INDEPENDENT AUDITOR'S REPORTrvkmb.com/wp-content/uploads/2018/07/financial-statements-2017-audited.pdfJ Holm Rarche Oberg Chartered ProfessionaJAccovntants P.C. Ltd. 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

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Grc~h~m K. Holm, CPA. ~A~ L~ralie A. Rctiche, CPA, CA, CFP* Dallan D. Oberg, CPA, CA*

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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

2


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

3


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

4

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

5


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


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




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




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


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.




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.

10


Notes iio the Financial Statements


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.

11


Schedule of Taxes and Other Unconditional Revenue


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 '.

12

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


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


- Local government

- Other (Specify)


Operating 15,000 19,719

Conditional Grants

- Federal Gas Taac


- 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


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


- Other (Specify)

Total Other Segmented Revenue 714 1,000

Conditional Grants

- MREP (CTP)


- Other (Specify)


Operating 714 1,000

Conditional Grants

- Federal Gas Tax

- MREP (Heavy Haul, CTP, Municipal Bridges)


- Other (Specify)

Capital

714 1,000Transportation Services

ENVIRONMENTAL AND PUBLIC HEALTH SERVICES

Operating

TotalCapital

Total

Total


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


- Other (Specify)

Total Other Segmented Revenue 4,000 3,924 3,914

Conditional Grants- Student Employment-TAPD- Local governmentOther (Specify)


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


Schedule of Operating and Capital Revenue by Function


PLANNING AND DEVELOPMENT SERVICES

Operating

Total

Capital

Total

Total

Schedule 2 - 3

2017 Budget 2017 2016


Fees and Charges

- Maintenance and Development Charges 700 1,100 1,200

- Other (Specify)

Total Fees and Charges 700 1,100 1,200


- Other (Specify)

Total Other Segmented Revenue 700 1,100 1,200

Conditional Grants


- Other (Specify)


Operating 700 1,100 1,200

Conditional Grants

- Federal Gas Tax


- Other (Specify)

Capital

700 1,100 1,200Planning and Development Services

RECREATION AND CULTURAL SERVICES

Operating

Total

Capital

Total

Tofal


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


- Other (Sale of su lies) 94 76

Total Other Segmented Revenue 11,600 13,471 11,521

Conditional Grants


- 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


- Other (S ecify)

Capital

28,389 37,061 11,521:Recreatton'and"CuTtural'Services~T ~~_ _ ~~ F~._:~ _ ~ _

15


Schedule of Operating and Capital Revenue by Function


UTILITY SERVICES

Operating

Total

Capital

Total

Total

Schedule 2 - 4

2017 Budget 2017 2016


Fees and Charges

- Water

- Sewer

- Other (Specify)

Total Fees and Charges


- Other (Specify)

Total Other Segmented Revenue

Conditional Grants


- Other (Specify)


Operating

Conditional Grants

- Federal Gas Tax

- New Building Canada Fund (SCF, NRP)

- Clean Water Wastewater Fund


- 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


Total expenses by Function


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


Utilities

Maintenance, materials and supplies

Grants and contributions -operating

- capital

Other (Specify)

Fire protections



Utilities 1,200

Maintenance, material and supplies 3,920 2,860 5,031


- 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


Professional/Contractual Services 10,200 10,960 6,554

Utilities 4,800 5,070 4,796


Gravel 14,200 10,817 18,715


- capital 5,400


Interest

Other (Specify)

sportation Services ' 76,467> 74,501 '73,59317


Total Expenses by Function


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



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


- capital

Amortization

Interest

Other (Specify)

Wing and Development Services 4,000 2,467 2,250

RECREATION AND CULTURAL SERVICES

Total Recc


ProfessionaUContractual services 2,071 1,446 2,257

Utilities



- capital 1,300 388


Interest


Other (Specify)

~eation and Cultural Services 30,659, . . .

45,490.;

31,035

18


Total Expenses by Function


UTILITY SERVICES

Total Utilit

Schedule 3 - 3

2017 Budget 2017 2016

Wages and benefits

ProfessionaUContractual services

Utilities

Maintenance, materials and supplies


- capital

Amortization

Interest


Other (Specify)

y Services

TOTAL EXPENSES BY FUNCTION $ 243,036 $ 240,414 $ 235,879

19


Schedule of Segment Disclosure by Function


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


Schedule of Segment Disclosure by Function


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


Schedule of Tangible Capital Assets by Object


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


Schedule of Tangible Capital Assets by Function


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


Schedule of Accumulated Surplus


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


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


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

Documents

INDEPENDENT AUDITOR'S REPORTrvkmb.com/wp-content/uploads/2018/07/financial-statements-2017-audited.pdfJ Holm Rarche Oberg Chartered ProfessionaJAccovntants P.C. Ltd. INDEPENDENT AUDITOR'S