Financial Report. Town of Fort Erie
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- Gillian Foster
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1 Financial Report Town of Fort Erie 21
2 ontents Page Town of Fort Erie Independent Auditors Report 1-2 onsolidated Statement of Financial Position 3 onsolidated Statement of Operations 4 onsolidated Statement of hanges in Net Financial Assets 5 onsolidated Statement of ash Flows 6 Notes to the onsolidated Financial Statements 7-17 onsolidated Schedule of Tangible apital Assets onsolidated Schedule of Segment Disclosure 2-21 Schedule of Segment Disclosure with Budget Information Town of Fort Erie Trust Funds Independent Auditors Report Statement of Operations 26 Statement of Financial Position 26 Notes to the Financial Statements 27 Town of Fort Erie Business Improvement Areas Independent Auditors Report Statement of Operations 3-32 Statement of Financial Position 3-32 Notes to the Financial Statements Five-Year Financial Review (Unaudited) 35-37
3 GrantThornton Independent auditors report Grant Thornton LLP Suite B 222 athartne Street, P Box 336 Port otbome, ON 13K 5Wl F+l E Porldbome@cagiconi vnnngranlthorntonca To the Members of ouncil, Inhabitants and Taxpayers of the orporation of the Town of Fort Erie We have audited the accompanying consolidated financial statements of the orporation of the Town of Fort Erie, which comprise the consolidated statement of financial position as at December 31, 21, and the consolidated statements of operations, changes in net financial assets and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the e consolidated financial statements in accordance with anadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with anadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Andit TanS Advisoty Grant Thornton Lt.P. A anadian.tsmbcr ot G,ant Thornton tntrrnaiionat Ltd
4 GrantThornton We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the orporation of the Town of Fort Erie as at December 31, 21, and the results of its operations, changes in net assets and cash flows for the year then ended in accordance with anadian public sector accounting standards. Emphasis of matter We draw attention to Note 2 to the financial statements which describes the correction in the current period of an error in the prior period. Other matter Without modifying our report we draw attention to the budget figures which are provided for comparative purposes only. They have not been subject to audit procedures. Accordingly, we do not express an opinion on the budget figures. Port olborne, Ontario Ma) 12, 211 hartered Accountants licensed Public \ccountants Audit lax ~i~y Grant Thoanton LLP. A canadian Meniber at Grant Thornton tnto,nationat Ltd
5 onsolidated Statement of Financial Position As at December (As restated) (Note 2) Financial assets ash (Note 3) $ 14,438,445 $ 18,686,118 Taxes receivable 5,163,613 4,497,953 Accounts receivable 4,716,63 4,241,486 Other investments ,144 29, ,71 Liabilities Accounts payable and accrued liabilities 5,332,95 5,942,958 Deferred revenue (Note 4) 6,541,92_2 7,46,286 Long term debt (Note 5) 9,555,14 7,84,16 Employee benefit obligations (Note 6) , Net financial assets , Non-financial assets Tangible capital assets (Note 7 and Pages 18 and 19) 2,386,94 192,535,179 Prepaid expenses 1, , Accumulated surplus (Note 8) $ 28,329,892 $ 21,97,963 ontingencies (Note 17) Approved by F- /21 hief Adm istrative Officer ire or o Financial Services See accompanying notes to the consolidated financial statements.
6 onsolidated Statement of Operations For the Year Ended December31, 21 Budget Actual Actual (Unaudited) (As restated) (Note 2) Revenue Taxation (Note 1) $ 17,946,744 $ 17,91,94 $ 16,848,35 User charges (Note 12) 17,168,117 16,696,42 15,781,152 Grants (Note 13) 66, , ,537 Other revenue (Note 14) 2, ,713,215 2,562,718 38,126,941 37,97, Expenses General government 2,52,687 2,497,319 2,148,934 Protection to persons and property 3,633,227 3,721,8 3,654,974 Transportation services 8,18,24 8,252,152 7,792,83 Environmental services 15,344,876 14,66,76 13,846,557 Health services 536, ,69 547,375 Social and family services 53,39 5,628 47,818 Recreation and culture services 6,736,711 6,875,483 6,228,431 Planning and development 1.82,776 1,825,145 2,177,424 38,736,1 38, ,444,343 Net expenses (69.159) ( ) (432,631) Grants and revenue related to capital Grants (Note 13) 3,774,855 5,762, ,657 Other revenue (Note 14) 1,268,37 998,818 1,241,812 ontributed assets 97, ,43, ,913 2,611,425 Annual surplus 4, , , Accumulated surplus Beginning of year As originally reported 22,395,176 22,395, ,792,169 Prior period adjustment (Note 2) ( ) (424,213) As restated 21,97,963 21,97, , End of year $ 26,44,966 $ 28,329,892 $ 21,97,963 See accompanying notes to the consolidated financial statements. 4
7 onsolidated Statement of hanges in Net Financial Assets For the Year Ended December31, (As restated) (Note 2) Annual surplus $ 6,358,929 $ 2,178,794 Amortization of tangible capital assets 7,14,27 6,815,573 Acquisition of tangible capital assets (15,27,35) (9,556,552) Proceeds from the sale of tangible capital assets 52,81 23,625 Loss on disposal of tangible capital assets 351, ,51 (1,492,796) (412,59) Use of prepaid expenses 7,551 1,67 Decrease in net financial assets (1,485,245) (41,92) Net financial assets Beginning of year ,819,343 Endof year $ 7,932,196 $ 9,417,441 See accompanying notes to the consolidated financial statements. 5
8 onsolidated Statement of ash Flows For the Year Ended December31, 21 Increase (decrease) in cash (As restated) (Note 2) Operating transactions Annual surplus $ 6,358,929 $ 2,178,794 Non-cash item Amortization 7,14,27 6,815,573 Increase in taxes receivable (665,66) (64,19) Decrease (increase) in accounts receivable (475,144) 1,82,97 Increase (decrease) in accounts payable and accrued liabilities (61,863) 1,46,43 Increase (decrease) in deferred revenue (54,364) 383,633 Decrease in prepaid expenses 7,551 1,67 11, ,898 apital transactions Proceeds from sale of tangible capital assets 52,81 23,625 Loss on disposal of tangible capital assets 351, ,51 Acquisition of tangible capital assets (15,27.35) (9, ) (14,865,752) (9,46.876) Investing transactions Increase in other investments (2,284,395) (82,356) Financing transactions Issue of long term debt 2,813,899 2,172, Repayment of long term debt (1,62,91) (839,368) Increase in employee benefit obligations 27, 17, 1,777,998 1,349,632 Net increase (decrease) in cash (4,247,673) 3,854,298 ash Beginning of year 18,686,118 14,831,82 End of year $ 14,438,445 $ 18,686,118 See accompanying notes to the consolidated financial statements. 6
9 Notes to the onsolidated Financial Statements For the Year Ended December31, Significant accounting policies The consolidated financial statements of the Town of Fort Erie (the Municipality) are prepared by management in accordance with anadian public sector accounting standards. Significant aspects of the accounting policies adopted by the Municipality are as follows: (a) Reporting entity The consolidated financial statements reflect the financial assets, liabilities, non-financial assets, revenues, expenses and changes in accumulated surplus of the reporting entity. The reporting entity is comprised of all committees, organizations and enterprises accountable for the administration of their affairs and resources to the Municipality and which are owned or controlled by the Municipality. In addition to general government taxsupported operations, they include the following: Public Library Board Bridgeburg Business Improvement Area rystal Beach Business Improvement Area Ridgeway Business Improvement Area ommunity Gaming Development orporation Interdepartmental and organizational transactions and balances are eliminated. The statements exclude trust assets and activities that are administered for the benefit of external parties (Note 16). (b) Basis of accounting Sources of revenue and expenses are reported on the accrual basis of accounting. The accrual basis of accounting records revenues in the period they are earned and measurable and expenses in the period the goods and services are acquired and a liability is incurred. (c) Region and school board transactions The taxation, other revenues, expenses, assets and liabilities with respect to the operations of the school boards and the Region of Niagara are not reflected in the accumulated surplus of these consolidated financial statements. (d) Investments Investments are carried at cost. 7
10 Notes to the onsolidated Financial Statements For the Year Ended December 31,21 1. Significant accounting policies (continued) (e) Deferred revenue Receipts that are restricted by legislation of senior governments or by agreement with external parties are deferred and reported as restricted revenues. When qualifying expenditures are incurred, restricted revenues are brought into revenue. Revenues received in advance of expenditures that will be incurred in a later period are deferred until they are earned by being matched against those expenses. (1) Reserves for future expenses ertain amounts, as approved by Municipal ouncil, are set aside in reserves and reserve funds for future operating and capital expenditures. (g) (h) Subdivision infrastructure Subdivision streets, lighting, sidewalks, drainage and other infrastructure are required to be provided by subdivision developers. Upon completion they are turned over to the Municipality and recorded as tangible capital assets. The Municipality is not involved in the construction. Local improvements The Municipality records capital expenses funded by local improvement agreements as they are incurred and revenues are recognized in the year they become payable. (i) (j) Use of estimates The preparation of financial statements in accordance with anadian public sector accounting standards 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Tangible capital assets Tangible capital assets are recorded at cost. ost includes all directly attributable expenses in the acquisition, construction, development and/or betterment of the asset required to install the asset at the location and in the condition necessary for its intended use. ontributed tangible capital assets are capitalized at their estimated fair value upon acquisition. The Municipality does not capitalize interest as part of the costs of its capital assets. Works of art for display in municipal property are not included as capital assets. The works of art are held for exhibition, educational and historical interest. Such assets are deemed worthy of preservation because of the social rather than financial benefits they provide to the community. The cost of art is not determinable or relevant to their significance. No valuation of the collection has been conducted or disclosed in the consolidated financial statements. 8
11 Notes to the onsolidated Financial Statements For the Year Ended December 31,21 1. Significant accounting policies (continued) (j) Tangible capital assets (continued) Amortization is calculated on a straight-line basis to write-off the net cost of each asset over its estimated useful life for all classes except land. Land is considered to have an infinite life without amortization. Residual values of assets are assumed to be zero with any net gain or loss arising from the disposal of assets recognized in the statement of operations as other revenue. Amortization is based on six months for the year of acquisition regardless of the month purchased and annually thereafter until the asset is fully depreciated, disposed of or replaced. Assets under construction are not amortized until the asset is available for productive use. Amortization is based on the following classifications and useful lives: lassification General land improvements General buildings General vehicles General machinery and equipment Infrastructure land improvements Infrastructure buildings Infrastructure linear Infrastructure machinery and equipment Useful Life 1-75 years 15-5 years 1-2 years 3-2 years 2-9 years 3 years 1-1 years 6-75 years (k) Budget figures The budget for 21 is reflected on the consolidated statement of operations. These figures include amortization that was presented but not approved with the 21 budget. 2. Prior period adjustment In 21 management became aware that gas tax grant revenues in the amount of $ 424,213 were recorded in error for the year ended December 31, 29. Each year the Municipality receives a gas tax grant from the Federal government. Due to the stipulations on the use attached to these funds, the inclusion in revenue is linked to the satisfaction of the stipulations. As at December 31, 29, $ 1,219,323 of the funds were to be accounted as deferred revenue as the stipulations had not been satisfied for the reporting of revenue. The correction of this error has been presented by retrospectively restating the comparative figures as follows: Increase (decrease) Deferred revenue $ 424,213 apital grant revenue (424,213) Annual surplus (424,213) Accumulated surplus 424,213 9
12 Notes to the onsolidated Financial Statements For the Year Ended December31, ash ash is comprised of: ash on hand $ 7,785 $ 7,81 ash held with banks 14,43,66 18,678,38 $ 14,438,445 $ 18,686, Deferred revenue (As restated) (Note 2) Development harges Act $ 4,635,68 $ 4,465,79 Recreational land (Plsnning Act) 453, ,294 Gastax 683,942 1,219,323 Other 769, ,59 5. Long term debt ~21Q (a) $ 6,541,922 $ 7,46,286 The Municipality has assumed responsibility for the payment of principal and interest charges on certain long term debt issued by the Region of Niagara. At the end of the year, the outstanding principalamountofthisdebtis $ 9,555,14 $ 7,84,16 (b) The balance of net long term debt reported on the consolidated statement of financial position is made up of the following: Debenture Interest Maturity Number Purpose Rates Date KraftRoadwatermain 3.25%-6% 211 $ 33,179 $ 64, Water main 3.5% rehabilitation % , 423, Water main 2.95% rehabilitation -5.35% , 454, Water/sewer main 2.46% , 825, rehabilitation Water/sewer main 2.1% , 478,8 rehabilitation Water/sewer/roads 4.9%-5.1 % 217 3,31,936 3,386, Road reconstruction 1.1 5%-4.8% 219 1,978, 2,172, rescent Park storm/ water improvements 4.15% 225 1,447, Ridge Road road/ storm improvements 3.59% 225 1,366,334 $ 9,555,14 $ 7,84,16 1
13 Notes to the onsolidated Financial Statements For the Year Ended December31, Long term debt (continued) (c) Principal repayments in each of the next five years are due as follows: 211 $ 1,238, ,248, ,135, ,45, (d) The Municipality paid $ 369,64 (29 $ 31,338) interest on long term debt during the year. 6. Employee benefit obligations Post-retirementbenefits $ 178, $ 151, Employees having at least ten years of service with the Municipality and who retire under the OMERS early retirement provisions are eligible to receive medical and dental benefits to the age of sixty-five. The Municipality and the employee share the cost of premiums for such benefits on a 5/5 basis. The Municipality s obligation under the post-retirement provision of employment agreements will be funded out of current revenue. 7. Tangible capital assets gp~ Net book value: General land $ 8,31,828 $ 8,29,48 General land improvements 6,142,62 6,18,51 General buildings 15,78,81 15,898,394 General vehicles 3,788,843 3,73,313 General machinery and equipment 4,194,853 4,91,665 Infrastructure land 4,484,2 4,474,269 Infrastructure land improvements 2,985, ,43 Infrastructure buildings 111, ,119 Infrastructure linear 134,62,31 133,139,93 Infrastructure machinery and equipment , ,48, ,542,232 Assets under construction 17,977,972 14,992,947 $ 2,386,94 $ 192,535,179 11
14 Notes to the onsolidated Financial Statements For the Year Ended December31, Accumulated surplus (As restated) (Note 2) onsists of: Surpluses: Town $ 6,613,69 $ 7,145,841 Library ,42 6,731,316 7,321,243 Investment in tangible capital assets 2,386, ,179 Unfunded: Long term debt (9,555,14) (7,84,16) Employee benefit obligations (178.) (151,) (9,733.14) (7,955.16) Reserves and reserve funds (Note 9) 1,944,686 1,69,557 $ 28,329,892 $ 21,97, Reserves and reserve funds Reserves set aside for specific purposes by ouncil Working capital 776,995 $ 776,995 Reserve funds set aside for specific purposes by ouncil ontingencies 1,6,346 1,13,75 Insurance 181, ,898 ommunitywellness 116,11 129,433 apital 8, ,9,526 1, ,292,562 $ 1,944,686 $ 1,69,557 12
15 Notes to the onsolidated Financial Statements For the Year Ended December 31,21 1. Taxation Budget Actual Actual (Unaudited) Real property $ 51,411,565 $ 49,719,428 From other governments Payments in lieu of taxes 339,263 36,697 51,75,828 5,8,125 Less: taxation collected on behalf of Region of Niagara (Note 11) 23,16,462 22,738,654 School boards (Note 11) 1,689,272 1, ,849,734 33,231,82 Net taxes available for municipal purposes $ 17,91,94 $ 16,848,35 Residential and farm $ 14,24,363 $ 14,243,229 $ 13,34,96 Multi-residential 431, , ,145 ommercial 2,56,812 2,57,327 2,397,81 Industrial ,56 735,263 Net taxes available for municipal purposes $ 17,946,744 $ 17,91,94 $ 16,848,35 13
16 Notes to the onsolidated Financial Statements For the Year Ended December 31, ollections for the Region of Niagara and school boards Total taxation and development charges received or receivable on behalf of the Region of Niagara and the school boards were as follows: Region of Niagara Taxation $ 23,16,462 $ 22,738,654 Development charges 76,31 496,565 School boards 23,866,493 23,235,219 Taxation 1,689,272 1, $ 34,555,765 $ 33,728,385 The Municipality is required to levy and collect taxes on behalf of the Region of Niagara and the school boards. The taxes levied over (under) the amounts requisitioned are recorded as accounts payable (receivable). The Municipality also collects development charges on behalf of the Region of Niagara. Development charges collected in excess of those paid to the Region are recorded as accounts payable. 12. User charges Budget Actual Actual (Unaudited) Operating Fees and service charges $ 1,446,577 $ 1,323,244 $ 1,366,861 Direct water billings 6,93,792 6,691,48 6,124,961 Sewer surcharge 7,922,748 7,754,497 7,44,797 Licences and permits $ 17,168,117 $ 16,696,42 $ 15,781,152 14
17 Notes to the onsolidated Financial Statements For the Year Ended December31, Grants Budget Actual Actual (Unaudited) (As restated) (Note 2) Operating Government of anada $ 19,5 $ 37,5 $ 71,263 Province of Ontario 446, ,248 48,973 Region of Niagara 182,5 57,5 184,611 Other 12, 31,792 82,69 $ 66,682 $ 597,545 $ 819,537 apital Government of anada $ 1,437,69 $ 3,589,438 $ 787,634 Province of Ontario 937,246 2,153,42 55,447 Other municipalities 1,4. 19,296 1,576 $ 3,774,855 $ 5,762,136 $ 943, Other revenue Budget Actual Actual (Unaudited) Operating Penalties and interest on taxes $ 53, $ 79,743 $ 669,14 Fines 19, 147, ,662 Rents and leases 145,2 127, ,19 Interest income 293, , ,979 Donations 41,1 37,24 125,379 Slot machine revenues 1,2, 1,39,362 1,232,862 Other ,963 89,632 $ 2,351,398 $ 2,713,215 $ 2,562,718 apital Benefiting property owners and developers $ 1,259,2 $ 967,246 $ 1,127,78 Interest income Donations 5,2 21,696 14,83 Other 3,97 9,115 9,664 $ 1,268,37 $ 998,818 $ 1,241,812 15
18 Notes to the onsolidated Financial Statements For the Year Ended December 31, Pension agreements The Municipality makes contributions to the Ontario Municipal Employees Retirement Fund (OMERS), which is a multi-employer plan, on behalf of 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 rates of pay. ontributions to OMERS are made at rates ranging from 6.4% to 13.1% depending on the proposed retirement age and the level of earnings. As a result $ 1,229,361(29 $ 1,183,847) was contributed to OMERS for current service, of which $614,68 (29 $591,923) represents the employees portion. 16. Trust funds Trust funds administered by the Municipality amounting to $ 654,795 (29 $ 638,92) have not been included in the onsolidated Statement of Financial Position nor have these operations been included in the onsolidated Statement of Operations. 17. ontingencies The Municipality is involved from time to time in litigation, which arises in the normal course of business. In respect of any outstanding claims, the Municipality believes that insurance coverage is adequate and that no material exposure exists on the eventual settlement of such litigation, therefore no provision has been made in the accompanying financial statements. 18. Financial instruments The Municipality s financial instruments consist of cash, taxes receivable, accounts receivable, accounts payable and accrued liabilities and long term debt. It is management s opinion that the Municipality is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair values of these financial instruments approximate their carrying values. 19. omparative figures ertain of the comparative figures have been reclassified to conform with the financial statement presentation adopted for the current year. 16
19 Notes to the onsolidated Financial Statements For the Year Ended December Segmented information The Town of Fort Erie is a diverse municipal government that provides a wide range of services to its citizens. Segmented information has been identified for the service lines that reflect the way in which the operations are managed and resource needs are identified and budgeted. Municipal activities are reported by function in the body of the financial statements. ertain departments that have been separately disclosed in the segmented information, along with the services they provide, are as follows: General The general provision of municipal services includes general government, fire services, transportation services, storm sewer services, planning and development, facilities, parks and cemeteries. Water The water operations install and maintain water capital infrastructure to ensure the safe supply, metering and cost recovery for all treated water to serviced areas within all urban and settlement areas of the Municipality. Sewer The sewer operations install and maintain sewer capital infrastructure and recover costs of providing this service within all urban and settlement areas of the Municipality. Library The Fort Erie Public Library Board provides library services, materials and facilities. The Municipality controls the board and consolidates the financial activities with the Town of Fort Erie. For each reported segment, revenues and expenses represent both amounts that are directly attributable to the segment and amounts that are allocated on a reasonable basis. The accounting policies used in these segments are consistent with those followed in the preparation of the consolidated financial statements as disclosed in Note 1. The consolidated schedule of segment disclosure and the schedules of segment disclosure with budget information follow the notes. 17
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23 c J U) 1 ~ O N- ~ fli to O to O ~ IS) to O U) M O ~ N- to, e ) O M to to O O P. cc cc o Z ~ ton-n-m O O O M O tduf.-~fc6 to ton-m OO O to 6 M ) e ~ 6 N of I O, o o~ > -o a) R 5 o at at OLUL LU LU GO.2 N-LU d M M O to LU LU N- to LI) ~ o LU iii to to ~ LU LU to O LU LU o o M N-o to M to O c5c6 to ~ LU D M O o ~ to o. El 3 to to to at M to ~ M o O M to to o N- o to at ~ M to O at to LU o S)to OOMO o ~ o LU at M N- ~ ~ ~ to N- O LU M to M M to N- at.. LU LU M LU to LU N ) LU M N-,to ~ to o LU O~ LU o (N- - oo to o LU LU to N-LoN- to O)LU N-M ~O,Odo~NMr ~ o to to N- N- to LU D U) to O M O M at O o LU _ O at o N- to M M o too to O o to Mo~ M too o o N- N- M Nto~toOOo N ~ to tn-n-n- N-~-ocMN-todLa, <p N- ) ~ M LU M M ~ LU o o to~, aimr LU to to M M to LU to LU LU )flmlu to O M M M U) U U) 4- <p E U, 4- o 8 ) ~ U a U U U) ~ Q U (U O a U wcoc LU 4~!_ - 1~ LI) U U - ~ ~ ) a) = 9 U) U o U. ) a) U )) ~7L~ 3 Ø> _~ LU.9~ MLI) z ~ -c ~cc~a)~z S 92 U oot a, ~o a ~ 9 o 2 i~o~ alu<jo a) U-I
24 Schedule of Segment Disclosure with Budget Information For the Year Ended December31, 21 General Budget Actual Actual (Unaudited) Revenue Taxation $ 17,735,744 $ 17,686,988 $ 16,628,281 User charges 2,18,923 2,67,993 2,44,363 Grants 3,436,258 4,359,27 1,27,434 Other revenue 3,874,242 4,37,157 4,457,13 27,227,167 28,151,345 24,337,91 Expenses Salaries and benefits 1,5,754 1,164,254 9,857,717 Operating materials and supplies 4,161,698 4,186,721 3,821,829 ontracted services 3,462,887 3,2,431 2,829,182 External transfers to others 1,881,59 1,829,37 1,652,2 Amortization 5,548,632 5,751,3 5,557,933 Loss on disposal of assets 168, ,638 Debt service 179, 158, ,239,561 25,261,374 23,915,371 Net revenue $ 1,987,66 $ 2,889,971 $ 421,72 Water Revenue Taxation $ 38, $ 38,122 $ 39,635 User charges 7,31,446 6,842,284 6,265,45 Grants 756,97 949,64 Other revenue , ,543 7,859,917 6,372,737 Expenses Salaries and benefits 1,18,147 1,272,115 1,214,44 Operating materials and supplies 3,934,721 3,897,643 3,47,711 ontracted services 325, , ,536 External transfers to others 3, 35,7 1, Amortization 592,5 59, ,384 Loss on disposal of assets 7,611 3,31 Debt service 13,5 99,967 1,5 6,94,696 6,45,954 5, Net revenue $ 1,73,847 $ 1,813,963 $ 84,981 22
25 Schedule of Segment Disclosure with Budget Information For the Year Ended December31, 21 Sewer Budget Actual Actual (Unaudited) (As restated) (Note 2) Revenue Taxation $ 173, $ 175,984 $ 18,389 User charges 7,955,748 7,785,765 7,471,339 Grants 182,5 951,263 41,974 Other revenue 2,85 3 8,311,248 8,915,862 8,65,72 Expenses Salaries and benefits 73, , ,538 Operating materials and supplies 5,8,813 5,692,816 5,52,894 ontracted services 465, 74,972 2,142 External transfers to others 9, ,143 Amortization 527, 536, ,326 Loss on disposal of assets 175,375 4,382 Debt service 152, 11, ,218 7,675,198 7,231,675 7,94,643 Net revenue $ 636,5 $ 1,684,187 $ 971,59 Library Revenue Grants $ 1,32,682 $ 1,341,571 $ 1,341,786 Other revenue 64, ,368 1,367, 1,4,54 1,4,154 Expenses Salaries and benefits 1,7, 978,623 96,955 Operating materials and supplies 28,5 315, ,235 Amortization 135, , ,5 1, ,419,12 Net revenue (expenses) $ 79,5 $ (29,192) $ (18,966) 23
26 GrantThornton Independent auditors report Grant Thornton lap SL~te B 222 atharine Street, P Box 336 Port otbome, ON 13K5W1 Ttl F+l E Portdborne@cagt.com wv~.grantthorntonca To the Members of ouncil, Inhabitants and Taxpayers of the orporation of the Town of Fort Erie We have audited the accompanying financial statements of the trust funds of the orporation of the Town of Fort Erie, which comprise the statement of financial position as at December 31, 21, and the statement of operations for the year then ended, and a summary of significant accounting policies and other explanatory information. The financial statements have been prepared by management based on the financial reporting provisions prescribed for Ontario municipalities by the Ministry of Municipal Affairs and Housing. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with anadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with anadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Audit TarP Advisory Grant Thornton LIP. A arradran Member ot Grant Thornion tntr,nai onat Ltd
27 GrantThornton \Ve believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the trust funds of the orporation of the Town of Fort Erie as at December 31, 21, and the results of its operations for the year then ended in accordance with the financial reporting provisions of the Ministry of Municipal Affairs and Housing. Basis of accounting and restriction on use Without modifying our opinion, we draw attention to Note I to the financial statements, which describes the basis of accounting. The financial statements are prepared to assist the trust funds of the orporation of the Town of Fort Erie to comply with the reporting provisions of the Ministry of Municipal Affairs and I-lousing. As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for the Town of Fort Erie and should not be used by parties other than the Town of Fort Erie. in Port olborne, Ontario May 12, 211 hartered Accountants Licensed Public Accountants Audit lou Advisory Grout Thornton LIP. A auadiou IIon,beu ol Grunt Ttrorutou luturnationul LId
28 Trust Funds Statement of Operations For the Year Ended December31, 21 Doug emetery Nielsen Perpetual O.H.R.P. Total Memorial are Funds Library Revenue Donations Perpetual care agreements 13,697 13,697 14,21 Interest earned 34 23,14 1,775 24,949 25, ,925 39,15 4,119 Expenses Interest transferred to cemetery maintenance 23,14 23,14 22,926 Professional fees ,14 23,14 23,753 Annual surplus 34 13,916 1,925 15,875 16,366 Accumulated surplus Beginning of year 3,879 51,461 3,278 13,32 638,92 622,554 End of year $ 3,913 $515,377 $ 3,278 $ 132,227 $654,795 $638,92 Statement of Financial Position As at December 31,21 Assets Doug emetery Nielsen Perpetual O.H.R.P. Total Memorial are Funds Library ash $ 81,516 $132,227 $213,743 $193,97 Investments (Note 2) $ 3, ,64 428,5 428,38 Interest receivable 17 9,81 9,98 9,3 Due from revenue fund ,397 Long term receivables (Note 3) $ ,278 3,278 $ 3,913 $515,377 $ 3,278 $ 132,227 $654,795 $638,92 Accumulated surplus $ 3,913 $515,377 $ 3,278 $132,227 $654,795 $638,92 See accompanying notes to the financial statements. 26
29 Trust Funds Notes to the Financial Statements For the Year Ended December 31, Significant accounting policies The financial statements of the trust funds of the Town of Fort Erie are the representation of management prepared in accordance with accounting policies prescribed for Ontario municipalities by the Ministry of Municipal Affairs and Housing. Since precise determination of many assets and liabilities is dependent upon future events, the preparation of periodic financial statements necessarily involves the use of estimates and approximations. These have been made using careful judgements. (a) Basis of accounting (i) Sources of revenue and expenses are reported on the accrual basis of accounting. (ii) The accrual basis of accounting recognizes revenues as they become available and measurable; expenses are recognized as they are incurred and measurable. (b) Investments Investments are recorded at cost. 2. Investments The total for investments by the trust funds of $ 428,5 (29 $ 428,38) are reported on the Statement of Financial Position at cost, which is approximately equal to market value. 3. Long term receivables The Ontario Home Renewal Program was established by the Ontario Ministry of Housing in 1973 to provide grants for municipalities to make loans to assist owner occupants to repair, rehabilitate and improve their homes to local property standards. Individual loans are limited to $ 7,5 of which the maximum forgivable portion is $4,. Ontario Home Renewal Program loans receivable at December 31, 21 comprise repayable loans of $ 3,278 (29 $ 3,278) and forgivable loans of $ Nil (29 $ Nil). Loan forgiveness is earned and recorded at a rate of up to $6 per year of continued ownership and occupancy. In the event of the sale or lease of the home or in the event of the homeowner ceasing to occupy the home, the balances of the repayable loan and the unearned forgivable loan immediately become due and payable by the homeowner. 27
30 GrantThornton Independent auditors report Grant Thornton LLP Suite athaiine Street, P Sox 336 Port dborne, ON 13K 5W1 T+i F E PoiioIborne@ca.gtc~n v~i,grantthorriton.ca To the Members of ouncil, Inhabitants and Taxpayers of the orporation of the Town of Fort Erie We have audited the accompanying financial statements of the Town of Fort Erie Business Improvement Areas, which comprise the statements of financial position as at December 31, 21 and the statements of operations for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the e financial statements in accordance with anadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with anadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. \n audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Audi! Thu. Advhoiy Grunt Thornton LLP. A anadian Member ot Grant Thoenlon International ltd
31 GrantThornton We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Town of Fort Erie Business Improvement Areas as at December 31, 21, and the results of their operations for the year then ended in accordance with anadian public sector accounting standards. in Port olbome, Ontario May 12, 211 hartered Accountants Licensed Public Accountants Audil Advisory Grani TI~ornfon LLP. A caucian f.lrmbor of Grant Thornton Ittornational Ltd
32 Bridgeburg Business Improvement Area Statement of Operations For the Year Ended December Revenue Tax levy, net of write-offs $ 4,827 $ 4,853 Reserve fund interest Grants 11,559 22, 52,83 63,261 Expenses ontracted services 34,868 42,544 Meetings Office 1,757 2,259 Promotional activities 1,261 1,179 Rent 5,245 6,54 Special marketing program 5,283 7,1 49,123 59,934 Annual surplus 3,77 3,327 Accumulated surplus Beginning of year 35, End of year $ 39,27 $ 35,32 Statement of Financial Position As at December Assets Due from Town of Fort Erie $ 39,27 $ 35,32 Accumulated surplus Operations $ 6,132 Reserve fund $ 39, $ 39,27 $ 35,32 See accompanying notes to the financial statements. 3
33 rystal Beach Business Improvement Area Statement of Operations For the Year Ended December31 ~QQ~ Revenue Tax levy, net of write-offs $ 15, $ 15, Donations Festival account 2 Miscellaneous ,81 15,2 Expenses ontracted services 7 Office 1, Promotional activities 13,66 9,167 15,622 9,251 Annual surplus 1,188 5,769 Accumulated surplus Beginning of year 6, End of year $ 7,84 $ 6,616 Statement of Financial Position As at December Assets Due from Town of Fort Erie $ 7,84 $ 6,616 Accumulated surplus Operations $ 7,84 $ 6,616 See accompanying notes to the financial statements. 31
34 Ridgeway Business Improvement Area Statement of Operations For the Year Ended December Revenue Tax levy, net of writeoffs $ 2, $ 19,335 Donations 1 4,395 Other advertising, fundraising and miscellaneous 1,9 3,525 Reserve fund interest Special events 11,463 19,27 41,83 46,671 Expenses ontracted services 4,2 Miscellaneous 3,29 3,394 Office 919 8,528 Promotional activities 36,79 39,254 Special events 4,874 5, ,46 Annual deficit (8,243) (9,735) Accumulated surplus Beginning of year 19,29 28,764 End of year $ 1,786 $ 19,29 Statement of Financial Position As at December Assets Due from Town of Fort Erie $ 1,786 $ 1 9,29 Accumulated surplus Reserve fund $ 1,786 $ 19,29 See accompanying notes to the financial statements. 32
35 Business Improvement Areas Notes to the Financial Statements For the Year Ended December31, Significant accounting policies The financial statements of the Business Improvement Areas (BIAs) are prepared by management in accordance with anadian public sector accounting standards. Significant aspects of the accounting policies adopted by the Municipality are as follows: (a) Basis of accounting The basis of accounting followed in the financial statement presentation includes revenues in the period in which the transactions or events occurred that gave rise to the revenues and expenses in the period the goods and services are acquired and a liability is incurred or transfers are due. (b) Use of estimates The preparation of financial statements in accordance with anadian 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Tangible capital assets Tangible capital assets are recorded at cost. ost includes all directly attributable expenses in the acquisition, construction, development and/or betterment of the asset required to install the asset at the location and in the condition necessary for its intended use. ontributed tangible capital assets are capitalized at their estimated fair value upon acquisition. The BIAs do not capitalize interest as part of the costs of its capital assets. Works of art for display in municipal property are not included as capital assets. The works of art are held for exhibition, educational and historical interest. Such assets are deemed worthy of preservation because of the social rather than financial benefits they provide to the community. The cost of art is not determinable or relevant to their significance. No valuation of the collection has been conducted or disclosed in the financial statements. Leases are classified as capital or operating leases. Leases that transfer substantially all of the benefits incidental to ownership are accounted for as capital leases. All other leases are accounted for as operating leases and the related lease payments are charged to expenses as incurred. 33
36 Business Improvement Areas Notes to the Financial Statements For the Year Ended December 31,21 1. Significant accounting policies (continued) (c) Tangible capital assets (continued) Amortization is calculated on a straight-line basis to write-off the net cost of each asset over its estimated useful life for all classes except land. Land is considered to have an infinite life without amortization. Residual values of assets are assumed to be zero with any net gain or loss arising from the disposal of assets recognized in the statement of operations as other revenue. Amortization is based on six months for the year of acquisition regardless of the month purchased and annually thereafter until the asset is fully depreciated, disposed of or replaced. The BIAs currently do not own any tangible capital assets. 2. Statement of cash flow A statement of cash flow has not been presented, as management believes it would not provide additional meaningful information. Information about operations, financing and investments are readily apparent from the financial statements. 3. Financial instruments The BIAs financial instruments consist of cash and amounts due to/from related parties. It is management s opinion that the BIAs are not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of these financial instruments approximates their carrying values. 34
37 Five-Year Financial Review (Unaudited) Fiscal year Municipal statistics Population 29,925 29,925 29,925 29,925 29,925 Households (MPA data) 14,936 14,682 14,593 14,251 14,251 Municipal construction contracts awarded $ 12,711,128 $ 7,219,186 $ 3,981,213 $ 1,133,691 $ 1,42,17 Building permits Number of permits Value of permits $ 36,934,6 $ 46,51,9 $ 36,379,6 $ 49,472,76 $ 38,43,4 Square metres of construction 37,938 4,113 48,4 61,379 45,956 Insured value of physical assets $ 64,212,48 $ 63,66, $ 64,197, $ 64,197, $ 64,197, Employees: Full-time Full4ime per 1, people Total person hours worked (full and part-time) 35, 32, 31, 3, 32, Proportion of full-time employees covered by collective agreement 6% 61% 61% 56% 56% Financial position Liquidity ash $ 14,438,445 $ 18,686,118 $ 14,831,82 $ 18,825,363 $ 12,595,724 Accounts payable and accrued liabilities $ 5,332,95 $ 5,938,11 $ 4,531,581 $ 6,138,419 $ 5,719,988 Liquid assets/current liabilities (times) Tax arrears Taxes receivable at December31 $ 5,163,613 $ 4,497,953 $ 3,893,844 $ 3,448,261 $ 3,332,854 Taxes receivable per capita $ $ $ $ $ Tax amounts levied in current year $ 52,111,917 $ 5,74,479 $ 49,541,321 $ 47,231,445 $ 45,444,546 Tax arrears as a percentage of current levy 9.91% 8.87% 7.86% 7.3% 7.33% Municipal debt information Long term debt outstanding at December31 $ 9,555,14 $ 7,84,16 $ 6,471,384 $ 7,553,454 $ 6,562,299 Outstanding debt per capita $ $ $ $ $
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