INDEPENDENT AUDITOR'S...
Transcript of INDEPENDENT AUDITOR'S...
~!J Holm Rarche Oberg
Chartered ProfessionaJAccovntants P.C. Ltd.
INDEPENDENT AUDITOR'S REPORT
To the Mayor and Council of Resort Village of Kivimaa-Moonlight Bay
Report on the Financial Statements
1321.101 ~' StreetNorth Battlefnrd, Saskatchewan
S9A OZ9
Phone: (306) 445-6291Fnx: (306) 445-3882
En2nil: [email protected]: www.hrocpn.ca
We have audited the accompanying financial statements of Resort Village of Kivimaa-Moonlight Bay, which comprise the statement
of financial position as at December 31, 2017, and the statements of operations, change in net financial assets and cash flow 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 for such internal control as management determines is necessary to enable the prepazation of financial
statements that aze free from material misstatement, whether due to fraud or error.
Aa~ditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with Canadian generally accepted auditing standards. Those standazds 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, the financial statements present fairly, in all material respects, the financial position of Resort Village of Kivimaa-
MoonlightBay as at December 31, 2017, and the results of its operations, change in net financial assets and its cash flows for the year
then ended in accordance with Canadian public sector accounting standards.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements. The current year's supplementary
information included in the schedules and appendices is not a required part of the basic financial statements. Such supplementary
information has been subjected to the auditing procedures applied in the basic financial statements and, in our opinion, is fairly stated,
in all material respects, in relation to the basic financial statements taken as a whole.
North Battleford, Saskatchewan
June 19, 2018
c
h~ rofess~Account
Grc~h~m K. Holm, CPA. ~A~ L~ralie A. Rctiche, CPA, CA, CFP* Dallan D. Oberg, CPA, CA*
*Denotes a vrofessional evrparntivn
~. r ~ pA z~~T~mvaoF£ssscatiuuy,:MrwN*s
Resort Village of Kivimaa-Moonlight Bay
Statement of Financial Position
As at December 31, 2017
FINANCIAL ASSETS
Total Finar
2017
Statement 1
2016
Cash and Temporary Investments (Note 2) $ 152,996 $ 150,859
Taaces Receivable -Municipal (Note 3) 19,422 16,341
Other Accounts Receivable (Note 4) 3,118 4,190
Land for Resale
Long-term Investments (Note 5) 69,753 29,424
Debt Charges Recoverable
Other (Specify)
icial Assets 245,289 200,814
LIABILITIES
Total Liabi
Bank Indebtedness (Note 6)
Accounts Payable 3,523 599
Accrued Liabilities Payable 2,500 2,500
Deposits
Deferred Revenue (Note 7) 1,108 690
Accrued Landfill Costs
Liability for Contaminated Sites (Note 8)
Other Liabilities
Long-term Debt (Note 9)
Lease Obligations
lities 7,131 3,789
NET FINANCIAL ASSETS
NON-FINANCIAL ASSETS
Total Non-:
238,158 197,025
Tangible Capital Assets (Schedule 6, 7) 505,696 523,175
Prepayments and Deferred Charges 6,283 8,301
Stock and Supplies 1,293 2,337
Other
Financial Assets 513,272 533,813
Accumulated Surplus (Deficit) (Schedtjle 8) $ 751,430 $ 730,838
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Resort Village of Kivimaa-Moonlight Bay
State►,r►ent of OperationsFor the year ended December 31, 2017
Revenues
Statement 2
2017 Budget 2017 2016
Taxes and Other Unconditional Revenue (Schedule 1) $ 212,469 $ 211,111 $ 194,841
Fees and Charges (Schedule 4, 5) 31,525 19,291 37,551
Conditional Grants (Schedule 4, 5) 16,789 23,590
Tangible Capital Asset Sales -Gain (Schedule 4, 5)
Land Sales -Gain (Schedule 4, 5)
Investment Income and Commissions (Schedule 4, 5) 1,600 1,513 800
Other Revenues (Schedule 4, 5) 394 1,851
Total Revenues 262,383 255,899 235,043
Expenses
General Government Services (Schedule 3) 74,324 73,837 66,996
Protective Services (Schedule 3) 33,555 24,005 31,470
Transportation Services (Schedule 3) 76,467 74,501 73,593
Environmental and Public Health Services (Schedule 3) 24,031 20,114 30,535
Planning and Development Services (Schedule 3) 4,000 2,467 2,250
Recreation and Cultural Services (Schedule 3) 30,659 45,490 31,035
Utility Services (Schedule 3)
Total Expenses 243,036 240,414 235,879
Surplus (Deficit) of Revenues over Expenses before Other Capital Contributions
Provincial/Federal Capital Grants and Contributions (Schedule 4, 5)
Surplus (Deficit) of Revenues over Expenses
Accumulated Surplus (Deficit), Beginning of Year
19,347 15,485 (836)
4,889 5,107 4,889
$ 24,236 20,592 4,053
730,838 726,785
Accumulated Surplus (Det"icit), End of Year $ 751,430 $ 730,838
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Resort Village of Kivimaa-Moonlight Bay
Staten►ent of Change in Net Financial AssetsFor the year ended December 31, 2017
Surplus (Deficit)
Statement 3
2017 Budget 2017 2016
$ 24,236 $ 20,592 $ 4,053
(Acquisition) of tangible capital assets (7,759) (56,761)Amortization of tangible capital assets 25,238 19,813Proceeds on disposal of tangible capital assetsLoss (gain) on the disposal of tangible capital assetsSurplus (Deficit) of capital revenue over expenditures 17,479 (36,948)
(Acquisition) of supplies inventories(Acquisition) of prepaid expense (3,138)Consumption of supplies inventories 1,044 359Use of prepaid expense 2,018Surplus (Deficit) of expenses of other non-financial over expenditures 3,062 (2,779)
Increase (Decrease) in Net Financial Assets $ 24,236 41,133 (35,674)
Net Financial Assets -Beginning of Year 197,025 232,699
Net Financial Assets -End of Year $ 238,158 ~ 197,025
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Resort Village of Kivimaa-Moonlight BayStatement of Cash FlowFor the year ended December 31, 2017
Cash provided 6y (used for) the following activities
Operating:
Surplus (Deficit)
Amortization
Change in assets/liabilities
Net cash
Capital:
Statement 4
_ _2017 2016
$ 20,592 $ 4,053
25,238 19,813
45,830 23,866
Taxes Receivable -Municipal (3,081) (4,292)
Other Receivables 1,072 2,176
Land for Resale
Other Financial Assets
Accounts and Accrued Liabilities Payable 2,924 (12,450)
Deposits
Deferred Revenue 418 (1,027)
Accrued Landfill costs
Liability for Contaminated Sites
Other Liabilities
Stock and Supplies for Use 1,044 359
Prepayments and Deferred Charges 2,018 (3,138)
Other (S ecify)
provided by (used for) operations j 50,225 5,494
Acquisition of Tangible Capital Assets (7,759) (56,761)
Proceeds From the Disposal of Tangible Capital Assets
Other Ca ital
rovided by (used for) capital (7,759) (56,761)Net cash p
Investing:
Net caste
Long-term Investments
Other Investments
(40,329) (309)
rov►ded by (used for) investing _ __ _ _ (40,329) (309)
Financing:
Cash prov
Debt Charges Recovered
Long-term Debt Issued
Long-term Debt Repaid
Other Financing
ided by (used for) financing transactions
Change in Cash and Temporary_.Investments _during the year __ _, __ x,_2,137 _ _ _ ____; (51,57 ;
Cash and Temporary Investments -Beginning of Year 150,859 202,435
Cash and _Temporary Investments -End of Year `$ R 152;996 $ ~ ,150,859
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Resort Village of Kivimaa-Moonlight Bay
Notes to the Financial Statements
For the year ended December 31, 2017
1. Significant Accounting Policies
The financial statements of the municipality are prepared by management in accordance with the local government accountingstandards established by the Public Sector Accounting Board of the Accounting Standards Oversight Council. Significantaspects of the accounting policies are as follows:
a) Sasis of Accounting: The financial statements are prepared using the accrual basis of accounting. The accrual basis ofaccounting recognizes revenue as they become available and measurable; expenses are recognized as they are incurred andmeasurable as a result of the receipt of goods and services and the creation of a legal obligation to pay.
b) Reporting Entity: The financial statements consolidates the assets, liabilities and flow of resources of the municipality.The entity is comprised of all of the organizations that are owned or controlled by the municipality and are, therefore,accountable to the Council for the administration of their financial affairs and resources. Entities included in these financialstatements are as follows:
Enti
Resort Village of Kivimaa-Moonlight Bay
c) Collection of Funds for Other Authorities: Collection of funds by the municipality for the school board are collected and
remitted in accordance with relevant legislation. The amounts collected are disclosed in Note 3.
d) Government Transfers: Government transfers are the transfer of assets from senior levels of government that are not the
result of an exchange transaction, are not expected to be repaid in the future, or the result of a direct financial return.
Government transfers are recognized as revenue in the period that the events giving rise to the transfer occurred, as long as:
a) the transfer is authorized;
b) eligibility criteria have been met; and
c) a reasonable estimate of the amount can be made.
Unearned government transfer amounts received but not earned will be recorded as deferred revenue.
Earned government transfer amounts not received will be recorded as an account receivable.
e) Deferred Revenue: Fees and charges -certain user charges and fees are collected for which the related services have yet to
be performed. Revenue is recognized in the period when the related expenses are incurred or services performed.
fl Local Improvement Charges: Local improvement projects financed by frontage taxes recognize any prepayment charges
as revenue in the period assessed.
g) Net-Financial Assets: Net-financial assets at the end of an accounting period are the net amount of financial assets less
liabilities outstanding. Financial assets represent items such as cash and those other assets on hand which could provide
resources to discharge existing liabilities or finance future operations. These include realizable assets which are convertible
to cash and not intended for consumption in the normal course of operations.
h) Non-Financial Assets: Tangible capital and other non-financial assets are accounted for as assets by the government
because they can be used to provide government services in future periods. These assets do not normally provide resources to
discharge the liabilities of the government unless they are sold.
D
Resort Village of Kivimaa-Moonlight Bay
Notes to the Financial Statements
For the year ended December 31, 2017
1. Significant Accounting Policies -continued
i) Appropriated Reserves: Reserves are established at the discretion of Council to designate surplus for future operating and capitalh~ansactions. Amounts so designated are described on Schedule 8.
j) Property Tax Revenue: Property tax revenue is based on assessments determined in accordance with Saskatchewan Legislation andthe formulas, principles, and rules in the Saskatchewan Assessment Manual. Tax mill rates are established annually by councilfollowing the guidance of the Government of Saskatchewan. Tax revenues are recognized when the tax has been authorized by bylawand the taxable event has occurred. Requisitions operate as a flow through and are excluded from municipal revenue.
k) Investments: Portfolio investments are valued at the lower of cost, less any provisions for other than temporary impairment.Investments with terms longer than one year have been classified as other long-term investments concurrent with the nature of theinvestment.
1) Inventories: Inventories of materials and supplies expected to be used by the municipality are valued at the lower of cost orreplacement cost. Inventories of land, materials and supplies held for resale are valued at the lower of cost or net realizable value. Costis determined by the average cost method. Net realizable value is the estimated selling price in the ordinary course of business.
m) Tangible Capital Assets: All tangible capital asset acquisitions or betterments made throughout the year are recorded at theiracquisition cost. Initial costs for tangible capital assets that were acquired and developed prior to 2009 were obtained via historical costinformation or using current fair market values discounted by a relevant inflation factor back to the point of acquisition. Donatedtangible capital assets received are recorded at their fair market value at the date of contribution. The cost of these tangible capitalassets less any residual value are amortized over the asset's useful life using the straight-line method of amortization. The tangiblecapital assets that are recognized at a nominal value are disclosed on Schedule 6. The municipality's tangible capital asset useful livesare estimated as follows:
Asset Useful Life
General Assets
Land Indefinite
Land Improvements 5 to 20 Yrs
Buildings 10 to 50 Yrs
Vehicles and Equipment
Vehicles 5 to 10 Yrs
Machinery and Equipment 5 to 10 Yrs
Infrastructure Assets
Water and Sewer 30 to 75 Yrs
Road Nerivork Assets 30 to 75 Yrs
Government Contributions: Government contributions for the acquisition of tangible capital assets aze reported as capital revenue
and do not reduce the cost of the related asset.
Works of Art: Assets that have a historical or cultural significance, which include works of art, monuments and other cultural artifacts
are not recognized as tangible capital assets because a reasonable estimate of future benefits associated with this property cannot be
made.
Capitalization of Interest: The municipality does not capitalize interest incurred while a tangible capital asset is under construction.
Leases: All leases are recorded on the financial statement as either a capital or operating lease. Any lease that transfers the majority of
benefits and risk associated with the leased asset is classified as a capital lease. At the inception of a capital lease, an asset and a
payment obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the assets fair
market value. Assets under capital leases are amortized on a straight-line basis, over their estimated useful lives. Any other lease not
meeting the before mentioned criteria is classified as a operating lease and rental payments are expensed as incurred.
Resort Villaga of Kivimaa-Moonlight Bay
Notes to the Financial Statements
For the year ended December 31, 2017
1. Significant Accounting Policies -continued
n) Landfill Liability: The municipality maintains a waste disposal site. T'he municipality is unable to estimate closure and post-closurecosts. No amount has been recorded as an asset or a IiabIlity.
o) Trust Funds: Funds held in trust for others are neither included in the municipality's assets or equity.
p) Employee Benefit Plans: Contributions to the municipality's defined benefit plans aze expensed when contributions are made. Underthe defined benefit plan, the municipality's obligations are lunited to their contributions.
c~ Liability for Contaminated Sites: Contaminated sites are a result of contamination being introduced into air, soil, water or sedimentof a chemical, organic or radioactive material or live organism that exceeds an environmental standard. The liability is recorded net ofany e~cpected recoveries. A liability for remediation of contaminated sites is recognized when all the following criteria are met:
a) an environmental standard exists;b) contamination exceeds the environmental standard;c) The municipality:
i. is directly responsible; orii. accepts responsibility;
d) it is expected that future economic benefits will be given up; ande) a reasonable estimate of the amount can be made.
r) Measurement Uncertainty: The preparation of financial statements in conformity with generally accepted accounting principlesrequires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenditures during theperiod. Taxes receivable and accounts receivable are stated after evaluation as to their collectability and an appropriate allowance fordoubtful accounts is provided where considered necessary. Allowances are determined through an annual review of outstandingamounts.
The measurement of materials and supplies are based on estimates of volume and quality. The 'Opening Asset costs' oftangible capital assets have been estimated where actual costs were not available. Amortization is based on the estimateduseful lives of tangible capital assets.
These estimates and assumptions are reviewed periodically and, as adjustments become necessary they are reported in earnings in theperiods in which they become known.
s) Basis of Segmentation: The municipality has adopted the Public Sector Accounting Board's recommendations requiringfinancial information to be provided on a segmented basis. Municipal services have been segmented by grouping activitiesthat have similaz service objectives (by function). Revenues that aze directly related to the costs of the function have beenattributed to each segment. Interest is allocated to functions based on the purpose of specific borrowings.
The segments (functions) are as follows:
General Government: The general government segment provides for the administration of the municipality.
Protective Services: The protective services segment is comprised of e~enses for police and fire protection.
Transportation Services: The transportation services segment is responsible for the delivery of public works services related tothe development and maintenance of roadway systems and street lighting.
Environmental and Public Health: The environmental segment provides waste disposal and other environmental services. The
public health segment provides for eacpenses related to public health services in the municipality.
Planning and Development: The planning and development segment provides for neighborhood development and sustainability.Recreation and Cultural: The recreation and cultural segment provides for community services through the provision of recreation andleisure services.
Utility Services: The utility services segment provides for delivery of water, collecting and treating of wastewater and providing
collection and disposal of solid waste.
Land Sales: Land sales are recognized in the financial statements as revenues in the period in which the contract is signed and theability to collect is reasonably assured.
u) Land for Resale: Land for resale is recorded at the lower of cost to prepare the land for sale and the market value of the land. Coststo prepare the land for sale include leveling, grading and utility service connections. The land is considered available for sale when allthe land preparation is completed.
v) Tax Title Property: Property acquired through the tax enforcement process and temporarily held is recorded at the lesser of thecarrying amount (cost equal to the outstanding taxes including any applicable penalties up to the date of acquisition plus any costsnecessary to maintain after acquisition) and the net recoverable amount. Impairment losses are not reversed in subsequent years, if netrecoverable value subsequently increases.
Resort Village of Kivimaa-Moonlight BayNotes to the Financial StatementsFor tl~e year ended December 31, 2017
1. Significant Accounting Policies -continued
w) Recent accounting pronouncements
PS 3450 Financial Instruments (New and Amendment)In June 2011, the Public Sector Accounting Board (PSAB) issued PS 3450 Financial Instruments to establish standardsfor recognition, measurement, presentation and disclosure of financial assets, financial liabilities and non-financialderivatives. As a result of issuance of PS 3450, there have been numerous consequential amendments made to othersections. PS 3450 is effective for fiscal years beginning on or after April 1, 2019. Earlier adoption is permitted.
PS 3450 is applied prospectively in the fiscal year of initial adoption; therefore, financial statements of prior periods,including comparative information, are not restated. The municipality does not expect the adoption of these newstandards to have a material impact on its financial statements.
PS 3320 Contingent Assets (New)
In June 2015, new PS 3320 Contingent Assets was included in the CPA Canada Public Sector Accounting Handbook
(PSA HB). The new section establishes disclosure standards on contingent assets. The main features of this standard are
as follows:
Contingent assets are possible assets arising from existing conditions or situations involving uncertainty.
That uncertainty will ultimately be resolved when one or more future events, not wholly within the public
sector entity's control, occurs or fails to occur. Resolution of the uncertainty will confum the existence or
non-existence of an asset.
Passing legislation that has retroactive application after the financial statement date cannot create an existing
condition or situation at the financial statement date.
Elected or public sector entity officials announcing public sector entity intentions after the financial
statement date cannot create an existing condition or situation at the financial statement date.
Disclosures should include existence, nature, and extent of contingent assets, as well as the reasons for any
nondisclosure of extent, and the bases for any estimates of extent made.
When a reasonable estimate can be made, disclosure should include a best estimate and a range possible
amounts (or a narrower range of more likely amounts), unless such a disclosure would have an adverse
impact on the outcome.
The standard is effective for fiscal years beginning on or after April 1, 2017. Earlier adoption is permitted. The
municipality does not expect the adoption of this new standard to have a material impact on its financial statements.
PS 3380 Contractual Rights (New)
In June 2016, new PS 3380 Contractual Rights was included in the CPA Canada Public Sector Accounting Handbook
(PSA HB). This new section establishes disclosure standards on contractual rights, and does not include contractual
rights to exchange assets where revenue does not arise. The main features of this standards are as follows:
Contractual rights are rights to economic resources arising from contracts or agreements that will result in
both an asset and revenue in the future.
Until a transaction or event occurs under a contract or agreement, an entity only has a contractual right to an
economic resource. Once the entity has received an asset, it no longer has a contractual right.
Contractual rights are distinct from contingent assets as there are no uncertainty related to the existence of
the contractual right.
Disclosures should include descriptions about nature, eactent, and timing.
T̀ he standard is effective for fiscal years beginning on or after April 1, 2017. Earlier adoption is permitted.
Resort Village of Kivimaa-Moonlight Bay
Notes to the Financial Statements
For the year ended December 31, 2017
2. Cash and Temaorary Investments
2017 2016
Cash $ 109,350 $ 107,213Temporary Investments 43,646 43,646Restricted CashTotal Cash and Temporary Investments $ 152 996 $ 150 859
Cash and temporary investments include balances with banks, Credit Unions, term deposits, marketable securities and short-term investments with maturities of three months or less. Cash subject to restrictions that prevent its use for current purposes isincluded in restricted cash.
The municipality has set aside funds (restricted cash) to finance future expenditures based upon appropriated reserves(Schedule 8) determined by council; these funds are internally restricted. The appropriated reserves are underfunded by$76,299 and $76,299 as of December 31, 2017 and 2016, respectively. However, there aze sufficient funds in the generalaccount to fund these reserves.
3. Taxes and Grants in Lieu ReceivableMunicipal -Current $ 15,385 $ 14,895
- Arrears 3,323 1,44618,708 16,341
- Less Allowance for UncollecriblesTotal Municipal Taxes Receivable 18,708 16,341
School -Current I 14,021 I 14,987- Arrears 3,193 1,144
Other
Total Ta}ces and Grants in Lieu Receivable 35,922 32,472
Deduct takes receivable to be collected on behalf of other organizations (16,500) (16,131)
_ ___Total Taxes Receivable -Municipal $ 19,422 $ .16,341
4. Other Accounts Receivable
Federal government $ 1,517 $ 3,054
Provincial government
Local government
Utility
Trade
Other 1,601 1,136
Total Other Accounts Receivable 3,118 4,190
Less Allowance for Uncollectibles
Net Other Accounts Receivable
5. Long-term Investments
$ :=°.~: 3,118 $ --,>.~ =4,190
~`~ 2017'=- - ~ 6 =_z
Turtleford Credit Union -term deposit 2.76%, matures Aug, 2021 $ 7,500 $ 7,500
Turtleford Credit Union -term deposit 1.4%, matures Nov, 2018 10,967 10,816
Turtleford Credit Union -term deposit 1.60%, matures Nov, 2018 11,286 11,108
Turtleford Credit Union -term de osit 1.7%, matures Oct, 2020 40,000
..
Total Zong-term. Tnvestments . ., yam, 3 ~ $ 69,753 ~. $ 29;424:
Investments are recorded at cost.
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Resort Village of Kivimaa-Moonlight Bay
Notes iio the Financial Statements
For the year ended December 31, 2017
6. Credit Facility Agreement
The municipality has a credit facility agreement with its financial institution that covers its long-term debt facilities
and revolving operating line of credit in the amount of $20,000.
Interest on the line of credit is 3.75% Security for the line of credit is the assignment of the municipality's
municipal taxes receivable. There was no balance owing at year end under this line of credit at December 31, 2017 and 2016.
7. Deferred Revenue
Prepaid takes $ 1,108 $ 690
Total Deferred Revenue $ 1,108 $ 690
8. Liability for Contaminated Sites
The municipality does not have any liability for contaminated sites as established by Section PS 3260, Liability for
Contaminated Sites that was issued by the Public Sector Accounting Standards Board. Therefore, no liability has been
recognized.
9. Long-term Debt
The debt limit of the municipality is $192,467. The debt limit for a municipality is the total amount of the municipality's own
source revenues for the preceding year (the Municipalities Act section 161(1)).
10. Pension Plan
The municipality is an employer member of the Municipal Employee Pension Plan (MEPP), which is a multiemployer defined
benefit pension plan. The Commission of MEPP, representing plan member employers, is responsible for overseeing the
management of the pension plan, including investment of assets and administration of benefits. The municipality's pension
expense in 2017 was $ 5,273 (2016 - $5,125). The benefits accrued to the municipality's employees from MEPP are
calculated using the following: Pensionable Years of Service, Highest Average Salary, and the plan accrual rate.
11. Comparative Figures
Prior year comparative figures have been restated to conform to the current year's presentation.
12. Budget Figures
Budget figures are reported for information purposes only and are not included in the scope of the external audit.
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Resort Village of Kivimaa-Moonlight Bay
Schedule of Taxes and Other Unconditional Revenue
For the year ended December 31, 2017
TAXES
Total Taxes
Schedule 1
2017 Budget 2017 2016
General municipal tax levy
Abatements and adjustments
Discount on current year taxes
Net Municipal Taxes
$ 217,945
(28,000)
$ 217,320
(562)
(27,641)
$ 197,101
(7)
(25,110)
189,945 189,117 171,984
Potash tax share
Trailer license fees
Penalties on tax arrears 800 1,663 1,134
Special tax levy
Other (Specify)
190,745 190,780 173,118
UNCONDITIONAL GRANTS
Total Unco
Revenue Sharing
Organized Hamlet
21,299 19,895 21,299
nditional Grants 21,299 19,895 21,299
GRANTS IN LIEU OF TAXES
Federal
Provincial
LocaUOt
S.P.C. Electrical
SaskEnergy Gas
TransGas
Central Services
SaskTel 425 436 424
Other (Specify)
her
Housing Authority
C.P.R. Mainline
Treaty Land Entitlement
Other (Specify)
Other Government Transfers
_..Total Gray
S.P.C. Surcharge
SaskEnergy Surcharge
Other (Specify)
nts in Lieu of Taxes .̀425 436 424
T__ _ . _r ~.,_,.._ ._,_.. .__~_,._.n.~, T._,_ ~ _--- - ---- - ,.TOTAL TAXES-AND OTHERUNCONDITIONAL REVENUE, ' ~ 212,469 $ 211;111 $ 194,841 '.
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Resort Village of Kivimaa-Moonlight BaySchedule of Operating and Capital Revenue by FunctionFor the year ended December 31, 2017
GENERAL GOVERNMENT SERVICESOperating
Total
Capital
Total
Total
Schedule 2 - 1
2017 Budget 2017 2016
Other Segmented Revenue
Fees and Charges
- Custom work $ 125 $ 150 $ 120- Sales of supplies 100 26 153- Other (Specify)
Total Fees and Charges 225 176 273- Tangible capital asset sales -gain (loss)
- Land sales -gain
- Investment income and commissions 1,600 1,513 800- Other (WCB and fees) 300 1,775
Total Other Segmented Revenue 1,825 1,989 2,848Conditional Grants
- Student Employment
- Other (Specify)
Total Conditional Grants
Operating 1,825 1,989 2,848
Conditional Grants
- Federal Gas Tax
- Provincial Disaster Assistance
- Other (Specify)
Capital
1,825 1,989 2,848General Government Services
PROTECTIVE SERVICES
Operating
Total
Capital
Total
Tofal
Other Segmented Revenue
Fees and Charges
- Other (Fundraiser) 15,000 19,719
Total Fees and Charges 15,000 19,719
- Tangible capital asset sales -gain (loss)
- Other (Specify)
Total Other Segmented Revenue 15,000 19,719
Conditional Grants
- Student Employment
- Local government
- Other (Specify)
Total Conditional Grants
Operating 15,000 19,719
Conditional Grants
- Federal Gas Taac
- Provincial Disaster Assistance
- Local government
- Other (Specify)
Capital
15,000; 19,919::;Protective Services' 3
Resort Village of Kivimaa-Moonlight BaySchedule of Operating and Capital Revenue by FunctionFor the year ended December 31, 2017
TRANSPORTATION SERVICESOperating
TotalCapital
Total
Total
Schedule 2 - 2
2017 Budget 2017 2016
Other Segmented Revenue
Fees and Charges
- Custom work 120
- Sales of supplies 594 1,000
- Road Maintenance and Restoration Agreements
- Frontage
- Other (Specify)
Total Fees and Charges 714 1,000
- Tangible capital asset sales -gain (loss)
- Other (Specify)
Total Other Segmented Revenue 714 1,000
Conditional Grants
- MREP (CTP)
- Student Employment
- Other (Specify)
Total Conditional Grants
Operating 714 1,000
Conditional Grants
- Federal Gas Tax
- MREP (Heavy Haul, CTP, Municipal Bridges)
- Provincial Disaster Assistance
- Other (Specify)
Capital
714 1,000Transportation Services
ENVIRONMENTAL AND PUBLIC HEALTH SERVICES
Operating
TotalCapital
Total
Total
Other Segmented Revenue
Fees and Charges
- Waste and Disposal Fees 4,000 3,924 3,914
- Other (Specify)
Total Fees and Charges 4,000 3,924 3,914
- Tangible capital asset sales -gain (loss)
- Other (Specify)
Total Other Segmented Revenue 4,000 3,924 3,914
Conditional Grants- Student Employment-TAPD- Local governmentOther (Specify)
Total Conditional Grants
Operating 4,000 3,924 3,914
Conditional Grants- Federal Gas Tax 4,889 5,107 4,889- TAPD- Provincial Disaster Assistance- Other (Specify)
Capital _ __ 4,889 5,107 4,889
8,$89 9,031 • 8,8.03Environmental and Public Health Services 14
Resort Village of Kivimaa-Moonlight Bay
Schedule of Operating and Capital Revenue by Function
For the year ended December 31, 2017
PLANNING AND DEVELOPMENT SERVICES
Operating
Total
Capital
Total
Total
Schedule 2 - 3
2017 Budget 2017 2016
Other Segmented Revenue
Fees and Charges
- Maintenance and Development Charges 700 1,100 1,200
- Other (Specify)
Total Fees and Charges 700 1,100 1,200
- Tangible capital asset sales -gain (loss)
- Other (Specify)
Total Other Segmented Revenue 700 1,100 1,200
Conditional Grants
- Student Employment
- Other (Specify)
Total Conditional Grants
Operating 700 1,100 1,200
Conditional Grants
- Federal Gas Tax
- Provincial Disaster Assistance
- Other (Specify)
Capital
700 1,100 1,200Planning and Development Services
RECREATION AND CULTURAL SERVICES
Operating
Total
Capital
Total
Tofal
Other Segmented Revenue
Fees and Charges
- Other (Storage com ound fees, swimming lessons) 11,600 13,377 11,445
Total Fees and Charges 11,600 13,377 11,445
- Tangible capital asset sales -gain (loss)
- Other (Sale of su lies) 94 76
Total Other Segmented Revenue 11,600 13,471 11,521
Conditional Grants
- Student Employment
- Local government
- Donations 16,000 22,801
- Other (Bask lotteries) 789 789
Total Conditional Grants 16,789 23,590
28,389 37,061 11,521Operating
Conditional Grants
- Federal Gas TaY
-Local government
- Provincial Disaster Assistance
- Other (S ecify)
Capital
28,389 37,061 11,521:Recreatton'and"CuTtural'Services~T ~~_ _ ~~ F~._:~ _ ~ _
15
Resort Village of Kivimaa-Moonlight Bay
Schedule of Operating and Capital Revenue by Function
For the year ended December 31, 2017
UTILITY SERVICES
Operating
Total
Capital
Total
Total
Schedule 2 - 4
2017 Budget 2017 2016
Other Segmented Revenue
Fees and Charges
- Water
- Sewer
- Other (Specify)
Total Fees and Charges
- Tangible capital asset sales -gain (loss)
- Other (Specify)
Total Other Segmented Revenue
Conditional Grants
- Student Employment
- Other (Specify)
Total Conditional Grants
Operating
Conditional Grants
- Federal Gas Tax
- New Building Canada Fund (SCF, NRP)
- Clean Water Wastewater Fund
- Provincial Disaster Assistance
- Other (S ecify)
Capital
Utility Services
_ _ __ __TOTAL OPERATING AND CAPITAL REVENUE BY.FUNCTION ~ 54,803 $ 49,895 $ 45,091
SUMMARY
Total Other Segmented Revenue $ 33,125 ~ 21,198 $ 40,202
Total Conditional Grants 16,789 23,590
Total Capital Grants and Contributions 4,889 5,107 4,889
_ _ __.TOTAL OPERATING AND CAPITAL REVENUE BY FUNCTION $ 54,803 $ 49,895 $ 45,091
Resort Village of Kivimaa-Moonlight Bay
Total expenses by Function
For the year ended December 31, 2017
GENERAL GOVERNMENT SERVICES
Total Gove
Schedule 3 - 1
2017 Budget 2017 2016
Council remuneration and travel $ 5,780 $ 5,578 $ 5,237
Wages and benefits 31,476 30,735 29,820
Professional/Contractual services 27,448 25,069 22,264
Utilities 2,900 3,140 2,634
Maintenance, materials and supplies 6,700 8,078 5,553
Grants and contributions -operating 316 1,200
- capital
Amortization 887 288
Interest 20 34
Allowance for uncollectibles
Other
rnment Services 74,324 73,837 66,996
PROTECTIVE SERVICES
Total Prot
Police arotection
Wages and benefits
Professional/Contractual services 3,650 3,696 3,627
Utilities
Maintenance, materials and supplies
Grants and contributions -operating
- capital
Other (Specify)
Fire protections
Wages and benefits 6,880 2,831 8,132
Professional/Contractual services 9,305 6,385 6,385
Utilities 1,200
Maintenance, material and supplies 3,920 2,860 5,031
Grants and contributions -operating
- capital 5,000
Amortization 8,233 4,347
Interest
Other (Fundraising) 3,600 3,948
active Services 33,555 24,005 31;470
TRANSPORTATION SERVICES
Total Tran
Wages and benefits 25,717 31,025 24,673
Professional/Contractual Services 10,200 10,960 6,554
Utilities 4,800 5,070 4,796
Maintenance, materials and supplies 16,150 10,712 12,938
Gravel 14,200 10,817 18,715
Grants and contributions -operating
- capital 5,400
Amortization 5,917 5,917
Interest
Other (Specify)
sportation Services ' 76,467> 74,501 '73,59317
Resort Village of Kivimaa-Moonlight Bay
Total Expenses by Function
For the year ended December 31, 2017
ENVIRONMENTAL AND PUBLIC HEALTH SERVICES
Total Envi
Schedule 3 - 2
2017 Budget 2017 2016
Wages and benefits 4,958 62 9,810
ProfessionaUContractual services 13,773 14,778 15,136
Utilities 800 750 720
Maintenance, materials and supplies 4,500 4,291 4,636
Grants and contributions -operating
o Waste disposal
o Public Health
- capital
o Waste disposal
o Public Health
Amortization 233 233
Interest
Other (Specify)
ro~~ental and Public Health Services ~ 24,031 20,114 30,535
PLANl~iING AND DEVELOPMENT SERVICES
Total Plan
Wages and benefits 110
ProfessionaUContractual Services 4,000 2,357 2,250
Grants and contributions -operating
- capital
Amortization
Interest
Other (Specify)
Wing and Development Services 4,000 2,467 2,250
RECREATION AND CULTURAL SERVICES
Total Recc
Wages and benefits 20,588 21,278 14,526
ProfessionaUContractual services 2,071 1,446 2,257
Utilities
Maintenance, materials and supplies 6,700 12,410 5,224
Grants and contributions -operating
- capital 1,300 388
Amortization 9,968 9,028
Interest
Allowance for uncollectibles
Other (Specify)
~eation and Cultural Services 30,659, . . .
45,490.;
31,035
18
Resort Village of Kivimaa-Moonlight Bay
Total Expenses by Function
For the year ended December 31, 2017
UTILITY SERVICES
Total Utilit
Schedule 3 - 3
2017 Budget 2017 2016
Wages and benefits
ProfessionaUContractual services
Utilities
Maintenance, materials and supplies
Grants and contributions -operating
- capital
Amortization
Interest
Allowance for uncollectibles
Other (Specify)
y Services
TOTAL EXPENSES BY FUNCTION $ 243,036 $ 240,414 $ 235,879
19
Resort Village of Kivimaa-Moonlight Bay
Schedule of Segment Disclosure by Function
For the year ended December 31, 2017
Revenues (Schedule 2)
Fees and Charges
Tangible Capital Asset Sales -Gain
Land Sales -Gain
Investment Income and Commissions
Other Revenues
Grants -Conditional
- Capital
Total Revenues
Expenses (Schedule 3)
Wages &Benefits
Professional/ Contractual Services
Utilities
Maintenance, Materials and Supplies
Grants and Contributions
Amortization
Interest
Allowance for Uncollectibles
Other
Total Expenses
Surplus (Deficit) by Function
Schedule 4
General Protective Transportation Environmental Planning and Recreation andGovernment Services Services &Public Health Development. Cultural Utility Services Total
$ 176 $ $ 714 $ 3,924 $ 1,100 $ 13,377 $ 19,291
1,513 1,513
300 94 394
23,590 23,590
5,107 5,107
1,989 714 9,031 1,100 37,061 49,895
36,313 2,831 31,025 62 110 21,278 91,619
25,069 10,081 10,960 14,778 2,357 1,446 64,691
3,140 5,070 750 8,960
8,078 2,860 21,529 4,291 12,410 49,168
316 388 704
887 8,233 5,917 233 9,968 25,238
34 34
73,837 24,005 74,501 20,114 2,467 45,490 240,414
$ (71,848) $ (24,005) $ (73,78'n $ (11,083) $ (1,367) $ (8,429) (190,519)
Taxation and Other Unconditional Revenue (Schedule 1)
Net Surplus (Deficit)
211,111
$ 20,592
Resort Village of Kivimaa-Moonlight Bay
Schedule of Segment Disclosure by Function
For the year ended December 31, 2015
Revenues (Schedule 2)
Fees and Charges
Tangible Capital Asset Sales -Gain
Land Sales -Gain
Investment Income and Commissions
Other Revenues
Grants -Conditional
- Capital
Total Revenues
Expenses (Schedule 3)
Wages &Benefits
Professional/ Contractual Services
Utilities
Maintenance, Materials and Supplies
Grants and Contributions
Amortization
Interest
Allowance for Uncollectibles
Other
Total Expenses
Surplus (Deficit) by Function
Schedule 5
General Protective Transportation Environmental Planning and Recreation andGovernment Services Services &Public Health Development Cultural Utility Services Total
$ 273 $ 19,719 $ 1,000 $ 3,914 $ 1,200 $ 11,445 $ 37,551
800 800
1,775 76 1,851
4,889 4,889
2,848 19,719 1,000 8,803 1,200 11,521 45,091
35,057 8,132 24,673 9,810 14,526 92,198
22,264 10,012 6,554 15,136 2,250 2,257 58,473
2,634 4,796 720 8,150
5,553 5,031 31,653 4,636 5,224 52,097
1,200 1,200
288 4,347 5,917 233 9,028 19,813
3,948 3,948
66,996 • 31,470 73,593 .30,535 2,250 31,035 235,879
$ (64,148) $ (11,751) $ (72,593) $ (21,732) $ (1,050) $ (19,514) (190,788)
Taxation and Other Unconditional Revenue (Schedule 1) 194,841
Net Surplus (Deficit) $ 4,053
21
Resort Village of Kivimaa-Moonlight Bay
Schedule of Tangible Capital Assets by Object
For the year ended December 31, 2017
2017
Infrastructure
General Assets AssetsLand Machinery &
Land Improvements Buildings Vehicles Equipment Linear assets
Asset Cost
Opening Asset costs $ 170,780 $ 92,227 $ 166,775 $ 13,500 $ 173,612 $ 25,105
Additions during the year 6,450 1,309
Disposals and write-downs during the year
Transfers (from) assets under construction
Closin .Asset Costs 170,780 98,677 166,775 13,500 174,921 25,105
Accumulated Amortization Cost
Opening Accumulated Amortization Costs 30,702 18,043 10,000 55,495 4,584
Add: Amortization taken 6,148 4,170 500 13,793 627
Less: Accumulated amortization on disposals
Closin Accumulated Amortization Costs 36,850 22,213 10,500 69,288 5,211
wv'~
r0.~
.~
0
GeneraUInfrastructureAssets Under
Construction
$ -
Total
$ 641,999
7,759
649,758
118,824
25,238
144,062
Schedule 6
2016
Total
$ 585,238
56,761
641,999
99,011
19,8]3
118,824
Net Book Value $ 170,780 $ 61,827 $ 144,562 $ 3,000 $ 105,633 $ 19,894 ~ $
505,696 $ 523,175
1. Total contributed/donated assets received in 2017:
2. List of assets recognized at nominal value in 2017 are:
- Infrastructure Assets $ -
- Vehicles ~ -- Machinery and Equipment $ -
22
Resort Village of Kivimaa-Moonlight Bay
Schedule of Tangible Capital Assets by Function
For the year ended December 31, 2017
2017
General
Government
Protective
Services.
Transportation
Services
Environmental
&Public Health
Planning &
Development
Recreation &
Cultural Water &Sewer
Asset Cost
Opening Asset costs $ 72,700 $ 126,508 $ 149,444 $ 9,323 $ 284,024
Additions during the year 7,759
Disposals ar~d write-downs during the year
'Closin Asset Costs 72,700 126,508 149,444 9,323 291,783
Accumulated Amortization Cost
Opening Accumulated AmoRization Costs 7,477 36,197 34,593 233 40,324
Add: Amortization taken 887 8,233 5,917 233 9,968
Less: Accumulated amortization on disposals
Closin Accumulated Amortization Costs 8,364 44,430 40,510 466 50,292
Schedule 7
2016
Total Total
$ 641,'))) $ 585,238
7,759 56,761
649,758 641,999
118,824
25,238
99,011
19,813
144,062 118,824
Net Book Value $ 64,336 $ 82,078 $ 108,934 $ 8,857 $ 241,491 $ 505,696 $ 523,175
23
Resort Village of Kivimaa-Moonlight Bay
Schedule of Accumulated Surplus
For the year ended December 31, 2017
UNAPPROPRIATED SURPLUS
APPROPRIATED RESERVES
Total Apps
Schedule 8
2016 Changes 2017
$ 131,364 $ 38,071 $ 169,435
Machinery and Equipment
Public Reserve
Capital Trust
Utility 38,399 38,399
Future Capital Expenditures 37,900 37,900
opriated 76,299 76,299
NET INVESTMENT IN TANGIBLE CAPITAL ASSETS
Net Invest
Tangible capital assets (Schedule 6)
Less: Related debt
523,175 (17,479) 505,696
gent in Tangible Capital Assets 523,175 (17,479) 505,696
Total Accumulated Surplus $ 730,838 $ 20,592 $ 751,430
24
Resort Village of Kivimaa-Moonlight Bay
Schedule of Mill Rates and Assessments
For the year ended December 31, 2017 Schedu'~e 9
.~~-
. ~ ' ' 1 1 ~I : :1 ~ 11 ~
..~ ~ '' ~ "I'IIIIIII~I"'~I'~~IIIIIIIIIIIIIIIIIII~IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII"'~IIIIIIIIIII'IIIIIIIIII'IIIIIIII~I"IIIIIIIIIIIIII'll
~ I'IIIIIIIIIII"IIIIIIIIIIIIIIIIIIIII'~~"'IIIIIII~IIllllllll'IIII~lllll'III"IIIIII~'II~I~"IIIIII~I'lll'IIIIII"~IIIIIIIII~"~II~ ~ ~
'' ' I'IIIIIIIIIIIII~IIIIIIII'~I'II"III"~IIII
•~ ! IIV '
_ ~ ~
'll X11 •11 IIIIIIIIIIIIIIIIIIIII
1~ • , ~ ~ , , ' ' ' ~ IIIIIIIIIIIIIIIIIIIII
MILL RATES: MILLS
Average Municipal* 3.4740
Average School* 4.1446
Potash Mill Rate
Uniform Municipal Mill Rate 2.0000
* Average Mill Rates (multiply the total tax levy for each taxing authority by 1,000
and divide by the total assessment for the taxing authority).
25
Resort Village of Kivimaa-Moonlight Bay
Schedule of Council Remuneration
For the year ended December 31, 2017(Unaudited)
Position Name Remuneration
Reimbursed
Costs Total
Mayor Steven Nasby $ 1,040 $ 143 $ 1,183
Councillor Terry Anderson 780 854 1,634
Councillor Gail Morgan 720 1,210 1,930
Councillor Archie Macleod 720 720
Total $ 3,260 $ 2,207 $ 5,46.7
Schedule 10
26