T OWNSHIP OF P USLINCH 2015 F INANCIAL S TATEMENT P RESENTATION Presented By: Sally Slumskie, CPA, CA Thomas DiCarlo, CPA, CA
O UTLINE Review of significant financial statement elements including: Statement of financial position Statement of operations Statement of net debt Statement of cash flows Long-term debt note Accumulated surplus note Budget amounts note Highlights of the municipality’s performance
S TATEMENT OF F INANCIAL P OSITION Statement of financial position is a snapshot of the municipality at a point in time. It highlights the following: Cash resources Net debt position Non-financial assets Accumulated surplus or deficit
S TATEMENT OF F INANCIAL P OSITION
S TATEMENT OF O PERATIONS AND A CCUMULATED S URPLUS Reports the revenues and expenses of the municipality for the year. Total revenue less costs (expenses) gives annual surplus It highlights the following Actual vs. budget vs. prior year results Annual surplus Accumulated surplus
S TATEMENT OF O PERATIONS AND A CCUMULATED S URPLUS
S TATEMENT OF C HANGES IN N ET F INANCIAL A SSETS Takes annual surplus from statement of operations and removes activity in non-financial assets to get change in net debt for the year that agrees to statement of financial position It highlights the following: Changes in capital assets for the year Change in net debt/net financial assets
S TATEMENT OF C HANGE IN N ET F INANCIAL A SSETS
S TATEMENT OF C ASH F LOWS Shows the change in cash and cash equivalents for the year Breaks down cash between operating, capital, investing and financing It highlights the following: Primary sources of cash (Operating , investing or financing) Primary use of cash (Capital transactions)
S TATEMENT OF C ASH F LOWS
A CCUMULATED S URPLUS N OTE Provides a breakdown of the accumulated surplus balance found on the Statement of Financial Position and Statement of Operations and Accumulated Surplus Includes details of: Amount invested in capital assets General surplus (Accumulated Operating Surpluses/Deficits) Capital assets financed by long term liabilities
A CCUMULATED S URPLUS N OTE
R ESERVES N OTE
B UDGET N OTE Shows a reconciliation of PSAB budget to cash based budget Removes significant items from Annual Surplus including: Transfers to/from reserves Amortization, Capital acquisition Proceeds from new debt and debt principal payments
B UDGET N OTE
H IGHLIGHTS OF THE M UNICIPALITY ’ S F INANCIAL P ERFORMANCE
H IGHLIGHTS OF M UNICIPALITY P ERFORMANCE – C ASH AND N ET F INANCIAL A SSETS Cash available for use has been increasing from 2012 – 2015. 5,000,000 Cash and Net Financial Assets 4,500,000 4,000,000 3,500,000 3,000,000 Cash available for current use 2,500,000 Net Financial Assets (Net Debt) 2,000,000 1,500,000 1,000,000 500,000 0 2012 2013 2014 2015
H IGHLIGHTS OF M UNICIPALITY P ERFORMANCE – R ESERVE BALANCES Reserves and Discretionary Reserve Steadily building Funds reserves and discretionary 3,500,000 reserve funds for the Working capital 3,000,000 past 4 years Planning and development 2,500,000 Health services Building your 2,000,000 Library transportation, fire 1,500,000 Recreational and cultural and general Fire 1,000,000 government Transportation reserves 500,000 General government Slowly depleting 0 Protective services obligatory reserve 2012 2013 2014 2015 funds from 2012 – 2015 Obligatory Reserve Funds Used obligatory 1400000 reserve funds in 1200000 1000000 2014 Gas tax 800000 Recreational land Decrease in 600000 Development charges 400000 development 200000 Obligatory Reserve Funds charges and gas 0 tax 2012 2013 2014 2015
H IGHLIGHTS OF M UNICIPALITY P ERFORMANCE – G ENERAL SURPLUS ( DEFICIT ) General surplus position from 2012-2014 General surplus (deficit) 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 2012 2013 2014 2015
H IGHLIGHTS OF M UNICIPALITY P ERFORMANCE – R EVENUE 2015 491,743 No significant 8% change in 884,436 15% Taxation sources of 525,840 Fees and user charges 9% 3,479,014 revenue Grants 60% 441,023 8% Other income Obligatory reserve funds 2012 470,658 8% 919,440 Taxation 16% Fees and user charges 532,305 3,265,887 10% Grants 59% Other income Obligatory reserve funds 396,984 7%
H IGHLIGHTS OF M UNICIPALITY P ERFORMANCE – E XPENSES 2015 Most significant costs include: Planning & Recreational and Roads development cultural General 12.01% 9.74% government Fire and other 24.20% protective services Protective services Transportation 24.57% 29.48% General government
H IGHLIGHTS OF M UNICIPALITY P ERFORMANCE – E XPENSES 2015 Similar expense 7,347 189,139 0% 4% breakdown by 653,553 Salaries type 15% Interest 2,238,767 51% Materials & supplies 1,248,554 Contracted services 29% Rents & financial expense External transfers 19,405 1% 2012 193,973 226,620 6% 6% Salaries 621,561 1,643,140 Interest 17% 45% Materials & supplies Contracted services 915,936 25% Rents & financial expense External transfers 32,953 1%
H IGHLIGHTS OF M UNICIPALITY P ERFORMANCE – 3 YEAR FINANCIAL POSITION Overall, general surplus has remained consistent except for current year with gravel pit tax write off accrual and prior year surplus transferred to reserves in current year. Reserves have been increasing steadily. Increase in cash available for current use. 2012 2013 2014 2015 Cash and temporary investments - operating 3,586,551 3,546,249 4,152,603 4,409,137 Cash and temporary investments - reserve funds 1,254,949 1,129,692 708,468 1,073,185 Long-term debt 649,000 552,000 451,000 345,000 Net financial Assets (Net debt) 1,873,624 2,175,844 2,909,313 3,354,465 Capital assets 21,247,379 20,738,812 19,902,735 19,399,686 General surplus (deficit) 627,133 653,025 626,661 239,670 Reserves and discretionary reserve funds 1,892,915 2,071,969 2,833,132 3,457,879
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