
69,840
20,000
344,932
Total reserves 2,060,193 1,994,690
Reserve funds set aside for specific purpose by legislation, regulation or agreement
- for equipment replacement
- for infrastructure
125,938
-
120,886
138,184
Total reserve funds 125,938 259,070
Total reserves and reserve funds $ 2,186,131 $ 2,253,760
------
Last updated: 2009-04-06 Township of North Stormont
15 Union Street, P.O. Box 99
Berwick, Ontario K0C 1G0
Tel: 613-984-2821  Toll Free: 1-877-984-2821