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| THE REGIONAL MUNICIPALITY
OF YORK |
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| SINKING FUND STATEMENT OF FINANCIAL POSITION |
For the year ended December
31,2001
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2001
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2000
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$
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$
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| FINANCIAL
ASSETS |
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| Investments
– at amortized cost (Note 1) |
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20,739,877
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66,317,591
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| Due
from Region |
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16,826
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274,126
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| Total
Assets |
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20,756,703
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66,591,717
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| LIABILITIES |
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| Actuarial
requirement for retirement of the |
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| Sinking
Fund (Note 2) |
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19,813,562
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65,526,112
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| Due
to Area Municipalities |
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-
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2,373
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| Due
to Region |
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6,004
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-
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| Fund
balance |
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937,137
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1,063,232
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| Total
Liabilities and Fund Position |
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20,756,703
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66,591,717
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| THE
REGIONAL MUNICIPALITY OF YORK |
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| SINKING FUND STATEMENT OF FINANCIAL
ACTIVITIES |
For the year ended December 31, 2001
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Budget
(Unaudited)
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2001
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2000
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$
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$
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$
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| REVENUES |
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| Contributions
from: |
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Area Municipalities |
3,645,706 |
3,645,706 |
4,231,766 |
| District School Board |
3,342,262 |
3,342,262 |
6,310,530 |
| Regional Corporation |
2,767,851 |
2,767,851 |
3,148,204 |
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| Total
contributions |
9,755,819 |
9,755,819 |
13,690,500 |
| Supplementary
payments-On behalf of |
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| Area Municipalities |
109,781 |
96,367 |
124,088 |
| Supplementary
payment-Regional Corporation |
123,335 |
153,364 |
149,667 |
| Interest
earned |
2,352,095 |
2,386,809 |
4,232,615 |
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| Total
revenues |
12,341,030 |
12,392,359 |
18,196,870 |
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| EXPENDITURES |
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| Actuarial
requirement for the year |
(12,512,450) |
(12,512,450) |
(19,252,867) |
| Payments
to Area Municipalities |
(6,004) |
(6,004) |
(42,917) |
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| Change
in Fund Balance |
(177,424) |
(126,095) |
(1,098,914) |
| Opening
Fund Balance |
1,063,232 |
1,063,232 |
2,162,146 |
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| Closing
Fund Balance |
885,808 |
937,137 |
1,063,232 |
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| The
accompanying notes are an integral part of these Financial Statements. |
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Notes
to the Sinking Fund Financial Statements
December 31 2001
The Regional Municipality of York’s sinking
fund is a separate fund maintained for the purpose of providing
periodic repayments of all debts to be retired by means
of sinking funds.
1. Investments
All investments are purchased with the intention of
holding them until maturity.
They are recorded at cost, price adjusted annually
for amortization of discount or premium on a present value
basis as determined at the time of purchase with the amount
of such amortization included in the interest earned on
the Statement of Financial Activities and Change in Fund
Balance. The investments
have a market value of $20,740,972, (2000 - $66,618,908).
2. Actuarial Requirements
The actuarial requirements of the sinking fund represent
the amounts levied during the year as set out in the sinking
fund debenture by-law plus interest thereon capitalized at
a rate of 5%, 6% or 8% per annum compounded annually. Any excess revenue over these requirements
is included in the sinking fund balance.
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