HomeMy Public PortalAbout2009 Financial StatementsCORPORATION OF THE MUNICIPALITY
OF TWEED
CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009
Welch LLP
fln Iudcpcndcnt Mcxnbu of BKII International
elch LLP
AUDITORS' REPORT
To the Members of Council, Inhabitants
and Ratepayers of the Corporation of the
Municipality of Tweed
We have audited the consolidated statement of financial position of the CORPORATION OF
THE MUNICIPALITY OF TWEED as at December 31, 2009 and the consolidated statements of
operations and accumulated surplus, change in net financial liabilities and cash flows for the year then
ended. These financial statements are the responsibility of the Corporation'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 as at December 31, 2009 and the results of its operations, change in net
financial liabilities and cash flows for the year then ended in accordance with Canadian generally accepted
accounting principles.
Belleville, Ontario CHARTERED ACCOUNTANTS
January 24, 2011 LICENSED PUBLIC ACCOUNTANTS
Welch LLP — Chartered Accountants
525 Dundas Street East, Belleville, Ontario KSN 104
T: 613 966 2844 F: 613 966 2206 W: www.welchllp.com
An Independent Member of BKR International
Belleville 1 Campbellford I Cornwall J Gatineau I Napanee I Ottawa I Pembroke I Picton 1 Renfrew Trenton
CORPORATION OF THE MUNICIPALITY OF TWEED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2009
2009 2008
FINANCIAL ASSETS
Cash - note 4 $ 2,997,850 $ 3,315,692
Taxes receivable 1,005,352 830,087
Accounts receivable 811,811 613,950
Long-term receivable - note 5 46,835 64,826
4,861,848 4,824,555
LIABILITIES
Accounts payable and accrued liabilities 139,242 412,559
Accrued liability - Waste Disposal closure - note 6 300,000 300,000
Deferred revenue 5,609 219,604
Long-term debt - note 7 36,798 64,167
481,649 996,330
NET FINANCIAL ASSETS
NON -FINANCIAL ASSETS
Tangible capital assets - note 1, schedule 1
4,380,199 3,828,225
20,919,105 19,594,224
ACCUMULATED SURPLUS - note 9 $25,299,304 $23,422,449
Approved by Council:
/1
n,4 Reeve
CAO/Clerk
(The accompanying notes are an integral part
of these financial statements)
Welch LLP
An Independent Member of BIER International
CORPORATION OF THE MUNICIPALITY OF TWEED
CONSOLIDATED STATEMENT OF FINANCIAL OPERATIONS
YEAR ENDED DECEMBER 31, 2009
REVENUE
Municipal taxation
Taxation from other governments
Grants
User charges
Investment income
Penalty and interest on taxes
Other
EXPENDITURE
General government
Protection to persons and property
Transportation services
Environmental services
Recreation and cultural services
Planning and development
Total Expenditures
NET EXPENDITURES
2009
Budget
(unaudited)
$ 2,048,099
42,200
2,154,737
827,760
42,652
112,000
77,579
5,305,027
2009
Actual
$ 2,121,872
25,696
2,417,590
870,471
22,082
121,431
425,241
2008
Actual
$ 1,816,771
34,672
1,994,248
866,456
99,832
114,226
157,146
6,004,383 5,083,351
739,439 811,110 724,515
1,104,444 1,164,662 1,057,183
2,689,768 2,644,012 2,690,282
774,322 760,427 697,985
465,507 437,938 469,457
8,752 660 440
5,782,232 5,818,809 5,639,862
(477,205)
OTHER INCOME AND EXPENSES RELATED TO CAPITAL
Municipal taxation for capital purposes
Government transfers:
Canada
Ontario
ANNUAL SURPLUS
ACCUMULATED SURPLUS,
ACCUMULATED SURPLUS,
beginning of year
end of year
1,148,901
366,667
406,667
1,922,235
1,445,030
185,574 (556,511)
1,148,901 1,297,593
271,190 423,662
271,190 2,393,520
1,691,281 4,114,775
1,876,855 3,558,264
23,422,449 23,422,449 19,864,185
$24,867,479 $25,299,304 $23,422,449
(See accompanying notes)
Welch L,Le
An Independent }(mber of BKR International
CORPORATION OF THE MUNICIPALITY OF TWEED
CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS
DECEMBER 31, 2009
ANNUAL SURPLUS
Amortization of tangible capital assets
Acquisition of tangible capital assets
CHANGE IN NET FINANCIAL ASSETS
NET FINANCIAL ASSETS, beginning of year
NET FINANCIAL ASSETS, end of year
2009
Budget
(unaudited)
$ 1,453,141
1,050,000
(3,278,637)
(775,496)
3,828,225
$ 3,052,729
(See accompanying notes)
2009
Actual
$ 1,876,855
1,216,311
(2,541,192)
551,974
3,828,225
$ 4,380,199
2008
Actual
$ 3,558,264
1,032,512
(5,140,106)
(549,330)
4,377,555
$ 3,828,225
Welch L_LLP
An Independent Member of 13KR Luernaiional
CORPORATION OF THE MUNICIPALITY OF TWEED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2009
2009 2008
Actual Actual
OPERATING
Annual surplus $ 1,876,855 $ 3,558,266
Non -cash charges to operations:
Amortization 1,216,311 1,032,510
Changes in:
Taxes receivable (175,265) (81,607)
Accounts receivable (197,861) 428,364
Long-term receivables 17,991 (49,041)
Accounts payable and accrued liabilities (273,317) 260,147
Deferred revenue (213,995) 72,095
2,250,719 5,220,734
CAPITAL
Acquitision of tangible capital assets (2,541,192) (5,140,106)
FINANCING
Repayment of long-term debt
NET CHANGE IN CASH AND EQUIVALENTS
CASH AND CASH EQUIVALENTS, beginning of year
CASH AND CASH EQUIVALENTS, end of year
(See accompanying notes)
(27,369) (31,880)
(317,842) 48,748
3,315,692 3,266,944
$ 2,997,850 $ 3,315,692
Welch n ,_LP
An indepentierAt Member of BKR International
CORPORATION OF THE MUNICIPALITY OF TWEED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2009
The Corporation of the Municipality of Tweed is a municipality in the Province of Ontario and
operated under the provisions of the Ontario Municipal Act.
1. SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements of the Corporation of the Municipality of Tweed are the
representation of management prepared in accordance with accounting policies prescribed for local
governments, as recommended by the Public Sector Accounting Board of the Canadian Institute
of Chartered Accountants. Significant aspects of the accounting policies adopted by the
Corporation are as follows:
Reporting Entity
The consolidated financial statements reflect the assets, liabilities, revenues, expenditures of the
reporting entity. The reporting entity is comprised of all organizations and enterprises accountable
for the administration of their financial affairs and resources to the Corporation and which are
owned or controlled by the Corporation. In addition to general government tax -supported
operations, they include the following:
The Corporation of the Municipality of Tweed Public Library Board
Interdepartmental and organizational transactions and balances are eliminated.
Accounting for County and School Board Transactions
The assets, liabilities, revenues, and expenditures with respect to the operations of school boards
and the County of Hastings are not reflected in these consolidated financial statements.
Trust Funds
Trust funds and their related operations administered by the Corporation are not reflected in these
consolidated financial statements, but are reported separately on the "Trust Funds Balance Sheet
and Statement of Continuity".
Basis of Accounting
Revenues and expenditures are reported on the accrual basis of accounting. The accrual basis of
accounting recognizes revenues as they become available and measurable. Expenditures are
recognized as they are incurred and measurable as a result of a receipt of goods or services and
a creation of a legal obligation to pay.
Deferred Revenue
The Corporation receives contributions under the authority of provincial legislation and funding
agencies. These funds, by their nature, are restricted in their use, and, until applied to applicable
projects, are recorded as deferred revenue. Amounts applied to projects are recorded as revenue
in the fiscal period in which they are expended.
Reserves and Reserve Funds
Certain amounts, as approved by Council, are set aside in reserves and reserve funds for future
operating and capital expenditures. Transfers to, or from, reserves and reserve funds are an
adjustment to the respective fund when approved.
Welch LLP
An Iodcpcndcnt Member of 13KR lnterna& nal
CORPORATION OF THE MUNICIPALITY OF TWEED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2009
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
Government Transfers
Government transfers are recognized as revenues or expenditures in the year that the events giving
rise to the transfer occurred, provided the transfer is authorized, eligibility criteria, if any, have
been met by the recipient, and a reasonable estimate of the amount can be made.
Use of Estimates
The preparation of consolidated financial statements in conformity with accounting policies for
local governments, as recommended by the Public Sector Accounting Board of the Canadian
Institute of Chartered Accountants requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those estimates.
Taxation and Related Revenues
Property tax billings are prepared by the Corporation based on assessment rolls issued by the
Municipal Property Assessment Corporation ("MPAC"). Tax rates are established annually by
Council incorporating amounts to be raised for local services and amounts the Corporation is
required to collect on behalf of Hastings County for general and library purposes and the Province
of Ontario in respect of education taxes. Realty taxes are billed based on the assessment rolls
provided by MPAC. Taxation revenues are recorded at the time tax billings are issued. A normal
part of the assessment process is the issue of supplementary assessment rolls that provide updated
information with respect to changes in property assessment. Once a supplementary assessment roll
is received, the Corporation determines the taxes applicable and renders supplementary tax billings.
Assessments and the related property taxes are subject to appeal. Any supplementary billing
adjustments made necessary by the determination of such changes will be recognized in the fiscal
year they are determined and the effect shared with the county and school boards as appropriate.
Non -Financial Assets
Non -financial assets are not available to discharge existing liablilites and are held for use in the
provision of services. They have useful lives extending beyond the current year, and are not
intended for sale in the ordinary course of operations. The change in non -financial assets during
the year, together with the annual surplus or deficit, provides the Change in Net Financial Assets
for the year.
Tangible Capital Assets
Tangible capital assets are recorded at cost, which includes all amounts that are directly attributable
to acquisition, construction, development or betterment of the asset. The cost, less residual value,
of the tangible capital assets is amortized on a straight-line basis over their estimated useful life as
follows:
Welch LLP
An Independent Member of BKR International
CORPORATION OF THE MUNICIPALITY OF TWEED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2009
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
Tangible Capital Assets
a) Asset Categories and Estimated Useful
Land
Buildings
Vehicles
Equipment
Transportation
Bridges and other structures
Roads
Sidewalks
Waste and wastewater networks
Underground networks
Life
not amortized
40 years
10 years
5 to 10 years
20 to 75 years
10 to 70 years
40 years
50 years
No annual amortization is charged in the year of acquisition and in the year of disposal. Assets
under construction are not amortized until the asset is available for productive use, at which time
the costs are transferred to the appropriate asset category.
(b) Contribution of Tangible Capital Assets
Tangible capital assets received as contributions are recorded at their fair value at the date of
receipt and also are recorded as revenue. Similarly, transfer of assets to third parties are recorded
as an expense equal to the net book value of the assets as of the date of transfer.
Use of Estimates
The preparation of consolidated financial statements in conformity with Canadian generally
accepted accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the consolidated financial statements and the reported amounts of revenues and
expenditures during the reporting period. Actual results could differ from those estimates.
2. ACCOUNTING CHANGES
Effective January 1, 2009, The Corporation changed its accounting principles to comply with the
accounting principles for municipal governments established by the Canadian Institute of Chartered
Accountants. Public Sector Accounting Handbook (PSAB) Section 1000 (Financial Statement
Concepts), Section 1100 (Financial Statement Objectives) and Section 1200 (Financial Statement
Presentation) which have replaced Sections 1700 (Objectives of Financial Statements) and 1800
(General Standards of Financial Statement Presentation), set out definitions of assets, liabilities,
revenues and expenses, the scope of activities to be included in a government's financial position
and results, reporting net debt, the change in net debt, statement of operations and information
about non -financial assets.
Welch TIP
An Independent Member of BET. International
CORPORATION OF THE MUNICIPALITY OF TWEED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2009
2. ACCOUNTING CHANGES (continued)
Effective January 1, 2009, the Corporation adopted PSAB Handbook Section 3150 (Tangible
Capital Assets), which establishes new standards for the measurement and disclosure of Tangible
Capital Assets. It requires tangible capital assets to be measured at historical cost less accumulated
amortization, provides guidance on when conditions indicate that a tangible capital asset should be
written down and how to account for the disposal of tangible capital assets.
The Corporation's financial statements have been prepared to comply with the provision of these
Sections. Prior year data has been restated on the same basis wherever possible, to be comparable
with current year's presentation.
3. FINANCIAL INSTRUMENTS
The Corporation's financial instruments consist of cash, taxes receivable, trade and other
receivables, long-term investments, accounts payable and accrued liabilities, deposits and municipal
debt. Unless otherwise noted, it is management's opinion that the Corporation is not exposed to
significant interest rate, currency or credit risks arising from these financial instruments.
4. CASH
The balance of cash consists of the following:
Undesignated cash
Designated under Federal gas tax agreement
Designated under the Planning Act - Parkland
Deferred revenue
2009
$ 2,318,088
664,916
14,846
$ 2,997,850
2008
$ 2,666,960
364,589
70,149
213,994
$ 3,315,692
Cash received under the Federal Gas Tax agreement is restricted for expenditures on
environmentally sustainable infrastructure.
Cash raised under the Planning Act regarding Parkland is restricted for capital costs for the
acquisition of land or other capital expenditures for park or other recreational purposes.
Cash received under deferred revenue is restricted for capital costs for water services and other
recreational facilities.
Welch lie
An Independent Member of 13KR International
CORPORATION OF THE MUNICIPALITY OF TWEED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2009
5. LONG-TERM RECEIVABLE
The balance of long-term receivable consists of the following:
2009 2008
MORTGAGE RECEIVABLE
due January 15, 2018; repayable in monthly
instalments of principal and interest in the
amount of $857. Interest is calculated at the
prime lending rate as established by the Bank
of Montreal plus 1%. The mortgage is secured
by the property located at 13 Bridgewater Road,
Actinolite, Ontario
Tile drainage and shore -line property
assistance loans receivable
6. ACCRUED LIABILITY - WASTE DISPOSAL CLOSURE
$ 38,453 $ 54,783
8,382 10,043
$ 46,835 $ 64,826
The Ontario Environmental Protection Act sets out the regulatory requirements to properly close
and maintain all active and inactive landfill sites. The estimated liability for these expenditures is
based on the cumulative capacity used to date, compared to the total estimated landfill capacity.
7. LONG-TERM DEBT
The balance of long-term debt consists of the following:
Debentures
Lien notes payable - Chrysler Financial
and GMAC; repayable in monthly instalments
of principal and interest of $2,214. Interest is
calculated at rates of 0% - 1.9% and the notes
are secured by specific automotive units.
2009 2008
$ 8,382 $ 10,043
28,416 54,124
$ 36,798 $ 64,167
Outstanding debentures of $8,382 (2009 - $10,043) are recoverable through special charges levied
directly on ratepayers. Outstanding debentures have a maturity date of December 31, 2015,
bearing interest at 8%.
Principal repayments over the next five years are estimated to be as follows:
2010 $ 22,611
2011 9,481
2012 1,076
2013 1,141
2014 1,206
Welch LLP
An Independent Mtn -thee of BKR Tntnrnatinmd
CORPORATION OF THE MUNICIPALITY OF TWEED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2009
8. OPERATIONS OF SCHOOL BOARDS AND THE COUNTY OF HASTINGS
Further to note 1, the taxation, other revenues and expenditures of school boards and the County
of Hastings are comprised of the following:
Taxation $
Taxation from other governments
2009
School
Boards
County
2008
School
Boards
County
1,085,237 $ 1,302,263 $ 1,045,576 $ 1,221,553
5,275 10,655 7,182 13,288
Amounts received or receivable 1,090,512 1,312,918
Requisition 1,090,512 1,312,918
$ $
9. ACCUMULATED SURPLUS
The accumulated surplus position is comprised of the following:
Equity in tangible capital assets
Less: related debt
Reserves and reserve funds - schedule 2
Amounts to be recovered
Landfill closure and post closure costs
Unrestricted surplus (deficit)
Municipality of Tweed
Municipality of Tweed Public Library Board
10. SEGMENTED INFORMATION
1,052,758
1,052,758
2009
$ 20,919,105
(28,416)
20,890,689
4,513,192
(300,000)
172,506
22,917
1,234,841
1,234,841
$
2008
$19,594,224
(54,124)
19,540,100
3,882,349
(300,000)
277,608
22,392
$25,299,304 $23,422,449
Municipal services are provided by departments. Certain departments that have been separately
disclosed in the segmented information, along with the services they provide, are as follows:
Welch LIT
An Indcpcndent Member of IIKR International
CORPORATION OF THE MUNICIPALITY OF TWEED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2009
10. SEGMENTED INFORMATION (continued)
General Goverment
General government is comprised of council, chief administrative office (CAO/Clerk) department,
and Treasury department. A municipal council is the ultimate authority, subject to provincial law,
for all actions taken on behalf of the municipal corporation in that it exercises both executive and
legislative roles. It fulfills its role by making policies in accordance with the wishes and concerns
of the general public, subject to provincial laws, policies and directives. Council plays a
managerial role by monitoring ongoing administrative performance and ensuring the best care of
resources. The CAO/Clerk is responsible to municipal council for the general control and
management of the affairs of the municipality as prescribed by municipal council. The
CAO/Clerk, as head of the corporation's civic administration, provides leadership and direction
to the Senior Management team, co-ordinates the administrative functions of the Corporation and
exercises general management and control of Municipal operations. The CAO/Clerk ensures
coordinated responsive services are delivered to the Municipality's residents and businesses in
accordance with the approved policies and directions along with providing the following services:
birth and death registrations, marriage, lottery and taxi licensing, commissioning oaths, Municipal
by-laws and minutes. The Treasury department is responsible for the administration of taxes,
accounts payable and receivable, financial statements and all other financial information and
reporting for the Municipality.
Protection to Persons and Property
Protection to persons and property is comprised of police services, fire services, and by-law
enforcement. Police services are provided by the Ontario Provincial Police whose mandate is the
safety of lives and property of citizens to, preserve peace and good order, prevent crimes from
occurring, detect offenders and enforce the law, Fire Services are provided to the Municipality
by volunteer firefighters. By-law enforcement is committed to serve, protect and provide a desired
quality of life for citizens and visitors to the Municipality through education to raise awareness of
community standards, and enforcement of Municipal by-laws to ensure timely compliance with a
professional, unbiased approach.
Transportation Services
The public works department is responsible for the delivery of municipal public works services
related to the planning, development and maintenance of roadway systems, storm water
management and street lighting.
Environmental Services
The Municipality contracts with Dave Moore & Sons for the collection and disposal of household
and commercial solid waste within the village of Tweed. The Municipality contracts with Quinte
Waste Solutions for the collection of household recycling. The Municipality owns and operates
two landfill sites within the Municipal limits. The Municipality contracts with Ontario Clean Water
Agency for the management of municipal drinking water and sanitary sewer systems.
Welch [ LP
An Indepenrlenr \Member of BKR Intornationai
CORPORATION OF THE MUNICIPALITY OF TWEED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2009
10. SEGMENTED INFORMATION (continued)
Recreation and Cultural Services
The Parks and Recreation department is a social service with its purpose: to assist individual and
community development to enhance social functioning and to improve the quality of life. The
Parks and Recreation department provides accessible recreational programs including aquatics,
minor ball and skating and operates Municipal facilities, including community halls, arenas, parks,
ball diamonds and soccer fields.
Planning and Development
The Municipality of Tweed, the Township of Stirling-Rawdon, the Town of Deseronto and the
Township of Tyendinaga have entered into an agreement for joint building services. The joint
building services agreement carne into effect April 1, 2005. Building services is responsible for
all economic development, building and planning matters, including the issuance of building
permits, land severance and minor variance applications, applications for official plan amendments
and zoning by-law amendments, site plan control and subdivision matters and property standards
inspections.
Tweed Public Library
Tweed Public Library contributes towards the information needs of the Municipality's citizens
through the provision of library services.
11. PENSION AGREEMENTS
The Corporation makes contributions to the Ontario Municipal Employees Retirement Fund
(OMERS), which is a multi -employer plan, on behalf of its staff. The plan is a defined benefit plan
which specifies the amount of the retirement benefit to be received by the employees based on the
length of service and rate of pay.
The amount contributed to OMERS for 2009 was $55,623 (2008 - $39,105) for current service and
is included as an expenditure on the "Consolidated Statement of Financial Operations".
12. BUDGET FIGURES
Budgets established by the Corporation are based on a project oriented basis, that costs of which
may be carried out over one or more years. Although they are not directly comparable with
current year actual amounts, budget figures have been reflected on the "Consolidated Statement of
Financial Operations" and the "Consolidated Statement of Change in Net Financial Assets".
Budget figures have been reclassified for the purpose of these financial statements to conform with
PSAB reporting requirements.
Welch LLP
An Tndoyond,nt Member of BKR Tnrernauonai
CORPORATION OF THE MUNICIPALITY OF TWEED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2009
13. PRIOR YEAR ADJUSTMENTS
The Corporation has restated the 2008 comparative figures to comply with the provisions of Section
PS 1200 and PS 3150 of the Public Sector Accounting Board Handbook. The following
summarizes these adjustments:
Tangible Opening Annual
Capital Accumulated Surplus
Assets Surplus (Deficit)
As previously reported $ $ 4,377,555 $ (549,330)
Adjustments
Cost 28,838,070
Accumulated amortization (13,357,440)
Net book value of tangible capital assets - 15,486,630
Tangible capital assets previously expensed 5,140,106
Amortization - {1,032,512)
$15,480,630 $19,864,185 $ 3,558,264
Welch LLP
An Independent Member of BKR International
CORPORATION OF THE MUNICIPA LITY OF TWEED
SCHEDULE 1 - CONSOLIDATED STATEM ENT OF TANGIBLE CAPITAL ASSETS
DECEMBER 31, 2009
GENERAL
La nd
INFRASTRUCTURE TOTALS
Assets Plants
Under a nd
Buildings Vehicles Equipment Other Construction Facilities
Roads
Unde rground Bridge s
and Other and Other
Networks Stru ctures
2009
COST
Balance, beginning of year $ 1,159,712 $ 1,842,674 $ 2,116,893 $ 837,875 $ 133,401 $ 5 2, 955,070 2 14,679,069 $ 2.921,849 5 7,131,633 $ 33,978,176
Additions during year 138,556 724,349 16,003 44,011 9,995 3,344 1,065,114 292,835 246,984 2 .541,152
Disposals during year - - -
Balance, end of year
ACCUMULATED AMO RTIZATION
Balance, beginning of ye ar
Amortiz ation during year
Accu mulated amortization on disposals
Balance. end of year
Nat B ook V alue at Tangible Capital A ssets
1, 298,2668 2,567,023 2,132,896 881,886 143,396 3,344 2,955,070 15,944,183. 3,214,685 7,378,617
980,208 974,278 2.87.857 55.205 - 916,014 9,082,562 694,933 1,392,895
53,214 152,069 51,865 14,763 - 98,502 676,262 53,936 115,740
36,519,358
14;383,952
1 .216,311
1,033,422 1,126,347 339,722 69,968 1,014,516 9,758,824 748,869 1,508,595 15,600,263
1,298,268 $ 1,533,601 $ 1,006,549 $ 542,164 $ 73,428 $ 3,344 $ 1,940,554 $ 6,185.359 $ 2,465,816 $ 5,870,022 $ 20,919,105
December 31, 2006
GENERAL
INFRASTRUCTURE TOTALS
Assets Plants
Under and
Land Buildings Vehicles Equ ipment Other Construction Facilities
Roads
Underground Bridges
and Other and Other
Networks Str uctures.
COST
Balance, be ginning of yea r $ 1,159,712 5 1,711,264 3 1,845,156 S 656,606 $ 116,272 $ $ 2 ,896 ,036 $ 12,483,160 $ 2,457,587 5 5,512,277
Additions during year 131,410 271,736 181,270 17,129 - 59,035 2,395,908 464,262 1,619,356
Disposals during year - - - - -
Balance, e nd of year 1,159,7 12
1,842,674 2.116,892
837,876 133,401
2008
28,838 ,070
5,140,106
2,955,071 14,879,068 2,921,849 7,131,633 33,978,176
ACCUMULATED AMORTIZATION.
Balance, beginning of year 948, 388 849,382 245, 646 41,990 - 819,479 8,484,381 558,860 1,303,214
Amortization during year 31,820 124.896 42;211 13,215 96,535 598,181 35,973 89,681
Accumulatedamortization on dtsposals - - -
Balance, end of year
13,351 ,440
1,032,512
980,208 974,278 287,857 55,205 - 916,014 9,082,562 694,933 1,392,895 14 .383,952
Net Book Value of Tan gible Capita! Assets $ 1,155,712 $ 862,466 $ 1,142,614 5 550,019 5 78,196 6 $ 2,039,057 $ 5,796,506 $ 2,226,916 $ 5,738,738 $ 19,594,224
An Indepe nd ent M emb er of BTC R Tater nation al
CORPORATION OF THE MUNICIPALITY OF TWEED
SCHEDULE 2 - CONSOLIDATED SCHEDULE OF CONTINUITY OF RESERVES AND RESERVE FUNDS
December 31, 2009
Rev enue Co ntributions Tran sfe rs
Balance, Interest on
beginning Rese rve From
of year Funds Operations
Total
To Balance,
To Capital End of
Operations Acqu isitions Tota l Year
Res erv e Funds
Waste Site reclamation $ 681,119 $ 1,294 $ 96,582 $ 778,995 $ $ 76, 700 $ 76,700 $ 702,295
Roads 47,008 134 8,906 56,048 - 56,048
Park la nds 70,149 117 25,291 95,557 80,711 - 80,711 14,846
Village infrastructure 677,683 3,782 681,465 87,300 87,300 594,165
G as tax 364,589 5,425 311,054 681,068 16,152 16,152 664,916
Libra ry 20,112 74 12,130 32,316 - - 32,316
1,860,660 10,826
453,963 2,325,449 184,163 76,700 260,863 2,064,586
Res erv es
Capital asset acquisitio n 264,803 264,803
Working capital 1,001,996 1,001,996
Con tingencie s 150,000 150,000
Roads 25,000 25,000
Water and se wer 250,000 250,000
Municipal building expenditure 71,821 - 71,821
Capital acquisitions - Fire 61,600 - 45,000 106,600
Capital acquisitions - Arena 6,300 21,000 27,300
Fire 11,269 - 11,269
Heritage 30,000 30,000
Library 40,000 - 10,000 50,000
Pool 70,000 70,000
Parks 38,900 - 5,000 43,900
Public works - Equipment - 150,000 150,000
Transpo rtatio n - Clement's Bridge 359,167 359,167
Library - building - - 104,166 104,166
Transpo rtation - Maribank ro ad - 175,834 175,834
264,803
316,800 316,800 685,196
150,000
25,000
250,000
59,500 59,500 12,321
106,600
27,300
7,470 - 7,470 3,799
30,000
50,000
40,000 40,000 30,000
19,480 19,480 24,420
150,000
359,167
104,166
175,834
2,021,689 870,167 2,891,656 7,470 435,780 443,250 2,448,606
Tota l $ 3,882,349 $ 10,826 $ 1,324,130 $ 5,217,305 $ 191,633 $ 512,480 $ 704,113 $ 4,513,192
An Ind ependent Member of I3K R Internatinnal
REVENUES
CORPORATIO N OF THE MUNICIPALITY OF TWEED
SCHED ULE 3 - CONSO LIDATED SCHEDULE OF SEGMENT D ISCLOSURE STATEMENT OF O PERATION S
DECEMBER 31,20419 BUD GET
G ENERAL. PROTECTION T AN SPORTATION ENVIROMF.NTAL RECRE ATION AND PLANNING AND TWEED PUBLIC ELIMINATIONS CONSOLID ATED
GOV ERNMENT SERV ICES SERVICES SERVICES CULTURAL DEVELOPM ENT LIBRARY
SERVICES BOAR D
Municipal Taxation $ (725.9651 5 889.525 9 1,648.434 $ (10. 670) $ 252.075 $ (5,300) $ - $ - 2.048,099
Tax atio n fr om other go vern ments 42,200 42,200
Gov ernment Transfe rs
Government ofCanada 328#280 32.983 900 2 ,102 364,265
Province of O ntario 1.600,400 138,200 32,983 - - 18,889 - 1,790,472
Other Mun icipa lities - - - - - 70,452 (70,452)
U ser charges 16,51)) 6;000 45,000 621,000 135,200 5,400 650 (6,000) 827,760
Investment Income 4101)0
652 43.652
Pen alty and interest on taxes 112,000 - - - - 112.000
D evelo pmen t charges - - 8,000
R.nlIO
Donations - - 3.650 - 3-650
Miscellaneous 47,700 7,0{)0 - - 11,229 65 ,929
1.465.125 1,042,725 1.759,400 616,330 388,175 8 ,752 106,972 (76,452) 5-305 ,027
CURRENT - EXPENDITURES
Salaries wages and emplo yee benefits
In terest on Zone -lean debt
Materials and Supplies
Contracted se rvices and general serv ices
R ents and Fin anc ial Expen ses
External Transfers
Amo rtization
424. 120 128. 310 616,500 181,960 175.700
301.900 920. 860 1,105, 400 185,370 140,475
793.555 37,500 243,000 -
- - - 72,000
13,419 61,719 930, 368 163,992 35,097
739.439 1,104.444 2,689,768 774 ,322 423,272
725,686 $ (61,719) $
(930,368) $
(163,992) $ (35,097) $
79,011 - 1.61}5 ,601
652 - 652
1.200 21,961 1,677,166
1,074.1755
6.nn)i (6.00n) -
6 ,900 (70.452) 8,448
11,715 - 1,216,310
8 .752 118,687 (76,452) 9,782,23.2
(11,715) $
$
(477 ,2{15)
An Ind ependent Member of BKR International
REVENUES
CORPORATION OF THE MUNICIPALITY OF TWEED
SCH EDULE 3 - CONSO LIDATED SCHEDULE OF SEGMENT DISCLOSUR E STATEMENT OF O PERATIO NS
DECEMBER 31, 20119 ACTUAL
GENERA L PROTECTIO N TANSPORTATIO N ENVIROMENTAL RE CREATION A ND PLANNING AND TWEED PUBLIC 17_IMINATIONS CONSOLIDATED
GO VERNMENT SERVICES SERVICES SERVICES CULTURAL DEVELOPMENT LIBRARY
SERVICES BO ARD
Municipal to anon S (655. 1191 9 889,525 9 1.650.134 $ (9.373) $ 252;075 .$ (5,3110) $ $ - 11 2.121.972
Taxation from other gnre rnmcrts 25.696 - - - 25,690
Govern men I Transfers
Gov ernment of Canada 1,36$ - 2711.269 533 33 - 1 ,140 326,116
Pro vin ce o (On€ario 1.6[(74011 138,2110 87.917 40,000 65,858 - 13.176 1,945.551
Olhermunic ipalitie s - - 145.929 - 72:000 (72.11017) 145.929
Us rr nharees 6,)1(0 4.0(18 64, 436 644,042 L57,31)2 - 641 !6,99(1) 970.471
Invest went Income 20.486 - - 652 944 22 .1182
Penally and intergsl Inn taus 121.431 - - - - 121 .431
Don ations - - 268,944 - 5.257 - 2742111
Miscellaneous I22,509. 5,935 - 5,859 1,773 11 .785 3.911 15L040
1.242. 79(1 1.937.660 2.218.735 679,727 799,285 7,137 97,139 (78,0110) 6.1(14 .393
CURRENT - EXPEND ITU RES
Salaries pr ates and employer benefits
Interest on long-term debt
Materials and Supplies
Co ntracted service s and general se rvices
Rents and Financial Es penseS
External Tr ansfers
Inlerfuncti anal adjustments
Anvil
405.535 134.748 632, 726 180.486 167 .285 - 8(1:$99 - 1 .601,219
- 223 - - 6752 - - 675
397,156 128,547 1,045.5111 177.288 206,146 66(1 8 .806 (72.111)0) 1 .897,1114
838.996 _35,194 238,661 - - 1,1 12.151
6,808 (671(11])
13;419 61,719 930, 368 163.992 35,097 - 1 L715 - 1 ,216.319
811,110 1,164. 9111 2,644. 012 760,427 . 498,528 1 ,312 107.4111 (78,(190) 5.818,9119
431. 59(1 $
(126.35(1) $ (425. 277) $
(80,700) $ 390.757 $
5,825 $ (10171) $ 185.574
V
Re ven ues
CORPORATION OF THE MUNICIPALITY OF TWEED
SCH EDULE 3 - CONSOLIDATED SCHEDULE OF SEG MENT DISCLO SURE STATEMENT OF OPERATIONS
DECEMBER 31, 2098 ACTUAL
GENERAL PROTECTION TANSPORTATIO N ENVIROMENTA L RECREATION AND PLANNING AN D TWEED PUBLIC ELIMINATI ONS CONS OLID ATE D
(GOVERNMENT SERV ICES SERVICES SERVICES CULTURAL DEVELOPMENT LIBRARY
SERVICES BOARD
Municipallax alio n $ (1030,242) 5 893, 343 $ 1,726,147 $ (19,379) $ 249,752 $ (2,850) $ $ 1,916,771
Taxation Fro m o ther governments 34. 672 - - - 3.4,672
Governmen t. Tra nsfe rs
Government of Canada - - 900 1,172 2 ,1772
Province of Ontario 1,643.588 155.887 164. 121 - 28.580 1.992.176
Other municipalities - _ _ -
70.452 (7{1,452]
User charees 41,7113 15.180 37,344 597. 298 160.444 487 16,000) 866.456
Inv estment Inco me 72,943 7. 132 16,356 2,318 1 .085 99.832
Penalty and in leresl on taxes.' 114.226 - 114 .226
Sale of capital assets 29.629 _
29.629
Don ation s - 58,721 27,657 96,378
Development charses - - - 15,100 - - 15.1(111
Miscellaneous 5,042 7,472 - 3.525 16.039
9115.519 1,071,340 1,947,612 599,317 489,607 13,335 131 ,873 (76 ,452) 5 .0$3,351
CT IR R ENT - EXPENDITURES
Salaries wages and employee henc fiis 412,046 123,057 599.034 154.646 164.683 83,195 1,538.691
Interest on loom -term richt - 1 ,085 -
1.085
Materials and Supplies 241,(1(17 135.540 1.5141,1115 178,186 247.126 440 19,952 (70.452). 1.792,9114
C ontracted services and general services 4.7I0 729, 154 249.138 182,475 - - - 1,165.477
Rents and Finan cia l Expen ses 53.888 5. 742 434 - - 6 ,000 (6.000} 62.064
External Transfers - - - 47 ,159 - - - 47.139
Amortization 1I}, 854 60,605 8(10.571 135,519 111,149 - 8,804 - 1 ,5)32.512
724,515 1, 036,098 2.690.282 697,985 427,958 1,525 117,951 (76.452) 5.639.862
,$ 182,0(14 5 15. 442 $ (742,670) 8 (98,668) 5 61,649 $ 11,810 $ 13 .922 $ - $ (556,511.)
CORPO RATION OF THE MUNICIPALITY OF TWEED
SCHEDULE 4 - CONSO LIDATED SCHEDULE OF RECONCILATION OF FINANICAL PLAN TO THE BUDGET
YEAR EN DED DECEM BER 31,2009
TANGIBLE TWEED
CAPTIAL PUBLIC
OPERATING CAPITA L RESERV ES AND ASSET LIBRARY PSAB
BUDG ET BUDGET RESERVE FUNDS ADJUSTM ENTS BOARD ELIM INATIONS BUDGET
REVEN UES
Municipal Tax ation $ 2,048,099 $ $ $ $ - $ $ 2,048,099
Taxation from other envemmcnts 42,200 - 42,200
Governme nt tran sfers
Cana da 362,163 2,102 364,265
On tario 1,771,583 - 18,889 1,790,472
Other Municipal 70,452 (70,452)
User fees an d sale of goods and services. 887,610 - 650 (6,000) 882,460
Investment income 42,652 - 42,652
Pena lty and interest on taxes 112,000 - 112,000
Dev elo pment c ha rges 8,000 - 8,000
Donation s - 3,650 3,650
M iscellaneous - 11, 229 11,229
5,274,507 - 106,972 (76,452) 5,305,027
EXPENDIT URES
Curren t
Gene ra l govern ment 726,020 - 13,419 739,439
Protection services 1,042,725 - 61,719 1,104,444
Tran sportation services 1,759,400 - 930,368 - 2,689,768
Environmental services 610,330 - /63,992 - - 774.322
Recreation and cultural services 388,175 - 46,812 106,972 (76,452) 465,507
Planning a nd development 8,752 - - - - 8,752
Capital
Generai government 186,000 (186,000)
Protection services 20,000 - (20,000)
Transpo rtation services 1,934,710 (1,934,710)
Environmenta l services 453,930 (453,930)
Recreation and cultura l services 668,835 (668,835)
4, 535,402 3,263,475 (2,047,165) 106,972 (76,452) 5,782,232
N ET REVENUES(EXPEND IT URES) 739,105 (3,263,475) 2,047,165 - - (477,205)
OT HER IN COME AND EX PENSES RELATED TO CAPITAL
Municpal taxatio n - 1,145,901 - 1,148,901
Government tran sfers
Canada - 366,667 366.667
Ontario 406,667 - - - 406,667
1,922,235 - - 1,922,235
FINANCING AND TRANSFER S
Debenture and other long-term bo rrowings
Debt repayment (1,661) (15,162) 16,823
Renefitting landowners principal repayments 1,661 (1,661)
Transfers From Ito) other funds 473,367 1 ,356,402 (1,829,769) -
473,367 1,341,240 (1,829,769) 15,162
ANNUAL SURPLUS (DEFIC IT) $ 1,212,472 $ $ (1,829,769) $ 2,062 ,327 $ $ - $ 1 ,445 ,030
An ind ep endent Member of BKR I nternati onal