2012 Financial Statements

Transcription

CORPORATION OF THE CITY OF TIMMINS
CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2012 & 2011
INDEX
INTRODUCTORY
Mayor and Members of Council
Municipal Officials
FINANCIAL STATEMENTS
Independent Auditors’ Report
Consolidated Statement of Financial Position
Consolidated Statement of Financial Activities
Consolidated Statement of Changes in Net Debt
Consolidated Statement of Cash Flows
Notes to Consolidated Financial Statements
ANALYTICAL SCHEDULES
Schedule of Accumulated Surplus
Schedule of Consolidated Reserves and Reserve Funds
Schedule of Segmented Disclosure
Schedule of Tangible Capital Assets
TRUST FUNDS
Statement of Financial Position
Statement of Continuity
Notes to Financial Statements
Statement
1
2
3
4
Schedule
A
B
C
D
Statement
1
2
Statement
1
2
3
4
Statement
1
2
3
4
Statement
1
2
3
4
Statement
1
2
3
4
CONSOLIDATED LOCAL BOARDS, CORPORATION AND ENTERPRISE
BOARD OF MANAGEMENT OF THE DOWNTOWN TIMMINS
BUSINESS IMPROVEMENT AREA
Statement of Operations and Accumulated Surplus
Statement of Change in Net Financial Assets
Statement of Cash Flows
TIMMINS ECONOMIC DEVELOPMENT CORPORATION
Statement of Financial Activities
TIMMINS GOLD MINE TOUR AND MUSEUM
Statement of Financial Activities
Statement 0f Change in Net Financial Assets
NON-CONSOLIDATED LOCAL BOARDS AND CORPORATION
PORCUPINE HEALTH UNIT
Statement of Changes in Net Financial Assets
INDEX ICONT’D~
THE BOARD OF HEALTH FOR THE PORCUPINE HEALTH UNIT BUILDING TRUST
COCHRANE DISTRICT SOCIAL SERVICES ADMINISTRATION BOARD
Statement of Financial Activities and Accumulated Surplus
Statement of Change in Net Debt
THE CITY OF TIMMINS NON-PROFIT HOUSING CORPORATION
Statement of Operations and Changes in Net Assets
Statement of Changes in Replacement Reserve Fund
MATTAGAMI REGION CONSERVATION AUTHORITY
Statement of FinancialActivitiesand Accumulated Surplus
Statement of Changes in Net Financial Assets
CITY OF TIMMINS - FINANCIAL INFORMATION RETURN
Statement
1
2
3
4
Statement
1
2
3
4
Statement
1
2
3
Statement
1
2
3
4
(PROVINCE OF ONTARIO)
CITY COUNCIL
MAYOR
T. Laughren
COUNCILORS
Ward 1 -G. Scripnick
Ward 2 - J. Curley
Ward 3 - N. Rinaldo
Ward 4 - P. Bamford
Ward 5
- M. Doody
- A. Marks
- S. Black
- T. Lever
OFFICERS
Chief Administrative Officer
City Clerk
Director of Finance and Treasurer
Fire Chief
Police Chief
Director of Public Works & Engineering
Director of Development, Maintenance & Transit Services
AUDITORS
Ross Pope LLP, Chartered Professional Accountants
BANKERS
Royal Bank of Canada
J. Torlone, MA
R.J. Watson, AMCT CMO
J. Howie, CGA
M. Pintar
J. Gauthier
L. Duval, PEng.
M. Jensen
nu~
nm~
Ross Pope LLP
CPAs
101 Cedar Street South
Timmins, Ontario
P4N 2G7
Telephone: (705) 264-9484
Fax: (705) 264-0788
E-Mail: [email protected]
Website: www.rosspope.com
INDEPENDENT AUDITORS’ REPORT
To the Councillors, Inhabitants and Ratepayers of the Corporation of the City of Timmins.
We have audited the accompanying consolidated financial statements of the Corporation of the City of Timmins,
which comprise the consolidated statement of financial position as at December 31, 2012, and the consolidated
statements of financial activities, changes in net debt 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 consolidated financial statements in
accordance with Canadian public sector accounting principles, 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.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated 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 consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated 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 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 consolidated
financial statements.
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, these consolidated financial statements present faidy, in all material respects, the financial position of
the Corporation of the City of Timmins as at December 31, 2012 and the results of its financial activities and the
changes in its cash flows for the year then ended in accordance with Canadian public sector accounting standards.
Other Matters
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.
Timmins, Ontario
October 21, 2013
Ross Pope LLP
Chartered Professional Accountants
Licensed Public Accountants
STATEMENT 1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31
2012
2011
FINANCIAL ASSETS
Accounts receivable
Loan receivable (Note 4)
Taxes receivable (Note 5)
Other
14,532,684
8,601,902
7,349,077
95,958
$
7,027,889
8,811,310
7,818,303
96,854
TOTAL FINANCIAL ASSETS
30,579,621
23,754,356
Bank indebtedness (Note 17)
Post employment benefits (Note 8)
Accounts payable and accrued liabilities (Note 9)
Deferred revenue - general
Deferred revenue - obligatory reserve fund (Note 10)
Long-term liabilities (Note 11)
5,780,957
10,310,276
17,166,161
72,889
1,646,730
17r227~231
8,939,316
9,960,820
13,015,432
84,016
17~8091753
1,734,223’
TOTAL LIABILITIES
52r204~244
5115431560,
NET DEBT
(21~624~623)
(27,7891204)
220,658,923
887,594
183,270
205,968,042
870,963
251,725
221~729~787
207~090~730
LIABILITIES
NON-FINANCIAL ASSETS
Tangible capital assets (Schedule D)
Inventory for own consumption
Prepaid expenses
$ 200,105,164 $ 179,301,526,
AC,,,CUMULATED SURPLUS ISchedule A/
Councillor
See accompanying notes.
3
STATEMENT 2 .
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
YEARS ENDED DECEMBER 31
BUDGET
(Unaudited!
2012
2011
REVENUES
TAXATION AND USER CHARGES
Residential and farm taxation
Commercial and industrial taxation
Taxation from other governments
User charges and sale of goods
40,961,235
17,679,828
1,264,985
37,911,450
$ 40,253,244
17,384,853
1,243,880
32~679~214
$ 37,283,002
18,563,038
1,218,563
28~706,215
97,817,498
91,561,191
85,770,818
24,355,580
875,000
750,000
837,000
8,849,900
23,481,675
329,009
1,001,977
1,104,451
147,367
4~043~118
23,127,587
337,828
524,878
1,064,547
277,440
2,553,913
133,484,978
121~668~788
113,657,011
11,773,800
23,263,605
28,577,850
26,715,950
5,013,400
20,826,743
9,109,050
4~407~830
8,458,556
21,538,208
28,979,998
16,904,408
6,281,151
20,964,832
8,141,803
5~269~955
8,260,794
21,162,719
26,093,579
16,074,660
6,311,606
22,209,626
7,738,518
4~857~426
129,688,228
116,538,911
112,708,928
ANNUALSURPLUS-BEFORE OTHER
OTHER
Governmenttransfem ~rcapi~l
Developercontributions-in-kind mla~d ~ capital
3,796,750
5,129,877
948,083
3,125,000
15,423,761
250~000
8,267,531
286~310
ANNUALSURPLUS
6,921,750
20,803,638
9,501,924
179,301,526
169,799,602
$ 200~105~164
$ 1791301~526
GRANT AND OTHER
Government transfers for operating (Note 21)
Investment income
Penalties and interest on taxes
Licences and permits
Sale of land
Other
TOTAL REVENUE
EXPENDITURES
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Recreation and cultural services
Planning and development
TOTAL EXPENDITURES
ACCUMULATED SURPLUS, BEGINNING OF YEAR
ACCUMULATED SURPLUSt END OF YEAR ISchedule A)
4
STATEMENT 3
CONSOLIDATED STATEMENT OF CHANGES IN NET DEBT
2012
ANNUAL SURPLUS
$
Acquisition of tangible capital assets
Tangible capital assets received as contributions
Amortization of tangible capital assets
Loss on sale of tangible capital assets
Proceeds on disposal of tangible capital assets
Net adjustments and write offs of capital assets
Use of supplies inventories
Acquisition of prepaid assets
20,803,638
9,501,924
(28, 013,472)
(286,310)
10,963,199
11,290
322,300
2,350,774
(14~690,877)
(14,652~219)
(16,635)
68~455
(53,745)
(59~809)
6,164,581
(27,789,204)
NET DEBTtEND OF YEAR
$
(25,743,915)
(250,000)
10,731,393
128,854
62,036
380,755
51,820
CHANGE IN NET DEBT
NET DEBT, BEGINNING OF YEAR
2011
(113,554)
(5,263,849)
(22,525,355)
S (21~624~623) $ (27,789,204/
5
STATEMENT 4
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31
2012
2011
OPERATING ACTIVITIES
Annual surplus
Items not affecting cash:
Loss on disposal of tangible capital assets
Tangible capital assets received as contributions
20,803,638
$
9,501,924
10,731,393
128,854
(250,000)
10,963,199
11,290
(286,310)
31,413,885
20,190,103
Changes in non-cash working capital:
Decrease in taxes and grants in lieu receivable
Decrease (increase) in trade and other receivables
Decrease (increase) in prepaid expenses and supplies
Decrease in other financial assets
Increase (decrease) in accounts payable and accrued liabilities
Decrease in deferred revenue
Decrease in deferred revenue - obligatory reserve fund
Increase in post employment benefits
469,226
(7,295,387)
5t ,824
896
4,150,724
(1t,127)
(87,493)
349~456
483,270
1,106,872
(113,556)
4,087
(641,036)
(92,466)
(2,837,906)
289,516
CASH PROVIDED BY OPERATING ACTIVITIES
29,042,004
18,388,884
Net adjustments and write offs of capital assets
Proceeds on sale of tangible capital assets
(25,743,915)
380,755
62,036
(28,013,472)
2,350,774
322,300
CASH USED IN CAPITAL TRANSACTIONS
(25,30t,124)
(25,340,398)
FINANCING TRANSACTIONS
Long-term debt repaid
Long-term debt issued
(582,521)
(553,815)
CASH USED IN FINANCING ACTIVITIES
(582,521)
(553,815)
CHANGE IN CASH
BANK INDEBTEDNESS~ beginning of year
3,158,359
(8,939,316)
(7,505,329)
(1,433~987)
15~780t957) $
/8t939~316)
CAPITAL TRANSACTIONS
BANK INDEBTEDNESS~ end of year
$
CASH FLOW SUPPLEMENTARY INFORMATION
Interest paid
$
6
476t409
$
493~990
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31~ 2012 & 2011
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements of the City are the representation of management and have been prepared
in accordance with Canadian public sector accounting principles established by the Public Sector Accounting
Board ("PSAB") of The Canadian Institute of Chartered Accountants ("CICA"). These consolidated financial
statements do not contain the proportional consolidation of the District of Cochrane Social Services Administration
Board, The Porcupine Health Unit and The Board of Health for the Porcupine Health Unit Building Trust. The
more significant of these accounting policies are summarized below.
(a)
REPORTING ENTITY
The consolidated financial statements reflect the assets, liabilities, revenues, expenditures and fund balances of
the reporting entity. These consolidated financial statements include:
Timmins Airport
Timmins Gold Mine Tour and Museum
Timmins Economic Development Corporation
Board of Management of the Downtown Business Improvement Area
All interfund assets and liabilities and sources of financing and expenditures have been eliminated.
(i)
NON-CONSOLIDATED ENTITIES
The following organizations have not been consolidated with the consolidated financial statements of the City of
Timmins:
Mattagami Region Conservation Authority
City of Timmins Non-Profit Housing Corporation
District of Cochrane Social Services Administration Board (Joint Local Board)
Porcupine Health Unit (Joint Local Board)
The Board of Health for the Porcupine Health Unit Building Trust (Joint Local Board)
Separate audited financial statements have been prepared for the above organizations.
(ii)
TRUST FUNDS
Trust funds and their related operations administered by the City are not included in the consolidated financial
statements, but are reported separately on the Trust Funds Statement of Continuity and Trust Funds Statement of
Financial Position.
(iii)
ACCOUNTING FOR SCHOOL BOARD TRANSACTIONS
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)
BASIS OF ACCOUNTING
(i)
Accrual accounting
The financial statements of the City of Timmins have been prepared using the accrual basis of accounting. The
accrual basis of accounting recognizes revenues as they become available and measurable; expenditures are
recognized as they are incurred and measurable as a result of receipt of goods or services and the creation of a
legal obligation to pay.
7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONT’D)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(b)
BASIS OF ACCOUNTING (CONT’D)
(ii)
Use of estimates and measurement uncertainty
The preparation of financial statements in conformity with Canadian public sector 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 expenditures during the reporting periods. Significant estimates and assumptions, which include
employee benefit liabilities; property tax assessment appeals; property, liability and accident claims provisions;
landfill closure and post-closure liabilities; and environment provisions, are based on management’s best
information and judgement. Actual amounts, which are accounted for as they become known, may differ
significantly from these estimates.
(iii)
Investments
Investments are recorded at cost.
(iv)
Inventory for own consumption
Inventory is recorded at the lower of cost and replacement cost.
(v)
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.
(vi)
Post employment benefits
The City accrues its obligations under employment benefit plans as the employees render the services necessary
to earn employee future benefits. The cost of retirement benefits earned by employees is actuarially determined
using the projected benefit method pro-rated on service and management’s best estimate of expected plan
performance, salary escalation, retirement ages and expected health care costs. Actuarial valuations, where
necessary for accounting purposes, are performed triennially. The discount rate used to determine the accrued
benefit obligation was the expected cost of long term debt. Unamortized actuarial gains or losses are amortized
on a straight-line basis over the expected average remaining service life of the employee group.
Where applicable, the City has set aside reserve funds intended to fund these obligations, either in full or in part.
These reserve funds were created under municipal by-law and do not meet the definition of a plan asset under
ClCA PS 3250 Retirement Benefits. Therefore, for the purposes of these financial statements, the plans are
considered unfunded.
(vii) 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 expenditures, provides the consolidated change in net financial debt for the year.
(b)
(viii)
Tangible capital assets
Tangible capital assets are recorded at cost, which includes all amounts 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 the estimated useful lives as follows:
Land improvements
10 - 20 years
Leasehold improvements
restricted to lease term of related asset type
Buildings
40 years
Machinery and equipment
5 - 20 years
Vehicles and mobile equipment
3 - 20 years
Communication, IT equipment and software
5 - 10 years
Furniture, fixtures and appliances
10 years
Water and waste plants and networks
Underground networks
50-70 yeam
Sewage treatment plants and lift stations
50-75 years
Water pumping stations and reservoirs
50- 75 years
Transportation
Roads
10-50 yeam
¯ Bridges and structures
25-75 yeam
Assets under construction are not amortized until the asset is available for productive use.
(ix)
Contribution of tangible capital assets
Tangible capital assets received as contributions are recorded at their fair value at the date of receipt and also
recorded as revenue.
Deferred revenue
(x)
Deferred revenue represents user charges and other fees which have been collected for which the related
services have yet to be performed. These amounts will be recognized as revenue in the fiscal year the services
are performed, as this is the time the eligibility criteria have been met and the revenue is earned.
(xi)
Deferred revenue - Obligatory reserve fund
Deferred revenue - obligatory reserve fund represents development charge contributions, recreational land
contributions and gasoline tax contributions under the authority of provincial legislation and municipal by-laws.
These amounts have been collected but the related services have yet to be performed. These amounts will be
recognized as revenue in the fiscal year the services are performed, as this it the time the eligibility criteria have
been met and the revenue is earned.
(xii) Reserves and reserve fund
Certain amounts, as approved by Council, are set aside in reserves and reserve funds for future operating and
capital purposes. Transfers to and/or from reserves and reserve funds are recorded as an adjustment to the
respective fund when approved.
(xiii) Government transfers
Government transfers are transfers from senior levels of government that are not the result of an exchange
transaction and are not expected to be repaid in the future. Government transfers are recognized in the fiscal year
in which events giving rise to the transfer occur, providing the transfers are authorized, eligibility criteria have been
met, and reasonable estimates of the amount can be made.
(1)
(b)
Taxation and related revenues
(xiv)
Property tax billings are prepared by the City based on assessment rolls issued by the Municipal Property
Assessment Corporation ("MPAC"). Tax rates are established annually by City Council, incorporating amounts to
be raised for local services and amounts the City is required to collect on behalf of the Province of Ontario in
respect of education taxes. A normal part of the assessment process is the issue of supplementary assessment
rolls, which provide updated information with respect to changes in property assessment. Once a supplementary
assessment roll is received, the City determines the taxes applicable and renders supplementary tax billings.
Taxation revenues are recorded at the time tax billings are issued and the effect shared with school boards as
appropriate. Assessments and the related property taxes are subject to appeal. Tax adjustments as a result of
appeals are recorded when the results of the appeal process are known.
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.
(xv)
User charges
User charges relate to transit fees, utility charges (water, wastewater and solid waste), licensing fees, recreational
fees, fees for use of various programs, and fees imposed based on specific activities. Revenue is recognized
when the activity is performed of when the services are rendered.
(xvi) Landfill closure and post-closure liabilities
The costs to close existing landfill sites are based on estimated future expenditures in perpetuity in current dollars,
adjusted for estimated inflation.
2.
OPERATIONS OF SCHOOL BOARDS
During 2012, the City collected and transferred property taxes totaling $11,285,919 (2011 - $12,020,056) on behalf
of area school boards.
3.
CONTRIBUTIONS TO NON-CONSOLIDATED JOINT LOCAL BOARDS
Further to Note l(a)(i), contributions were made by the City to the non-consolidated joint local boards as follows:
2012
District of Cochrane Social Services Administration
Board ("CDSSAB")
Porcupine Health Unit/"PHU")
$
$
9,262,042
1~187~957
2011
$ 9,459,102
$ 1~187~957
The City is contingently liable for its share, which is approximately 60% (2011 - 61%) for the CDSSAB and 54%
(2011 o 54%) for the PHU, of any deficits at the end of the year for these boards. Neither board incurred a deficit
in 2012 or 2011.
10
LOAN RECEIVABLE
The loan receivable from the Cochrane District Social Services Administration Board is repayable in blended semiannual instalments of $326,322 beginning on May 17th, 2010 up to and including November 16th, 2034. The loan
bears interest at 5.06%
Principal payments required for each of the next five years and thereafter are approximately as follows:
2013
$ 220,137
2014
231,417
2015
243,275
2016
255,74O
2017
268,844
Thereafter
7,382,489
$ 8,601,902
TAXES RECEIVABLE
2012
Current year
Arrears previous years
Tax registered properties
2,682,314
3,409,498
1,257,265
$
6.
2011
$
3,168,427
4,143,706
506,170
7~349~077 $ 7,818,303
TRUST FUNDS
Trust funds administered by the City amounting to $2,597,128 (2011 - $2,505,319) have not been included in the
"Consolidated Statement of Financial Position" nor have their operations been included in the "Consolidated
Statement of Financial Activities" as such balances are held in trust by the City for the benefit of others. Separate
financial statements, which provide details of individual trusts and balances, are prepared for trust funds.
=
PENSION AGREEMENTS
The City makes contributions to the Ontario Municipal Employees Retirement System (OMERS), which is a multiemployer plan on behalf of all permanent, full-time and qualifying part-time 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.
The amount contributed to OMERS for 2012 was $3,546,245 (2011 - $3,034,389) for current service.
11
POST EMPLOYMENT BENEFIT LIABILITY
The City provides certain employee benefits, which will require funding in future periods. Under the sick-leave
benefit plan, unused sick leave can accumulate and eligible employees may become entitled to cash payment
upon termination, death or retirement. The payout is 50% of the accumulated credits limited to 50% of annual
salary at termination, death or retirement. The City provides these benefits through an unfunded defined benefit
plan. The benefit costs and liabilities related to this plan are included in the City’s financial statements.
In addition, the City continues to provide health care benefits to eligible full-time members in retirement until age
65. The City provides these benefits through an unfunded defined benefit plan. The benefit costs and liabilities
related to this plan are included in the City’s financial statements.
With respect to responsibilities under provisions of the Workplace Safety and Insurance Board (WSIB) Act, the
City has elected to be treated as a Schedule 1 employer and remits monthly premiums to the WSIB.
An actuarial estimate of future liabilities was completed as of December 31, 2009.
The following table sets out the actuarial results for each of the plans as at December 31, 2012.
Retirement Benefits
Other Employee
Future Benefits
2012
Total Employee
Future Benefits
2011
Total Employee
Future Benefits
$5,336,978
$5,924,053
$11,261,031
$10,988,581
Unamortized Net
Actuarial Losses
(190,271)
(760,484)
(950,755)
(1,027,761)
Employee Future
Benefits Liabilit~
$5~146,707
$51163~569
$10~310t276
$9,960~820
Retirement Benefits
Other Employee
Future Benefits
Total Employee
Future Benefits
Total Employee
Future Benefits
$5,254,691
$5,733,890
$10,988,581
$10,776,069
Add: Benefit/service
cost
200,626
444,263
644,889
602,137
Add: interest
258,333
284,340
542,673
530,845
(376,672)
(538,440)
(915,112)
(920,470)
$5,336~978
$5,924~053
$11 ~261 ~031
$10,988,581
LIABILITIES
Projected accrued
employee future benefit
obligations, end of year
Accrued Benefit
Obligation (ABO),
beginning of year
Less: benefits
payments
Expected Accrued
Benefit Obligation, end
of year
12
=
POST EMPLOYMENT BENEFIT LIABILITY (CONT’D)
The accrued benefit obligations for employee future benefit plans as at December 31, 2012 are based on an
extrapolation of the December 31, 2009 actuarial valuation. These actuarial valuations were based on
assumptions about future events. The economic assumptions used in these valuations are the City’s best
estimates of expected rates of the following:
Inflation
Wage and salary escalation (includes inflation)
Discount on accrued benefit obligations (includes
inflation)
Expected average remaining service life of employee
group
¯
Retirement benefits
¯
Sick leave
Dental cost escalation
Health care cost escalation
Expected future mortality rates
Expected future termination rates
Early future retirement rates
2012
%
2.0
4.0
6.0
12 years
13 years
4.0
Escalate at 7.33% per year reducing by 0.33% per year
over 10 years to 4% per year thereafter.
Group annuity mortality 1994
Ontario Light Termination Rates
25% in the earliest of meeting rules for no reduction in
pension; 10% in subsequent ~/ears
Reserve funds have been established to provide for the sick leave and post-employment benefits liabilities and are
reported on the "Consolidated Statement of Financial Position". The sick leave reserve fund balance at the end of
the year amounted to $1,462,739 (2011- $1,444,139). The post-employment benefits reserve fund balance at the
end of the year amounted to $159,874 (2011- $162,966).
The actuarial loss for retirement benefits is being amortized over the expected average remaining life of the
employee group of 12 years. Amortization for the current year’s retirement benefits is $21,141 (2011 - $21,141).
The actuarial loss for sick leave is being amortized over the expected average remaining life of the employee
group of 13 years. Amortization for the current year’s sick leave is $106,324 (2011 - $106,324), which is reduced
by the remaining annual amortization of $50,460 from the previously unamortized actuarial sick leave gain. This
results in a net amortization for the current year’s sick leave of $55,864 ($106,324 - $50,460).
13
9.
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities include financial obligations to outside organizations and individuals as a
result of transactions and events on or before the end of the accounting period. They are the result of contracts,
agreements and legislation in force at the end of the accounting period that require the City to pay for goods and
services acquired or provided on or before the accounting date. A breakdown is provided below:
20t2
Trade accounts payable
Payables to other governments
Other
10.
2011
$
10,184,770
125,215
2,705,447
$
14,622,088
2,544,073
$
17~166t161 $ 13,015,432
DEFERRED REVENUE - OBLIGATORY RESERVE FUND
A requirement of the public sector accounting principles of the Canadian Institute of Chartered Accountants is that
obligatory reserve funds be reported as deferred revenue. This requirement is in place as provincial and municipal
legislation restricts how these funds may be used. The balances in the obligatory reserve funds are summarized
as follows:
2012
2011
Balance, beginning of year
Recreational land
Investment income
Gasoline tax - Province
Gasoline tax - Federal
Transfer to current fund
$
Balance, end of year
Analyzed as follows:
Development charges
Recreational land
Gasoline tax - Province
Gasoline tax - Federal
1,734,223
18,700
22,250
644,600
2,637,865
(3,410,908)
$
4,572,129
16,500
45,707
-654,196
2,637,867
(6,192,176)
$ 1,646,730
$
1,734,223
445,319
228,883
347,654
624,874
$
727,819
209,545
177,823
619,036
$ 1~646~730
14
$ 1,734~223
11.
LONG-TERM LIABILITIES
(a) The balance of the net long-term liabilities reported on the Consolidated Statement of Financial Position
consists of the following:
2012
2011
Total long-term liabilities incurred by the City, including those incurred on
behalf of school boards, municipalities and municipal enterprises and
outstanding at the end of the year are as follows:
Debentures payable to Ontario Infrastructure Projects Corporation (1)
Debentures payable to Ontario Infrastructure Projects Corporation (2)
Other
$ 8,610,464
8,601,902
$ 8,983,578
14,865
14,865
$ t7~227t231
$ 17,809,753
8,811,310
(b) Of the net long-term liabilities reported in (a) of this note, $3,298,039 in principal payments are payable
from 2013 to 2017, and $13,929,192 thereafter. All of these amounts are payable from general revenues.
(c) The first debenture payable to Ontario Infrastructure Projects Corporation was incurred to finance the
construction of the Timmins Police Building and a new medical building. The loan is being repaid in semi-annual
payments of $415,513 and bears interest at 5.15% All of these amounts are payable from general operations.
(d) The second debenture payable to Ontario Infrastructure Projects Corporation was incurred to finance the
construction of an office building occupied by the Cochrane District Social Security Administration Board
(CDSSAB). The loan is being repaid in semi-annual payments of $326,322 and bears interest at 5.06%. This
debt is recoverable from CDSSAB.
The long-term liabilities in (a) issued in the name of the City have been approved by by-law. The annual
principal and interest payments required to service these liabilities are within the annual debt repayments limit
prescribed by the Ministry of Municipal Affairs and Housing.
(e)
(f) The City has no contingent liability for long-term liabilities with respect to tile drainage and shoreline
property assistance loans, and for those for which the responsibility for the payment of principal and interest has
been assumed by municipalities, school boards and unconsolidated local boards, enterprises and utilities.
Debt retired over the next five years and thereafter:
2013
2014
2015
2016
2017
Thereafter
$
512,714
644,471
677,875
713,011
749,968
13,929,192
$ 17,227~231
15
12.
EQUITY IN TANGIBLE CAPITAL ASSETS
Accumulated amortization (Schedule D)
Long-term debt (Note 11)
2012
2011
393,583,401
(172,924,478)
(8,610,464)
$369,215,788
(163,247,746)
(8,983,578)
$ 212,048,459
13.
$196,984,464
EXPENDITURES BY OBJECT
The following is a summary of the expenditures reported on the "Consolidated Statement of Operations" by object:
2012
2011
Salaries, wages and fringe benefits
Interest on net long-term debt charges
Materials and supplies
Contracted services
Rents and financial expenses
External transfers
Amortization
$
Total current expenditures
$ 116~538t911 $ 112,708,928
14.
57,754,061 $
901,147
22,818,853
8,612,228
4,984,337
10,736,895
10~731~390
56,773,680
476,409
20,931,840
8,654,178
4,451,779
10,457,843
10,963,199
BUDGET FIGURES
The City completes separate budget reviews for its operating and capital budgets each year. The approved
operating budget for 2012 is reflected on the Consolidated Statement of Operations. Budgets established for
Reserves and Reserve Funds are based on a project-oriented basis, the costs of which may be carried out over
one or more years and funding is determined annually and made by transfers from individual funds and by the
application of applicable grants or other funds available to reserves or reserve funds. During 2012, Council
approved net transfers of $18,632,414 (2011 - $13,322,254) from reserves and reserve funds for capital projects.
As such, they are not directly comparable with current year actual amounts and budgets have therefore not been
reflected on the "Consolidated Statement of Financial Activities".
15.
PROVINCIAL OFFENCES ADMINISTRATION
The Provincial Offences Act (POA) is a procedural law for administering and prosecuting provincial offences,
including those committed under the Highway Traffic Act, Compulsory Automobile Insurance Act, Trespass to
Property Act, Liquor Licence Act, Municipal By-laws and minor federal offences.
The revenues collected consist of fines levied under Parts I and III for POA charges and amounted to $1,185,829
for the year ended December 31, 2012 (2011 - $1,016,288).
The operating costs for the administration of the POA for the year ending December 31, 2012 amount to $349,645
(2011 - $423,729), resulting in a net contribution of $836,184 (2011 - $592,559), exclusive of capital costs. The
City’s share is 80.65%.
16
16.
FINANCIAL INSTRUMENTS
(a)
FAIR VALUE OF FINANCIAL INSTRUMENTS
The municipality’s carrying amounts of accounts receivable, loans receivable, taxes receivable, other receivables,
bank indebtedness, post-employment benefits, accounts payable and accrued liabilities and long-term liabilities
approximate their fair value due to short-term maturities of these instruments.
(b) CREDIT RISK
The City does not have significant exposure to any individual or party due to the fact that municipalities can obtain
liens on properties for any unpaid realty taxes. An allowance for doubtful accounts is established based upon
factors surrounding the risk related to specific ratepayers, historical trends and other information.
(c)
INTEREST RATE AND CURRENCY RISK
Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the
interest rates. The City is exposed to interest rate risk primarily through its floating rate line of credit.
17.
BANK INDEBTEDNESS
The City has a credit facility agreement with a Canadian Financial Institution at a floating interest rate of prime less
0.75% At year end the City had $1,875,000 (2011 - $3,175,000) available under this facility agreement.
18.
OTHER CONTINGENCIES
In addition to those contingencies mentioned in Note 3, the City is involved in a number of claims and possible
claims which are as a result of normal ongoing operations. Management of the City is of the opinion that these
claims are without merit. No provision has been made in these statements to reflect any of these claims. Any
settlements or awards which may arise will be reflected in the financial records in the year that the amount has
been determined.
In the eventuality that the City is unsuccessful in defending some of these claims, amounts are available in
existing reserves and reserve funds. Management is of the opinion that the reserves and reserve funds are
sufficient to cover these claims.
19.
LANDFILL CLOSURE AND POST-CLOSURE LIABILITY
Landfill closure and post-closure care requirements are outlined in the Certificate of Approval filed with the Ministry
of the Environment and Energy. Closure will involve capping of the site with a compacted impermeable clay layer,
a layer of topsoil, the re-introduction of a vegetative cover and the construction of surface drainage controls. Postclosure care will involve routine inspections, cap maintenance, groundwater and well sampling and analysis. The
reported liability is based on estimates and assumptions with respect to events extending over a forty-five year
period using the best information available to management. Future events may result in significant changes to the
estimated total expenditures, capacity used or total capacity and the estimated liability, and would be recognized
prospectively, as a change in estimate, when applicable.
17
19.
LANDFILL CLOSURE AND POST-CLOSURE LIABILITY (CONT’D)
Estimated total expenditures represent the sum of the discounted future cash flows for closure and post-closure
care activities discounted at the City’s average long-term borrowing rate of 3%. Total landfill closure and postclosure care expenditures are estimated at $6,459,742. It is estimated that the total net present value of the cost
to close and maintain the landfill site is approximately $813,041. Currently, $283,345 has been accrued as a
liability. To date, approximately 34.85% of the site’s capacity has been used. The estimated remaining capacity of
the landfill site is 65.15% (2,693,642 cubic meters) of its total estimated capacity and its estimated remaining life is
44 years, after which the period for post-closure care is estimated to be 25 years.
20.
SEGMENTED INFORMATION
The Corporation of the City of Timmins is a diversified municipal government that provides a wide range of
services to its citizens, including fire, public transit, water, roads and works operations, parks, recreation, culture,
planning, development and building services. For management reporting purposes, the City’s operations and
activities are organized and reported by fund. Funds were created for the purpose of recording specific activities
to attain certain objectives in accordance with special regulations, restrictions or limitations.
The City’s services are provided by departments and their activities are recorded in these funds. Certain
departments that have been disclosed in the segmented information, along with the services they provide, are as
follows:
GENERAL GOVERNMENT
This segment reflects the administrative operations of the City. Those costs that relate directly to the
administration of the various segments have been allocated to the appropriate segment.
PROTECTION SERVICES
Protection is comprised of the Police Service and Fire Paramedic Service departments. The mandate of the Police
Service department is to ensure the safety of the lives and property of citizens; preserve peace and good order;
prevent crimes from occurring; detect offenders; and enforce the law. The Fire and Paramedic Service department
is responsible for providing fire suppression service, fire prevention programs, training and education related to
prevention, detection or extinguishment of fires, and paramedic services.
TRANSPORTATION SERVICES
The Public Works department is responsible for the delivery of municipal public works services related to the
planning, development and maintenance of roadway systems, the maintenance of parks and open space, and
street lighting.
The Transit department is responsible for providing local public transportation service.
The City also operates the Timmins Airport which services Timmins and surrounding areas.
ENVIRONMENTAL SERVICES
The Water and Waste department consists of three distinct utilities - water, wastewater and solid waste disposal.
The department provides drinking water to citizens of Timmins, collection and treatment of wastewater, and
provides collection, disposal and waste minimization programs and facilities for solid waste. Their land drainage
and garbage collection operations are reported in the General Revenue Fund and are included in the Public Works
and Water segment.
18
20.
SEGMENTED INFORMATION (CONT’D)
HEALTH SERVICES
The City provides cemetery services to its citizens.
It also contributes to the provision of public health and ambulance services to the community. These services are
provided by the Porcupine Health Unit and the Cochrane District Social Services Administration Board.
SOCIAL AND FAMILY SERVICES
The City operates a nursing home which provides care to elderly individuals in the community.
The City also contributes to the Cochrane District Social Services Administration Board for the provision of general
assistance to individuals in the community.
RECREATION AND CULTURAL SERVICES
The Community Services department provides public services that contribute to neighbourhood development and
sustainability through the provision of recreation and leisure services such as fitness and aquatic programs. The
department also contributes towards the information needs of the City’s citizens through the provision of library
services.
PLANNING AND DEVELOPMENT
The Planning, Property and Development department provides a diverse bundle of services. It manages urban
development for business interests, environmental concerns, heritage matters, local neighbourhoods and the
downtown through city planning, community development, parks and riverbank planning. It ensures an acceptable
quality of building construction and maintenance of properties through enforcement of construction codes, and
building standards. It facilitates economic development by providing services for the approval of all land
development plans, the processing of building permit applications and the provision of geomatics services, as well
as providing cemetery services to citizens.
For each reported segment, revenues and expenditures 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. Taxation and payments-in-lieu of taxes, certain
government transfers, transfer from other funds, and other revenues are apportioned to the segments have been
apportioned based on a percentage of expenditures.
The accounting used in these segments are consistent with those followed in the preparation of the consolidated
financial statements as disclosed in Note 1.
21.
GOVERNMENT TRANSFERS FOR OPERATING
Government transfers for operating for the year include a Library Pay Equity grant of $1,402 and a Library Per
Household grant of $90,405 from the Province of Ontario.
22.
LIBRARY EXPENDITURES
Total operating costs for the library for the year ended December 31, 2012 amounted to $1,531,222. Of these
costs, $1,113,835 were to cover salaries and benefits for employees.
19
SCHEDULE A
SCHEDULE OF ACCUMULATED SURPLUS
2012
2011
RESERVE FUNDS (Schedule B)
Sick leave
Other designated projects
Post-employment benefits
1,462,739
1,096,533
159,875
TOTAL RESERVE FUNDS
2,719,147
2,603,524
RESERVES (Schedule B)
General equipment replacement
Working Capital
Undesignated projects
Other designated projects
109,157
3,970,746
2,705,249
9,574,077
400,658
3,720,192
1,316,675
8,094,676
TOTAL RESERVES
16,359,229
13,532,201
TOTAL RESERVE FUNDS AND RESERVES
19,078,376
16,135,725
SURPLUS (DEFICIT)
Invested in tangible capital assets (Note 12)
General Revenue Fund
212,048,459
(20,711,395)
196,984,464
(23,857,843)
UNFUNDED
Employee Benefits Payable
(10,310,276)
(9,960,820)
TOTAL SURPLUS
181,026,788
163,165,801
$ 200,105,164
$179,301,526
ACCUMULATED SURPLUS
2O
$
1,444,140
996,418
162,966
SCHEDULE B
SCHEDULE OF CONSOLIDATED RESERVES AND RESERVE FUNDS
2012
2011
REVENUES
Interest earned
Transfers from other funds
Sale of land
Other
$
33,741
7,243,235
147,367
$
39,999
5,754,578
277,440
8,970
7,424,343
6,080,987
17,236
4,338,707
125,749
26,495
4,631,384
185,245
4,481,692
4,843,124
2,942,651
16,135,725
1,237,863
14,897,862
EXPENDITURES
Purchase of land
Transfer to other funds
Other
CHANGE IN RESERVE AND RESERVE FUND BALANCE
RESERVE AND RESERVE FUND BALANCE, beginning of year
RESERVE AND RESERVE FUND BALANCE, end of year
$
19,078,376
$
16,135,725
ANALYZED AS FOLLOWS:
2012
2011
RESERVES SET ASIDE FOR SPECIFIC PURPOSE
For acquisition of fixed assets
For working capital
For undesignated projects
For other designated projects
$
Total reserves
109,157
3,970,746
2,705,249
9~574~077
$
400,658
3,720,192
1,316,675
8,094~676
16~359~229
13,532~201
For sick leave
For other designated projects
For post-employment benefits
1,462,739
1,096,533
159~875
1,444,140
996,418
162~966
Total reserve funds
2~719~147
2~6031524
RESERVE FUNDS SET ASIDE FOR SPECIFIC PURPOSE
Total reserves and reserve funds
$
21
19~078t376 $ 16~135t725
SCHEDULE C
SCHEDULE OF SEGMENTED DISCLOSURE
YEAR ENDED DECEMBER
GENERAL
GOVERNMENT
REVENUES
Taxation
$ 2,474,628
Sale of services
767,906
Gov. transfers - operating
558,004
Gov. transfers - capital
Interest and other revenue
296,588
Contributed assets
EXPENSES
Salaries & benefits
Long-term debt interest
Materials & services
Contracted services
Rent & financial expenses
External transfers
Amortization
Inter-Functional
Adjustments
Allocation of program
support
PROTECTION
SERVICES
$ 11,162,252
483,507
3,100,222
RECREATION AND
HEALTH
CULTURAL
SERVICES
SERVICES
TRANSPORTATIONENVIRONMENTAL
SERVICES
SERVICES
$
9,052,335
17,878,614
2,046,013
7,162,392
1,084,937
$
3,311,311
295,528
2,103,772
$
SOCIAL
FAMILY &
HOUSING
SERVICES
4,223,062
1,554,638
1,008,929
$ 10,988,443
3,443,222
10,632,405
396,866
506,141
250,000
PLANNING AND
DEVELOPMENT
$
2012
TOTAL
1,337,814
$ 14,921,821
7,441,354
2,868,451
6,73t,023
1,788,404
1,316,982
2,748,125
383,268
1,163,879
1,530,346
329,367
$ 58,881,977
32,248,037
23,481,675
15,423,761
7,057,099
250,000
4,097,126
16,083,795
33,75t ,053
37,224,291
6,107,477
7,542,770
26,381,052
6,154,985
137,342,549
4,379,565
2,810,848
1,009,319
62,359
54,275
142,190
16,843,004
377,888
2,692,358
295,047
35,906
410,340
883,665
10,935,441
5,570,661
4,563,195
4,163,736
2,036,038
1,606,635
4,518,662
3,527,338
2,632,513
222,297
92,130
3,000
628,668
11,944,983
443,236
1,831,315
44,652
1,218
6,393,675
305,753
1,915,653
6,755,590
3,670,987
3,099,318
1,601,559
80,023
485,587
63,394
24,268
3,875,605
150,715
57,754,061
901,147
22,818,853
8,612,228
4,984,337
10,736,895
10,731,390
1,446,906
1,270,494
62,503
574,399
(729,648)
(6,180)
(195,744)
557,582
106,380
4,500
231,920
3 !, 190
(2,831,136)
560,244
748,939
454,346
166,198
314,988
448,490
137,931
22,092,272
29,533,193
17,916,336
6,553,729
8,461,291
21,645,242
5,439,076
116,538,911
$ (6,008,477)
$ 4,217,860
$ 19,307,955
715,909
$ 20,803,638
4,897,772
Net revenues (expenses) $ (800,646)
$ (446,252) $ (918,521)
22
$ 4,735,810
$
SCHEDULE OF TANGIBLE CAPITAL ASSETS
SCHEDULE D
YEAR ENDED DECEMBER 3’1
General Capital Assets
Land and Land Buildings and Vehicles,
Improvements Leasehold
equipment
Improvements and furniture
Totals
Streets and Water system
structures
Sewer
system
Assets Under
Construction
2012
2011
11,976,477
369,215,788 $
14,017,438
11,976,477
(1~626~302)
343,517,495
21,770,632
6,529,150
(2,601 ~489)
COST:
BALANCE, BEGINNING OF YEAR $ 14,797,548 $81,553,919 $ 61,466,613 $104,553,512 $ 63,778,275 $ 28,234,181
805,560
4,750,636
3,909,565
4,551,677
Construction-in-progress
Disposal of tangible capital assets
(113521439
(273~863)
$ 14,831,740 $
)
BALANCE, END OF YEAR
15,603,108
86,304,555
64,023,739
108,831,326
63,778,275
28,234,181
26,808,217
393,583,401
369,215,788
ACCUMULATED AMORTIZATION:
BALANCE, BEGINNING OF YEAR
Amortization
Disposals and write downs
6,874,847
683,371
-
33,361,525
2,131,490
33,340,487
3,882,432
(869,151)
56,799,862
4,034,100
(185,510)
22,919,244
9,95t,781
-
163,247,746
10,731,393
(lr054,661)
152,201,670
10,963,199
82~877
BALANCE, END OF YEAR
7~558~218
35r493~015
361353~768
60~6481452
22~9191244
9~9511781
172~924~478
163~2471746
NET BOOK VALUE OF TANGIBLE
CAPITAL ASSETS
810441890 $ 5018111540 $ 271669~971 $ 48t182~874 $ 40~85%031 $ 1812821400 $ 261808~217 $ 220t658~923 205t9681042
$
2011 NET BOOK VALUE OF
TANGIBLE CAPITAL ASSETS
$ 7t9221701 $ 4811921394 $ 28~1261126 $ 471753~650 $ 40~859~031 $ 18=2821400 $ 14~8311740 $
23
$ 20519681042
TRUST FUNDS
Ross Pope LLP
CPAs
Timmins, Ontario
P4N 2G7
Telephone: (705) 264-9484
Fax: (705) 264-0788
To the Councillors, Inhabitants and Ratepayers of the Corporation of the City of Timmins.
We have audited the accompanying financial statements of the Trust Funds of the Corporation of the City of Timmins,
which comprise the statement of financial position as at December 31, 2012, and the statement of continuity of the
Trust Funds for the year then ended, and a summary of significant accounting policies and other explanatory
information.
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
Canadian public sector accounting principles, 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.
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 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.
opinion.
Opinion
In our opinion, these financial statements present fairly, in all material respects, the financial position of the Trust
Funds of the Corporation of the City of Timmins as at December 31,2012 and the continuity of trust funds for the year
then ended in accordance with Canadian public sector accounting principles.
Timmins, Ontario
October 21, 2013
Ross Pope LLP
STATEMENT 1
TRUST FUNDS
STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2012
Total
ASSETS
CASH
ACCOUNTS
RECEIVABLE
$2,476,692
Cemetery
Care and
Maint.
Funds
Residents’
Trust
Accts. Home
For the Aged
$2,088,297 $
55,609
72,429
-
2,532,301
2,088,297
DUE FROM (TO)
REVENUE FUND
63,949
24,893
FUND BALANCE
$2r596r250
72,429
$ 109,680 $
109,680
77,652 $ 75,906 $
77r652
27,645
-
55,609
(878)
23,585
$2~1131190 $ 72r429 $ 128~920 $ 73~531 $ 75r906 $ 261767
$ 104r277
Councillor
(4,121)
-
Civil
Remedies
25,083
80,692
19,240
75r906
$
OHRP,
OHRP
Rental
Trust
27~645
Approved by:
Mayor
Subdividers’ F.E. Jokela
French
Deposits for Bequest to
Language/
Installation Home For Museum Timmins Public
of Services The Aged Donations Librar~ Trust
1 ~230
$
1~230
STATEMENT 2
TRUST FUNDS STATEMENT OF CONTINUITY
YEAR ENDED DECEMBER 31, 2012
Total
BALANCE,
beginning of year
RECEIPTS
Care and maintenance
funds
Received from/on
behalf of residents
Donations
Interest earned
Contractor Deposits
EXPENDITURE
Payment on
behalf of residents
Transfers to
revenue fund
OHRP
Expenses
$2,631~293
$2~051,959
61,231
61,231
154,137
15,231
33,257
41~720
24,511
305,576
85,742
Residents’ Subdividers’ F.E. Jokela
French OHRP,
Trust Deposits for Bequestto
Language/ OHRP
Accts. Home Installation Home For Museum Timmins Public Rental
For the Aged of Services The Aged Donations Librar~ Trust Trust
$
24,511
57~503 $ 115,423 $ 78~178 $ 75,006
1,286
41,720
15,231
920
-
43~006
16,151
154,137
712
154~849
139,923
139,923
24,511
-
176,185
340,619
BALANCE,
end of ~,ear
Cemetery
Care and
Maint.
Funds
24,511
$ 215961250 $ 21113,190
$
-
-
139,923
29,509
20,798
721429
$ 128,920
$
73,531
$ 100~907
$ 125,000
900
328
3,370
1,230
900
328
3,370
1,230
-
-
20,798
27,317
-
-
29,509
$
Civil
Remedies
-
$
75,906
$
878
125~000
878
125,000
26,767
$ 104,277
$
1,230
TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31t 2012
BASIS OF ACCOUNTING
Revenues and expenditures on the "Statement of Continuity" are reported on the accrual basis of accounting,
which recognizes revenues as they become available and measurable and expenditures as they are incurred and
measurable as a result of the receipts of goods and services and the creation of a legal obligation to pay.
=
ONTARIO HOME RENEWAL PROGRAM
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 $7,500 of which the maximum forgivable portion is
$4,ooo.
Ontario Home Renewal Program loans receivable at December 31, 2012 comprise repayable loans of $55,609
(2011-$63,257). 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.
3.
The carrying amounts of cash, accounts receivable and due (to) from revenue fund approximate their fair value
due to short-term maturities of these instruments.
BOARD OF MANAGEMENT
OF THE DOWNTOWN TIMMINS
Ross, Pope & Company LLP
Chartered Accountants
Timmins, Ontario P4N 2G7
Telephone (705) 264-9484
Fax: (705) 264-0788
Ernaih [email protected]
www.rosspope.com
To the Members of Council and the Board of Management of the Downtown Timmins Business Improvement
Area
We have audited the accompanying financial statements of the Board of Management of the Downtown
Timmins Business Improvement Area, which comprise the statement of financial position as at December
31, 2012, and the statements of operations and accumulated surplus, change 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 these financial statements in
accordance with Canadian public sector accounting standards, and such internal control as management
determines necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
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.
financial statements. The procedures selected depend on the auditor’s judgement, including the assessment
for 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 appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness 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
audit opinion.
Basis for Qualified Opinion
In common with many non-profit organizations, the organization derives revenue from ticket sales, donations
and activities 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 Board and we were
not able to determine whether any adjustments might be necessary to the above revenue, excess of revenue
over expenditures, assets and surplus.
Qualified Opinion
In our opinion, except for the effect of the matter described in the Basis of Qualified Opinion paragraph,
these financial statements present fairly, in all material respects, the financial position of the Board of
Management of Downtown Timmins Business Improvement Area as at December 31, 2012 and its financial
performance and its cash flows for the year then ended in accordance with Canadian public sector
accounting standards.
Timmins, Ontario
April 9, 2013
STATEMENT 1
AS AT DECEMBER 31
2012
2011
FINANCIAL ASSETS
Cash
Accounts receivable
$
34,603
8~634
$
17,681
22,297
43,237
39,978
Accounts payable and accrued liabilities
Downtown dollars
18,453
248
22,769
248
TOTAL LIABILITIES
18,701
23,017
NET FINANCIAL ASSETS
24,536
16,961
Tangible capital assets (Note 3)
Prepaid expenditures
14,248
600
14,531
600
14,848
15,131
LIABILITIES
$
ACCUMULATED SURPLUS (Note
Approved by:
Director
2
39,384
$
32,092
STATEMENT 2
STATEMENT OF OPERATIONS AND ACCUMULATED SURPLUS
2012
Budget
/Unaudited)
2012
Actual
IAudited)
2011
Actual
/Audited)
REVENUES
Tax levy (Note 2)
Fundraising
Grants and subsidies
Membership dues
Voucher administrative fees
Other
$
TOTAL REVENUES
130,000
11,600
25,860
2,500
1,500
720
$
130,006
38,082
14,043
2,479
699
588
$
120,016
13,084
36,914
3,155
3,344
1,097
172,180
185,897
177,610
35,851
20,415
38,727
24,283
4,344
1,773
8,753
105,109
EXPENDITURES
Administration
Advertising and promotion
Amortization
Beautification
Tax levy written off (Note 2)
Wages and benefits
5,000
110,914
39,618
42,164
5,270
2,597
881956
TOTAL EXPENDITURES
172,180
178,605
182,989
7,292
(5,379)
ANNUAL (DEFICIT) SURPLUS
ACCUMULATED SURPLUS~ BEGINNING OF YEAR
32,092
37,471
ACCUMULATED SURPLUS~ END OF YEAR
391384
$ 32,092
3
STATEMENT3
STATEMENT OF CHANGE IN NET FINANCIAL ASSETS
2012
ANNUAL SURPLUS (DEFICIT)
$
CHANGE IN NET FINANCIAL ASSETS
NET FINANCIAL ASSETS~ BEGINNING OF YEAR
NET FINANCIAL ASSETS, END OF YEAR
4
7,292
2011
$ (5,379)
(4,987)
5,270
(15,100)
4,344
283
(10,756)
7,575
(16,135)
16~961
33,096
$ 24,536
$ 16,961
STATEMENT4
STATEMENT OF CASH FLOWS
2012
2011
OPERATIONS
ANNUAL SURPLUS (DEFICIT)
7,292
$ (5,379)
NON CASH CHARGES TO OPERATIONS
Amortization
5,270
4,344
USES:
Increase in accounts receivable
Decrease in accounts payable
(4,316)
(13,456)
SOURCES:
Decrease in accounts receivable
Increase in accounts payable
13,663
NET INCREASE (DECREASE) IN CASH FROM OPERATIONS
21 ~909
(1,798)
Purchase of capital assets
(41987)
NET DECREASE IN CASH FROM INVESTING
(4,987)
(15,1oo)
(15,1oo)
CHANGE IN CASH
CASH, beginning of year
16,922
17,681
(16,898)
34,579
CASH, end of I/ear
34~603
$ 17,681
12,693
INVESTING
5
YEARS ENDED DECEMBER 31t 2012 & 2011
NATURE OF OPERATIONS
The Board of Management of the Downtown Timmins Business Improvement Area (Downtown Timmins) was
established by the City of Timmins By-Law No. 1978-1145. The organization, incorporated without share capital,
operates as a non-profit organization and is dedicated to promoting an economically strong, safe, attractive and
exciting downtown area.
1.
The financial statements of Downtown Timmins are the representation of management and are prepared in
accordance with the Public Sector Accounting Board (PSAB) accounting recommendations.
(a)
REVENUE RECOGNITION
The Board follows the deferral method of accounting for memberships and grant revenue which are recognized as
revenue when received or receivable if the amount to be received can be reasonably estimated and collection is
reasonably assured.
(b)
ACCRUAL ACCOUNTING
The financial statements of Downtown Timmins have been prepared using the accrual basis of accounting.
(c)
CAPITAL ASSETS
Capital assets are stated at cost less accumulated amortization. Capital assets are amortized over their estimated
useful lives at the following rates and methods:
Computer
Office equipment
Signs and wreaths
Urban Park equipment
(d)
5 years
5 years
5 years
5 years
Straight line method
CONTRIBUTED SERVICES
Volunteers contribute to assist the Downtown Timmins in carrying out its service delivery activities. Contributed
services are not recognized in the financial statements because of the difficulty of determining their fair value.
(e)
USE OF ESTIMATES
The preparation of financial statements in conformity with Canadian public sector accounting standards requires
management to make estimates and assumptions that affect the reported amount of assets and liabilities,
revenues and expenses during the period. Actual results could differ from these estimates.
(f)
FUND ACCOUNTING
Revenues and expenditures relating to Board administrative activities are reported in the general operating fund.
The capital fund has been set up to recognize the cost and amortization of capital assets purchased. Reserves for
working capital, as approved by the Board, are amounts set aside for future operating purposes.
(g)
over expenses, provides the change in net financial assets for the year.
NOTES TO FINANCIAL STATEMENTS (CONT’D)
1.
(h)
RESERVES AND RESERVE FUND
Certain amounts, as approved by the Board, are set aside in reserves for future operating and capital purposes.
Transfers to and/or from reserves are recorded as an adjustment to the respective fund when approved.
2.
TAX LEVY AND TAX LEVY WRITTEN OFF
The Board requisitions the City of Timmins annually for the amount of the levy. The City calculates the percentage
required to raise the levy using the assessed value of property in the Improvement Area. The levy appears on the
members’ or members’ landlords’ property tax bills.
Tax levy written off results from reductions in assessments as a result of appeals by property owners. The
difference between the original levy and the revised levy as a result of a successful appeal causes a write off. In
years with excessive write offs, the Board has negotiated its share with the City of Timmins.
=
CAPITAL ASSETS
COST
Computer
Office equipment
Signs and wreaths
Urban Park equipment
=
ACCUMULATED
AMORTIZATION
NET BOOK VALUE
2012
2011
$ 10,320
4,767
29,374
12,524
$
6,599
3,851
28,069
4,218
$
3,721
916
1,305
87306
$
3,867
1,275
2,538
6,851
$ 56,985
$
42,737
$ 14,248
$
14,531
Credit Risk
Credit risk arises from the potential that a counter party will fail to perform its obligations. The Board is exposed to
credit risk from customers. In order to reduce its credit risk, the Board reviews a new customer’s credit history
before extending credit and conducts regular reviews of its existing customers’ credit performance. An allowance
for doubtful accounts is established based upon factors surrounding the credit risk of specific accounts, historical
trends and other information. The Board has a significant number of customers which minimizes concentration of
credit risk.
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial
liabilities. The Board is exposed to this risk mainly in respect of its receipt of funds from its customers and other
related sources, and accounts payable.
5.
ACCUMULATED SURPLUS
Accumulated surplus consists of individual fund surplus and reserves as follows:
2012
SURPLUS
Invested in capital assets
General
$
14,248
12,874
2011
$
14,531
5,299
Total surplus
27,122
19,830
RESERVES
Working capital
10,000
2,262
10,000
2,262
Total reserves
12,262
12,262
ACCUMULATED SURPLUS
6.
$
39,384
$
32,092
BUDGET FIGURES
Budget figures for the operating fund have been provided for comparison purposes and have been derived from the
budget approved by the Board. The budget figures are unaudited.
7.
RELATED PARTIES
The organization and the Corporation of the City of Timmins are related parties due to the fact that the majority of
revenue is derived from the Corporation of the City of Timmins. During the year, the organization received levies in
the amount of $130,006 from the Corporation of the City of Timmins.
8.
CONSOLIDATION
The figures contained in these financial statements are consolidated into the operations and statements of the
Corporation of the City of Timmins.
8
(Operated by the Corporation of the City of Timmins)
YEARS ENDED DECEMBER 31,2012 & 2011
-..----" "--" Ross Pope LLP
" ~" "~ CPAs
I~I
~~~
Timmins, Ontario
P4N 2G7
Telephone: (705) 264-9484
Fax: (705) 264-0788
INDEPENDENT AUDITORS’REPORT
To the Directors of Timmins Economic Development Corporation
We have audited the accompanying financial statements of Timmins Economic Development
Corporation, which comprise the statement of financial position as at December 31, 2012, and the
statements of financial activities, change in net financial assets and cash flows for the year then ended,
and a summary of significant accounting policies and other explanatory information.
accordance with Canadian public sector accounting principles, 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.
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 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.
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, these financial statements present fairly, in all material respects, the financial position of
the Timmins Economic Development Corporation as at December 31,2012 and the results of its financial
activities and the changes in its cash flows for the year then ended in accordance with Canadian public
sector accounting principles.
Timmins, Ontario
September 16, 2013
Ross Pope LLP
CPAs
STATEMENT 1
AS AT DECEMBER 31
2011
20t2
FINANCIAL ASSETS
Due from the City of Timmins
Accounts receivable
Due from Discover Abitibi
$
419,743
132,735
$
269,996
73,717
552~478
343,713
Accrued vacation payable (Note 6)
Deferred revenue
15,960
48,541
9,886
59,667
TOTAL LIABILITIES
64,501
69,553
487,977
274,160
67,521
76,909
LIABILITIES
ACCUMULATED SURPLUS/Note 10!
$
555,498
$
351,069
STATEMENT 2
STATEMENT OF FINANCIAL ACTIVITIES
BUDGET*
2012
2011
REVENUES
GRANTS
City of Timmins
Province of Ontario
Government of Canada
OTHER
Management services and workshops
Miscellaneous
TOTAL REVENUES
$
877,900
186,000
108,000
$
877,900
450,110
1041671
$
833,875
389,525
56,060
1,171,900
11432!681
1,279,460
10,000
16,700
27,344
821963
4,336
13,955
26,700
1101307
18,291
1,198,600
1~542~988
1,297,751
272,600
270,991
19,145
134,021
16,702
897,598
102
218,285
17,195
141,371
10,833
833,452
500
1,269,500
113381559
1,221,636
(70,900)
87,110
204,429
351,069
76,115
274,954
EXPENDITURES
Administration
Amortization
Promotion and advertising
Receptions
Salaries and employee benefits
Study cost
TOTAL EXPENDITURES
ANNUAL SURPLUS
* Unaudited
99,950
20,500
876,450
16,210
$ 5551498
$
351,069
STATEMENT 3
2012
ANNUAL SURPLUS
$
CHANGE IN NET ASSETS
NET FINANCIAL ASSETS, BEGINNING OF YEAR
$
204,429
2011
$
76,115
(9,757)
19,145
17,195
9,388
17,195
213,817
274,160
93,310
180,850
487,977
$
274,160
STATEMENT 4
2012
2011
$ 204,429
$ 76,115
191145
17,195
2231574
93,310
(132,735)
6,074
(149,747)
73,717
(11,126)
(3,636)
74,009
(73,717)
(89,966)
(213,817)
(93,310)
Annual surplus
Change in non-cash working capital:
Decrease (increase) in accounts receivable
Increase (decrease) in vacation payable
Decrease (Increase) in due from City of Timmins
Decrease (Increase) in due from Discover Abitibi
Increase (decrease) in deferred revenue
9,757
(9,757)
(9,757)
CHANGE IN CASH
CASH, end of },ear
The corporation paid no interest during the year.
$
1.
The Timmins Economic Development Corporation (TEDC) was established by letters patent dated June 17, 1983.
The TEDC is a division of the Corporation of the City of Timmins. The corporation promotes economic
development initiatives for the municipality and acts as an agent in the attraction, development and sustenance of
businesses, which contribute to the economic, social and general well being of the community. The corporation
also manages the Discover Abitibi Project for the federal and provincial governments. The operations to date and
the statement of financial position are attached as Schedules A to C. The Discover Abitibi Project balances are
not consolidated with the TEDC financial information.
2.
The financial statements of the Timmins Economic Development Corporation are prepared by management in
accordance with Canadian generally accepted accounting principles for local governments as recommended by
the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants. Significant aspects of
the accounting policies adopted by the corporation are as follows:
(a)
BASIS OF ACCOUNTING
(i) Sources of financing and expenditures are reported on the accrual basis of accounting.
(ii) The accrual basis of accounting recognizes revenues as they become available and measurable;
expenditures are recognized as they are incurred and measurable as a result of receipt of goods or services and
the creation of a legal obligation to pay.
(b)
course of operations.
(c)
(i)
7 years
5 - 10 years
5 - 10 years
CONTRIBUTIONS OF TANGIBLE CAPITAL ASSETS
(ii) LEASES
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.
2.
(d)
GOVERNMENT TRANSFERS
Government transfers are transfers from governments that are not the result of an exchange transaction and are
not expected to be repaid in the future. Government transfers are recognized in the financial statements in the
period in which the events giving rise to the transfer occur providing the transfers are authorized, eligibility criteria
are met, and reasonable estimates of the amount can be made.
(e)
USE OF ESTIMATES
disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of
revenues and expenditures during the reporting period. These have been made using careful judgment and in
light of information available. The consolidated financial statements have, in management’s opinion, been
properly prepared within reasonable limits of materiality. Significant estimates and assumptions include
amortization. Actual results could differ from these estimates.
(f)
OTHER REVENUES
Other revenues are recognized in the year that the events giving rise to the expenses occur and there is a legal
or contractual obligation to pay.
(g)
DEFERRED REVENUES
Revenue received for which the related services have yet to be performed are deferred and recorded as revenue
in the year the related expenses are incurred or services performed, as this is the time the eligibility criteria have
been met and the revenue is earned.
(h)
FUTURE CHANGES IN SIGNIFICANT ACCOUNTING POLICIES
Effective for fiscal periods beginning on or after April 1, 2012, all governments will be required to adopt Public
Sector Accounting Board Handbook ("PSAB") Section 3410 Government Transfers. This standard provides
guidance to governments for the accounting and reporting of government transfers from both the transferring
government and the recipient government in the financial statements. The City is currently in the process of
evaluating the potential impact of adopting these standards.
3.
CONSOLIDATION
4.
ECONOMIC DEPENDENCE
The continued operations of the corporation are dependent upon its ability to secure financing from the Federal,
Provincial and Municipal governments.
5.
DISCOVER ABITIBI PHASE IV & DISCOVER ABITIBI PHASE V
Discover Abitibi Phase IV is an initiative seeking project proposals that will form the basis of the business and will
be used to secure funding for the completion of the projects in Phase V. The proposals will focus on the Abitibi
Greenstone Belt and surrounding area. The project is jointly funded by FedNor and Northern Ontario Heritage
Fund Corporation. Further revenue has been raised from the private and public sectors. The project is being
managed by the corporation and was completed by April 4, 2007. The budget figures are for the complete
project. The current actual figures are for the period ended December 31,2007.
Discover Abitibi Phase V is a pilot geoscience project to stimulate the mining and exploration industry, and
strengthen applied research and development capacity in the Timmins and surrounding areas. The project is
jointly funded by FedNor and Northern Ontario Heritage Fund Corporation. Further revenue has been raised from
the private and public sectors. The project is being managed by the corporation and was completed by March
31, 2012. The budget figures are for the complete project. The current actual figures are for the period ended
December 31,2012.
6.
EMPLOYEE BENEFIT LIABILITIES
Employee benefit liabilities are comprised of the following:
2012
Liability, for vacation credits
7.
$
151960
2011
$
9,886
PENSION AGREEMENTS
The corporation makes contributions to the Ontario Municipal Employees Retirement Fund (OMERS), which is a
multi-employer plan on behalf of all permanent, full-time and qualifying part-time members. 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.
The amount contributed to OMERS for 2012 was $57,143 for current service (2011 - $42,805) and is included as
an expenditure on the Statement of Financial Activities.
8.
CONTRIBUTED DATA
The private sector has contributed proprietary data such as deposit models and regional geological, geochemical
and geophysical data to the Discover Abitibi project. Due to the difficulty in determining the value of such data, it
has not been recognized in the financial statements.
9.
BUDGET FIGURES
The corporation completes separate budget reviews for its operating and capital budgets each year. The
approved operating budget for 2012 is reflected on the Statement of Financial Activities. The budget established
for the Capital Fund is based on a project-oriented basis, the costs of which may be carried out over one or more
years.
10. ACCUMULATED SURPLUS
Accumulated surplus consists of unrestricted amounts and equity in tangible capital assets as follows:
2012
Unrestricted surplus
Equity in tangible capital assets (Schedule D)
11.
2011
487,977
67,521
$
274,160
76,909
555,498
$
351,069
The corporation’s financial instruments consist of due from the City of Timmins, due from Discover Abitibi and
accrued vacation payable. Unless otherwise noted, it is management’s opinion that the corporation is not
exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of
these financial instruments approximate their carrying values.
12.
COMMITMENTS
The corporation is committed to a real estate lease for its office premises. The lease term is for 5 years plus a
two year renewal option. The minimum annual lease commitment is $34,744 per year. The lease is to expire in
August 2017.
Ross Pope LLP
"" """ ""CPAs
=~ !mm
~ I~ I~
Telephone: (705) 264-9484
Fax: (705) 264-0788
Timmins, Ontario
P4N 2G7
To the Councillors, Inhabitants and Ratepayers of the Corporation of the City of Timmins
We have audited the accompanying financial statements of Timmins Gold Mine Tour and Museum, which comprise
the statement of financial position as at December 31,2012, and the statements of financial activities, change in net
financial assets and cash flows for the year then ended, and a summary of significant accounting policies and other
explanatory information.
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with Canadian public sector accounting principles, and for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material misstatement,
Our responsibility is to express an opinion on these consolidated 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.
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.
opinion.
Opinion
In our opinion, these financial statements present fairly, in all material respects, the financial position of the Timmins
Gold Mine Tour and Museum as at December 31, 2012 and the results of its financial activities and the changes in its
cash flows for the year then ended in accordance with Canadian public sector accounting principles.
Timmins, Ontario
October 21,2013
Ross Pope LLP
STATEMENT 1
AS AT DECEMBER 31
2012
2011
FINANCIAL ASSETS
Cash
Accounts receivable
Inventory
$
5,742
1,549
8,915
$
133,909
587
104,592
16,206
239,088
Due to City of Timmins
4,906
151,249
TOTAL LIABILITIES
4,906
151,249
11,300
87,839
4,095,365
4,320,382
$ 4~106~665
$ 4~408,221
LIABILITIES
Tangible capital assets (Schedule A)
ACCUMULATED SURPLUS/Note 6/
Approved by:
Mayor
Councillor
STATEMENT 2
STATEMENT OF FINANCIAL ACTIVITIES
2012
BUDGET*
REVENUES
SALES, FEES AND OTHER CHARGES
Admissions
Concessions
Other
$
60,000
5,000
2012
ACTUAL
$
35,780
2,289
2011
ACTUAL
$
57,241
1,042
6,739
65,000
38,069
65,022
Merchandise - sales
Merchandise - cost of sales
70,000
40,000
58,536
47,477
83,255
63,362
Merchandise - gross profit
30,000
11,059
19,893
95,000
49,128
84,915
314,130
314,130
303,100
3,558
314,130
314,130
306,658
409,130
363,258
391,573
22,830
22,767
225,017
59,332
16,334
185,013
69,308
87,043
30,953
226,187
42,707
25,152
164,223
69,978
664,814
559,200
ANNUAL DEFICIT
ACCUMULATED SURPLUS~ BEGINNING OF YEAR
(301,556)
4~408~221
(167,627)
4,575,848
4~106~665
GRANTS
City of Timmins
Province of Ontario
TOTAL REVENUES
EXPENDITURES
Administration
Amortization
Materials and supplies
Promotion and advertising
Salaries, wages and employee benefits
Utilities
Write down of inventory
TOTAL EXPENDITURES
*Unaudited
48,500
258,200
79,600
409,130
$ 4,408,221
STATEMENT 3
2012
ANNUAL DEFICIT
$
NET FINANCIAL ASSETS, BEGINNING OF YEAR
(301,556)
225,017
2011
$
(76,539)
87,839
$
11,300
(167,627)
226,187
58,560
29,279
$
87,839
STATEMENT 4
2012
2011
Annual deficit
$
(301,556)
$
(167,627)
225,017
226,187
(76,539)
58,560
(962)
95,677
(146,343)
2,949
14,600
(135,894)
(51,628)
(118,345)
CASH USED IN OPERATING ACTIVITIES
(128,167)
(59,785)
CHANGE IN CASH
(128,167)
133,909
(59,785)
193,694
Change in non-cash working capital:
Decrease (increase) in accounts receivable
Increase in inventory
Decrease in due to City of Timmins
CASH, end of year
The organization paid no interest during the year.
$ 5,742
133,909
1.
The Timmins Gold Mine Tour and Museum was established by letters patent dated January 21, 1994. The
organization is the operator of the Timmins Underground Gold Mine Tour and the Shania Twain Centre.
Subsequent to year end, the City ceased operating the Timmins Underground Gold Mine Tour and Museum.
2.
The financial statements of the Timmins Gold Mine Tour and Museum are the representation of management
prepared in accordance Canadian public sector accounting principles for local governments as recommended by
the Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants. The more
significant of these accounting policies are summarized below.
(a)
BASIS OF ACCOUNTING
The financial statements of the Timmins Gold Mine Tour and Museum have been prepared using the accrual
basis of accounting. The accrual basis of accounting recognizes revenues as they become available and
measurable; expenditures are recognized as they are incurred and measurable as a result of receipt of goods or
services and the creation of a legal obligation to pay.
(b)
NON-FINANCIAL ASSETS (DEBT)
over expenditures, provides the consolidated change in net financial assets (debt) for the year.
(c)
Land improvements
Buildings
Vehicles
Computer systems
Furniture
(i)
10 - 20 years
restricted to lease term of the related asset
40 years
10- 20 years
5 - 10 years
5 - 10 years
5 - 10 years
CONTRIBUTIONS OF TANGIBLE CAPITAL ASSETS
(ii) LEASES
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.
(d) INVENTORY
Inventory for resale is valued at the lower of cost and net realizable value with cost being determined using the
first-in, first-out method.
2.
(e)
Government transfers are recognized in the financial statements in the period in which the events giving rise to
the transfer occur, eligibility criteria are met, and reasonable estimates of the amount can be made.
(f)
MEASUREMENT UNCERTAINTY
disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of
revenues and expenditures during the reporting period. These have been made using careful judgment and in
light of information available. The consolidated financial statements have, in management’s opinion, been
properly prepared within reasonable limits of materiality. Actual results could differ from these estimates.
3.
CONSOLIDATION
4.
PENSION AGREEMENTS
The Timmins Gold Mine Tour and Museum makes contributions to the Ontario Municipal Employees Retirement
Fund (OMERS), which is a multi-employer plan on behalf of all permanent, full-time and qualifying part-time
members. 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.
The amount contributed to OMERS for 2012 was $3,001 for current service (2011 -$ 5,817).
5
BUDGET FIGURES
The Timmins Gold Mine Tour and Museum completes separate budget reviews for its operating and capital
budgets each year. The approved operating budget for 2012 is reflected on the Statement of Financial Activities.
Budgets established for Capital Funds are based on a project-oriented basis, the costs of which may be carried
out over one or more years. As such, they are not directly comparable with current year actual amounts and
budgets have therefore not been reflected on the "Statement of Financial Activities".
6.
ACCUMULATED SURPLUS
Accumulated surplus consists of unrestricted amounts and equity in tangible capital assets as follows:
2012
Unrestricted surplus
Building Reserve
Equity in tangible capital assets (Schedule A)
$
11,300
2011
$
4,095,365
42,839
45,000
4,320,382
$ 4,106,665
$ 4,408,221
7.
The Timmins Gold Mine Tour and Museum’s carrying value of cash, accounts receivable and due to City of
Timmins approximates its fair value due to the immediate or short term maturity of these instruments. It is
management’s opinion that the organization is not exposed to significant interest, currency or credit risks arising
from these financial instruments.
8.
ECONOMIC DEPENDENCE
The operations of the Timmins Gold Mine Tour and Museum are not self sufficient and require external funding. If
the operating grant from the City of Timmins were to be discontinued or significantly reduced, the on going
operations would not be able to continue unless the Timmins Gold Mine Tour was able to secure other sources of
funding.
9.
SUBSEQUENT EVENTS
Subsequent to the end of the year, the Corporation of the City of Timmins agreed to sell the land and buildings.
Based on the agreement, there are no anticipated losses.
YEARS ENDED DECEMBER 2012 & 2011
Timmins, Ontario
P4N 2G7
Telephone: (705) 264-9484
Fax: (705) 264-0788
E-Maih [email protected]
Website: www.rosspope.corn
To the Board of Health for the Porcupine Health Unit
We have audited the accompanying financial statements of the Porcupine Health Unit, which comprise the
statement of financial position as at December 31,2012, the statements of operations and accumulated
surplus, changes in net financial assets and cash flows for the year then ended, and a summary of
significant accounting policies and other explanatory information.
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.
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 control relevant to the entity’s preparation and fair
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.
qualified audit opinion.
Opinion
In our opinion, these financial statements present fairly, in all material respects, the financial position of the
Health Unit as at December 31,2012 and the results of its operations and the changes in its cash flows for
the year then ended in accordance with Canadian public sector accounting principles.
Timmins, Ontario
June 21,2013
STATEMENT
AS AT DECEMBER 31
2012
2011
FINANCIAL ASSETS
Cash
Short-term investments
Accounts receivable
Prepaids
2,407,803
2,526,976
238,670
397070
$ 2,217,607
2,025,319
257,304
48,742
5,212,519
4,548,972
858,t53
294,581
33,591
676,348
879~006
852,547
59,895
33,591
437,905
900,921
2,741,679
2,284,859
2,470,840
2,264,113
665,023
676,730
$. 3,135,863
$ 2,940,843
FINANCIAL LIABILITIES
Due to Province of Ontario
Deferred revenue
Separate program balances (Note 2)
Accrued employee benefit obligations (Note
ACCUMULATED SURPLUS (Note 5)
behalf of the Board:
STATEMENT 2
2012
ACTUAL
2012
BUDGET
/Unaudited)
REVENUE (Schedule A)
Provincial grants
Municipal per capita revenue (Schedule B)
Sudbury Hospital genetics program
Federal grants
Cochrane District Social Services
Administration Board (CDSSAB)
Other
EXPENDITURE (Schedule A)
General
Land Control
Preschool Speech and Language Initiative
Genetics
CDSSAB
Chief Nursing Officer
Healthy Smiles
Unorganized Territories
Infection Control
Nurse Practitioner
Healthy Communities
Healthy Babies/Healthy Children
Children’s Oral Health Initiative
Pre and Postnatal Nurse Practitioner
Vector Borne Disease
Smoke Free Ontario
Small Drinking Water Systems
Diabetes Program
Priority Population Nurse
Fruit and Vegetable Pilot Program
Infection Control Nurse
Canada Prenatal Nutrition
ANNUAL SURPLUS, before undernoted
$
Due to Ministry of Health and Long Term Care
In year revenue deferred to subsequent period (Note 2)
ANNUAL SURPLUS
ACCUMULATED SURPLUS, beginning of the year
Transfer from separate program balances
Adjustment of prior year grants
ACCUMULATED SURPLUS~ end of the year (Note 5~
10,774,336
2,185,544
323,222
171,910
$
10,521,667
2,185,544
361,710
221,301
2011
ACTUAL
$
10,199,091
2,185,544
324,201
139,608
140,000
326,100
140,000
4401822
140,000
458,896
13,921,112
1318711044
13,447,340
8,785,455
93,490
740,080
323,222
140,000
116,699
315,455
649,562
222 233
120 150
74 282
918 056
60 000
180 100
122 589
292 035
24 667
200 000
173 441
159 516
86 569
111 910
8,477,620
93,901
729,979
332,332
140,000
61,619
254,590
649,554
222,228
102,539
13,677
918,056
59,734
127,861
112,531
242,419
24,667
175,200
170,501
154,360
85,102
111,976
8,318,809
91,347
709,522
317,246
140,000
13,909,511
13t260~446
12,962,504
11,601
242,119
636,793
222,211
112,511
8,070
926,499
54,903
133,462
117,394
269,127
107,400
124,043
103,283
125,020
84,872
117,873
610,598
(126,963)
(288,490)
484,836
(86,813)
(220,726)
195,145
2,940,843
2,823
(2,948)
177,297
2,648,628
114,918
$ 3~135~863 $ 2,940,843
STATEMENT 3
STATEMENT OF CHANGES IN NET FINANCIAL ASSETS
2012
ANNUAL SURPLUS
195,145
$ 177,297
(132,652)
144,359
2,823
(2,948)
(160,237)
169,117
114,918
11,582
123,798
NET FINANCIAL ASSETS, beginning of the year
206,727
2~264~113
301,095
1,963,018
NET FINANCIAL ASSETS~ end of year
2~470~840
$ 2,264,113
Transfer from separate program balances to reserve for equipment replacement
Adjustment of prior year grants
$
2011
STATEMENT 4
2012
OPERATIONS
ANNUAL SURPLUS
ITEMS NOT AFFECTING CASH:
Amortization
Adjustments of prior period grants
195,145
2011
$
177,297
144,359
(2,948)
169,117
DECREASE (INCREASE) IN:
Other receivables
Prepaids
INCREASE (DECREASE) IN:
Due to Province of Ontario
Separate Program balances
Accrued employee benefit obligations (Note 3)
18,634
9,672
(90,574)
(47,183)
234,686
5,606
241,266
(21,915)
54,024
31,518
19,128
(27,235)
INCREASE IN CASH FROM OPERATIONS
824,505
286,092
(132,652)
(160,237)
DECREASE IN CASH FROM CAPITAL TRANSACTIONS
(132,652)
(160,237)
691,853
4,242,926
125,855
4,117,071
¯ CHANGE IN CASH
CASH, end of year
$
4,934,779
$
4,242,926
$
2,407,803
2,526,976
$
2,217,607
2,025,319
$
4,934,779
$
4,242,926
CASH CONSISTS OF:
Cash
Short-term investments
The Porcupine Health Unit offers public health services through a variety of programs to the municipalities ~isted on
Schedule B and the area’s Unincorporated Territories as specified in the Health Protection and Promotion Act.
1.
The financial statements of the Health Unit are the representation of management prepared in accordance with
Canadian public sector accounting principles for local governments as recommended by the Public Sector
Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants. The financial statements have, in
management’s opinion, been properly prepared within reasonable limits of materiality. Significant aspects of the
accounting policies adopted by the Health Unit are as follows:
(a)
REVENUE RECOGNITION
The Health Unit utilizes the accrual basis of accounting. Operating grants from all levels of government are
recorded as revenue in the period to which they relate. Grants approved but not received at the end of an
accounting period are accrued. Where a portion of a grant relates to a future period, it is deferred and recognized
in that subsequent period. These financial statements reflect agreed arrangements with respect to the year ended
December 31,2012. Other revenues are recognized as they become available and are measurable. Expenditures
are recognized as they are incurred and measurable as a result of receipt of goods or services and the creation of
a legal obligation to pay.
(b)
SHORT-TERM INVESTMENTS
Short-term investments are carried at market value.
(c)
CAPITAL ASSETS
Capital assets are stated at cost less amortization. Capital assets are amortized over their estimated useful lives at
the following rates and methods:
Automobiles
Clinical equipment
Office equipment
(d)
5 years
10 years
10 years
10 years
USE OF ESTIMATES
revenues and expenditures during the period. Actual results could differ from these estimates.
(e)
PROGRAM OPERATIONS
The cost of General program operations of the Health Unit are primarily funded 25% from the member
municipalities and 75% from the Province of Ontario. The municipalities’ share is contributed by a per capita levy
($33.16 in 2012 and $33.16 in 2011). Excess of revenue over expenditures after adjustment of the Province’s
accounts is credited to the accumulated surplus of the Health Unit.
The cost of all other programs, except for the Land Control Program which is funded on a fee for service basis, the
Vector Borne Disease Program, and the Small Drinking Water Systems which are cost shared, are funded by
various levels of government or other organizations without cost sharing by the participating municipalities. The
balances of these programs are refundable to/receivable from the respective funding body upon settlement.
1.
(f)
RETIREMENT AND OTHER EMPLOYEE FUTURE BENEFITS
The Health Unit provides future benefits to specified employee groups. These benefits include sick leave, vacation
pay, and health care benefits. The costs of other employee future benefit plans are actuarially determined using
the Health Unit’s best estimate of accumulated sick days at retirement and health care costs trends, long-term
inflation rates, and discount rates.
(g)
services. They have useful lives 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 annual surplus, provides the
change in net financial assets for the year.
2.
SEPARATE PROGRAM BALANCES
Separate program balances represent the accumulated program surplus which includes unexpended funding for
certain programs that continue into the subsequent period. These balances may be repayable at the program
fiscal year end or if the funding bodies discontinue the program. Upon settlement of the program’s fiscal year end,
deficits incurred may be the responsibility of the Health Unit.
2012
Preschool Speech and Language Initiative
Genetics
Chief Nursing Officer
Healthy Smiles Program
Unincorporated Territories
Infection Control
Nurse Practitioner
Healthy Communities
Healthy Babies Healthy Children
Children’s Oral Health Initiative
Pre and Postnatal Nurse Practitioner
Vector Bourne Disease
Smoke Free Ontario
Small Drinking Water Systems
Diabetes Program
Priority Population Nurse
Fruit and Vegetable Pilot Program
Infection Control Nurse
Canada Prenatal Nutrition
$
$
2011
115,978
118,645
1,593
57,357
40
38
12,925
(13,655)
16,683
20,362
139,228
7,544
69,050
2,624
78,684
(4,074)
67,501
1,456
(15~631)
$
6761348
$
96,195
92,090
47,379
4O
846
(505)
22
16,691
5,096
83,564
5,029
24,677
10,405
51,157
(7,202)
62,345
32
(49,956)
437,905
3.
ACCRUED EMPLOYEE BENEFIT OBLIGATIONS
Sick Leave
Other Employee
Future Benefits Vacation Pay
2012
Total Accrued
Obligation
2011
Total Accrued
Obligation
$ 834,949
$ 853,164
44~057
47,757
$ 8791006
$ 900,921
$
$
Accrued benefit obligation
$ 412,395
$ 273,400
53,933
(9,876)
$ 466,328
$ 263,524
Unamortized actuarial
gains (losses)
$ 149,154
$ 149,154
CHANGE IN ACCRUED EMPLOYEE BENEFIT OBLIGATIONS
Current year benefit cost
Interest on accrued
benefit obligation
Amortization of actuarial
gains (losses)
Employee Contributions
Benefit payments
$
$
33,349
$
14,013
$ (39,135)
8,227
16,078
19,010
12,324
-
31,334
30,740
(4,245)
545
-
(3,700)
(3,700)
(47,014)
(10,762)
-
(57,776)
(70,353)
1,100
$ 16,120
$ 121~915)
$ (27,235)
$ (39,135)
The accrued benefit obligation for employee future benefit plans as at December 31, 2012 is based on actuarial
valuations for accounting purposes. These actuarial valuations were based on assumptions about future events.
The economic assumptions used in these valuations are the Health Unit’s best estimates of expected rates of:
Inflation
Future dental premium rates
Future health and travel premium rates
Expected average remaining life of employee group
Discount on accrued benefit obli~lations tincludes inflation)
2012
%
2.0
4.0
4.0
14 years for sick leave
and 16 years for
retirement benefits
4.75
EMPLOYEE BENEFIT OBLIGATIONS
(a)
SICK LEAVE
The Health Unit provides a sick leave payout to management employees and CUPE members hired before
January 1,2000 and ONA members hired before July 1, 1998. The number of credits available for payout and the
related liability are capped.
(b)
OTHER EMPLOYEE FUTURE BENEFITS
The Health Unit agrees to offer to continue drug plan coverage, up to age 65, to Management, CUPE and ONA
members who are at least 55 years of age, at the date of retirement, and the total of their age and service with the
Health Unit, in terms of years, is at least 80 until age 65. There are currently four members receiving this benefit.
There is one grandfathered retiree who receives extended health care, dental and vision where the member pays
50% of the premium rate billed to the Health Unit by the carrier. This retired member is billed the same premium
rate as active members. Future retirees are not eligible to participate in this program.
3.
ACCRUED EMPLOYEE BENEFIT OBLIGATIONS (CONT’D)
(c)
LTD and AD&D
Other employee benefits such as Long Term Disability (LTD) and Accidental Death and Dismemberment (AD&D)
are insured and terminate upon retirement or early retirement. Since the LTD is insured, there is no accrued
benefit obligation for the LTD to be reported.
4.
COST
Automobiles
Clinical equipment
Office equipment
5.
ACCUMULATED
AMORTIZATION
NET
2011
2012
$
79,814
623,170
610,175
2,852,439
$
71,409
553,841
453,631
2,421,694
$
8,405
69,329
156,544
4301745
$
16,811
84,044
175,991
399,884
$
4,165,598
$
3,500,575
$
665~,023
$
676,730
ACCUMULATED SURPLUS
ACCUMULATED SURPLUS IS REPRESENTED BY:
2012
Equipment replacement
Equity in tangible capital assets
Sick leave reserve
$
2,395,365
665,023
75,475
$ 3,135,863
(a)
2011
$ 2,186,736
676,730
77,377
$
2,940,843
SICK LEAVE OBLIGATION
The Board of Directors has approved the appropriation of operating funds to mitigate the future impact of this
obligation. The amount in the reserve is adjusted each year to reflect the municipal share of the total potential
liability (25% in 2012).
(b)
EQUIPMENT REPLACEMENT
The Board of Directors has approved the appropriation of operating funds for future equipment replacements.
6.
CONTINGENCIES
The Health Unit has entered into accountable contributions with government funding agencies. All such revenue is
subject to audit by the various governments, with audit adjustments repayable to the government.
In the normal course of operations, the Health Unit has become involved in labour relation disputes. As the
probable outcome of these matters are not determinable at this time, any settlement or award will be reflected in
the financial statements when the matters are resolved.
7.
The Health Unit is exposed to various risks through its financial instruments and has a comprehensive risk
management framework to monitor, evaluate, and manage these risks. It is management’s opinion that the Health
Unit is not exposed to significant liquidity, interest, currency, or credit risks arising from these financial instruments.
8.
ECONOMIC DEPENDENCE
Over 75% of the organization’s revenue is received from various Ministries of the Province of Ontario. The
continuation of this organization is dependent on this funding.
9.
BUDGETED AMOUNTS
The budgeted figures presented for comparative purposes are unaudited and are those approved by the Board of
Health.
10.
RELATED PARTY TRANSACTIONS
During the year, the Health Unit paid $275,764 in rent and equipment rental to The Porcupine Health Unit Building
Trust (related by common board membership). These transactions are in the normal course of operations and are
measured at the exchange amount, which is the amount of consideration established and agreed to by the related
parties.
THE BOARD OF HEALTH FOR
THE PORCUPINE HEALTH UNIT BUILDING TRUST
Timmins, Ontario P4N 2G7
Telephone (705) 264-9484
Fax: (705) 264-0788
Emaih [email protected]
www.rosspope.com
To the Board of Health for the Porcupine Health Unit
We have audited the accompanying financial statements of the Porcupine Health Unit Building Trust, which
comprise the statement of financial position as at December 31,2012, the statements of operations and
accumulated surplus, changes in net financial assets and cash flows for the year then ended, and a
summary of significant accounting policies and other explanatory information.
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.
qualified audit opinion.
Opinion
Porcupine Health Unit Building Trust as at December 31, 2012 and the results of its operations and the
changes in its cash flows for the year then ended in accordance with Canadian public sector accounting
principles.
Timmins, Ontario
June 21,2013
STATEMENT 1
AS AT DECEMBER 31
2012
2011
FINANCIAL ASSETS
Cash
HST recoverable
747,658
12~730
760~388
625,873
10,471
40,344
749,917
585,529
Prepaid expenditures
737,488
887
769,893
875
738,375
770,768
$ 1,488,292
$ 1,356,297
ACCUMULATED SURPLUS
Appm,~ by:
$
.
609,570
16~303
STATEMENT 2
2012
REVENUE
Building and equipment rent
Interest
EXPENDITURE
Amortization
Maintenance and repairs
Other
Utilities
ANNUAL SURPLUS
ACCUMULATED SURPLUS, beginning of year
ACCUMULATED SURPLUS~ end of },ear
$
275,764
6~798
2011
$
270,151
5,477
282~562
275,628
32,405
61,690
509
551963
34,110
55,448
509
53,910
1501567
143,977
131,995
1,356,297
131,651
1,224,646
$ 1~488~292
$ 1,356,297
STATEMENT 3
2012
ANNUALSURPLUS
Increase in prepaid expenses
$ 131,995
2011
$ 131,651
32,405
(12)
(40,926)
34,110
(24)
32~393
(6,840)
164,388
124,811
NET FINANCIAL ASSETS~ beginning of year
585~529
460,718
$ 749,917
$ 585,529
NET FINANCIAL ASSETS, end of year
STATEMENT 4
2011
2012
OPERATIONS
ANNUAL SURPLUS
ITEMS NOT AFFECTING CASH
Amortization
HST receivable
Accounts payable
131,995
NET INCREASE IN CASH FROM OPERATIONS
$
131,651
32,405
34,110
3,574
(7,488)
(29,874)
26,981
138,100
185,254
Increase in prepaid expenses
(12)
(24)
(40,926)
NET DECREASE IN CASH FROM INVESTING
(12)
(40,950)
CHANGE IN CASH
138,088
609,570
144,304
465,266
CASH, end of },ear
747~658
$ 609,570
INVESTING
NATURE OF ORGANIZATION
The Building Trust has been established to purchase capital assets as investments to be leased on a long-term
basis to the Porcupine Health Unit when the Health Unit cannot secure funding for the purchase of these assets.
1.
The financial statements of the Building Trust are the representation of management prepared in accordance with
Canadian generally accepted accounting principles for local governments as recommended by the Public Sector
Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants. The financial statements have, in
management’s opinion, been properly prepared within reasonable limits of materiality. Significant aspects of the
accounting policies adopted by the Health Unit are as follows:
(a)
REVENUE RECOGNITION
The Building Trust recognizes rental revenue in the period to which it relates.
(b)
ACCRUAL ACCOUNTING
The financial statements of the Building Trust have been prepared using the accrual basis of accounting.
(c) CAPITAL ASSETS
Capital assets are stated at cost less accumulated amortization. The building and equipment are amortized on the
declining balance basis at 5% per annum.
(d)
USE OF ESTIMATES
revenues and expenses during the period. Actual results could differ from these estimates.
(e)
course of operations. The change in non-financial assets during the year, together with the annual surplus
provides the consolidated change in net financial assets for the year.
CAPITAL ASSETS
COST
Land
Building and equipment
3.
ACCUMULATED
AMORTIZATION
NET
2012
2011
$ 121,800
1,982,952
$
1,367,264
$ 121,800
615~688
$ 121,800
648,093
$ 2,104,752
$1,367,264
$ 737,488
$ 769,893
The Building Trust’s financial instruments consist of cash, HST recoverable and accounts payable and accrued
liabilities. It is management’s opinion that the Building Trust is not exposed to significant interest, currency or credit
risks arising from these financial instruments. Due to the short-term maturities of these instruments, their fair value
approximate their carrying values.
Timmins, Ontario
P4N 2G7
Telephone: (705) 264-9484
Fax: (705) 264-0788
INDEPENDENT AUDITORS’REPORT
To the Chairman and Board of the Cochrane District Social Services Administration Board
We have audited the accompanying financial statements of Cochrane District Social Services
Administration Board, which comprise the statement of financial position as at December 31,2012, and the
statements of financial activities and accumulated surplus, change in net debt, and cash flows for the year
then ended, and a summary of significant accounting policies and other explanatory information.
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.
audit opinion.
Opinion
Cochrane District Social Services Administration Board as at December 31, 2012 and the results of its
financial activities and the changes in its cash flows for the year then ended in accordance with Canadian
public sector accounting principles.
Timmins, Ontario
May 16, 2013
AS AT DECEMBER 31
2012
2011
FINANCIAL ASSETS
Cash
$ 11,032,158 $ 13,986,955
Temporary investments
2,017,721
353,925
8__65,_36_9 ................................26_0, ~442 ......................
................~C~.qUD~_re~ivable ................................................................................
Loan receivable (Note 3)
507,655
530,000
14,422,903
15,131,322
Retirement and other employee future benefits (Note 7)
Due to Province of Ontario (Note 4)
Deferred revenue (Note 6)
Long-term debt (Note 5)
4,611,384
1,537,290
1,132,381
2,260,752
18,955,443
5,5380286
1,445,961
705,436
2,275,280
20,080,739
TOTAL LIABILITIES
28,497,250
30,045,702
NET DEBT
(14,07~4,347),
(14,914,380)-
37,823,159
401,698
37,366,640
478,869
38,224,857
37,845,509
LIABILITIES
Tangible capital assets (Schedule 8)
Prepaid expenses
ACCUMULATED SURPLUS (Schedule 7)
$
Chair
Vice Chair
notes.
2
24,150,510
$
22,931,129
STATEMENT OF FINANCIAL ACTIVITIES AND ACCUMULATED SURPLUS
2012
REVENUE
Province of Ontario
Municipal and unincorporated territories contributions (Schedule 2)
Government of Canada
Rent
Interest
$
27,445,967
17,454,009
4,194,989
6,541,657
1751949
2011
$
29,958,738
17,566,924
4,227,157
6,305,636
142,422
TOTAL REVENUE
5518121571
58,200,877
EXPENSES- PROGRAMS
Child care
Employment placement
Ontario Works
Social housing
Social housing - Moosonee
Land ambulance - operating
Other
7,777,227
1,386,812
10,820,861
15,840,598
2,426,062
10,647,749
1,667,414
7,904,709
1,564,808
11,833,290
16,108,911
2,381,298
9,844,097
2,715,496
50,566,723
52,352,609
266,971
443,190
4,851
450,608
156,123
51,099
114,526
1,400,269
1,71 9
(62,746)
297,556
452,302
7,017
324,154
107,316
49,941
115,774
1,393,258
777
(97,469)
218261610
2,650,626
TOTAL EXPENDITURES
53,393,333
55,003,235
ANNUALSURPLUS
Rep~mentto MCSS, EDU, municipalitiesandunincorpor~edterritories
2,419,238
(1,199,857)
22,931,129
3,197,642
(1,464,765)
21,1 98,252
EXPENSES - ADMINISTRATION OF PROGRAMS
Amortization of capital assets
Bank charges and interest
Equipment and leasehold improvements
Miscellaneous
Office supplies
Professional fees and purchased services
Rent, building lease and utilities
Salaries, wages and benefits
Travel
Interest earned
ACCUMULATED SURPLUS, END OF YEAR (Schedu/e 7)
3
$
24,150,510
$
22,931,129
STATEMENT OF CHANGE IN NET DEBT
2012
ANNUAL SURPLUS
$
Loss on sale of tangible capital assets
Decrease in prepaid expenses
Repayment to MCSS, EDU, municipalities and unincorporated territories
CHANGE IN NET DEBT
NET DEBT, BEGINNING OF YEAR
NET DEBT~ END OF YEAR
2,419,238
2011
$
3,197,642
(2,173,070)
1,696,806
17,745
2,000
77,171
(1,199,857)
(2,096,695)
1,668,053
29,514
1,000
70,995
(1,464,765)
(1,579,205)
(1,791,898)
840,033
(14,914,380)
1,405,744
(16,320,124)
S /14~074~,347) $ !14,914,380)
4
2012
2011
Annual surplus
Loss on disposal of tangible capital assets
Repayment to MCSS, EDU, municipalities and unincorporated territories
$
Changes in non-cash working capital:
Accounts receivable
Prepaid expenses
Post employment benefits
Due to Ministry
Deferred income
2,419,238
$
3,197,642
1,696,806
17,745
(1,199,857)
1,668,053
29,514
(1,464,765)
2,933,932
3,430,444
(604,926)
77,171
(926,903)
91,329
426,945
(14,528)
1,005,104
70,995
456,176
80,406
189,846
(209,558)
(950,912)
1,592,969
1,983,020
5,023,413
(2,173,070)
2,000
(2,171,070)
(2,096,695)
1,000
(2,095,695)
INVESTING ACTIVITIES
Loan receivable payments (advances)
22,345
(530,000)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
22,345
(530,000)
FINANCING ACTIVITIES
Repayment of long-term debt
(1,125,296)
(1,056,129)
(1,125,296)
(1,056,129)
CHANGE IN CASH
(1,291,001)
14,340,880
1,341,589
12,999,291
CASH, end of },ear
13~049~879 $ 14,340,880
CASH CONSISTS OF:
Cash
Temporar~ investments
CASH FLOW SUPPLEMENTARY INFORMATION:
Interest paid
5
$
11,032,158 $
2,017,721
13,986,955
353,925
$
13,049,879 $
14,340,880
$
1,254,363 $
1,304,030
1.
Cochrane District Social Services Administration Board (CDSSAB) is an organization which administers various
programs of the Ministry of Community and Social Services (MCSS), Ministry of Education (EDU), Ministry of
Health and Long-Term Care, Ministry of Municipal Affairs and Housing, Ministry of Children and Youth Services
(MCYS) and Ministry of Training, Colleges and Universities. The Board also provides social housing in the
Cochrane District. The Board is funded primarily by the Province of Ontario, the Government of Canada and
twelve incorporated municipalities from the District of Cochrane.
2.
The financial statements of the CDSSAB are the representation of management prepared in accordance with
Canadian public sector accounting principles for local governments as recommended by the Public Sector
Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants. The more significant of these
accounting policies are summarized below.
(a)
ACCRUAL ACCOUNTING
The financial statements of the Cochrane District Social Services Administration Board have been prepared using
the accrual basis of accounting. The accrual basis of accounting recognizes revenues as they become available
and measurable; expenditures are recognized as they are incurred and measurable as a result of receipt of goods
or services and the creation of a legal obligation to pay.
(b)
REVENUE RECOGNITION
The programs are funded primarily by the Province of Ontario in accordance with budget arrangements established
by the Ministry of Community and Social Services, Ministry of Education, Ministry of Health and Long-Term Care,
Ministry of Municipal Affairs and Housing, Ministry of Children and Youth Services and Ministry of Training,
Colleges and Universities. Government transfer grants are recorded as revenue in the period to which they relate.
Government transfers approved but not received at the end of an accounting period are accrued. Where a portion
of a government transfer relates to a future period, it is deferred and recognized in that subsequent period. Any
excess of program funding over recoverable expenses is due to the Province of Ontario.
The programs are also funded by member municipalities from the District of Cochrane. Contributions for the year
are based on the weighted assessments for each municipality. Any excess or deficiency of the municipalities’
contributions in the year over their respective share of program’s expenses is apportioned among the municipalities
in the same proportion as the original contributions.
Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can
be reasonably estimated and collection is reasonably assured.
(c)
TEMPORARY INVESTMENTS
Temporary investments are recorded at the lower of cost and fair market value. The portfolio is comprised of fixed
income investments.
6
2.
(d)
Buildings
Building improvements
Land improvements
Office equipment
Vehicles and mobile equipment
50 years
10 - 20 years
3 - 5 years
5 - 10 years
10 years
10 years
5 - 10 years
5 - 10 years
5 - 10 years
The CDSSAB has a capitalization threshold dependant on the asset type so that individual tangible capital assets
of lessor value than the threshold are expensed unless they are pooled because, collectively, they have a
significant value for operational reasons.
(e)
OPERATING FUND
Adjustments to prior year funding are recorded as increases or decreases in the operating fund in the period it is
incurred.
(f)
RESERVES AND RESERVE FUNDS
Reserves and reserve funds represent amounts appropriated for general and specific purposes and are charged or
credited to the respective fund in the period appropriated or drawn down. The amounts in reserves are approved
by the Board and are within the limits defined in the District Social Services Administration Boards Act.
(g)
The Board provides future benefits to specified employee groups. These benefits include sick leave, vacation pay
and health care benefits. The costs of other employee future benefit plans are actuarially determined using the
Board’s best estimate of accumulated sick days at retirement and health care costs trends, long-term inflation rates
and discount rates.
The Board accrues its obligations under employment benefit plans as the employees render the services
necessary to earn employee future benefits. The cost of retirement benefits earned by employees is actuarially
determined using the projected benefit method pro-rated on service and management’s best estimate of salary
escalation, retirement ages and expected health care costs. Actuarial valuations, where necessary for accounting
purposes, are performed triennially. The discount rate used to determine the accrued benefit obligation was the
expected cost of long-term debt. Unamortized actuarial gains or losses are amortized on a straight-line basis over
the expected average remaining service life of the employee group.
Where applicable, the Board has set aside reserves and reserve funds intended to fund these obligations, either in
full or in part. These reserves and reserve funds do not meet the definition of a plan asset under CICA PS 3250
Retirement Benefits. Therefore, for the purposes of these financial statements, the plans are considered unfunded.
(h)
FUND ACCOUNTING
Funds within the financial statements consist of current, capital and reserve funds. Transfers between funds are
recorded as adjustments to the appropriate fund balance.
7
2.
(i)
Government transfers are recognized in the financial statements in the period in which the events giving rise to the
transfer occur, eligibility criteria are met, and reasonable estimates of the amount can be made.
(j)
The preparation of financial statements in conformity with Canadian public sector accounting standards requires
revenues and expenditures during the reporting periods. Such estimates include the estimated useful lives of
tangible capital assets. These have been made using careful judgment and in light of information available. The
financial statements have in management’s opinion, been properly prepared within reasonable limits of materiality.
Actual results could differ from these estimates.
(k)
FUTURE CHANGES IN SIGNIFICANT ACCOUNTING POLICIES
The Canadian Institute of Chartered Accountants (CICA) has issued a number of standards that are not yet
effective. The organization expects no impact of these future standards on the financial statements.
3.
LOAN RECEIVABLE
2012
Due from the Notre Dame Hospital, repayable in blended monthly
instalments of $4,379, interest calculated at 5.0%, maturing February
2026.
$
507,655
Amounts receivable within one year.
(28,057)
$
479,598
2011
$
530,000
-
$
530,000
Principal payments required for each of the next five years and thereafter are approximately as follows:
2013
$
28,057
2014
29,477
2015
30,970
2016
32,537
2017
34,185
Thereafter
352,429
$
507,655
DUE TO PROVINCE OF ONTARIO
Due to Province - MCSS for 2009
Due to Province- MCSS for 2012
Due to Province - EDU for 2011
Due to Province - EDU for 2012
Due to Province - MMAH rent bank
Due to Province - MCSS Ontario Works (Form 5) 2011
Due from Province - MCSS Ontario Works (Form 5)2012
2011
96,699
12,860
74,611
178,066
96,699
308,926
74,611
165,520
645,843
237,330
59,680
(113~028)
$
o
2012
705,436
1~132~381 $
LONG-TERM DEBT
2012
Due to the City of Timmins, repayable in blended semi-annual payments of
$326,322, interest calculated at 5.06%, maturing May 16, 2034.
Mortgage payable in monthly instalments of $4,128 including interest at
the rate of 4.528%, maturing June 2016 and secured by a mortgage on
land and building.
Debentures debt(see below).
$
8,601,902
2011
$
8,811,310
156,137
197,890
10,197,404
11,071,539
$ 18,955,443
$ 20,080,739
Principalpaymentsrequiredforeach ofthe nextfive years andtherea~erare approxim~ely asfollows:
2013
2014
2015
2016
2017
Thereafter
$
1,199,446
1,239,259
1,307,289
1,347,340
1,274,427
12,587,682
$ 18,955,443
The Ministry of Municipal Affairs and Housing (Ministry) transferred title to all the housing units to Cochrane
District Local Housing Corporation. The transfer was made such that the Ministry retained the debt that was
outstanding on the properties. The Ministry continues to make the mortgage payments. In return, the subsidies
received from the Ministry and Federal government are reduced by the amount of these principal and interest
payments. There are 59 debentures with interest rates ranging from 5.25% to 15.25%. The principal and interest
payments for 2012 were $1,604,949.
6.
DEFERRED REVENUE
2012
Tenants’ prepaid rent
Rent Bank
LEAP - Energy bank
Community Homelessness Prevention Initiative
Social Housing Asset Management
ODSP Participation and Employability
OW Employment/LEAP
Affordable Housing Program
Affordable Housing Program Administration
Investment in Affordable Housing
Investment in Affordable Housing Administration
Capital grant - Delivering Opportunities for Ontario Renters program
Employment Ontario
Best Start - Unconditional Funding
62,402
20,840
110,862
9,171
36,323
282,780
129,782
113,676
50,513
825,044
55,682
563~677
$
7.
2011
54,951
198,450
19,307
36,323
282,780
177,509
100,000
825,044
17,239
563,677
2~260~752 $ 2,275,280
Accrued employee future benefit obligations,
beginning of year
Add: current year benefit cost
Add: interest on accrued benefit obligation
Recognized actuarial losses
Less: benefits paid
Total expenses
Accrued employee future benefit obligations,
ending of year
2012
Total Employee
Future Benefits
2011
Total Employee
Future Benefits
$ 11445,961
91,731
74,556
3,384
(78,342)
$ 1,365,555
85,649
70,532
3,384
(79,159)
91~329
80,406
$ 1~537~290
$ 1,445,961
The accrued benefit obligations for employee future benefit plans as at December 31, 2012 are based on actuarial
valuations as at December 31, 2009. These actuarial valuations were based on assumptions about future events.
The employee future benefits expenses have been included in salaries, wages and benefits expenses on the
"Statement of Financial Activities and Accumulated Surplus". The next required actuarial valuation will be
performed as at January 1,2013.
10
7.
RETIREMENT AND OTHER EMPLOYEE FUTURE BENEFITS (CONT’D)
The economic assumptions used in these valuations are the Board’s best estimates of expected rates of the
following:
2012
%
Inflation
2.0
Wage and salary escalation (includes inflation)
3.0
Dental cost escalation
4.0
Discount on accrued benefit obligations
5.0
Expected future sales tax
8.0
Future travel escalations
Escalate at the same rate as health care.
Expected average remaining service life
15 years for retirement benefits and 14
years for Sick Leave.
Expected future retirement rates
15 years for retirement benefits and 14
years for Sick Leave.
Expected future termination rates
133% of 1993 Group Annuity Mortality 1994
Static.
Expected future mortality rates
Group annuity mortality 1994 Static.
Health Care
Fiscal 2009 Combined Active and Retiree
Cost Rates including taxes, (Non Union:
$204.94 family, $81.98 single, CUPE:
$171.29 family, $68.52 single) derived from
CDSSAB experience, adjusted for age (25%
during early retirement), plus future health
care premium rate escalations.
Health care cost escalation
Escalates at 7.3333% for 2009, 7.0% for
2010 vs. 2009, reducing by 0.3333% per
year over 9 years to 4% in 2019 vs. 2018
and 4.0% per year thereafter.
Expected future change in benefits
Future benefit caps will remain flat; fee
schedules will track expected future
premium escalation rates.
Emergency Medical Travel
Combined (Retiree plus Active) EMTI
premiums of $1.47 per month single and
$3.13 per month family were added to the
Health Care rates for Non Union members,
and are subject to Health Care escalation
and a 25% age adjustment.
Month of Retirement Coverage
All eligible CDSSAB early retirees will
receive early retirement benefits until age
65.
Life and Dependent Life
133% of 1993 Group Annuity Mortality 1994
Static.
A reserve fund of $552,627 (2011 - $545,402) has been established to provide for housing employee entitlements.
Also, reserves have been established to provide for sick leave and severance for land ambulance employees. The
balance of these reserves is $329,528 (2011 - $337,940) and $559,409 (2011 - $559,409), respectively. These
reserve funds and reserves are reported on Schedules 4 and 5.
11
7.
RETIREMENT AND OTHER EMPLOYEE FUTURE BENEFITS (CONT’D)
RETIREMENT BENEFITS
(a)
RETIREMENT GRATUITIES
The Board provides retirement gratuities to certain groups of employees. The amount of the gratuities paid to
eligible employees at retirement is based on their salary and accumulated sick days at retirement.
(b)
RETIREMENT LIFE INSURANCE AND HEALTH CARE BENEFITS
The Board continues to provide life insurance and health care benefits to certain employee groups for one year
after retirement. The benefit costs and liabilities related to this plan are included in the Board’s financial statements.
OTHER EMPLOYEE FUTURE BENEFITS
(a)
WORKPLACE SAFETY AND INSURANCE BOARD OBLIGATIONS
The Board is a Schedule 1 employer under the Workplace Safety and Insurance Act and, as such, the Board
insures all claims by its injured workers under the Act. The Board’s insurance premiums for the year ended
December 31, 2012 were $584,666 (2011 - $408,402) and are included in the Board’s current year benefit costs.
No liabilities for claims by its injured workers under the Act are included in the Board’s financial statements.
(b)
LONG-TERM DISABILITY
The Board provides life insurance, dental and health care benefits to employees on long-term disability leave. The
Board is responsible for the payment of life insurance premiums and the costs of health care benefits under this
plan for a two-year period. The costs of salary compensation paid to employees on long-term disability leave are
fully insured and not included in this plan.
8.
RESERVES AND RESERVE FUNDS
Reserves are comprised of the following:
2012
2011
For sick leave
For working capital
For organization/computer development
For investment in affordable housing
For 500 Algonquin
For MOH - LA - severance
For MOH - LA - vehicle
329,528
1,939,246
595,000
800,611
559,409
2761798
$
337,940
2,478,123
595,000
TOTAL RESERVES (Schedule 4~
4~500~592 $ 4,802,584
555,314
559,409
276,798
Reserve funds are comprised of the following:
2012
500 Algonquin
Housing Employee Entitlement
Public Housing Capital
Federal Housing Capital
Moosonee Public Housing Capital
Non-Profit Housing Capital
TOTAL RESERVE FUNDS (Schedule 5)
$
12
2011
611,724
552,627
1,505,090
641,898
180,684
347,691
$
3,839,714
$
545,402
1,485,412
633,506
178,322
343,146
3,185,788
9.
PENSION AGREEMENTS
The Board makes contributions to the Ontario Municipal Employees Retirement System (OMERS), which is a multiemployer plan, on behalf of 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.
The amount contributed to OMERS for 2012 was $895,381 (2011 - $769,544) for current service. As this is a
multi-employer pension plan, these contributions are CDSSAB’s pension benefit expense. No pension liability for
this type of plan is included in CDSSAB’s financial statements.
10.
The carrying value of cash, temporary investments, accounts receivable, loan receivable, accounts payable and
accrued liabilities and due to Province of Ontario approximate their fair value due to the short-term maturities of
these instruments. Unless otherwise noted, it is management’s opinion that the CDSSAB is not exposed to
significant interest, currency or credit risks arising from these financial instruments.
The carrying amount of long-term debt approximates the fair value as the interest rates are consistent with current
rates offered to the CDSSAB for debt with similar terms.
11.
COMMITMENTS
The Board has leased office space under operating leases for various periods up to the year 2017. The Board is
also paying rent on a month-to-month basis for leased office space.
Future minimum lease payments are as follows:
2013
2014
2015
2016
2017
12.
$
79,766
$
63,806
$
55,826
$ 47,109
$ 34,904
ECONOMIC DEPENDENCE
The majority of the Board’s revenue is received from the provincial and federal governments and member
municipalities. The continuation of this organization is dependent on this funding.
13.
CONTINGENCIES
The Board is involved in a number of claims and possible claims which are a result of normal on-going operations.
In the eventuality that the Board is unsuccessful in defending some of these claims, amounts are available in
existing reserves, reserve funds and the operating fund. Management is of the opinion that these amounts are
sufficient to cover these claims. Any settlements or awards which may arise or any difference with the provision
made will be reflected in the financial records in the year that the amount has been determined.
14.
SEGMENTED INFORMATION
The District of Cochrane Social Services Administration Board supports the development of healthy and selfsufficient communities through the innovative and responsive delivery of Children’s Services, Community Housing,
Emergency Medical Services and Social Assistance. For reporting purposes, the Board’s financial activities are
organized and reported by program.
13
14.
SEGMENTED INFORMATION (CONT’D)
Certain programs that have been separately disclosed in the segmented information, along with the services they
provide are as follows:
(a)
SOCIAL HOUSING
Housing Services administers rent-geared-to-income assistance to eligible households in the Cochrane District.
The department also manages a housing portfolio of 1,284 units and 227 rent supplement units and administers
the Social Housing Reform Act 2000 for the various Non-Profit and Co-Operative Housing Providers’ portfolio of
800 units. Providers operate affordable housing projects that offer rental units at Market Rents and units that are
eligible for rent-geared-to-income subsidy.
Housing assistance is provided to families, seniors, couples, single people and people with special needs in a
variety of buildings; townhouses, apartments, single and semi-detached. Private landlords have also agreed to
supply accommodation under the rent supplement program.
(b)
ONTARIO WORKS
The Ontario Works Department provides employment and financial assistance to individuals who comply with the
participation requirements intended to assist them in finding and maintaining gainful employment. Individuals
receiving assistance through Ontario Works participate in a wide range of employment assistance activities, which
help them prepare for, find and keep a job.
(c) CHILD CARE
The Children’s Services Division manages childcare funding within the District of Cochrane. This includes fee
subsidy, resource centre funding, special needs resources, wage subsidy, National Child Reinvestment funding,
and funding for special initiatives.
(d)
LAND AMBULANCE
CDSSAB is responsible for the provision of Land Ambulance Services within the District of Cochrane based upon
fundamental principles which include services that are seamless, accountable, responsive, integrated and
accessible.
For each reported segment, revenue and expenses represent both the amounts that are directly attributable to the
segment as well as amounts that can reasonably be allocated to the segment. 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 2. For additional information, see the Schedule of Segment Disclosure
(Schedule 6).
14
THE CITY OF TIMMINS
NON-PROFIT HOUSING CORPORATION
Timmins, Ontario
P4N 2G7
Telephone: (705) 264-9484
Fax: (705) 264-0788
To the Board of Directors of City of Timmins Non-Profit Housing Corporation
We have audited the accompanying financial statements of City of Timmins Non-Profit Housing Corporation, which
comprise the statement of financial position as at December 31, 2012 and the statements of operations and changes
in net assets, changes in replacement reserve fund and cash flows 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 funding arrangements between City of Timmins Non-Profit Housing Corporation and
Cochrane District Social Services Board (CDSSAB).
Management°s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
funding arrangements with CDSSAB, 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.
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.
the auditor considers internal control relevant to the entity’s preparation 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
opinion.
Opinion
In our opinion, these financial statements present fairly, in all material respects, the financial position of City of
Timmins Non-Profit Housing Corporation as at December 31, 2012 and the results of its operations and changes in
net assets, changes in replacement reserve fund, and its cash flows for the year then ended in accordance with
funding arrangements with CDSSAB.
Basis of Accounting and Restrictions on Distribution and Use
Without modifying our opinion, we draw attention to Note 1 to the financial statements, which describes the basis of
accounting. The financial statement are prepared to assist the City of Timmins Non-Profit Housing Corporation to
comply with the financial provisions of the funding arrangements referred to above. As a result, the financial
statements may not be su[tab/e for another purpose. Our report is intended solely for the City of Timmins Non-Profit
Housing Corporation and the CDSSAB and should not be distributed or used by parties other than City of Timmins
Non-Profit Housing Corporation or CDSSAB.
Timmins, Ontario
June 25, 2013
AS AT DECEMBER 31
2012
2011
348,804
77,324
19,018
201,662
180,481
14,382
445,146
6,809,412
1,123,074
3,521
396,525
7,178,675
1,015,680
3,521
ASSETS
CURRENT ASSETS
Cash
Accounts receivable
Prepaid expenses
CAPITAL ASSETS (Note 2)
ASSETS OF THE REPLACEMENT RESERVE FUND (Note 3)
CAPITAL FUNDS HELD IN TRUST
$,, ,
8,381,153
$
8,594,401
LIABILITIES
CURRENT LIABILITIES
Due to funding agency (Note 5)
Unearned income
Current portion of long-term debt (Note 4)
LONG-TERM DEBT (Note 4)
142,898
26,098
8,062
389,189
146,417
4,392
9,353
369,063
566,247
6,423,673
529,225
6,813,062
6,989,920
7,342,287
1,143,858
247,375
1,037,701
214,413
1,391,233
1,252,114
NET ASSETS
REPLACEMENT RESERVE FUNDS (Note 3)
UNRESTRICTED NET ASSETS
$
Approved by:
Vice
//~hair
2
8,381,153
$
8,594,401
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
2012
2011
119,149
285,662
2941452
132,238
294,604
327,832
6991263
754,674
25,512
80,782
25,512
82,952
6251931
662,192
7321225
770,656
32,962
214,413
15,982
210,380
(11,949)
NET OPERATING LOSSES
77 MOUNTJOY STREET NORTH - MNP #1 (Schedule A)
67 MOUNTJOY STREET NORTH - MNP #2 (Schedule C)
450 SHIRLEY STREET - MNP #3 (Schedule E)
GOVERNMENT ASSISTANCE
77 MOUNTJOY STREET NORTH
Federal
Cochrane District Social Services Administration Board
67 MOUNT JOY STREET NORTH AND 450 SHIRLEY STREET
Cochrane District Social Services Administration Board and Federal
EXCESS OF REVENUE OVER EXPENSES
UNRESTRICTED NET ASSETS, beginning of year
Adjustment to prior years assistance
UNRESTRICTED NET ASSETS, end of year
$
3
2471375
$ 214,413
STATEMENT OF CHANGES IN REPLACEMENT RESERVE FUND
2012
2011
ASSETS
CASH
MARKETABLE SECURITIES(atmarket)
DUE FROM OPERATING FUND
76,084
1,046,990
201784
$
17,558
998,122
22,021
1~143~858
$ 1,037,701
1,037,701
33,461
15,406
105,914
(481624)
$
ACCUMULATED FUND
BALANCE, beginning of year
INVESTMENT INCOME EARNED
INCREASE (DECREASE) IN UNREALIZED LOSS ON INVESTMENTS
CONTRIBUTIONS - regular
DISBURSEMENTS ON REPLACEMENT IMPROVEMENTS
$
4
1,095,564
44,224
(33,555)
102,232
(170,764)
1~143~858 $ 1,037,701
2012
2011
EXCESS OF REVENUE OVER EXPENSES
ADD ITEMS NOT REQUIRING A CASH OUTLAY:
Amortization of capital assets
Adjustment to prior year assistance
Accounts receivable
Prepaid expenses
Due from funding agency
Unearned revenue
32,962
$
369,263
333,350
(11,949)
103,158
(4,636)
21,706
80,363
994
39,900
(3,520)
(1,291)
15,982
(174,746)
488
517~642
284,382
Mortgage principal repaid
Increase (decrease) in assets of the replacement reserve (net)
(369,263)
(107~394)
(333,350)
95,236
(476~657)
(238,114)
Increase (decrease) in replacement fund (net)
106~157
(57,863)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
106,157
(57,863)
CHANGE IN CASH
147,142
201,662
(11,595)
213,257
CASH, end of ~,ear
348~804
$ 201,662
Interest paid
307,150
$
FINANCING ACTIVITIES
INVESTING ACTIVITIES
5
371,425
The Corporation operates three non-profit housing projects. These projects are undertaken under funding
programs with the Provincial and Federal governments. The Provincial programs were subsequently transferred
to the Cochrane District Social Services Administration Board (CDSSAB).
The project located at 77 Mountjoy Street North (MNP #1) operates 32 units under a tripartite agreement jointly
signed by the Canada Mortgage and Housing Corporation (CMHC), the CDSSAB and the Corporation. Both
CMHC and the CDSSAB provide funding on an agreed budget to cover the short-fall between rent collected and
operating expenses.
The project located at 67 Mountjoy Street North (MNP #2) operates 61 units under the Homes Now Non-Profit
Housing Program of the Ministry of Municipal Affairs and Housing. The CDSSAB provides a subsidy based on an
annual operating budget to cover the short-fall between budgeted rental revenue and budgeted operating
expenses.
The project located at 450 Shirley Street (MNP #3) operates 40 units under the Federal/Provincial Non-Profit
Housing Program of the Ministry of Municipal Affairs and Housing. The federal government and the CDSSAB
jointly provide a subsidy based on an annual operating budget to cover the short-fall between budgeted rental
revenue and budgeted operating expenses.
1.
The financial statements of the City of Timmins Non-Profit Housing Corporation have been prepared in
accordance with the significant accounting policies set out below pursuant to the operating agreement with the
Funder.
The basis of accounting used in these financial statements differs from generally accepted accounting principles
in the following ways:
i) Allocation to the capital reserve fund are made through the statement of operations rather than the
statement of funds.
ii) Land, building and original furnishings and equipment are recorded at their initial cost and are
depreciated annually in an amount equivalent to the annual mortgage principal repayment.
iii) Major repairs, upgrades, expenditures and replacement of capital assets are either funded as an
allocation from the Capital Reserve Fund or expensed in the year of acquisition.
(a)
ACCRUAL ACCOUNTING AND REVENUE RECOGNITION
Rental income is recognized monthly based upon rental arrangements with tenants. Investment income is
recognized based upon the term in the investment agreement. Revenue from government assistance is
recognized annually based upon an agreed funding formula. From time to time the funder may adjust a prior
years’ government assistance amount. These adjustments are charged directly to unrestricted net assets.
(b)
LONG-TERM INVESTMENTS
All long term investments are classified as available-for-sale and include mutual funds. Unrealized holding gains
and losses to available-for-sale investments are excluded from net income and are included in the net assets of
the capital fund until such gains or losses are realized or an other than temporary impairment is determined to
have occurred. The fair values for long term investments were based on quoted market prices at the date of the
statement of financial position.
YEARS ENDED DECEMBER 311 2012 & 2011
1.
(c)
CAPITAL ASSETS AND AMORTIZATION
Initial costs of land, buildings and equipment arising on construction of the projects are stated at cost.
Amortization related thereto is recorded in an amount equal to principal retirement on long-term debt. Minor
additions to capital assets are expensed in the year of acquisition.
Capital assets purchased with funds from the replacement reserve fund are charged to the fund in the year of
purchase.
(d)
The preparation of financial statements in conformity with Canadian generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amount of assets and
liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the period. Actual results could differ from these estimates.
2.
CAPITAL ASSETS
2012
77 MOUNTJOY STREET NORTH - MNP #1
Land
Building
Equipment
Less: Accumulated amortization
151,070
1,464,975
40,112
870~752
67 MOUNTJOY STREET NORTH - MNP #2
Land
Building
Equipment
450 SHIRLEY STREET - MNP #3
Land
Building
Equipment
TOTAL
$
7
2011
$
151,070
1,464,975
40,112
799,887
785~405
856,270
436,812
4,741,723
97,732
1~979~119
436,812
4,741,723
97,732
1,680,721
3~297~148
3,595,546
358,107
3,558,914
67,144
1~257~306
358,107
3,558,914
67,144
1,257,306
2~726~859
2,726,859
6~809~412
$
7,178,675
3.
REPLACEMENT RESERVE FUNDS
This amount represents funds which are set aside as a reserve for capital expenditures in future years.
The amount shown as due from/to operating fund on the statement of changes in replacement reserve fund is
eliminated when the fund is consolidated in the statement of financial position.
4.
LONG-TERM DEBT
2012
MNP #1 - 4.31% mortgage payable
785,406
3,439,428
2,588,028
Less: Current portion
6,812,862
389~189
2011
$
856,271
3,598,995
2,726,859
7,182,125
369,063
$ 6~423~673 $ 6,813,062
The 4.31% mortgage is repayable at $8,840 per month including principal and interest. The interest rate is fixed
until December 1,2016. The mortgage is secured by property at 77 Mountjoy Street North, Timmins, Ontario.
until May 1,2024. The mortgage is secured by property at 67 Mountjoy Street North, Timmins, Ontario.
until February 1,2017. The mortgage is secured by property at 450 Shirley Street, Timmins, Ontario.
Principal payments due on long-term debt within each of the next five years and thereafter are approximately as
follows:
2013
2014
2015
2016
2017
Therea~er
$
Total
$ 6,812,862
5.
389,189
406,216
423,516
441,084
2,282,586
2,870,271
DUE (TO) FROM COCHRANE DISTRICT SOCIAL SERVICES ADMINISTRATION BOARD
2012
2012 Annual Information Return
Subsid~, payment receivable
(53,708)
(4,902)
(32,983)
65~495
S
2011
$
(26~,098) $
(11,950)
(59,412)
66,970
(4,392)
6.
CAPITAL MANAGEMENT
Capital is comprised of the Corporation’s net assets and any debt that it may issue. As at December 31,2012, the
Corporation’s unrestricted net assets were $247,375, the replacement reserve funds were $1,143,858 and longterm debt was $6,812,862. The Corporation’s objectives when managing capital are to continue as a going
concern to protect its ability to meet its on-going liabilities. Protecting the ability to pay current and future liabilities
includes operating within the Corporation’s approved annual operating budget. Any deficit is the responsibility of
the Corporation and one-half of any surplus is repayable to the funder. Also, the corporation maintains a reserve
fund for future capital expenditures and significant reserves in order to maintain its properties. Annual
contributions to the replacement reserve fund are specified in the operating budget.
=
COMMITMENTS
The Corporation has entered into the following contracts:
a) contract for waste removal for a sum not to exceed $10,889 plus applicable taxes, terminating December
31,2014;
b) contract for pest control at $25/month for 77 Mountjoy Street North and 67 Mountjoy Street North and
an "as called" basis $45/senior unit and $100/family unit plus all applicable taxes, terminating December 31,
2014;
c) contract for elevator maintenance for a sum not to exceed $160/month for 77 Mountjoy Street North and
$320/month for 67 Mountjoy Street North, plus HST, terminating December 31,2014;
d) contract for maintenance of life safety systems at $58/month for 77 Mountjoy Street North and 67 Mountjoy
Street North and $47/month for 450 Shirley Street plus all applicable taxes, terminating December 31,2014.
e) management and custodial services agreement with Cochrane District Social Services Administration Board
for year 2013 at a fee of $85,614 for 67 Mountjoy Street South and 450 Shirley at an increase of 2%, and
$38,929 for 77 Mountjoy Street South at a decrease of 5%, as per the MMAH - SHB CIF.
8.
The Corporation’s financial instruments consist of cash, accounts receivable, capital funds held in trust, accounts
payable and accrued liabilities, due to funding agency and long-term debt. Unless otherwise noted, it is
management’s opinion that the Corporation is not exposed to significant interest, currency or credit risks arising
from these financial instruments.
Fair Value
The Corporation’s carrying value of cash, accounts receivable, capital funds held in trust, accounts payable and
accrued liabilities, and due to funding agency approximates their fair value due to the immediate or short term
maturity of these instruments.
The carrying value of the long term debt is less than the fair value, which is calculated at $6,994,972 using a
market interest rate of 3.00%.
9.
ECONOMIC DEPENDENCE
The Corporation receives approximately 48% of its revenue from the CDSSAB. The on-going operations of the
Corporation are dependent on being able to continue to secure this funding.
9
YEAR ENDED DECEMBER 31, 2012
---.--’-"--" Ross, Pope & Company LLP
¯ ~ .~ m CharteredAccountants
I1~
~~~
Timmins, Ontario
P4N 2G7
Telephone: (705) 264-9484
Fax: (705) 264-0788
To the Members of the Mattagami Region Conservation Authority
We have audited the accompanying financial statements of the Mattagami Region Conservation
Authority, which comprise the statement of financial position as at December 31, 2012, and the
statements of financial activities and accumulated surplus, changes in net financial assets and cash
flows for the year ended, and a summary of significant accounting policies and other explanatory
information.
management determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
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 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Basis for Qualified Opinion
Canadian public sector accounting principles require that post-employment benefits be recorded as a
liability. The Authority has not recorded its post-employment benefits as a liability. The effect on these
financial statements has not be determined.
Qualified Opinion
In our opinion, except for the matters described in the basis for Qualified Opinion paragraph, these
financial statements present fairly, in all material respects, the financial position of the Mattagami Region
Conservation Authority as at December 31, 2012, and the results of its financial activities and the
changes in its cash flows for the year then ended in accordance with Canadian public sector accounting
principles.
Timmins, Ontario
July 30, 2013
STATEMENT 1
AS AT DECEMBER 31
2012
2011
FINANCIAL ASSETS
Cash
Accounts receivable
59,072
345,114
404,186
805,068
Deferred revenue (Note 2)
239,997
129~063
351,722
227,340
TOTAL FINANCIAL LIABILITIES
369,060
579,062
35,126
226,006
409,927
451,956
$
69,819
735,249
NET FINANCIAL ASSETS (Statement 3)
,ACCUMULATED SURPLUS (Schedule
Aped °n Behalf °f t//~ Auth°rity:
$
445,053
$
677,962
STATEMENT 2
STATEMENT OF FINANCIAL ACTIVITIES AND ACCUMULATED SURPLUS
2012
2011
REVENUE
GENERAL OPERATIONS (Schedule A)
Ministry of Natural Resources - Provincial grant
Municipal grant
HRDC/Job Creation/Job Connect projects
Ministry of Natural Resources - special projects
Conservation - donations and fundraising
Other
$
Equipment replacement (Schedule B)
Trails (Schedule C)
141,427
410,340
17,574
272,751
6,744
64,916
$
141,427
360,340
23,172
721,928
10,75O
84,662
913,752
27,365
1t314
1,342,279
27,634
15,443
9421431
1,385,356
1,108,757
15,384
9,171
42~028
1,282,220
22,654
24,484
47,236
1 t175~340
1,376,594
EXPENSES
General operations (Schedule A)
Equipment replacement (Schedule B)
Trails (Schedule C)
Amortization
ANNUAL SURPLUS (DEFICIT) BEFORE UNDERNOTED
Settlement of prior year funding
(232,909)
8,762
(43,255)
ANNUAL DEFICIT
ACCUMULATED SURPLUS, beginning of year
Prior period adjustment (Note 8)
(232,909)
677,962
(34,493)
727,996
(15,541)
ACCUMULATED SURPLUS, end of year (Schedule D)
4
$
445,053 $
677,962
STATEMENT 3
STATEMENT OF CHANGES IN NET FINANCIAL ASSETS
2012
ANNUAL DEFICIT
$ (232,909)
Prior period adjustment (Note 8)
NET FINANCIAL ASSETS, beginning of the year
$
NET FINANCIAL ASSETS, end of },ear
5
2011
$
(34,493)
42,029
47,235
(15,541)
42,029
31,694
(190,880)
226,006
(2,799)
228,805
351126
$ 226,006
STATEMENT 4
OPERATIONS
ANNUAL DEFICIT
NON CASH CHARGES TO OPERATIONS
Amortization
Accounts receivable
Deferred revenue
NET DECREASE IN CASH FROM OPERATIONS, also being change in cash
CASH, end of year
$
6
2012
2011
(232,9O9)
(34,493)
42,029
47,235
390,135
(95,445)
(111,724)
(98,278)
12,728
(80,219)
(10,747)
69,819
(150,194)
220,013
59,072 $
69,819
NATURE OF ORGANIZATION
The Mattagami Region Conservation Authority is established under the Conservation Authorities’ Act of Ontario.
Its principal activities include water and related land management and conservation and recreation land
management.
1.
(a)
BASIS OF DISCLOSURE
The financial statements of the Conservation Authority are the representation of management prepared in
accordance with Canadian generally accepted accounting principles for government operations as recommended
by the Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants. 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
judgment and in light of information available. The financial statements have, in management’s opinion, been
properly prepared within reasonable limits of materiality. Significant aspects of the accounting policies adopted by
the Conservation Authority are as follows:
(b)
REVENUE RECOGNITION/DEFERRED REVENUE
The provincial grant is based on amounts approved by the Ministry of Natural Resources. The municipal grant is
based on amounts approved and received during the period from the Corporation of the City of Timmins.
Funding for special projects often results from agreements which may cover more than one fiscal year. In these
cases, the unexpended portion of funding is recorded as deferred revenue.
Donations and other revenues are recorded as earned.
(c)
The tangible capital assets are non-financial assets that are generally not available to the Authority for use in
discharging its existing liabilities and are held for use in the provision of services. These assets are significant
economic resources that are not intended for sale in the ordinary course of business and have an estimated
useful life that extends beyond the current year.
The tangible assets are recorded at historic cost which includes all amounts that are directly attributable to
acquisition, construction, development or betterment of the asset. Where historic cost is not available, the best
estimate has been used. The cost, less residual value, of the tangible assets is amortized on a straight-line basis
over the below noted useful lives. The only exception, is for land which is considered to have an infinite life. As
the original costs for the land is not available, all parcels have been recorded at a nominal value of $1 each.
Land
Land improvements
Buildings
Vehicles
Infinite
10-20 years
40 years
5 - 20 years
5- 7 years
7
2.
DEFERRED REVENUE
2012
WATER MANAGEMENT - MINISTRY OF NATURAL RESOURCES
District Projects
Upper Mattagami Watershed
WATER MANAGEMENT- MRCA
Authority Projects
Mattagami Source Protection
CONSERVATION/RECREATION
Trails
Children’s Water Festival
$
$
3.
130
23,078
$
130
23,078
21,605
64,508
21,605
160,975
9,238
10~504
9,238
12,314
129~,063
$ 227,340
ACCUMULATED
AMORTIZATION
COST
Land
Land improvements
Buildings
Vehicles
$
$
4.
2011
92
673,353
347,729
87,042
156,377
$
1,264,593
$
NET
$
92
241,939
127,872
25,211
147813
$
92
265,427
136,565
30,522
19,350
$
409~,927
$
451,956
431,414
219,857
61,831
141,564
854,666
2011
2012
FINANCIALINSTRUMENTS
The carrying value of cash, accounts receivable and accounts payable and accrued liabilities approximate their
fair value due to the short-term maturities of these instruments. It is management’s opinion that the Authority is
not exposed to significant interest, currency, market, cash flow, price, liquidity or credit risks arising from these
financial statements.
5.
ECONOMIC DEPENDENCE
The majority of the Authority’s revenue is received from the Province of Ontario, the City of Timmins, and the
Government of Canada. The continuation of this organization is dependent on this funding.
6.
CONTINGENCIES
The Authority is involved in a claim. Subsequent to year end, the claim was settled for $240,000. As part of the
settlement, MRCA is longer required to pay the holdback of $39,722. The net amount has been accrued and is
included in legal fees and settlement on Schedule A.
8
YEAR ENDED AS AT DECEMBER 31
7.
RELATED PARTY TRANSACTIONS
The Authority is related to the City of Timmins and the Wintergreen Fund for Conservation. Funds are received
from the Wintergreen Fund as they are collected by the Fund on behalf of the Authority. All payments and
receipts are made through the City of Timmins. All transactions are recorded at fair market value.
8.
PRIOR PERIOD ADJUSTMENT
The balance of opening retained earnings for the prior year has been restated for a repayment received from
Wintergreen Fund for Conservation that was incorrectly recorded as revenue. Opening retained earnings and
accounts receivable were reduced by $15,541.

2012 Financial Statements

Transcription

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