Financial Statements
Click the links below to open the Town's Financial Statements. You will need the free Adobe Reader software installed on your computer to view the documents.
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Consolidated Statement of Financial Position for year ended December 31, 2010
Puropse of Each Required Component of the Financial Statement
(What are these statements telling me?)
1. Consolidated Statement of Financial Position:
The statement represents a "long term view of the Town's financial health". In other words, it describes the Town's ability to pay existing liabilities and to provide future services using its assets.
Consolidated means that all fund transactions (operating, capital, reserves) have been combined into one statement and transfers in between funds have been eliminated.
Financial Assets are cash or items which can be converted to cash to meet obligations or provide servicves.
Liabilities what the town owes or services to be provided (deffered revenue)
Net Financial Assets (debt) calculated to be financial assets less liabilities. A net debt position can occur when financing purchases (capital) with debt or when financial assets were accumulated in a previous year.
2. Consolidated Statement of Financial Operations (activites)
This statement consolidates all fund revenues and expenditures into one statement which details revenue and expenditure for the year and reports the ending accumulated surplus.
Accumulated Surplus describes the financial resources that the town has to provide future services. Further details are provided in the notes to the financial statements, such as unrestricted, restricted amounts and the equity helf in tangible capital assets. In our case, these are shown in Notes 9 and 10.
3. Consolidated Change in Net Financial Assets (debt)
This statement details the difference of an annual surplus (or deficit) and the change in net financial assets (or debt). It also tracks what the Town has spent on tangible capital assets or recieved on any asset disposals. As well, it details funds used or provide to acquire or use inventory of supplies.
If there is an increase is net debt, it could be cause by using financing to pay for capital or previous years receipts used to pay for this year's expenses.
4. Consolidated Statement of Cash Flow
This statement details where cash came from and how it was used.
5. Supplementary Schedules
These schedules contraim more details to support the figures on the financial statements.
6. Notes to the Financial Statements
Notes contain even further information. For example: what our significant accounting policies are (note 1); what is being treated as deferred revenue (Note 6): details of debt (Note 7) and so on.
Previous Years Statements:
Consolidated Statement of Financial Position for year ended December 31, 2009
Consolidated Statement of Financial Position for year ended December 31, 2008