2003 Financial Highlights

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2003

2003
2002
FINANCIAL ASSETS
     Cash and temporary investments
$ 1,013,375
$ 883,946
     Taxes and grants in-lieu receivable
223,979
230,963
     Trade and other receivables
71,123
22,673
     Other
-
11,319
TOTAL ASSETS
$ 1,308,477
$ 1,148,901
LIABILITIES
     Accounts payable
318,298
110,325
     Deferred revenue-other
1,605
1,605
     Deferred revenue-obligatory reserve funds
35,589
34,072
      Employee benefits payable
14,180
12,600
     Landfill closure and post-closure liability
199,305
198,500
     Municipal debt
-
288,447
568,977
645,549
MUNICIPAL POSITION
     Current fund
89,369
54,150
     Reserves
840,509
926,282
     Reserve funds
23,107
22,467
     Fund balances
952,985
1,002,899
     Amounts to be recovered
(213,485)
(499,547)
      Municipal position
739,500
503,352
TOTAL LIABILITIES AND MUNICIPAL POSITION
$ 1,308,477
$ 1,148,901

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31, 2003

.
BUDGET
ACTUAL
ACTUAL (Restated)
2003
2003
2002
REVENUES
     Net taxation/user charges
$  1,346,636
$  1,370,538
$  1,266.204
     Transfer payments
569,445
618,000
636,929
     Other
99,405
141,293
288,500
     Total Revenues
2,015,486
2,129,831
2,191,633
EXPENDITURES
  Current
     General Government
278,600
276,186
244,343
     Protection to persons and property
263,195
223,054
237,117
     Transportation services
452,000
410,387
385,267
     Environmental services
64,950
135,936
187,917
     Health services
105,270
117,683
99,140
     Social and family services
305,900
300,145
315,271
     Recreation and culture
96,895
104,821
87,822
     Planning and development
27,310
16,816
27,978
     Total current
1,594,120
1,585,028
1,584,587
  Capital
     Protection to persons and property
5,700
2,986
5,540
     Transportation services
180,000
243,837
286,203
     Environmental services
206,400
18,611
9,435
     Health services
172,200
-
1,176
     Social and family services
90,000
-
-
     Recreation and culture
8,800
2,592
164,120
     Planning and development
30,000
40,629
-
     Total capital
693,100
308,655
466,474
TOTAL EXPENDITURES
2,287,220
1,893,683
2,051,331
NET REVENUES (EXPENDITURES)
(271,734)
236,148
140,302
Add: increase in employee benefits payable
-
1,580
12,600
Add: Increase in landfill closure liability
-
805
141,000
Less: Debt principal repayments
(88,447)
(288,447)
(134,272)
Increase (decrease) in amounts to be recovered
(288,447)
(286,062)
19,328
CHANGE IN FUND BALANCES
$  (560,181)
$  (49,914)
$  159,630

TAX RATES

2003 Tax rates (%)
2002 Tax rates (%)
Township
Purposes
School
Board Purposes
Township
Purposes
School
Board Purposes
Residential & Farm
0.575112
0.335000
0.657819
0.373000
Farmland & Managed Forest
0.143778
0.083750
0.164455
0.093250
Commercial Occupied
0.739766
1.028574
0.846153
1.104469
Commercial Vacant
0.517836
0.720002
0.592307
0.773128
Industrial Occupied
0.793079
1.137582
0.907133
1.185471
Large Industrial
0.793079
1.137582
0.907133
1.185471

TRANSACTIONS FOR THE SCHOOL BOARDS

2003
2002
Payable at the beginning of the year
$  14,163
$  5,829
Taxation and payments-in-lieu, net of adjustments
$  844,166
$  756,479
Remitted during the year
$  (830,740)
$  (748,145
.
Payable at the end of the year
$   27,589
$   14,163
These revenues and expenditures are not reflected in the Consolidated Statement of Financial Activities

YEAR END BALANCE OF TRUST FUNDS UNDER ADMINISTRATION

2003
2002
Trust funds
$  23,560
$  23,174

CONSOLIDATED SCHEDULE OF CURRENT, CAPITAL, RSESERVES AND RESERVE FUNDS
FOR THE YEAR ENDED DECEMBER 31,2003

Current Fund
Capital Fund
Reserves and Reserve Funds
Balance at the beginning of the year
$  54,150
$  -
$  948,749
Change during the year
35,219
-
(85,133)
Balance at the end of the year
$  89,369
$  -
$  863,616

NOTES

1. The 2003 financial report consolidates the operations, assets and liabilities of the Township and its local boards and municipal enterprises as follows: Cemetery Board and Library Board.

2. The above data has been extracted from the audited 2002 Consolidated Financial Report of the Township and its local boards as described in Note 1. Copies of the 2002 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
The information on this web site is provided as a public service. Although we endeavor to ensure that the information is as current and accurate as possible, errors do occasionally occur. Therefore, we cannot guarantee the accuracy of the information. Readers should verify the information before acting on it. The Township of McKellar does not accept any legal responsibility for the contents of this web site or for any consequences, including direct or indirect liability, arising from its use.