CORPORATION OF THE CITY OF CORNWALL CONSOLIDATED FINANCIAL STATEMENTS

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1 CONSOLIDATED FINANCIAL STATEMENTS December 31, 2014

2 December 31, 2014 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Consolidated Statement of Financial Position 2 Consolidated Statement of Financial Activities 3 Consolidated Statement of Change in Net Financial Assets 4 Consolidated Statement of Cash Flows 5 Consolidated Schedule of Tangible Capital Assets 6-7 Consolidated Schedule of Accumulated Surplus 8 Consolidated Schedule of Change in Accumulated Surplus 9 Consolidated Schedule of Segmented Disclosure 10 Notes to the Consolidated Financial Statements Five Year Financial Review 27-29

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4 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at December 31, NET FINANCIAL ASSETS Assets Cash $ 10,593,157 $ 17,589,279 Taxes receivable 2,583,365 2,852,870 Accounts receivable 7,424,175 8,378,208 User charges receivable 1,043,705 1,075,720 Due from other municipalities 673, ,530 Land inventory for resale 3,209,787 3,312,432 Long-term investments (Note 5) 49,452,016 46,028,528 74,980,150 79,733,567 Liabilities Temporary borrowings (Note 6) 9,000,000 7,500,000 Accounts payable 23,328,342 22,287,130 Accrued interest on net long-term liabilities 25,319 26,854 Deferred revenue 2,072,325 1,971,135 Deferred revenue, obligatory reserve funds (Note 7) 872,856 1,722,730 Future employment benefits (Note 8) 6,787,075 4,467,319 Accrued landfill closure and post closure costs (Note 11) 1,740,466 2,424,368 Net long-term liabilities (Note 12) 23,783,173 25,406,542 67,609,556 65,806,078 Net Financial Assets 7,370,594 13,927,489 NON-FINANCIAL ASSETS Tangible capital assets 371,260, ,535,442 Inventory 629, ,690 Prepaid expenses 1,769, ,901 Non-Financial Assets 373,659, ,985,033 ACCUMULATED SURPLUS Accumulated Surplus $ 381,029,814 $ 371,912,522 See Accompanying Notes 2

5 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Unaudited) BUDGET ACTUAL ACTUAL REVENUE Taxation and payments in lieu $ 62,422,753 $ 62,613,128 $ 59,121,048 Government grants and transfers 58,876,376 58,761,214 57,340,204 Revenue from other municipalities 6,992,014 7,013,559 7,078,662 Fees and services 39,810,468 40,104,127 39,080,100 Investment income 1,375,460 1,158,859 1,397,706 Licences and permits 957, , ,351 Fines and penalties 521, , ,984 Sale of land - 113,743 31,243 Donations and other revenue 4,000 13,572 3, ,959, ,300, ,391,133 EXPENDITURE General government 7,668,453 8,282,697 6,693,365 Protection to persons and property 29,663,136 30,204,395 30,746,062 Transportation services 22,069,116 22,894,056 22,423,921 Environmental services 16,792,634 14,543,244 14,890,716 Health services 11,948,433 12,820,094 11,893,389 Social and family services 47,130,882 45,802,751 44,102,689 Social housing 20,119,113 19,603,697 19,093,028 Recreation and cultural services 14,392,413 14,965,229 14,940,186 Planning and development 2,118,247 2,398,981 2,417, ,902, ,515, ,200,832 NET DEFICIT BEFORE OTHER ITEMS (943,356) (214,346) (1,809,699) OTHER REVENUE FOR CAPITAL AND OTHER PURPOSES Government grants 2,858,317 7,856,060 12,296,642 Fees, services and other 90,900 41, ,946 Contribution from developers - 1,806,506 2,025,895 Disposal and write-down of tangible capital assets - (372,446) (220,325) PSAB reduction for future employment benefits - - 2,284,295 2,949,217 9,331,638 16,593,453 ANNUAL SURPLUS 2,005,861 9,117,292 14,783,754 ACCUMULATED SURPLUS, beginning of year 371,912, ,912, ,128,768 ACCUMULATED SURPLUS, end of year $ 373,918,383 $ 381,029,814 $ 371,912,522 See Accompanying Notes 3

6 CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (Unaudited) BUDGET ACTUAL ACTUAL Annual surplus $ 2,005,861 $ 9,117,292 $ 14,783,754 Amortization of tangible capital assets 13,009,605 12,443,315 12,172,336 Acquisition of tangible capital assets (18,283,231) (27,540,918) (43,691,815) Disposal and write-down of tangible capital assets - 372, ,325 Change in inventory - 14,628 (43,717) Change in prepaid expenses - (963,658) (208,008) Decrease in net financial assets (3,267,765) (6,556,895) (16,767,125) Net financial assets, beginning of year 13,927,489 13,927,489 30,694,614 Net financial assets, end of year $ 10,659,724 $ 7,370,594 $ 13,927,489 See Accompanying Notes 4

7 CONSOLIDATED STATEMENT OF CASH FLOWS CASH FROM OPERATING ACTIVITIES Annual surplus for the year $ 9,117,292 $ 14,783,754 Items not affecting cash or equivalent Amortization expense 12,443,315 12,172,336 Disposal and write-down of tangible capital assets 372, ,325 Changes in non-cash working capital balances Taxes receivable 269,505 (282,198) Accounts receivable 1,422,904 2,746,411 User charges receivable 32,015 (94,889) Due from other municipalities (177,415) 269,720 Land inventory for resale 102,645 (2,835,422) Inventory 14,628 (43,717) Prepaid expenses (963,658) (208,008) Accounts payable 572,342 5,195,409 Accrued interest on net long-term liabilities (1,535) 4,573 Deferred revenue 101,190 82,428 Deferred revenue, obligatory reserve funds (849,874) (6,739) Future employment benefits 2,319,755 (2,373,095) Accrued landfill closure and post closure costs (683,902) (204,752) 24,091,653 29,426,136 CASH (USED IN) FROM FINANCING ACTIVITIES Proceeds received from long-term liabilities 485,000 2,747,000 Repayments of long-term liabilities (2,108,369) 412,327 (1,623,369) 3,159,327 CASH (USED IN) FROM INVESTING ACTIVITIES Net change in long-term investments (3,423,488) 7,060,106 CASH USED IN CAPITAL ACTIVITIES Acquisition of tangible capital assets (27,540,918) (43,691,815) DECREASE IN CASH AND EQUIVALENT (8,496,122) (4,046,246) CASH AND EQUIVALENT, beginning of year 10,089,279 14,135,525 CASH AND EQUIVALENT, end of year $ 1,593,157 $ 10,089,279 REPRESENTED BY : Cash $ 10,593,157 $ 17,589,279 Temporary borrowings (9,000,000) (7,500,000) $ 1,593,157 $ 10,089,279 See Accompanying Notes 5

8 CONSOLIDATED SCHEDULE OF TANGIBLE CAPITAL ASSETS Water and Computer Road Network Waste Water Machinery Hardware and Office Land Yard Buildings InfrastructureInfrastructure Equipment Software Vehicles Furniture Other Cost Balance, beginning of year $ 10,600,856 $ 7,194,271 $ 131,762,081 $141,886,225 $139,461,503 $ 96,384,374 $ 2,841,571 $ 19,446,498 $ 4,781,766 $ 1,933,228 $ 556,292,373 $ 546,746,658 Additions during the year 671,436 1,033,099 1,291,567 5,751,051 7,188,524 2,867, ,760 1,371, , ,394 21,047,221 14,893,330 Disposals during the year - 26,610 1,067 2,680,892 85, , ,963 6, ,615 3,949,758 5,347,615 Assets in service, end of year 11,272,292 8,200, ,052, ,956, ,564,881 99,147,964 3,133,331 19,941,503 5,141,133 1,979, ,389, ,292,373 Assets under construction , ,503 58,087,095-36, ,381,632 51,887,931 Balance, end of year 11,272,292 8,200, ,193, ,072, ,651,976 99,147,964 3,170,210 19,941,503 5,141,133 1,979, ,771, ,180,304 Accumulated Amortization Balance, beginning of year 69,391 2,204,440 58,010,040 64,778,877 36,060,750 74,164,254 2,014,841 10,628,755 2,835, , ,644, ,599,816 Amortization during the year 1, ,091 2,824,673 3,449,313 1,530,328 2,106, ,531 1,573, , ,109 12,443,315 12,172,336 Amortization on disposals - 26,610 1,027 2,350,387 47, , ,950 6, ,611 3,577,308 5,127,290 Balance, end of year 70,986 2,370,921 60,833,686 65,877,803 37,543,820 76,166,555 2,313,372 11,329,229 3,059, , ,510, ,644,862 Net Book Value $ 11,201,306 $ 5,829,839 $ 72,360,050 $ 79,195,084 $ 167,108,156 $ 22,981,409 $ 856,838 $ 8,612,274 $ 2,081,141 $ 1,034,502 $ 371,260,599 $ 356,535,442 See Accompanying Notes 6

9 CONSOLIDATED SCHEDULE OF TANGIBLE CAPITAL ASSETS General Protection Public Environmental Water and Recreation Social & Family Government and Health Works Services Waste Water and Cultural Services Cost Balance, beginning of year $ 1,842,980 $ 14,674,916 $ 174,430,389 $ 3,750,842 $ 209,586,044 $ 71,689,073 $ 80,318,129 $ 556,292,373 $ 546,746,658 Additions during the year 270,825 1,119,909 7,923, ,404 8,811, ,745 1,545,428 21,047,221 14,893,330 Disposals during the year 6, ,589 2,987,340-93, ,966 17,186 3,949,758 5,347,615 Assets in service, end of year 2,107,632 15,190, ,366,680 4,402, ,303,818 72,172,852 81,846, ,389, ,292,373 Assets under construction - 26, ,969-58,097,095-24,689 58,381,632 51,887,931 Balance, end of year 2,107,632 15,217, ,599,649 4,402, ,400,913 72,172,852 81,871, ,771, ,180,304 Accumulated Amortization Balance, beginning of year 1,508,820 7,671,077 79,835, ,943 96,295,545 23,957,947 41,739, ,644, ,599,816 Amortization during the year 159,782 1,311,734 4,882, ,168 2,155,865 2,027,435 1,796,833 12,443,315 12,172,336 Amortization on disposals 6, ,589 2,652,822-55, ,962 17,186 3,577,308 5,127,290 Balance, end of year 1,662,429 8,378,222 82,064, ,111 98,395,834 25,744,420 43,519, ,510, ,644,862 Net Book Value $ 445,203 $ 6,838,893 $ 97,534,903 $3,656,135 $ 178,005,079 $ 46,428,432 $ 38,351,954 $ 371,260,599 $ 356,535,442 See Accompanying Notes 7

10 CONSOLIDATED SCHEDULE OF ACCUMULATED SURPLUS Operating Surpluses (Deficit) Operating surplus (Note 13) $ - $ - Water works and waste water works surplus (Note 13) - - Le Village Business Improvement Area surplus 25,778 23,182 Downtown Business Improvement Area surplus Cornwall and Area Housing Corporation surplus 115, ,622 Land inventory for resale surplus 3,209,787 3,312,432 Unexpended capital financing (Unfinanced capital outlay) (7,674,084) (3,507,296) Liabilities to be recovered from future revenues (Note 14) Accrued interest on net long-term liabilities (25,319) (26,854) Future employment benefits payable (6,787,075) (4,467,319) Accrued landfill closure and post closure costs (1,740,466) (2,424,368) Net-long term liabilities (Note 12c) (1,874,206) (2,050,000) Long-term accounts payable (Note 10) (683,205) - Internal loan for reserves (2,000,000) - Total operating deficit (17,432,348) (9,032,644) Reserves and reserve funds Reserves (Note 15) 16,033,412 14,620,276 Reserve funds (Note 16) 33,077,118 33,145,990 Total reserves and reserve funds 49,110,530 47,766,266 Invested in tangible capital assets Tangible capital assets 371,260, ,535,442 Less: net long-term liabilities (21,908,967) (23,356,542) Total invested in tangible capital assets 349,351, ,178,900 ACCUMULATED SURPLUS $ 381,029,814 $ 371,912,522 See Accompanying Notes 8

11 CONSOLIDATED SCHEDULE OF CHANGE IN ACCUMULATED SURPLUS Operating Invested Surpluses Reserves and in Tangible (Deficits) Reserve Funds Capital Assets Balance, beginning of year $ (9,032,644) $ 47,766,266 $333,178,900 $371,912,522 $357,128,768 Surplus for the year 8,351, ,924-9,117,292 14,783,754 Reserve funds used for operations (4,087,474) 4,087, Reserve funds used for tangible capital assets - (3,509,134) 3,509, Current year funds used for tangible capital assets (19,864,996) - 19,864, Prior year funds used for tangible capital assets (4,166,788) - 4,166, Annual amortization expense 12,443,315 - (12,443,315) - - Disposal of tangible capital assets 372,446 - (372,446) - - Proceeds from long-term debt for capital purposes 485,000 - (485,000) - - Long term debt repaid for tangible capital assets (1,932,575) - 1,932, Change in accumulated surplus (8,399,704) 1,344,264 16,172,732 9,117,292 14,783,754 Balance, end of year $(17,432,348) $ 49,110,530 $349,351,632 $381,029,814 $371,912,522 See Accompanying Notes 9

12 CONSOLIDATED SCHEDULE OF SEGMENTED DISCLOSURE General Protection and Transportation Environmental Water and Waste Social and Recreation and Planning and Government Health Services Services Services Water Services Family ServicesCultural Services Development REVENUE Taxation $ 2,689,354 $ 28,957,938 $ 11,522,721 $ 1,649,951 $ - $ 7,309,796 $ 8,700,762 $ 1,782,606 $ 62,613,128 $ 59,121,048 Government grants 6,206,413 6,360, , ,216-45,126, ,498 82,035 58,761,214 57,340,204 Revenue from other municipalities - 3,651, ,361, ,013,559 7,078,662 Fees and service 915, ,605 6,509,040 2,109,024 15,983,211 10,439,916 3,579, ,807 40,104,127 39,080,100 Investment income 1,158, ,158,859 1,397,706 Licenses and permits 172, , , ,351 Fines and penalties 481, , , ,984 Sale of land 113, ,743 31,243 Donations and other revenue - 10, , ,572 3,835 11,737,686 40,141,312 18,463,762 4,164,191 16,042,435 66,241,949 12,429,015 2,080, ,300, ,391,133 EXPENSES Wages and benefits 4,087,602 35,913,980 9,117, ,926 4,245,035 17,237,105 6,663,366 1,145,330 78,683,497 76,501,143 Interest on municipal debt - 135, , , , ,144-1,160,586 1,027,278 Materials and services 1,068,220 2,446,983 4,383,402 (66,606) 2,556,947 10,326,450 1,963, ,327 23,081,079 25,584,037 Contracted services 671,837 1,004,639 2,362,374 3,735, ,383 2,313,032 1,295, ,435 12,709,934 11,919,394 Rents and financial costs 2,190, ,939 1,802,520 (595,650) 976,329 21,625,543 1,586, ,562 28,628,619 26,766,751 Third party transfers 105,170 1,312, ,265-86,096 11,706,037 1,092, ,327 14,808,114 13,229,894 Amortization 159,781 1,311,735 4,882, ,168 2,155,864 1,796,832 2,027,005-12,443,315 12,172,335 8,282,697 43,024,489 22,894,056 3,456,508 11,086,736 65,406,448 14,965,229 2,398, ,515, ,200,832 ANNUAL SURPLUS (DEFICIT) 3,454,989 (2,883,177) (4,430,294) 707,683 4,955, ,501 (2,536,214) (318,533) (214,346) (1,809,699) BEFORE OTHER ITEMS OTHER ITEMS - 5,000 3,400,292 87,499 3,923,960 61,967 46,414 1,806,506 9,331,638 14,309,158 ANNUAL SURPLUS (DEFICIT) $ 3,454,989 $ (2,878,177) $ (1,030,002) $ 795,182 $ 8,879,659 $ 897,468 $ (2,489,800) $ 1,487,973 $ 9,117,292 $ 12,499,459 See Accompanying Notes 10

13 DESCRIPTION OF ORGANIZATION The City of Cornwall is a municipality in the Province of Ontario, Canada. It conducts its operations guided by the provisions of provincial statutes such as the Municipal Act, Municipal Affairs Act and related legislation. 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements of the Corporation of the City of Cornwall (the "City") are prepared by management in accordance with Canadian public sector accounting standards for local governments as recommended by the Public Sector Accounting Board ("PSAB") of the Chartered Professional Accountants of Canada. The basis of accounting under PSAB states that revenue and expenditures are reported on the accrual basis of accounting, which recognizes revenue as they are earned and measurable; expenditures are recognized as they are incurred and measurable, as a result of receipt of goods or services. Significant aspects of the accounting policies adopted by the City are as follows: (a) Reporting Entity (i) Consolidated financial statements These consolidated financial statements reflect the assets, liabilities, revenues, expenditures, and changes in fund balances and in financial position of the reporting entity. The reporting entity is comprised of all organizations, committees, corporations and local boards accountable for the administration of their financial affairs and resources to the City and which are controlled by the City. These financial statements include: Local Boards The Cornwall Police Commission The Cornwall Public Library Board Glen-Stor-Dun Lodge Association Le Village Business Improvement Area Downtown Business Improvement Area Cornwall and Area Housing Corporation Cornwall Regional Airport Commission Inc. All interfund assets and liabilities and sources of financing and expenditures have been eliminated with the exception of charges to current and capital operations for use of city-owned equipment and facilities by various departments. These equipment charges and related interest charges amounted to approximately $2,705,195 ( $2,463,744). (ii) Non-consolidated entities The Eastern Ontario Health Unit, which is a joint local board, is not consolidated. (iii) School boards The taxation, other revenues, expenditures, assets and liabilities with respect to the operations of the school boards, are not reflected in the municipal fund balances of these financial statements. (b) Fund accounting Funds within the consolidated financial statements consists of the operating, capital and reserve funds. Transfers between funds are recorded as adjustments to the appropriate fund balance. 11

14 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (c) Taxation and related revenues Property tax billings are issued by the City based on assessment rolls prepared by the Municipal Property Assessment Corporation ("MPAC") and collects property tax revenue for municipal purposes, provincial education taxes on behalf of the Province of Ontario, payment in lieu of taxation, local improvements and other charges. The authority to levy and collect property taxes is established under the Municipal Act 2001, the Assessment Act, the Education Act and other legalisation. Taxation revenue consists of non-exchange transactions and is recognized in the period to which the assessment relates and a reasonable estimate of the amounts can be made. Annual taxation revenue also includes adjustments related to reassessments and appeals to prior years' assessments. The City is entitled to collect interest and penalties on overdue taxes. These revenues are recorded in the period the interest and penalties are levied. (d) Government grants Conditional grant revenue is recognized to the extent the conditions imposed on it have been fulfilled. Unconditional grant revenue is recognized when monies are receivable. Grants for the acquisition of tangible capital assets are recognized in the period in which eligible expenditures are made. (e) Government transfer payments Government transfer payments, which include legislative grants, are recognized in the financial statements in the period which the events giving rise to the transfer occurs, providing the transfers are authorized, any eligibility criteria have been met and reasonable estimated of the amount can be determined.. (f) Fees and services and other revenues Fees and services and other revenues are recognized when the activity is performed or when the services are rendered. Examples include but limited to are transit fees, water and waste water charges, solid waste tipping fees, licensing fees, permits, rent for geared-to-income housing and homes for the aged and other fees from various recreation programs and facilities. (g) Investment income Investment income earned on surplus funds is reported as revenue in the period earned. Investment income earned on obligatory funds such as parkland allowances and gas tax funds is added to the associated funds and forms part of the respective deferred revenue, obligatory reserve fund balances. (h) Cash and cash equivalents: Cash consists of balances held at financial institutions and any investments with maturity dates of three months or less and bank advances due within one year. (i) Land inventory for resale Land inventory for resale is recorded a the lower of cost or net realizable value. Cost includes improvements to prepare the land for sale or servicing. 12

15 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (j) Long-term investments Long-term investments are recorded at cost. Temporary declines in the market value of these investments are not adjusted. (k) Deferred revenue Deferred revenues represent user charges and fees which have been collected but for which the related services have yet to be performed. These amounts will be recognized as revenues in the fiscal year the services are performed. (l) Deferred revenue, obligatory reserve funds The City receives restricted contributions under the authority of federal and provincial legislation and City by-laws. These funds by their nature are restricted in their use and are recorded as deferred revenue until applied to applicable costs. Amounts applied to qualifying expenditures are recorded as revenue in the fiscal period they are expended. (m) Future employment benefits The City accrues its obligations for post-employment benefits when an event that obligates the City occurs such as shortterm sick leave, vacation, banked and overtime and future Workers Safety and Insurance Board compensation payments while as a Schedule 2 employer. (n) Accrued landfill closure and post closure costs The City accrues landfill closure costs which includes final covering and landscaping of the site, pumping of ground water and leachates from the site and ongoing environmental monitoring, site inspection and maintenance. The reported liabilities have been recognized based on the landfill site's capacity usage, management's best estimate of future expenditures, longterm inflation rates and discount rates. Future events may result in significant changes to the estimated total expenses, capacity used or total capacity and the estimated liabilities, which would be recognized prospectively, as a change in estimates, when applicable. (o) Reserves and reserve funds Reserves and reserve funds are comprised of funds set aside for specific purposes by Council and funds set aside for specific purposes by legislation, regulation or agreement. For financial reporting purposes, reserve funds set aside by legislation, regulation or agreement are reported as deferred revenue, obligatory reserve funds on the statement of financial position. Other reserve funds and reserves are presented as part of the City's accumulated surplus. (p) Use of estimates The preparation of financial statements in conformity with Canadian public sector accounting standards requires administration 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 expenditures during the current period. These estimates are reviewed periodically and adjustments are made to income as appropriate in the year they become known. Significant items subject to such estimates and assumptions include the estimated useful life of tangible capital assets, the valuation of allowances for doubtful taxes and accounts receivable, the valuation of inventories, and the estimated landfill closure and post closure costs. Actual results could differ from these estimates. 13

16 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (q) Non-financial assets Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year, and are not intended for sale in the ordinary course of operations. The change in non-financial assets during the year, together with the excess of revenues over expenses, provides the Change in Net Financial Assets for the year. (i) Tangible capital assets Tangible capital assets are recorded at cost, which includes all amounts that are directly attributable to acquisition, construction, development or betterment of the asset. The cost, less residual value, of the tangible capital assets are amortized on a straight-line basis over their estimated useful lives as follows: Yard improvements Buildings Machinery and equipment Office furniture Vehicles Computer hardware and software Water and waste plants and networks underground networks sewage treatment plants water pumping stations and reservoirs flood stations and other infrastructure Transportation road base road surface bridges and structures Landfill site Leased assets 7 to 55 years 15 to 60 years 4.5 to 60 years 10 to 20 years 4 to 20 years 3 to 10 years 50 to 120 years 50 to 75 years 50 to 75 years 50 to 75 years 100 years 18 to 22 years 10 to 75 years 43 years 3 to 8 years Amortization is charged against operations commencing in the month of acquisition and ceased being charged against operations in the month of disposal. Assets under construction are not amortized until the asset is available for productive use, at which time they are capitalized. The City has a capitalization threshold of $5,000 so that individual tangible capital assets of lesser value are expensed, unless they are pooled with a threshold of $50,000, because collectively they have significant value or for operational reasons. Examples of pool of assets are desktop computer systems, utility poles and defibrillators. (ii) Contributions of tangible capital assets Tangible capital assets received as contributions are recorded at their fair value at the date of receipt, and that fair value is also recorded as revenue. Similarly, transfers of assets to third parties are recorded as an expense equal to the net book value of the asset as of the date of the transfer. 14

17 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (iii) Leases Leases are classified as capital or operating leases. Leases which transfer substantially all of the benefits and risks incidental to ownership of property 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. (iv) Inventory Inventory held for consumption is recorded at the lower of cost or replacement cost. 2. OPERATION OF SCHOOL BOARDS Further to note 1 (a) (iii), the City is required to collect property taxes and payments in lieu of property taxes on their behalf. The amounts collected and remitted, net of taxation write-offs and charity rebates, are summarized below: Taxation and user charges $ 15,724,599 $ 14,255,512 Payments in lieu of taxes 1,890 1,859 $ 15,726,489 $ 14,257, CONTRIBUTIONS TO UNCONSOLIDATED JOINT BOARDS Further to note 1 (a) (ii), the following contributions were made by the City to these boards: Eastern Ontario Health Unit $ 696,972 $ 686, TRUST FUNDS Trust funds administered by the City amounting to $121,959 ( $132,274) have not been included in the consolidated statement of financial position nor have their operations been included in the consolidated statement of financial activities. 5. LONG-TERM INVESTMENTS Long-term investments are recorded at cost. The premium or discount on the purchase price is amortized over the life of the investments. The investments had a market value of $50,359,453 as at December 31, 2014 ( $45,445,680). The progress reserve fund of $25,529,243 ( $25,529,243) includes restricted investments and cash that are invested in financial instruments in accordance with the Ontario Municipal Act, Regulation 438/97. The fair market value of the investments held in the progress fund at December 31, 2014 is $24,954,629 ( $24,946,393) which includes $108,913 ( $41,582) of operating cash. 15

18 6. TEMPORARY BORROWINGS Temporary borrowings bear interest at 1.60% and is due February 17, 2015 based on a finance agreement dated November 19, Temporary borrowings were used to finance capital expenditures of the Cornwall Waste Water Treatment Plant Facility until the capital project is completed and long-term financing is obtained in DEFERRED REVENUE, OBLIGATORY RESERVE FUNDS A requirement of the public sector accounting principles of the Chartered Professional Accountants of Canada, is that obligatory reserve funds be reported as deferred revenue. This requirement is in place as provincial legislation restricts how these funds may be used and under certain circumstances these funds may possibly be refunded. The balances in the obligatory reserve funds of the City are summarized below: Parkland $ 124,285 $ 15,568 Gas tax reserve 748,571 1,707,162 $ 872,856 $ 1,722,730 For the 2015 fiscal year, the committed funds to be transferred from the gas tax reserve fund is $572,046 and the committed funds to be transferred to the parkland reserve fund is $32, FUTURE EMPLOYMENT BENEFITS The City provides certain employment benefits which will require funding in future periods. Under the sick-leave benefit plan, unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the City's employment Accumulated sick leave benefits $ 1,685,315 $ 1,801,733 Vacation pay 974, ,009 Workplace Safety and Insurance Board benefits 4,126,977 1,759,577 $ 6,787,075 $ 4,467,319 Accumulated sick leave benefits have been vested with employees of the Fire department and the Glen-Stor-Dun Lodge in accordance with their negotiated employment contracts. 16

19 9. PENSION AGREEMENTS The City makes contributions to the Ontario Municipal Employees Retirement Fund ("OMERS"), which is a multi-employer plan, on behalf of approximately 600 members of its 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. Since any surpluses or deficits are a joint responsibility of all Ontario municipalities and their employees, the City does not recognize any share of the OMERS pension surplus or deficit in these financial statements. The following amounts were contributed to OMERS during the year and are included as expenditures on the consolidated statement of financial activities: Basic services $ 5,427,486 $ 5,240, PUBLIC LIABILITY INSURANCE For the period of 2002 to 2006, the City was insured with the Ontario Municipal Insurance Exchange ("OMEX"), an insurance reciprocal whose members pool their insurance coverage. As a member of the reciprocal, the City assumed a certain percentage of the entire group's liabilities and losses for the period of time that the City was a member. In the event that an annual premium funding becomes insufficient to cover claims and claim reserves, the reciprocal has the ability to reassess each member to appropriately fund the difference. As the claims for the above-noted period are settled, the City may either incur new liabilities or receive funds. In 2014, the City was assessed the sum of $683,205 to cover claims and claim reserves by OMEX. The liability is scheduled to be paid in three equal installments in 2015, 2016 and ACCRUED LANDFILL CLOSURE AND POST-CLOSURE LIABILITY The City records and presents future landfill closure and post-closure costs as a liability pursuant to the the public sector accounting standards. This standard states that the costs related to closing of the solid waste landfill sites and post-closure care are to be accrued as the sites' capacities are used. The City owns and operates one open landfill site and it owns and monitors one closed landfill site. The open site has an estimated remaining life of 16 years, which represents 61% of total estimated capacity. Post-closure care is estimated to be required for 50 years from the date of site closure. The liability for closure of the open site and post-closure care has been recognized based on the usage of the site's capacity during the year. The costs were based upon the 2014 budget and inflation adjusted at 2.5% per annum to the estimated year of closure. These costs were then discounted to December 31, 2014 using a discount rate of 5%. The liability for closure and post-closure care as at December 31, 2014 is $1,740,466 ( $2,424,368). Estimated expenditures for closure and post-closure care are $2,835,410, after discounting total estimated future costs of $6,100,000 The liability remaining to be recognized is $1,094,944. A portion of the liability is currently funded by the landfill reserve of $263,779 ( $377,401). The remaining portion of the liability is expected to be funded through budget allocations over the remaining life of the landfill. 17

20 12. NET LONG-TERM LIABILITIES (a) The total long-term liabilities reported on the consolidated balance sheet are those incurred by the City, including municipal enterprises. Net long-term liabilities, issued in the name of the City of Cornwall, include the following amounts: Bank loans (Note 12c) $ 17,323,254 $ 18,367,478 Capital lease obligations (Note 12d) 18,540 66,184 Cornwall and Area Housing Corporation (Note 12e) 6,441,379 6,972,880 Internal loans from reserve funds (Note 12f) 4,169,511 2,229,879 27,952,684 27,636,421 Less: Internal loan from reserve funds eliminated upon consolidation (4,169,511) (2,229,879) $ 23,783,173 $ 25,406,542 Repayment of long-term debt, assuming the loans are renewed under the same terms and conditions, is as follows: 2015 $ 2,135, ,985, ,919, ,818, ,860,400 Thereafter 14,063,848 $ 23,783,173 (b) Of the net long-term liabilities reported in (a) of this note, principal payments are payable from the following sources: 2015 to 2019 Thereafter General municipal revenues $ 4,926,420 $ 2,779,778 Provincial grant revenues 2,736,705 3,704,674 Progress reserve fund 2,056,200 7,579,396 $ 9,719,325 $ 14,063,848 18

21 12. NET LONG-TERM LIABILITIES (Continued) (c) The bank loans reported in (a) of this note are as follows: Bank loan, Benson Centre, interest at 3.41%, repayable in monthly $ 9,635,596 $ 10,020,275 blended payments of $59,951, due November 2032, secured by a general security agreement Bank loan, Emergency Medical Service building, interest at 3.09%, 1,374,117 1,460,057 repayable in monthly blended payments of $10,820, due October 2027, secured by a general security agreement Bank loan, post-employment payments, interest at 3.32%, repayable in 1,874,206 2,050,000 monthly blended payments of $20,099, due December 2023, secured by a general security agreement Equipment loans, interest between 1.78% and 4.35%, repayable in blended 4,439,335 4,837,146 monthly payments between $4,645 and $16,823, due dates between October 2015 and April 2023, secured by general security agreements $ 17,323,254 $ 18,367,478 (d) Capital lease obligations are for computer equipment that bear an interest rate of 0% and are due February (e) Net long-term liabilities of Cornwall and Area Housing Corporation pertaining to the amalgamation with Cornwall Non- Profit Housing Corporation is $6,441,379 as at December 31, The annual debt payments of the net long-term liabilities are to be funded from the Province of Ontario's Ministry of Municipal Affairs and Housing. Terms and conditions for these liabilities range from 3.05% to 6.13% with maturity dates due between February 2016 and April 2024 and are secured by specific assets. (f) The City established two internal debt obligations with it reserve funds which are described as follows: The City provided a mortgage to Cornwall and Area Housing Corporation in 2010 for $2,403,333 and created an internal debt obligation from its reserve funds to finance the mortgage for the same amount, terms and conditions. The outstanding debt as at December 31, 2014 is $2,169,511. The City established an internal debt obligation from the reserve funds of $2,000,000 to decrease the land reserve deficit by $2,000,000 in The internal loans have been removed within these financial statements. 19

22 13. OPERATING AND WATER WORKS AND WASTE WATER WORKS SURPLUSES AND DEFICITS The operating deficit for the fiscal year ending December 31, 2014 was $222,184 ( deficit of $290,847), which $71,298 was funded from the winter control reserve, $126,366 was funded from the WSIB - estimated future benefit costs reserve, and $24,520 was funded from the working reserve. The water works and waste water works surplus for the fiscal year ending December 31, 2014 was $313,935 ( $145,171), which $123,512 was transferred to the water works working fund reserve and $190,423 was transferred to the waste water works working fund reserve. 14. LIABILITIES TO BE RECOVERED FROM FUTURE REVENUES Liabilities to be recovered from future revenues are as follows: Accrued interest on net long-term liabilities $ 25,319 $ 26,854 Future employment benefits payable 6,787,075 4,467,319 Accrued landfill closure and post closure costs 1,740,466 2,424,368 Net long-term liabilities 23,783,173 25,406,542 Long-term accounts payable (Note 10) 683,205 - Internal loans 2,000,000 - $ 35,019,238 $ 32,325,083 Sources of future revenues to finance liabilities are as follows: General municipal revenues $ 17,315,886 $ 13,632,927 Reserves and reserve funds 11,261,973 11,719,276 Provincial grant revenues 6,441,379 6,972,880 $ 35,019,238 $ 32,325,083 20

23 15. RESERVES Reserves set aside for specific purposes by Council and are as follows: Operating reserves Working funds $ 3,614,485 $ 3,309,650 Tax stabilization 1,000, ,000 Winter control - 71,298 Health and safety awareness 76,022 76,022 Municipal elections - 107,531 Renaissance 85,008 99,854 Medical recruitment 26,837 81,579 Solid waste management 18,160 18,160 4,820,512 4,264,094 Capital reserves Road infrastructure 193,753 39,063 Recreation facilities 65,341 25,041 Fire equipment 141, ,672 Land ambulance 688, ,626 Land reserve (67,922) (2,171,995) Equipment and vehicles (504,752) (624,383) Municipal buildings (1,094,260) (1,660,412) Social housing 190, ,157 (387,278) (3,294,231) Restricted reserves (Municipal funded) Water works 3,731,446 3,357,934 Waste water works 3,930,304 6,601,768 Brownfields 233, ,634 Heart of the City (84,591) (29,058) WSIB 1,362,598 1,321,600 9,172,915 11,406,878 Restricted reserves (Externally funded) Employment Assistance 767, ,189 Social housing providers 1,381,432 1,072,282 Child care 238, ,064 Consolidated homelessness 39,927 85,000 2,427,263 2,243,535 $ 16,033,412 $ 14,620,276 For the 2015 fiscal year, the committed funds to be transferred from reserves is $608,144 and the committed funds to be transferred to reserves is $1,803,

24 16. RESERVE FUNDS Reserve funds are set aside for specific purposes by Council, regulation or agreement. The activity during the year is as follows: January 1, 2014 Current Year December 31, 2014 Balance Transactions Balance Progress Fund Balance of proceeds on sale of Cornwall Electric (1998) $ 25,000,000 $ - $ 25,000,000 Interest revenue 17,439, ,528 18,049,322 Transfers to current fund, current operations (6,639,071) (609,528) (7,248,599) Transfers to capital fund, acquisition of tangible capital assets (10,271,480) - (10,271,480) 25,529,243-25,529,243 Other Reserve Funds Social Housing 3,400,829 51,351 3,452,180 Parking 196,388 (41,540) 154,848 Library 107,748 39, ,647 Landfill 377,401 (113,622) 263,779 Cornwall Regional Airport Commission 15,310-15,310 Downtown Investment 3,519,071 (4,960) 3,514,111 $ 33,145,990 $ (68,872) $ 33,077,118 The net proceeds from the sale of Cornwall Electric were used to establish two reserve funds; the progress fund and the debt retirement reserve fund. Investment income generated from the progress fund reserve fund is used for the betterment of the residents and to improve the quality of life for the residents of the City of Cornwall through funding of specific operating and capital expenditures. The balance held in the debt retirement reserve was extinguished in BUDGET FIGURES Budgets established for capital funds, reserves and reserve funds are based on a project-oriented basis, the costs of which may be carried out over one or more years. Although they are not directly comparable with current year actual amounts, they have been reflected on the consolidated statement of operations. The budget figures have not been audited. 18. CHARGES FOR NET LONG-TERM LIABILITIES Total charges for the year for net long-term liabilities are as follows: Principal payments $ 2,108,369 $ 1,637,674 Interest 1,160, ,030 $ 3,268,955 $ 2,636,704 The charges for long-term liabilities assumed by the non-consolidated entities are not reflected in these statements. 22

25 19. EXPENDITURES BY OBJECT Operating expenditures is summarized as follows: (Unaudited) BUDGET ACTUAL ACTUAL Salaries and benefits $ 76,526,773 $ 78,683,497 $ 76,501,143 Interest on long-term debt 1,491,159 1,160,586 1,027,278 Materials and services 24,017,736 23,081,079 25,584,037 Contracts and sub-contracts 11,610,047 12,709,934 11,919,394 Rents and financial expenses 30,146,294 28,628,619 26,766,751 Transfers to external parties 15,100,813 14,808,114 13,229,894 Amortization 13,009,605 12,443,315 12,172,335 $171,902,427 $171,515,144 $167,200, CONTINGENCIES The corporation is involved in various legal actions in the normal course of business. The corporation and its insurers are defending all actions against the corporation. In the opinion of management, the aggregate amount of any potential liability is not expected to have a material adverse effect on the corporation's financial position. Losses, if any, will be accounted for in the period they become determinable. 21. COMMITMENTS The corporation has entered into various operating leases for vehicles, equipment and services. Anticipated payments over the next five years for operating lease commitments are: 2015 $ 2,603, $ 2,362, $ 865, $ 57, $ 7,028 $ 5,896,084 In 2010, the City committed a $1,000,000 investment in the support of the St. Lawrence College - Cornwall Campus redevelopment project. This contribution will be funded from the tax base in ten equal installments over a ten year period starting in The remaining commitment as of December 31, 2014 is $500,000. In 2012, the City committed a $258,580 investment to the Eastern Ontario Regional Network ("EORN"). This contribution will be funded from the tax base in ten equal installments over a ten year period starting in The remaining commitment as of December 31, 2014 is $206,

26 22. BUDGET AND OPERATING SURPLUS CORPORATION OF THE CITY OF CORNWALL The unaudited budget figures presented in these financial statements are based upon the 2014 operating and capital budgets that have been approved by Council of the Corporation of the City of Cornwall. Adjustments to the budgeted amounts were required to provide comparative budget amounts based on the full accrual basis of accounting under PSAB. The following schedule reconciles the budget and actual results presented in these financial statements to the approved operating budget for the year. (Unaudited) BUDGET ACTUAL ACTUAL Annual Surplus, Statement of Financial Activities $ 2,005,861 $ 9,117,292 $ 14,783,754 Change in local board's surpluses for the year (6,050) (11,456) (1,462) Issuance of external long-term liabilities 5,500, ,000 4,797,000 Issuance of internal long-term liabilities 600,000 2,000,000 - Change in land inventory for resale surplus - 102,645 (2,835,422) Net transfers from reserves and reserve funds 4,058,000 3,509,137 12,375,960 for capital acquisitions Net transfer to reserves and reserve funds from operating (3,772,101) (3,995,723) 139,462 Acquisition of tangible capital assets (18,283,231) (27,540,918) (43,691,815) Amortization of tangible capital assets 13,009,605 12,443,315 12,172,336 Disposal and write-down of tangible capital assets - 372, ,325 Repayments of long-term liabilities (2,841,987) (2,108,369) (1,637,674) Change in surplus for future capital acquisitions 275,633 4,166,788 6,935,819 Revenue earned in reserves and reserve funds (815,460) (765,927) (830,685) Change in accrued landfill closure and post closure costs 31,000 (683,902) (204,752) Change in retirement benefits and accrued interest 238,000 2,318,218 (2,368,522) Change in long-term accounts payable - 683,205 - Operating fund surplus (deficit) for the year - 91,751 (145,676) Transfer of reserves to fund operating deficit - 222, ,847 Transfer of water works and waste water works surplus to reserves - (313,935) (145,171) Operating fund surplus for the year $ - $ - $ COMPARATIVE FIGURES Certain comparative figures have been restated to conform to current year's financial statement presentation. 24

27 24. SEGMENTED INFORMATION The City is responsible for providing a range of services to its citizens. For management reporting purposes the City's operations and activities are organized and reported by department. These departments are reported by functional area in the body of the financial statements similar to reporting reflected in the Ontario Financial Information Return. These functional areas represent segments for the City and expended disclosure by object has been reflected in the schedule of segmented disclosure. For each segment separately reported, the segment revenue and expenses represent both amounts that are directly attributable to the segment and amounts that are allocated on a reasonable basis. Therefore, certain allocation methodologies are employed in the preparation of segmented financial information. The accounting policies used in these segments are consistent with those followed in the preparation of the financial statements as disclosed in note 1. A brief description of each segment follows: (a) General government General government includes corporate services and governance of the City. Administration as a segment includes operating and maintaining city-owned buildings, human resource management, legal, communications, information systems and technology, support to Council for policy development, by-law development in compliance with the Municipal Act, tax billing and collection responsibilities, financial management reporting, monitoring and overall budget status as well as frontline reception and customer service. (b) Protection services Protection services include police, fire protection, conservation authority, protective inspection and control and emergency measures. Fire protection includes inspection, extinguishing and suppression services, emergency medical first response, and prevention education and training programs. Inspection and control includes building inspection, by-law enforcement and dog control services. (c) Transportation services Transportation services include administration and operation of traffic, parking, transit and airport services for the City. In addition, services are provided for the winter and summer road maintenance along with the repair and construction of the City roads system including bridges and culverts, as well as operation and maintenance of a fleet of vehicles and equipment for use in providing services to the City. (d) Environmental services Environmental services include solid waste collection, disposal, recycling, and storm sewer services. Environmental services also include the operation of water and waste water facilities and infrastructure for the collection and distribution of both water and waste water services within the City. (e) Health services Health services provide emergency medical services, land ambulance and funding for local public health organizations. (f) Social and family services Social and family services provide long-term care home at the Glen-Stor-Dun Lodge, and administration of provincial programs such as social assistance and subsidized child care. 25

28 23. SEGMENTED INFORMATION (Continued) (g) Social housing Social and family services provide housing services for geared to income individuals in the City and for the United Counties of Stormont, Dundas and Glengarry. (h) Recreation and cultural services Recreation and cultural services provide services that contribute to neighbourhood development and sustainability through the provision of recreation and leisure programs and facilities including parks, recreation programs, recreation facilities, libraries, museums and other cultural services and activities. (i) Planning and development Planning and development manages development for business interests, environmental concerns, heritage matters, local neighbourhoods and community development. It also facilitates economic development by providing services for the approval of all land development plans and the application and enforcement of the zoning by-law and official plan. 26

29 FIVE YEAR FINANCIAL REVIEW FINANCIAL ACTIVITIES (000's) Revenues Taxation $ 62,613 $ 59,121 $ 54,859 $ 54,043 $ 52,161 Government grants and transfers 58,761 57,340 52,568 53,820 59,775 Revenue from other municipalities 7,014 7,079 7,176 7,299 7,588 Fees and service charges 40,104 39,080 38,744 37,566 34,743 Investment income 1,159 1,398 1,752 1,716 1,583 Licenses and permits , Fines and penalties Sale of land ,198 2,274 Donations and other revenue Expenditures 171, , , , ,418 General government 8,283 6,693 5,937 9,100 9,586 Protection to persons and property 30,204 30,746 27,849 27,523 25,961 Transportation services 22,894 22,424 21,344 20,276 20,070 Environmental 14,543 14,891 14,297 14,136 13,088 Health services 12,820 11,893 11,234 11,196 10,211 Social and family services 45,803 44,103 44,319 43,644 46,527 Social housing 19,604 19,093 15,582 15,925 17,707 Recreation and cultural services 14,965 14,940 14,264 13,325 11,845 Planning and development 2,399 2,417 2,283 2,452 2, , , , , ,770 Net surplus (deficit) (214) (1,809) (514) 1,194 1,648 before other items Revenue for capital and other purposes 9,332 16,593 10,220 16,503 44,489 Annual surplus $ 9,118 $ 14,784 $ 9,706 $ 17,697 $ 46,137 PROPERTY TAXES BILLED (000's) Own purposes $ 62,613 $ 59,121 $ 54,859 $ 54,043 $ 52,161 School boards 15,726 14,257 12,586 13,767 14,661 $ 78,339 $ 73,378 $ 67,445 $ 67,810 $ 66,822 27

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