2006 Financial Highlights

THE CORPORATION OF THE TOWNSHIP OF MCKELLAR - 2006 FINANCIAL HIGHLIGHTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2006

		2006	2005
FINANCIAL ASSETS
	Cash and temporary investments	$1,381,467	$699,778
	Taxes and grants-in-lieu receivable	255,268	263,865
	Trade and other receivables	63,727	74,624
	Total financial assets	$1,700,462	$1,038,267
NON-FINANCIAL ASSETS
	Inventory and prepaids	900
TOTAL ASSETS		$1,701,362	$1,038,267
LIABILITIES
	Accounts payable	122,143	179,882
	Deferred revenue-general	1,605	1,605
	Deferred revenue-obligatory reserve funds	89,363	70,773
	Employee benefits payable	17,834	18,633
	Landfill closure and post-closure liability	416,700	210,300
	Long-term commitments	67,800	187,800
	Total Liabilities	715,445	668,993
MUNICIPAL POSITION
	Fund Balances
	Current fund	439,483	76,534
	Capital fund	54,000	156,200
	Reserves	964,037	523,429
	Reserve funds	30,731	29,844
	Total fund balances	1,488,251	786,007
	Amounts to be recovered
	From reserves and reserve funds on hand	(104,433)	(95,870)
	From future revenues	(397,901)	(320,863)
	Total amounts to be recovered	(502,334)	(416,733)
	Total Municipal Position	985,917	369,274
TOTAL LIABILITIES AND MUNICIPAL POSITION		$1,701,362	$1,038,267

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2006

		BUDGET 2006	ACTUAL 2006	ACTUAL 2005
REVENUE
	Net taxation/user charges	$1,814,122	$1,843,517	$ 1,840,717
	Transfer payments	1,039,558	871,193	774,722
	Other	164,765	239,829	159,346
Total Revenue		3,018,445	2,954,539	2,774,785
EXPENDITURES
Current
	General Government	374,330	334,186	320,357
	Protection to persons and property	300,383	279,245	287,043
	Transportation services	584,000	497,598	453,106
	Environmental services	43,300	401,791	195,246
	Health services	133,467	137,818	500,081
	Social and family services	370,400	386,764	326,367
	Recreation and culture	109,543	106,753	108,444
	Planning and development	50,310	33,439	50,869
Total Current		1,965,733	2,177,594	2,241,513
Capital
	General government	6,477	6,476	7,470
	Protection to persons and property	58,000	72,364	9,271
	Transportation services	14,500	-	413,255
	Environmental services	427,000	45,307	13,234
	Health services	2,500	-	203
	Recreation and culture	47,242	36,155	42,411
	Planning and development	-	-	2,920
Total Capital		555,719	160,302	488,764
Total Expenditures		2,521,452	2,337,896	2,730,277
NET REVENUE		496,993	616,643	44,508
Add: increase(decrease) in employee benefits payable		-	(799)	2,137
Add: increase (decrease) in landfill closure and post closure liability		(151,200)	206,400	6,100
Add: increase (decrease) in long-term commitments		(120,000)	(120,000)	187,800
Increase (decrease) in amounts to be recovered		(271,200)	85,601	196,037
Change in fund balances		$ 225,793	$ 702,244	$ 240,545

TAX RATES

	2006 Tax Rates (%)		2005 Tax Rates (%)
	Township Purposes	School Bd Purposes	Township Purposes	School Bd Purposes
Residential & Farm	0.458860	0.264000	0.616814	0.296000
Farmland & Managed Forest	0.114715	0.066000	0.154204	0.074000
Commercial Occupied	0.731849	0.848906	0.793408	0.919706
Industrial Occupied	0.798616	1.042543	0.850587	1.110434
Large Industrial	0.798616	1.042543	0.850587	1.110434

TRANSACTIONS FOR THE SCHOOL BOARDS

	2006	2005
Receivable at the beginning of the year	(28,720)	(19,816)
Taxation and payments-in-lieu, net of adjustments	1,073,109	873,216
Remitted during the year	(1,064,321)	(882,120)
Receivable at the end of the year	$ (19,932)	$ (28,720)

These revenues and expenditures are not reflected in the Consolidated Statement of Financial Activities.

YEAR END BALANCE OF TRUST FUNDS UNDER ADMINISTRATION

	2006	2005
Trust funds	$29,345	$27,485

CONSOLIDATED SCHEDULE OF CURRENT, CAPITAL , RESERVES AND RESERVE FUNDS FOR THE YEAR ENDED DECEMBER 31, 2006

	Current Fund	Capital Fund	Reserves and Reserve Funds
Balance at the beginning of the year	$ 76,534	156,200	$ 553,273
Change during the year	362,949	(102,200)	441,495
Balance at the end of the year	$ 439,483	$ 54,000	$ 994,768

NOTES

1. The 2006 financial report consolidates the operations, assets and liabilities of the Township and its local boards as follows: Cemetery and Library.

2. The above data has been extracted from the audited 2006 Consolidated Financial Report of the Township and its local boards as described in Note 1. Copies of the 2006 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.

Township of McKellar Municipal Office
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

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