2007 Financial Highlights
THE CORPORATION OF THE TOWNSHIP OF MCKELLAR
2007 FINANCIAL HIGHLIGHTS
TAX RATES 2007 2006
Tax Rates (%) Tax Rates (%)
Township School Board Township School Board
purposes purposes purposes purposes
Residential and Farm 0.472668 0.264000 0.458860 0.264000
Farmland and Managed Forest 0.118167 0.066000 0.114715 0.066000
Commercial Occupied 0.753872 0.848906 0.731849 0.848906
Industrial Occupied 0.822648 1.042543 0.798616 1.042543
TRANSACTIONS FOR THE SCHOOL BOARDS
2007 2006
Receivable at the beginning of the year $ (19,932) $ (28,720)
Taxation and payments in lieu, net of adjustments 1,077,965 1,073,109
Remitted during the year (1,062,708) (1,064,321)
Receivable at the end of the year $ (4,675) $ (19,932)
These revenues and expenditures are not reflected in the Consolidated Statement of Financial Activities.
YEAR END BALANCE OF TRUST FUNDS UNDER ADMINISTRATION
2007 2006
Trust Funds $ 29,795 $ 29,345
CONSOLIDATED SCHEDULE OF CURRENT, CAPITAL, RESERVES AND RESERVE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2007
Current Capital Reserves and
Fund Fund Reserve Funds
Balance at the beginning of the year $ 439,483 $ 54,000 $ 994,768
Change during the year (187,543) (54,000) 573,852
Balance at the end of the year $ 251,940 $ - $ 1,568,620
NOTES
1. The 2007 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 2007 Consolidated Financial Report of the Township and its local boards as described in Note 1. Copies of the 2007 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.
THE CORPORATION OF THE TOWNSHIP OF MCKELLAR
2007 FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2007
2007 2006
FINANCIAL ASSETS
Cash and temporary investments $ 1,673,544 $ 1,381,467
Taxes and grants in lieu receivable 189,401 255,268
Trade and other receivables 309,295 63,727
Total financial assets 2,172,240 1,700,462
LIABILITIES
Accounts payable 229,081 122,143
Deferred revenue general 1,605 1,605
Deferred revenue obligatory reserve funds 123,011 89,363
Employee benefits payable 18,876 17,834
Landfill closure and post closure liability 134,400 416,700
Long term commitments - 67,800
Total liabilities 506,973 715,445
NET FINANCIAL ASSETS 1,665,267 985,017
NON FINANCIAL ASSETS
Inventory and prepaids 2,017 900
TOTAL NET ASSETS $ 1,667,284 $ 985,917
MUNICIPAL POSITION
Fund Balances
Current fund $ 251,940 $ 439,483
Capital fund - 54,000
Reserves 1,536,400 964,037
Reserve funds 32,220 30,731
Total fund balances 1,820,560 1,488,251
Amounts to be recovered
From reserves and reserve funds on hand (134,400) (104,433)
From future revenues (18,876) (397,901)
Total amounts to be recovered (153,276) (502,334)
TOTAL MUNICIPAL POSITION $ 1,667,284 $ 985,917
THE CORPORATION OF THE TOWNSHIP OF MCKELLAR
2007 FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31, 2007
Budget Actual Actual (Restated)
2007 2007 2006
Revenue
Net taxation/user charges $ 1,863,910 $ 1,931,736 $ 1,843,517
Transfer payments 987,474 950,516 871,193
Other 124,260 237,293 239,829
Total Revenue 2,975,644 3,119,545 2,954,539
Expenditures
Current
General government 361,380 371,038 334,186
Protection to persons and property 322,217 280,081 279,245
Transportation services 645,700 545,282 497,598
Environmental services 211,500 199,275 195,391
Health services 139,450 130,279 137,818
Social and family services 433,530 433,531 386,764
Recreation and culture 112,271 118,600 106,753
Planning and development 28,310 21,922 33,439
Total Current 2,254,358 2,100,008 1,971,194
Capital
General government 40,000 17,237 6,476
Protection to persons and property 250,000 11,346 72,364
Transportation services 419,065 201,042 -
Environmental services 172,000 50,837 251,707
Health services 2,500 - -
Recreation and culture 150,400 37,758 36,155
Planning and development 20,000 19,950 -
Total Capital 1,053,965 338,170 366,702
Total Expenditures 3,308,323 2,438,178 2,337,896
Net Revenue (Expenditures) (332,679) 681,367 616,643
Add: increase (decrease) in employee benefits payable - 1,042 (799)
Add: increase (decrease) in landfill closure
and post closure liability (360,000) (282,300) 206,400
Less: decrease in long term commitments (67,800) (67,800) (120,000)
Increase (decrease) in amounts to be recovered (427,800) (349,058) 85,601
Change in fund balances $ (760,479) $ 332,309 $ 702,244
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
