2005 Financial Highlights

THE CORPORATION OF THE TOWNSHIP OF MCKELLAR

- 2005 FINANCIAL HIGHLIGHTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2005

		2005	2004
FINANCIAL ASSETS
	Cash and temporary investments	$699,778	$648,289
	Taxes and grants-in-lieu receivable	263,865	300,708
	Trade and other receivables	74,624	81,455
TOTAL ASSETS		$1,038,267	$1,030,452
LIABILITIES
	Accounts payable	179,882	444,678
	Deferred revenue-general	1,605	1,605
	Deferred revenue-obligatory reserve funds	70,773	38,707
	Employee benefits payable	18,633	16,496
	Landfill closure and post-closure liability	210,300	204,200
	Long-term commitments	187,800	-
	Total Liabilities	668,993	705,686
MUNICIPAL POSITION
	Fund Balances
	Current fund	76,534	(82,696)
	Capital fund	156,200	-
	Reserves	523,429	598,937
	Reserve funds	29,844	29,221
	Total fund balances	786,007	545,462
	Amounts to be recovered
	From reserves and reserve funds on hand	(95,870)	(54,120)
	From future revenues	(320,863)	(166,576)
	Total amounts to be recovered	(416,733)	(220,696)
	Total Municipal Position	369,274	324,766
TOTAL LIABILITIES AND MUNICIPAL POSITION		$1,038,267	$1,030,452

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2005

		BUDGET 2005	ACTUAL 2005	ACTUAL 2004
REVENUES
	Net taxation/user charges	$1,781,792	$ 1,840,717	$ 1,580,542
	Transfer payments	735,265	774,722	581,967
	Other	97,035	159,346	167,339
	Total Revenues	2,614,092	2,774,785	2,329,848

EXPENDITURES
Current
	General Government	323,034	320,357	324,811
	Protection to persons and property	306,470	287,043	268,722
	Transportation services	452,200	453,106	459,458
	Environmental services	159,125	195,246	150,145
	Health services	500,800	500,081	482,862
	Social and family services	326,400	326,367	320,568
	Recreation and culture	118,713	108,444	90,191
	Planning and development	49,110	50,869	67,637
	Total Current	2,235,852	2,241,513	2,164,394
Capital
	General government	17,000	7,470	-
	Protection to persons and property	50,000	9,271	4,663
	Transportation services	251,622	413,255	261,015
	Environmental services	27,000	13,234	312,062
	Health services	2,500	203	-
	Recreation and culture	65,300	42,411	2,448
	Planning and development	-	2,920	-
	Total Capital	413,422	488,764	580,188
TOTAL EXPENDITURES		2,649,274	2,730,277	2,744,582
NET REVENUES (EXPENDITURES)		(35,182)	44,508	(414,734)
Add: increase in employee benefits payable		-	2,137	2,316
Add: increase (decrease) in landfill closure and post closure liability		(130,000)	6,100	4,895
Add: increase (decrease) in long-term commitments		187,800	187,800	-
Increase in amounts to be recovered		57,800	196,037	7,211
CHANGE IN FUND BALANCES		$ 22,618	$ 240,545	$(407,523)

TAX RATES

2005 Tax Rates (%)

2004 Tax Rates (%)

Township Purposes

School Board

Purposes

Township Purposes

School Board

Purposes

Residential & Farm

0.616814

0.296000

0.551322

0.296000

Farmland & Managed Forest

0.154204

0.074000

0.137830

0.74000

Commercial Occupied

0.793408

0.919706

0.709165

0.919706

Commercial Vacant

0.555386

0.643794

0.496416

0.643794

Industrial Occupied

0.850587

1.110434

0.760273

1.110434

Large Industrial

0.850587

1.110434

0.760273

1.110434

TRANSACTIONS FOR THE SCHOOL BOARDS

	2005	2004
Payable (receivable) at the beginning of the year	(19,816)	$ 27,589
Taxation and payments-in-lieu, net of adjustments	873,216	828,759
Remitted during the year	(882,120)	(876,164)
Receivable at the end of the year	$ (28,720)	$ (19,816)

These revenues and expenditures are not reflected in the Consolidated Statement of Financial Activities.

YEAR END BALANCE OF TRUST FUNDS UNDER ADMINISTRATION

2005

2004

Trust funds

$27,485

$25,685

CONSOLIDATED SCHEDULE OF CURRENT, CAPITAL , RESERVES AND RESERVE FUNDS FOR THE YEAR ENDED DECEMBER 31, 2005

	Current Fund	Capital Fund	Reserves and Reserve Funds
Balance at the beginning of the year	$ (82,696)	-	$ 628,158
Change during the year	159,230	156,200	(74,885)
Balance at the end of the year	$ 76,534	$ 156,200	$ 553,273

NOTES

1. The 2005financial report consolidates the operations, assets and liabilities of the Township and its local boards as follows: Cemetery and Library .

2. The above data has been extracted from the audited 2005 Consolidated Financial Report of the Township and its local boards as described in Note 1. Copies of the 2005 Consolidated Financial Report and the Auditor's Report of Michael D. Turner, Chartered Accountant, Burk's Falls, Ontario, and of the audited financial statements for the local boards are available at the Township Office to any resident who wishes to review or analyze the financial operations of the Township in greater detail.

Township of McKellar Municipal Office
PO Box 69, 701 Highway 124
McKellar, Ontario P0G 1C0
Phone: (705) 389-2842 Fax: (705) 389-1244
Hours: Monday - Friday 8:30am - 4:30pm

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