NORTH RENFREW LANDFILL OPERATIONS BOARD

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1 2009 Financial Statements NORTH RENFREW LANDFILL OPERATIONS BOARD

3 Statement of Financial Position December 31, 2009, with comparative figures for Financial Assets Cash $ 39,207 $ 17,481 Accounts receivable 7,531 9,390 Goods and Services Tax rebate receivable 6,823 53,561 26,871 Financial Liabilities Accounts payable and accrued liabilities 20,743 10,878 Landfill closure and post-closure liability (note 3) 28,001 21,737 48,744 32,615 Net Financial Assets (Liabilities) $ 4,817 $ (5,744) Non-Financial Assets Tangible capital assets net (note 4) $ 191,574 $ 213,608 Prepaid expenses , ,408 Accumulated Surplus $ 197,215 $ 208,664 Accumulated surplus is comprised of: General revenue fund - Corporation Of The Town of Deep River $ 21,786 $ 13,072 - Corporation Of The Town of Laurentian Hills 11,856 3,721 Unfunded landfill closure and post-closure liability (note 8) (28,001) (21,737) 5,641 (4,944) Invested in tangible capital assets (note 4) 191, ,608 Accumulated Surplus $ 197,215 $ 208,664 The accompanying notes are an integral part of these financial statements.

4 Statement of Operations Year ended December 31, 2009, with comparative figures for Budget Actual Actual Revenues: Contributions from participating municipalities $ 278,661 $ 278,752 $ 282,246 Scrap sales 8,254 46,485 17, , , ,212 Expenditures: Operations contract 192, , ,958 Landscaping 500 6,264 11,600 Vehicle maintenance 2, ,563 Building maintenance 800 2, Landfill operations 13,900 34,483 27,798 Insurance 2,932 3,272 7,322 Utilities 1,500 1,049 1,232 Telephone 1, Rent Office equipment and supplies 2,720 1,822 2,044 Bear fence maintenance Bank charges Payroll 51,375 47,950 50,507 Professional fees 23,061 20,622 18,487 Meetings and conferences 3,000 2,068 2,979 Contingency 7,000 Amortization 22,034 22,034 22, , , ,714 Annual surplus (deficit) (38,827) (11,449) (49,502) Accumulated surplus, beginning of year 208, , ,166 Accumulated surplus, end of year $ 169,837 $ 197,215 $ 208,664 The accompanying notes are an integral part of these financial statements.

5 Statement of Change in Net Financial Assets Year ended December 31, 2009, with comparative figures for Budget Actual Actual Annual surplus (deficit) $ (38,827) $ (11,449) $ (49,502) Amortization of tangible capital assets 22,034 22,034 22,034 Decrease (increase) in prepaid expense - (24) 4,657 Increase (decrease) in net financial assets (16,793) 10,561 (22,811) Net financial assets (liabilities), beginning of year (5,744) (5,744) 17,067 Net financial assets (liabilities), end of year $ (22,537) $ 4,817 $ (5,744) The accompanying notes are an integral part of these financial statements.

6 Statement of Cash Flows Year ended December 31, 2009, with comparative figures for Operations: Annual surplus (deficit) $ (11,449) $ (49,502) Non-cash charge to operations Amortization of tangible capital assets 22,034 22,034 Changes in non-cash working capital: Decrease (increase) in accounts receivable 1,859 (9,390) Decrease (increase) in goods and services tax rebate (6,823) 9,120 Decrease (increase) in prepaid expense (24) 4,657 Increase (decrease) in accounts payable and accrued liabilities 9,865 (38,277) Increase in landfill closure and post-closure liability 6,264 11,600 Net (decrease) increase in cash from operations 21,726 (49,758) Cash, beginning of year 17,481 67,239 Cash, end of year $ 39,207 $ 17,481 The accompanying notes are an integral part of these financial statements.

7 Notes to the Financial Statements Year ended December 31, Accounting Policies: The financial statements of the North Renfrew Landfill Operations Board (administered by the Corporation Of The Town of Laurentian Hills) are the representation of management. 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) Accrual Basis of Accounting Expenditures and related sources of financing are reported on the accrual basis of accounting. The accrual basis of accounting recognizes revenues in the period in which transactions or events occurred that gave rise to the revenue; expenditures are recognized in the period goods and services are acquired and a liability is incurred or transfers are due. (ii) 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. (iii) Tangible Capital Assets Effective January 1, 2009, the North Renfrew Landfill Operations Board adopted the Public Sector Accounting Handbook of the Canadian Institute of Chartered Accountants ( CICA ) Section 1200 Financial Statement Presentation and Section 3150 Tangible Capital Assets. Current year data is presented on the new basis. Prior year data has been restated on the same basis wherever possible, to be comparable with the current year data. The most significant change is the reporting on tangible capital assets for the first time, and the inclusion of the statement of change in net financial 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: Estimated useful life Buildings Fencing Equipment 50 to 60 years 20 years 15 years The North Renfrew Landfill Operations Board has a capitalization threshold so that individual capital assets of lesser value are expensed, unless they are pooled because, collectively, they have significant value, or for operational reasons.

8 Notes to the Financial Statements Year ended December 31, Accounting Policies (continued): (iii) Tangible Capital Assets (continued) 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. (b) Financial Instruments The Board classified its cash as financial assets and liabilities held for trading. Accounts receivable are classified as loans and receivables. Accounts payable and accrued liabilities and landfill closure and postclosure liability are classified as other liabilities, each of which is measured on an amortized cost basis. It is management s opinion that the facility is not exposed to significant interest, currency or credit risks arising from its financial instruments. 2. Participating Municipalities The North Renfrew Landfill Operations Board is a joint project in which the participating municipalities contribute to its costs Cost 2008 Cost Sharing Ratio Sharing Ratio % % Corporation Of The Town of Deep River Corporation Of The Town of Laurentian Hills Effective for the years ended after December 31, 2004, the participating municipalities have entered into a memorandum of understanding that the net costs will be shared 52% by the Corporation Of The Town of Deep River and 48% by the Corporation Of The Town of Laurentian Hills. The agreement will be revised effective January 1, The North Renfrew Landfill Operations Board annually reduces the subsequent year s required municipal contribution by the general revenue fund amounts. 3. Landfill Closure and Post-Closure Liability The North Renfrew Landfill Operations Board operates one open landfill site. Currently, the landfill site is estimated to be 26.1% filled and has a remaining volume of 141,406 m 3. At the current rate of usage, the landfill site is expected to close in 24 years or by December 31, The Board is liable for closing costs of this landfill site and post-closures costs for monitoring, reporting, site reconnaissance and maintenance on an annual basis for a period of at least four years following the closure of the site. The present value of the expected closure and post-closure costs have been reported as a liability on the statement of financial position. The liability was estimated using a discount factor of 3.25% and is accrued based on site usage. Currently a liability of $28,001 has been accrued. The present value of estimated

9 Notes to the Financial Statements, continued Year ended December 31, Landfill Closure and Post-Closure Liability (continued) expenditures for closure and post-closure care is $107,439. The liability remaining to be recognized is $79,438. The operation of the landfill site is governed by the Ontario Ministry of the Environment and the site Conditional Certificate of Approval. The Conditional Certificate of Approval requires that five years before closure, a closure plan is to be prepared by the Board working with the Site Liaison Committee and approved by the Minister of Environment. 4. Tangible Capital Assets Buildings Fencing Equipment Cost $ 43,117 $ 80,877 $ 257,665 $ 381,659 $ 381,659 Accumulated Amortization Balance, beginning of year 5,681 30, , , ,017 Amortization during the year 812 4,044 17,178 22,034 22,034 Balance, end of year 6,493 34, , , ,051 Net book value of tangible capital assets $ 36,624 $ 46,159 $ 108,791 $ 191,574 $ 213,608 There were no tangible capital asset additions or disposals during the year. 5. Commitments (a) The Board has entered into a contract in the amount of $962,000 plus applicable Goods and Services Taxes for the operation of the North Renfrew (BAGGS Road) Solid Waste Disposal Site which expires July 31, At December 31, 2009, the unpaid portion of this contract amounts to $689,433. Providing certain conditions are met by the contractor the crawler/loader owned by the North Renfrew Landfill Operations Board will be sold to the contractor for a nominal fee at the close of this contract. (b) The Board has entered into a five year contract, based on volume, for the collection of household hazardous waste which expires August (c) The Board has entered into a two year contract, based on volume, for the collection of scrap tires which expires August 31, Related Party Transactions The North Renfrew Landfill Operations Board occupies space in the Corporation Of The Town of Laurentian Hills municipal office at an annual cost of $960. In addition, the Board reimburses the Corporation Of The Town of Laurentian Hills for payroll costs incurred in the year. Included in accounts payable is an amount of $13,195 ( $6,228) payable to the Corporation Of The Town of Laurentian Hills.

10 Notes to the Financial Statements, continued Year ended December 31, Financial Instruments The fair value of cash, accounts receivable, Goods and Services Tax rebate receivable and accounts payable is approximately equal to their carrying value due to their short-term nature. 8. Amounts To Be Recovered Amounts to be recovered represent the requirement of the North Landfill Operations Board to raise funds in subsequent periods to finance unfunded liabilities, comprised of landfill closure and post-closure liability. 9. Comparative Figures Certain comparative figures have been reclassified to conform with the financial statement presentation adopted in the current year.

BURK'S FALLS, ARMOUR AND RYERSON TRI R COMMITTEE

BURK'S FALLS, ARMOUR AND RYERSON TRI R COMMITTEE FINANCIAL STATEMENTS DECEMBER 31, 2015 CONTENTS Page Independent Auditor's Report 1-2 Statement of Financial Position Statements of Operations and Accumulated Deficit Statement of Change in Net Debt Statement