2004 Financial Highlights
THE CORPORATION OF THE TOWNSHIP OF MCKELLAR
- 2004 FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2004
|
2004 |
2003 | |||
|
FINANCIAL ASSETS |
||||
|
Cash and temporary investments |
$648,289 |
$1,013,375 | ||
|
Taxes and grants-in-lieu receivable |
300,708 |
223,979 | ||
|
Trade and other receivables |
81,455 |
71,123 | ||
|
TOTAL ASSETS |
$1,030,452 |
1,308,477 | ||
|
LIABILITIES |
||||
|
Accounts payable |
444,678 |
318,298 | ||
|
Deferred revenue-other |
1,605 |
1,605 | ||
|
Deferred revenue-obligatory reserve funds |
38,707 |
35,589 | ||
|
Employee benefits payable |
16,496 |
14,180 | ||
|
Landfill closure and post-closure liability |
204,200 |
199,305 | ||
|
705,686 |
568,977 | |||
|
MUNICIPAL POSITION |
||||
|
Current fund |
(82,696) |
89,369 | ||
|
Reserves |
598,937 |
840,509 | ||
|
Reserve funds |
29,221 |
23,107 | ||
|
Fund balances |
545,462 |
952,985 | ||
|
Amounts to be recovered |
(220,696) |
(213,485) | ||
|
Municipal position |
324,766 |
739,500 | ||
|
TOTAL LIABILITIES AND MUNICIPAL POSITION |
$1,030,452 |
$1,308,477 | ||
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2004
|
BUDGET 2004 |
ACTUAL 2004 |
ACTUAL 2003 | ||
|
REVENUES |
||||
|
Net taxation/user charges |
$1,543,442 |
$ 1,580,542 |
$1,370,538 | |
|
Transfer payments |
551,621 |
581,967 |
618,000 | |
|
Other |
122,634 |
167,339 |
141,293 | |
|
Total Revenues |
2,217,697 |
2,329,848 |
2,129,831 | |
|
EXPENDITURES |
||||
|
Current |
||||
|
General Government |
363,088 |
324,811 |
276,186 | |
|
Protection to persons and property |
268,445 |
268,722 |
223,054 | |
|
Transportation services |
454,500 |
459,458 |
410,387 | |
|
Environmental services |
170,950 |
150,145 |
135,936 | |
|
Health services |
477,200 |
482,862 |
117,683 | |
|
Social and family services |
320,700 |
320,568 |
300,145 | |
|
Recreation and culture |
101,475 |
90,191 |
104,821 | |
|
Planning and development |
66,310 |
67,637 |
16,816 | |
|
Total current |
2,222,668 |
2,164,394 |
1,585,028 | |
|
Capital |
||||
|
Protection to persons and property |
- |
4,663 |
2,986 | |
|
Transportation services |
102,000 |
261,015 |
243,837 | |
|
Environmental services |
185,000 |
312,062 |
18,611 | |
|
Recreation and culture |
55,000 |
2,448 |
2,592 | |
|
Planning and development |
- |
- |
40,629 | |
|
Total capital |
342,000 |
580,188 |
308,655 | |
|
TOTAL EXPENDITURES |
2,564,668 |
2,744,582 |
1,893,683 | |
|
NET REVENUES (EXPENDITURES) |
(346,971) |
(414,734) |
236,148 | |
|
Add: Increase in employee benefits payable |
- |
2,316 |
1,580 | |
|
Add: Increase in landfill closure and post closure liability |
5,000 |
4,895 |
805 | |
|
Less: Debt principal repayments |
- |
- |
(288,447) | |
|
Increase (decrease) in amounts to be recovered |
5,000 |
7,211 |
(286,062) | |
|
CHANGE IN FUND BALANCES |
$(341,971) |
$(407,523) |
$( 49,914) | |
TAX RATES
|
2004Tax rates (%) |
2003Tax rates (%) |
|||||
|
Township Purposes |
School Board Purposes |
Township Purposes |
School Board Purposes |
|||
|
Residential & Farm |
0.551322 |
0.296000 |
0.575112 |
0.335000 |
||
|
Farmland & Managed Forest |
0.137830 |
07400050 |
0.143778 |
0.083750 |
||
|
Commercial Occupied |
0.709165 |
0.919706 |
0.739766 |
1.028574 |
||
|
Commercial Vacant |
0.496416 |
0.643794 |
0.517836 |
0.720002 |
||
|
Industrial Occupied |
0.760273 |
1.110434 |
0.793079 |
1.137582 |
||
|
Large Industrial |
0.760273 |
1.110434 |
0.793079 |
1.137582 |
||
TRANSACTIONS FOR THE SCHOOL BOARDS
|
2004 |
2003 |
||
|
Payable at the beginning of the year |
$ 27,589 |
$ 14,163 |
|
|
Taxation and payments-in-lieu, net of adjustments |
828,759 |
844,166 |
|
|
Remitted during the year |
(876,164) |
(830,740) |
|
|
Payable at the end of the year |
$ (19,816) |
$ 27,589 |
These revenues and expenditures are not reflected in the Consolidated Statement of Financial Activities.
YEAR END BALANCE OF TRUST FUNDS UNDER ADMINISTRATION
|
2004 |
2003 |
||
|
Trust funds |
$25,685 |
$23,560 |
CONSOLIDATED SCHEDULE OF CURRENT, CAPITAL , RESERVES AND RESERVE FUNDS FOR THE YEAR ENDED DECEMBER 31, 2004
|
Current Fund |
Capital Fund |
Reserves and Reserve Funds | |
|
Balance at the beginning of the year |
$ 89,369 |
- |
$ 863,616 |
|
Change during the year |
(172,065) |
- |
(235,458) |
|
Balance at the end of the year |
$ ( 82,696) |
- |
$ 628,158 |
NOTES
1. The 2004financial report consolidates the operations, assets and liabilities of the Township and its local boards as follows: Cemetery Board and Library Board.
2. The above data has been extracted from the audited 2004 Consolidated Financial Report of the Township and its local boards as described in Note 1. Copies of the 2004 Consolidated Financial Report and the Auditor's Report of Michael D. Turner, Chartered Accountant, Burk's Falls, Ontario, and of the audited financial statements for the local boards are available at the Township Office to any resident who wishes to review or analyze the financial operations of the Township in greater detail.
PO Box 69, 701 Highway 124
McKellar, Ontario P0G 1C0
Phone: (705) 389-2842 Fax: (705) 389-1244
Hours: Monday - Friday 8:30am - 4:30pm
