Appendix U: THE BOARD OF MANAGEMENT FOR THE REGAL HEIGHTS VILLAGE BUSINESS IMPROVEMENT AREA. Financial Statements For the Year Ended December 31, 2011

Size: px

Start display at page:

Download "Appendix U: THE BOARD OF MANAGEMENT FOR THE REGAL HEIGHTS VILLAGE BUSINESS IMPROVEMENT AREA. Financial Statements For the Year Ended December 31, 2011"

Lesley Hines
5 years ago
Views:

1 I Appendix U: Finncil Sttements For the Yer Ended December 31, 2011

2 0 DECEMBER 31, 2011 CONTENTS Pce Independent uditor s report 3 Finncil sttements Sttement of finncil position 4 Sttement of opertions 5 Sttement of csh flows 6 Notes to finncil sttements

the Bord of Mngement for the Regl Heights Villge Business Improvement Are I hve udited the ccompnying finncil sttements of Regl Heights Business Improvement Are, which comprise the sttement of

Mngement s responsibility for the finncil sttements Mngement is responsible for the preprtion nd fir presenttion of these finncil sttements in ccordnce with Cndin generlly ccepted ccounting

Auditor s Responsibility My responsibility is to express n opinion on these finncil sttements bsed on my udit. I conducted my udit in ccordnce with Cndin generlly ccepted uditing stndrds.

An udit involves performing procedures to obtin udit evidence bout the mounts nd disclosures in the finncil sttements.

3 RAFIQ DOSANI, B.Comm CFE CA CHARTERED ACCOUNTANT 90 Risebrough Avenue Toronto, Ontrio M2M 2E3 Telephone: (416) Fx: (416) AUDITOR S REPORT To the Council of the Corportion of the City of Toronto nd the Bord of Mngement for the Regl Heights Villge Business Improvement Are I hve udited the ccompnying finncil sttements of Regl Heights Business Improvement Are, which comprise the sttement of finncil position s t December 31, 2011 nd the sttements of opertions nd csh flows for the yer then ended, nd summry of significnt ccounting policies nd other explntory informtion. Mngement s responsibility for the finncil sttements Mngement is responsible for the preprtion nd fir presenttion of these finncil sttements in ccordnce with Cndin generlly ccepted ccounting principles nd for such internl control s mngement determines is necessry to enble the preprtion of finncil sttements tht re free from mteril missttement, whether due to frud or error. Auditor s Responsibility My responsibility is to express n opinion on these finncil sttements bsed on my udit. I conducted my udit in ccordnce with Cndin generlly ccepted uditing stndrds. Those stndrds require tht I comply with ethicl requirements nd pln nd perform the udit to obtin resonble ssurnce whether the finncil sttements re free of mteril missttement. An udit involves performing procedures to obtin udit evidence bout the mounts nd disclosures in the finncil sttements. The procedures selected depend on the uditor s judgment, including the ssessment of the risks of mteril missttement of the finncil sttements, whether due to frud or error. In mking those risk ssessments, the uditor considers internl control relevnt to the entity s preprtion nd fir presenttion of the finncil sttements in order to design udit procedures tht re pproprite in the circumstnces, but not for the purpose of expressing n opinion on the effectiveness of the entity s internl control. An udit lso includes evluting the ppropriteness of ccounting policies used nd the resonbleness of ccounting estimtes mde by mngement, s well s evluting the overll presenttion of the finncil sttements. I believe tht the udit evidence I hve obtined is sufficient nd pproprite to provide bsis for my udit opinion. Opinion In my opinion, these finncil sttements present firly in ll mteril respects, the finncil position of the Bord s t December 31, 2011 nd the results of its opertions nd csh flows for the yer then ended in ccordnce with Cndin generlly ccepted ccounting principles. Toronto, Ontrio July 4, 2012 Chr*red Accountnt Licensed Public Accountnt 3

4 0 STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, $ $ FINANCIAL ASSETS Csh nd short-term investments Accounts receivble City of Toronto specil chrges (Note 3) Other LIABILITIES Accounts pyble nd ccrued libilities City of Toronto Other NET FINANCIAL ASSETS NON-FINANCIAL ASSETS Tngible Cpitl Assets (Note 4) AcCuMuL.ATED SURPLUS 113,747 73,139 3,144 1,295 3,532 1, ,423 76,424 28,871 18, ,671 19,634 90,752 56,790 19,892 15, ,644 72, ,644 72,782 Q Approved on behlf of Bbrd of Mngement: V /2 Chir Tresurer 4

STATEMENT OF OPERATIONs FOR THE YEAR ENDED DECEMBER 31, 2011 REVENUE 2011 2011 2010 $ $ $ Budget Actul Actul (Note 7) City of Toronto specil chrges 69,330 69,330 40,731 Municipl grnt nd other revenue

5 STATEMENT OF OPERATIONs FOR THE YEAR ENDED DECEMBER 31, 2011 REVENUE $ $ $ Budget Actul Actul (Note 7) City of Toronto specil chrges 69,330 69,330 40,731 Municipl grnt nd other revenue 200 1,022 7,251 69,530 70,352 47,982 EXPENSES Administrtion 9,432 8,737 8,277 Promotion nd dvertising 16,200 4,637 6,161 Mintennce 15,500 10,064 - Cpitl / mortiztion 83,559 6,062 4,068 Provision for uncollected specil chrges (Note 3) 4,839 2,990 2, ,530 32,490 20,689 SURPLUS (DEFICIT) FOR THE YEAR (60,000) 37,862 27,293 OPERATING SUPLUS, BEGINNING OF YEAR 72,782 72,782 45,489 OPERATING SURPLUS, END OF YEAR 12, ,644 72,782 5

I STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2011 Increse (decrese) in csh nd short-term investments 2011 2010 $ $ Csh flows from operting trnsctions Surplus for

Accounts receivble other Accounts pyble - City of Toronto Accounts pyble other Csh Provided By Opertions Cpitl Trnsctions Purchse of tngible cpitl ssets Csh nd short-term

6 I STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2011 Increse (decrese) in csh nd short-term investments $ $ Csh flows from operting trnsctions Surplus for the yer 37,862 27,293 Non-csh chnges to opertions Add: Non-csh item Amortiztion of cpitl ssets Increse (decrese) resulting from chnges in Accounts receivble - City of Toronto Accounts receivble other Accounts pyble - City of Toronto Accounts pyble other Csh Provided By Opertions Cpitl Trnsctions Purchse of tngible cpitl ssets Csh nd short-term investments, Beginning Of Yer Csh nd short-term investments, End Of Yer 6,062 (1,849) (1,542) 9, ,068 (102) ,471 50,570 48,874 (9,962) (18,909) 73,139 43, ,747 73,139 6

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DEcEMBER 31, 2011 1.

Funding is provided by property owners of the BIA who re levied specil chrge bsed on n nnul operting budget prepred by the Bord nd pproved by Council under Section 220(17) of the Municipl Act, s

7 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DEcEMBER 31, ESTABLISHMENT AND OPERATIONS The Regl Heights Villge Business Improvement Are (BIA) is estblished s Business Improvement Are under the mngement nd control of Bord of Mngement ppointed by Council of the City of Toronto. The Bord is entrusted with the improvements, beutifiction nd mintennce of municiplly owned lnds, buildings nd structures in the re, together with the promotion of the re s business or shopping re. Funding is provided by property owners of the BIA who re levied specil chrge bsed on n nnul operting budget prepred by the Bord nd pproved by Council under Section 220(17) of the Municipl Act, s mended. 2. SIGNIFICANT ACCOUNTING POLICIES These finncil sttements re the representtion of mngement nd hve been prepred in ccordnce with generlly ccepted ccounting principles for locl governments s prescribed by the Public Sector Accounting Bord (PSAB) of the Cndin Institute of Chrtered Accountnts (CICA), the most significnt of which re s follows: () Revenues nd expenses re recorded using the ccrul bsis of ccounting. (b) Cpitl ssets Purchsed cpitl ssets re recorded t cost. Amortiztion is clculted on stright-line bsis over the estimted useful lives of the ssets s follows: Computers Lights Street furniture Plnters 3 yers 5 yers 5 yers 5 yers (C) Services provided without chrge by the City of Toronto nd others re not recorded in these finncil sttements. 7

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011 3.

collected nd remitted to the Bord by the City.

City not yet remitted to the Bord nd mounts uncollected by the City.

2011 2010 $ $ Totl specil chrges outstnding 6,144 2,695 Less: llownce

3,144 1,295 The provision for uncollected levies reported on the

8 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, Cim OF TORONTO SPECIAL CHARGES Specil chrges levied by the City re collected nd remitted to the Bord by the City. The totl specil chrges outstnding consist of mounts collected by the City not yet remitted to the Bord nd mounts uncollected by the City. The Bord records specil chrges receivble net of n llownce for uncollected mounts. The specil chrges receivble from the City of Toronto re comprised of: $ $ Totl specil chrges outstnding 6,144 2,695 Less: llownce for uncollected specil Q chrges (3,000) (1,400) Specil chrges receivble 3,144 1,295 The provision for uncollected levies reported on the Sttement of Revenue, Expenses nd Operting Surplus comprises: $ $ Specil chrges written-off 1,390 1,583 Chnge in llownce for uncollected specil chrges 1, ,990 2,183 8

0 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011 4.

9 0 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, CAPITAL ASSETS 2011 Cost Accumulted Net book Amortiztion Vlue Lights 30,309 10,417 19,892 30,309 10,417 19,892 Lights 2010 Cost Accumulted Amortiztion 20,347 4,355 Net book Vlue 15,992 20,347 4,355 15, INsuRANcE The Bord is required to deposit with the Tresurer, City of Toronto, insurnce policies indemnifying the City ginst public libility nd property dmge in respect of the ctivities of the Bord. Insurnce coverge providing $5,000,000 for ech occurrence or ccident hs been obtined by the Bord, through the City of Toronto. 6. FINANCIAL INSTRUMENTS The finncil instruments recognized in the sttement of finncil position consist of csh nd short-term investments, ccounts receivble, nd ccounts pyble nd ccrued libilities. The fir vlues of these finncil instruments pproximte their crrying mounts due to the short-term mturity of these instruments. 7. BuDGET Budget Figures re provided for comprtive purposes only nd hve not been subject to udit procedures. Accordingly, I do not express ny opinion regrding the budget figures. 9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011 8.

10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, CoMPARATIvE FIGURES Certin comprtive figures hve been reclssified to conform to the current yer s finncil sttement presenttion. 0 10

a p a a a a a a a a a a a a a a a a a a a a a a a a NOVA SCOTIA MUNICIPAL FINANCE CORPORATION Financial Statements of

a p a a a a a a a a a a a a a a a a a a a a a a a a NOVA SCOTIA MUNICIPAL FINANCE CORPORATION Financial Statements of p p Finncil Sttements of NOVA SCOTIA MUNICIPAL FINANCE CORPORATION Yers ended Mrch 31, 2012 nd 2011 I I KPMG LLP Teierhc ne 9021 492-6000 Chrtered Accountnts P (9021 492-t 307 Suite 500 Purdys Whrf Tower