YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON

Transcription

1 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON FINANCIAL STATEMENTS AT MARCH 31, 2012

2 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON FINANCIAL STATEMENTS AT MARCH 31, 2012 TABLE OF CONTENTS Page Number INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Operations and Changes in Fund Balances 3 Statement of Cash Flows 4 Notes to the Financial Statements 5 to 14 Independent Auditors Comments on Supplementary Financial Information 15 Centennial Crescent Supplementary Schedule of Operations 16

3 INDEPENDENT AUDITORS' REPORT To the Board of Directors of the YWCA of Peterborough, Victoria & Haliburton We have audited the accompanying financial statements of the YWCA of Peterborough, Victoria & Haliburton, which comprise the statement of financial position as at March 31, 2012 and the statements of operations and changes in fund balances 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 these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal controls as management determines are 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 Canadian 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 auditor s 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 controls 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 controls. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. Basis for Qualified Opinion In common with many charitable organizations, the organization derives revenue from donations and fundraising, the completeness of which is not susceptible of satisfactory audit verification. Accordingly our verification of these revenues was limited to the amounts recorded in the records of the organization and we were not able to determine whether any adjustments might be necessary to revenues, excess of revenue over expenditure, assets and fund balances. Note 2 describes the amortization policy with respect to the organization's capital assets for the Centennial Crescent Non-Profit Housing Project. The note also indicates that the organization is amortizing these assets in accordance with the Ministry of Municipal Affairs and Housing and the City of Peterborough accounting policies which is not in accordance with Canadian generally accepting accounting principles. The estimated useful life of similar buildings is considered to be 20 years. If amortization had been provided on a straight-line basis, amortization, municipal grants, and accumulated amortization would have been increased by $40,876 ( $45,367). The cumulative increase for accounts receivable and accumulated amortization since the Project commenced operations in 1992 would have been $2,302,303 ( $2,261,427). The closing fund balance for invested capital assets would have been $1,392,146 ( $1,516,597). Qualified Opinion In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion Paragraph, the financial statements present fairly, in all material respects, the financial position of the YWCA of Peterborough, Victoria & Haliburton as at March 31, 2012, and its financial performance and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. Collins Barrow Kawarthas LLP Chartered Accountants Licensed Public Accountants Peterborough, Ontario May 28, 2012

4 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON 2 STATEMENT OF FINANCIAL POSITION At March 31, 2012 ASSETS Operating Property Reserve Safe Haven Total Total Fund Fund Funds Fund $ $ $ $ $ $ Current Cash 146, , ,055 Short-term investments (Note 3) 144,120-1,113,749 1,360,346 2,618,215 1,837,521 Accounts receivable 124, , ,496 Prepaid expenses 22, ,288 18, ,846-1,113,749 1,340,346 2,910,941 2,661,880 Long-Term Investment (Note 3) , , ,099 Capital Assets (Note 4) - 7,078, ,078,190 7,491,027 TOTAL ASSETS 436,846 7,078,190 1,292,021 1,360,346 10,167,403 10,318,006 LIABILITIES AND FUND BALANCES Current Liabilities Accounts payable and accrued liabilities (Note 5) 257, , ,197 Current portion of mortgages payable (Note 6) - 331, , ,297 Deferred contributions (Note 7) 179, , , ,890 Total Current Liabilities 436, , ,097,155 1,068,384 Long-Term Liabilities Mortgages payable (Note 6) - 4,812, ,812,356 5,144,283 Fund Balances Invested in capital assets - 1,605, ,605,525 1,710,015 Externally restricted (Note 8) ,839 1,360,346 1,836,185 1,683,330 Internally restricted (Note 8) , , ,994 Total Fund Balances - 1,605,525 1,292,021 1,360,346 4,257,892 4,105,339 TOTAL LIABILITIES AND FUND BALANCES 436,846 7,078,190 1,292,021 1,360,346 10,167,403 10,318,006 Approved By The Board,, Director, Director The accompanying notes are an integral part of this financial statement.

5 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCES 3 Operating Property Reserve Safe Haven Total Total Fund Fund Funds Fund $ $ $ $ $ $ Revenue Government of Canada (Note 10) 68, ,300 32, ,693 45,760 Province of Ontario (Note 10) Municipal Government (Note 10) 2,014, ,697 25, ,898 32, , ,071,734 2,151, , ,589 United Way of Peterborough and District 232, , ,968 Rental income 93, ,530 88,758 Sales Fundraising events (Note 11) 176, , , , , ,419 Donations 187,179-5, , , ,759 Other (Note 12) 111, , ,029 Investment income 34,160-15,622-49,782 22,519 Gain on sale of capital assets (Note 4) - 279, ,212 - Total Revenue 3,453, , , ,464 4,499,553 4,321,557 Expenditures Salaries and benefits 2,796, ,796,692 2,553,312 Building occupancy 396, , ,987 Mortgage interest 87, ,395 92,122 Program and service costs 240, , , ,670 General and office 226, , ,515 Event expenditures (Note 11) 26, ,883 49,192 Amortization - 418, , ,104 Total Expenditures 3,774, , ,922-4,347,000 4,117,902 Excess (Deficiency) Of Revenue Over Expenditures, Before Transfers (320,910) 168,859 40, , , ,655 Interfund Transfers 320,910 (273,349) 85,593 (133,154) - - Excess (Deficiency) Of Revenue Over Expenditures, After Transfers - (104,490) 125, , , ,655 Fund Balances, beginning of year - 1,710,015 1,166,288 1,229,036 4,105,339 3,901,684 Fund Balances, end of year - 1,605,525 1,292,021 1,360,346 4,257,892 4,105,339 The accompanying notes are an integral part of this financial statement.

6 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON 4 STATEMENT OF CASH FLOWS $ $ Cash From Operating Activities Excess of revenue over expenditures 152, ,655 Amortization of capital assets Amortization of deferred contributions 418, ,104 related to capital assets 18,952 (6,277) Net change in non-cash working capital Increase in short term investments Decrease in accounts receivable (780,694) 386,375 (1,726,438) 123,053 Decrease (increase) in prepaid expenses (3,480) 7,320 Decrease in accounts payable and accrued liabilities (43,372) (516,754) Increase in deferred contributions related to operating activities 48,563 37, ,596 (1,608,653) Financing Activities Mortgage principal payments (150,898) (159,363) Loan forgiveness (176,400) (85,400) Additions to mortgages - 2,340,000 (327,298) 2,095,237 Investing Activities Purchase of capital assets (56,244) (1,843,387) Disposal (purchase) of investments (13,173) 58,205 Proceeds on sale of capital assets 329,593 - Gain on sale of capital assets (279,212) - (19,036) (1,785,182) Increase (Decrease) In Cash (148,738) (1,298,598) Cash, Beginning Of Year 295,055 1,593,653 Cash, End Of Year 146, ,055 CASH FLOW INFORMATION Interest paid 87,395 92,122 The accompanying notes are an integral part of this financial statement.

7 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON 5 NOTE 1: NOTE 2: PURPOSE OF ORGANIZATION The YWCA of Peterborough, Victoria & Haliburton exists to support the right of all women and their families to live free from violence, poverty and oppression. The organization provides empowering and accessible programs and services in response to community identified needs. SIGNIFICANT ACCOUNTING POLICIES The YWCA of Peterborough, Victoria & Haliburton uses the deferral method of accounting and reports on a fund accounting basis. The funds maintained are as follows: Fund Accounting (i) (ii) (iii) (iv) Operating fund - includes results of day-to-day operating transactions and all unrestricted contributions; Property fund - includes the organization's assets, liabilities, revenue and expenditures related to capital assets; Reserve funds - includes contributions for specified purposes which may be internally or externally restricted; and Safe Haven fund - includes contributions for the new Crossroads Shelter and enhanced programs to help abuse survivors recover and thrive, less related expenditures. Recognition of Revenue and Expenditures Restricted contributions are recognized as revenue of the appropriate fund in the year in which the related expenses are incurred. Unrestricted contributions are recognized as revenue of the appropriate fund when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Restricted and unrestricted investment income is recognized as revenue when earned. Pledges receivable are recorded when received, unless a documented contract is entered into. Expenditures are reported on the accrual basis of accounting. The accrual basis of accounting recognizes expenditures in the period the goods or services are acquired and a legal liability is incurred. Capital Assets Land, land improvements, buildings, equipment and computers are recorded at cost and amortized in the property fund. Contributed capital assets are recorded in the property fund at fair market value at the date of contribution. Amortization is provided on a straight line basis over the assets' useful lives, which for buildings is 20 years, for land improvements is 15 years, for equipment is 5 years and for computers is 4 years. In accordance with Ministry of Municipal Affairs and Housing and the City of Peterborough accounting policies, for Centennial Crescent, an amount equal to the principal repayment on mortgages payable is recorded as amortization in the property fund. This amortization policy is not in accordance with generally accepted accounting principles. Operating Grants Claims for allowable operating costs are recorded as income in the current year. The reimbursement for these costs is dependent ultimately upon their acceptance by the various government agencies who fund the programs.

8 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON 6 NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) Income Taxes The organization qualifies as a non-profit organization as defined by the Federal and Ontario Income Tax Acts and, as such, is not subject to federal and provincial income taxes. Investments Investments are classified as held for trading and are carried at fair value. Fair value for these investments is equal to the stated market value. Due to the nature of the investments, the organization is exposed to price risk associated with bonds. This risk is mitigated by the organization s investment policies. Management Estimates The preparation of the financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Key areas where management has made complex or subjective judgments (often as a result of matters that are inherently uncertain) include, among others, accounts payable, useful lives of capital assets, revenue recognition and amortization. Actual results could differ from these and other estimates, the impact of which would be recorded in future periods. Financial Instruments The organization utilizes various financial instruments that are separated into one of the following categories based on the purpose for which the asset was acquired. The organization's accounting policy for each category is as follows: Held-for-trading: This category is comprised of cash and investments which are carried in the statement of financial position at fair value with changes in fair value recognized in the statement of operations. Receivables: These assets are non-derivative financial assets resulting from the delivery of cash or other assets for a promise to repay on a specified date or on demand. They arise principally through service delivery or HST rebates which will be collected after returns/reports have been submitted and approved. They are initially recognized at cost which approximates fair value, and subsequently adjusted for any provision for impairment. Other financial liabilities: This category includes financial liabilities other than those classified as held-for-trading and comprises trade payables and accrued liabilities and mortgage payable. These liabilities are initially recognized at cost which approximates fair value and subsequently measured at amortized cost using the effective interest rate method.

9 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON 7 NOTE 3: INVESTMENTS Market Value $ $ Short-term Phillips, Hager & North Investment Funds Ltd. - short-term bond fund 83,006 80,557 Guaranteed Investment Certificates, maturing between July 30, 2012 and February 26, 2013, interest between 1.2% and 1.3% 2,535,209 1,756,964 2,618,215 1,837,521 Long-Term Phillips, Hager & North Investment Funds Ltd. - bond fund 178, ,099 2,796,487 2,002,620 Subsequent to year end, the GICs were reinvested at terms ranging from one to five years. NOTE 4: CAPITAL ASSETS Accumulated Cost $ Amortization $ 2012 $ 2011 $ Land 242, , ,711 Land improvements 85,740 11,432 74,308 80,024 Buildings Administration 187, ,605 18,353 23,110 Crossroads I ,381 Centennial Crescent 4,420,193 1,613,087 2,807,106 2,958,004 Minden 593, , , ,857 Crossroads 3,667, ,762 3,453,317 3,618,518 Equipment 562, ,540 89,210 94,345 Computers 222, ,073 22,025 23,077 9,982,465 2,904,275 7,078,190 7,491,027 The Minden property was 52% funded by the Ministry of Community and Social Services. Upon disposition of the land and building, 52% of the proceeds must be repaid to the Province of Ontario. During the year, the former Crossroads land and building was sold for net proceeds of $329,593 resulting in a gain on sale of capital assets of $279,212.

10 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON 8 NOTE 5: NOTE 6: ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Included in accounts payable and accrued liabilities are funds held in trust in the amounts of $28,425 ( $1,202). The YWCA of Peterborough, Victoria and Haliburton administers these funds for the Fairbairn Tenant Association and the YWCA of Canada s Eastern Regional meetings. The transactions related to these funds are not included in the statement of operations and changes in fund balances. MORTGAGES PAYABLE Mortgages payable consist of the following: $ $ 3.044% mortgage repayable in blended monthly principal and interest instalments of $19,858, due October 1, 2014 and secured by Centennial Crescent land and buildings. 2,807,106 2,958,004 Forgivable mortgage at a rate of one fifteenth annually, secured by YWCA resource centre land and building in Minden, due April 1, , ,576 Forgivable mortgage at a rate of one fifteenth annually, secured by Crossroads land and building, due April 1, ,184,000 2,340,000 5,144,282 5,471,580 Less principal payments due within one year and amounts forgiven within one year (331,926) (327,297) 4,812,356 5,144,283 Estimated principal repayments for the next five years on mortgages payable are as follows: Forgivable Principal $ Portion $ Total $ , , , , , , , , , , , , , , ,903

11 9 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON NOTE 6: MORTGAGES PAYABLE (Continued) In 2005, Canada Mortgage and Housing Corporation (CMHC) provided a loan for the construction of the residential part of the Minden HERS project which is to be used solely as a shelter for women and children who are victims of family violence. Forgiveness of the loan will be earned at a rate of one fifteenth of the original principal amount for each year the organization continues to own and use the project for the forementioned purpose. In 2011, CMHC provided a forgivable loan of $2,340,000 in respect to capital costs for the Crossroads shelter. The loan is forgivable over a term of 15 years. Forgiveness of the loan will be earned at a rate of one fifteenth of the original principal amount for each year the organization continues to operate in accordance with the agreement. NOTE 7: DEFERRED CONTRIBUTIONS Deferred contributions in the operating fund relate to funding received in the current period for expenditures related to subsequent periods. Deferred contributions in the property fund relate to capital funding which will be amortized over the useful life of the asset to which the funding relates $ $ Operating Fund Private specified donation 73,324 - Status of Women Canada 35,372 - Other 27,051 33,483 Ontario Trillium Foundation Haliburton 23,008 27,509 Canadian Women s Foundation 11,700 18,000 Ministry of Health Promotion Healthy Communities Fund 8,566 41,191 City of Peterborough WELL Program - 10, , ,458 Property Fund 328, , , ,890

12 10 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON NOTE 8: RESERVE FUNDS $ $ Externally Restricted Hazel Fund 9,145 5,870 Crossroads - Bequests 156, ,434 Crossroads - Operating 44,448 47,747 Centennial Crescent - Operating Centennial Crescent - Capital 262, ,465 Long-term investment - Endowment Fund 2,389 2,389 HERS - 7, , ,294 Safe Haven 1,360,346 1,229,036 1,836,185 1,683,330 Internally Restricted YWCA 33, ,727 Crossroads - capital replacement 318,450 (11,143) Haliburton County 339, , Simcoe St. - Capital 125, , , ,994 Total 2,652,367 2,395,324 NOTE 9: ECONOMIC DEPENDENCE The organization receives a significant amount of funding from the Province of Ontario and the City of Peterborough and as such is economically dependent on these sources of revenue.

13 11 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON NOTE 10: GOVERNMENT REVENUE Details of government revenue are as follows: $ $ Government of Canada Service Canada 4,054 3,649 Status of Women Canada 64,628 - Canada Mortgage and Housing Corporation 132,451 42,111 ecoenergy Retrofit Grant 32, ,693 45,760 Province of Ontario Ministry of Community and Social Services 1,957,463 2,061,415 Ministry of Agriculture, Food and Rural Affairs 21,617 55,883 Ministry of Health Promotion 43,809 27,600 Ministry of Health and Long-term Care 6,531 6,746 Ministry of Attorney General 9,754 - ecoenergy Retrofit Grant 32,560-2,071,734 2,151,644 Municipal Government City of Peterborough - Housing - subsidy 503, ,853 - Housing - SHRRP (Note 13) 2, ,815 - Housing - Deficit Elimination 10, Housing - Renewable Energy Initiative (Note 13) 73,200 18,300 - Pay Equity 28,812 28,812 - WELL Program 10,275 37,305 - Capital Subsidy (1,532) - - Healthy Communities Fund - 21,649 - MicroFit Program 12,570 1, , ,589

14 12 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON NOTE 11: FUNDRAISING EVENTS Event Net Proceeds Receipts Expenditures $ $ $ $ Nevada 33,515 17,029 16,486 21,093 Tag Day 19, ,693 15,963 Freedom Walk 28,077 2,754 25,323 26,646 Bingo 27,141-27,141 26,142 Walk-A-Mile 36,052 3,656 32,396 30,680 Other fundraising events 10,302 2,955 7,347 3, ,269 26, , ,227 NOTE 12: OTHER Other revenue includes the following: $ $ Ontario Trillium Foundation 47,901 27,104 Community Counselling & Resource Centre 23,226 23,226 Other grants 19,077 22,292 Canadian Womens Foundation 6,425 8,000 Womens Health Care Centre 11,075 13,075 COIN 4,120 3,485 Peterborough County-City Health Unit - 24,847 Luke 4 Foundation - 21, , ,029

15 13 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON NOTE 13: SOCIAL HOUSING RENOVATION AND RETROFIT FUNDING (SHRRP) AND RENEWABLE ENERGY INITIATIVE (REI) $ $ SHRRP funding received 2, ,815 REI funding received 73,200 18,300 76, ,115 SHRRP expenses Hot water system - 18,967 Windows - 115,562 REI expenses Solar panels 91,459 4,704 91, ,233 (15,437) 14,882 NOTE 14: RELATED ORGANIZATIONS Each local YWCA in Canada is a member of the YWCA of/du Canada which, in turn, is part of the World YWCA. Each local YWCA operates autonomously, but pays national allocations based on revenue in return for membership services. NOTE 15: FINANCIAL INSTRUMENTS The organization s financial instruments consist of cash, investments, accounts receivable, accounts payable and mortgage payable. Investments are recorded at fair value. The carrying value of cash, accounts receivable and accounts payable approximates fair value due to the short term nature of these instruments. The carrying value of the mortgage payable approximates fair value as the interest rate is consistent with current market rates. The fair value of the forgivable mortgages cannot be determined with any degree of certainty since they are non-interest bearing. (a) Interest rate risk Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Investments are subject to interest rate risk as their value will fluctuate with changes in the interest rate. (b) Credit risk Credit risk arises from the potential that a counter party will fail to perform its obligations. The organization has limited exposure to credit risk as trade receivables are insignificant and all other receivables are due from various levels of government.

16 14 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON NOTE 16: LINE OF CREDIT The YWCA has a line of credit with a Canadian chartered bank for a facility to provide funding up to $200,000 at an interest rate of prime per annum and is secured by a general security agreement. At March 31, 2012, the line of credit was $Nil ( $Nil). NOTE 17: CAPITAL DISCLOSURES The organization s capital includes internally and externally restricted fund balances. These funds are maintained and disbursed under the terms of the relevant funding agreements and the organization s management is responsible for adhering to the provisions of these agreements. In addition, unrestricted funding includes investment income, donations, fundraising and other sources and expended within the organization s mission. The organization s objectives when managing capital are to safeguard the organization s ability to continue as a going concern, so that it can continue to provide delivery of its services, facilities and programs to the public. Management maintains its capital by ensuring that annual operating budgets are developed and approved by the Board of Directors based on known or estimated sources of funding available each year. These budgets are shared with all management staff of the organization to ensure that the capital of the organization is maintained. NOTE 18: CONTINGENCY In 2010, the organization entered into a grant agreement in the amount of $750,000 with the City of Peterborough for the Safe Haven project. The agreement has a first right of refusal option to acquire a specified property should the organization decide to offer it for sale in the future. In the event the option to purchase is exercised, $125,000 shall represent a down payment towards the purchase of the property. The amount is not repayable should the option not be exercised. In addition, should the organization cease to operate the shelter before the end of 25 years, the City may request repayment of a portion of the grant. NOTE 19: COMPARATIVE FIGURES Certain comparative figures were restated, where required, to conform to current year presentation. NOTE 20: SUBSEQUENT EVENTS On May 18, 2012 the organization closed the Y s Buys store.

17 AUDITORS COMMENTS ON SUPPLEMENTARY FINANCIAL INFORMATION To The Board of Directors of YWCA of Peterborough, Victoria & Haliburton The audited financial statements of YWCA of Peterborough, Victoria & Haliburton as at March 31, 2012 and our report thereon dated May 28, 2012 are presented in the preceding section. The financial information presented hereinafter was derived from the accounting records tested by us as part of the auditing procedures followed in our examination of the financial statements and, in our opinion, it is fairly presented in all material respects in relation to the financial statements taken as a whole. We have audited the financial statements of YWCA of Peterborough, Victoria & Haliburton, which comprise the statement of financial position as at March 31, 2012, and the statements of operations and changes in fund balances and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information, and have issued our report thereon dated May 28, The audit was performed to form an opinion on the financial statements as a whole. The supplementary information is presented for the purposes of additional analysis and is not a required part of the financial statements. Such supplementary information is the responsibility of management and was derived from the underlying accounting and other records used to prepare the financial statements. The supplementary information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such supplementary information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves. Collins Barrow Kawarthas LLP Chartered Accountants Licensed Public Accountants Peterborough, Ontario May 28, 2012

18 16 YWCA OF PETERBOROUGH, VICTORIA & HALIBURTON CENTENNIAL CRESCENT SUPPLEMENTARY SCHEDULE OF OPERATIONS $ $ Revenue Rental income 89,855 85,438 City of Peterborough Housing Subsidy received 507, ,954 Province of Ontario 15,000 - Non-rental income 3,675 3,320 City of Peterborough deficit elimination funding 10, , ,712 Expenditure Maintenance salaries and benefits 34,830 34,985 Maintenance material and services 68,817 40,491 Utilities 68,657 75,639 Administration 98,313 95,220 Other 7,781 6,898 Municipal taxes 65,975 66,074 Mortgage interest 87,395 91,886 Amortization 150, ,407 Transfer to capital reserve fund 28,686 28, , ,743 Excess Of Revenue Over Expenditure Before Reconciliation 14, Due To City of Peterborough (4,107) (725) Prior Year Funding Adjustments - (376) Excess (Deficiency) Of Revenue Over Expenditure 10,671 (132) Fund Balance, beginning of year (9,520) (9,388) Fund Balance, end of year 1,151 (9,520)