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    Regional District of Central Kootenay Financial Statements for 2017

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    Regional District of Central Kootenay Financial Statements for 2017

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    © All Rights Reserved
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    30 views88 pages

    Regional District of Central Kootenay Financial Statements For 2017

    Uploaded by

    Lex Acker
    Regional District of Central Kootenay Financial Statements for 2017

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    REGIONAL DISTRICT OF CENTRAL KOOTENAY Nelson, BC FINANCIAL STATEMENTS December 31, 2017 INDEPENDENT AUDITORS’ REPORT ‘To The Board of Directors of the Regional District of Central Kootenay We have aueited the accompanying consolidated financial statements of the Regional District of Central Kootenay, which comprise the consolidated statement of financial position as et December 31, 2017, and the consolidated statements of operations Changes in net debt and cash flows 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 of these consolidated financial slatements in accordance with Canadian pubic sector accounting standards, and for ‘such internal control as management determines is necessary to enable the preparation ‘of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility (Our responsbiity is to express an opinion on these consolidated financial statements based on ow audit, We conducted our audit in accordance with Canadian generally ‘accepted auiting standards, Those standards require that we comply with ethical Fequirements and plan and perform the audit to obtain reasonable sssurence about \whether the coneolidated financial statements are fre from material misstatement. ‘An aucit involves performing procedures to obtain auclt evidence about the amounts land disclosures in the consolidated financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatemen’ of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal contol relevant to the entiy’s preparation of the consolidated financial statements in order to design audit Procedures that are appropriate in the circumstances, but not for the purpose of expressing a1 opinion on the effectiveness of the entity’ 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 consolidated financial statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a bass for our audit opinion, INDEPENDENT AUDITORS' REPORT (continued) To The Board of Directors of the Regional District of Central Kootenay Opinion In our opinien, the consolidated financial statements present faity, in all material respects, the consolidated financial postion of the Regional District of Central Kootenay fas at December 31, 2017, and its consolidated financial performance and cash flows for the year then ended in accordance with Canadian pubic sector accounting standards Other Matters ‘Our audit wes conducted for the purpose of forming an opinion on the consolidated financial statements taken as a whole. ‘The supplementary information is presented for purposes of adeltional analysis and is not a required part of the consolidated financial Statements, Such supplementary information has not been subjected to the auditing procedures applied in the audt of the consolidated financial statements and, Accordingly, we express no opinion on thereon Bay bh Chartered Professional Accountants ‘Apel 12, 2018 Nelson, 8.0. Regional District of Central Kootenay ox 560,202 Lakeside Drive, Nelson, BC VIL SRA Web: wwwnrdekica Telephone (250) 352-6565 Email infoBrdckbe.a {CTol Free 1-800-268-7325 Fax: (250) 352-9300 MANAGEMENT REPORT ‘The consolidated financil statements have been prepared by management in accordance with Canadian public sector accounting standards and the integrity and objectivity of these statements are management's responsibility. Management is also responsible fr all the ‘note fo the consolidated financial statements and schedules, and for ensuring that this information is consistent where appropriate, with the information contained inthe consolidated financial stctements, Management is also response for implementing and maintaining a system of internal controls to provide reasonable assurance that reliable financial information is produced. ‘The Board is responsible for ensuring that management fulfil its responsibilities for financial reporting and irtemal control and exercises this responsibility through the Boat. Te Board reviews intel financial statements periodically and extemal Audited Financial Statements yeuly. Te extemal auditors, Berg Lehmann, Chartered Professional Accountants, conduct an independent examinatior, in accordance with generally accepted auditing standards, and ‘express ther opinion on he consolidated financial statements. Their examination includes review and evaluation ofthe District's system of internal control and appropriate tests and procedures to provide reasonable assurance that the financial statements are presented fairly. The external audiors have full and free access to the financial management of the Regional District of Cenral Kootenay and meet wien required the Regioncl District of Central Kootenay ‘Stuatt Hoon, CPA, CA Chief Financial Officer Regional District of Central Kootenay ‘April 12,2018 REGIONAL DISTRICT OF CENTRAL KOOTENAY CONSOLIDATED STATEMENT OF FINANCIAL POSITION ‘As at December 31, 2017 FINANCIAL ASSETS {Cash and temporary investments (note 2} ‘Account receivable ‘ue om member muna (note 4) ‘Duo fom member muricpalies accrued intrest ABILITIES ‘Accounts Payable and cccrvd bites Loans payable ‘Accrued ntsrest payable - MEA Lanai cosure snd ps! closure costs accruals (not 5) (Gap Lease Obigatons (note 6) Debenture Debt MEA (rte) Ecuipment nancng oars (note 8) Deter revonue (ote) NET DEBT (Exhibie"3") NON-FINANCIAL ASSETS Werks in progress (noe 10) “angie capil assets note 11) -Ascts under capil ase (noi 11) Inventory of supplies Prepaid expenses [ACCUMULATED SURPLUS. ‘SURPLUS BALANCES Unvestited Restcts recone funds (oote 12) Eauiy intangible capil assets (ote 14) ‘CONTINGENT LIABILITIES (note 16) ENTS (note 17) TED SITES (note 19) ‘hie Finale rer 207 Ss seseta01 sn9saat9 ‘40.360 65,242,202, (6.958.249) ‘9.490.647 s00.162.875 143686 serge? 110.167 855, $_103,311,607 $2774.66 25.437 245 74090406 $_103.311,607 exhibit" 2016 S 52,368278 21360628 20,028,208 24,553 55.505 651 4.405 se 525.280 3.986073 495,711 54.856 825 ‘aa277 54.158 65,076.77 (9971210 3.048.404 99.208.713, 1428,808 143.686 635,186 105,047 875, $95,476,059 S 2640064 23928.410, 395, S_95,476.069 REGIONAL DISTRICT OF CENTRAL KOOTENAY CONSOLIDATED STATEMENT OF OPERATIONS For the year ended December 31, 2017 REVENUE Texte User Fees Grants and donations Gas Tax grant-Community Works Commie funding - Columbia Basn Trust Intrest earings Interest earings - Capital funds Intros earings - Reser funds Rental avenue Pernt feos Cont recoveries and contact reverse Sale of materials an on esposl of equipment EXPENSES Legislative - rectors expenses Wages and employees benefs Provision for Landhl Gosure and past closure costs vntives General -oprations and mainlenasce Vehicles - operations and maintenance Equipments peraton and maintenance Grants Finanesl sences rant Comite funding - Columbia Basn Trust Gas Tax grant Community Works Services sonvaced out Debt services charges intrest Aamortzaton ANNUAL SURPLUS (not 18) [ACCUMULATED SURPLUS, BEGNNING OF YEAR AACCUMYATED SURPLUS, ENDOF YEAR Budget 2017 8 26710.135, 2.086 614 10,494,205 65.101 625,305, 590.000, s.s31.060, 119.500 49,121,920 64,160 199395753 ‘ae.700 s2i0876 sipess2 "203050 77083 4369,408 7583082 ‘ees.761 5.501220 12,620,600 Actual 2017 $25,720,986 9.256.505 arizaz 11351025 51.543.946 21.180 153957,483 (ss0074) 342.866 11702,043 ‘08.286 a7.a02 4,347,098 3.145.682 sasaze7 ‘27.904 203.657 asra812 5158611, 44,009,000, 7834948 95,476,659 $_ 103311607 exnibie“2 Actua 2018 S$ 25809921 ‘g82.414 ao14.127 41388226 11489,468 29920 497223 ‘zas.es2 ‘5,092 e22816 832,088 2.038 48,354,585 angor0 191508506 380.382 110838524 ts12.138 385,733, 54888 1.491.108 2736162 ‘4ea'200 592.306, 3.007.024 feseata 5.260.350, 4073701 79303892 97.645827 $05,076,650 Exhibit "3° REGIONAL DISTRICT OF CENTRAL KOOTENAY CONSOLIDATED STATEMENT OF CHANGES IN NET DEBT For the year ended December 31, 2017 ‘tual ‘Asst ‘2017 2016 [ANNUAL SURPLUS. S__7s30832 ‘Acausiton of tangible capa assets (0.304.114) ‘Amortzatin of tango capital asset Including leasos 5,288,350 Decreae (neeace) in Works-ingrogreas net of Waneter (970.875) Net book value of sold and donated vehicles aes CUTER) Decrease in supplies inventories 8218 Decrease in popais expanse 473,530 548 473.539 5,080 CHANGE IN NET DEBT 2,714,968 1.797.859 NET DEBT AT BEGINNING OF YEAR (9.571.216) 11,968,075) NET DEBT AT END OF YEAR $ (0950248) $_(9571,216) fF Financial Officer exibat"at REGIONAL DISTRICT OF CENTRAL KOOTENAY CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended December 31, 2017 aor 2018 OPERATING ACTIVITIES ‘Anexal Supls 8 rues 8 1530532 Nomeaeh ors ‘mortzaton Sassi 5.288.350 {Gain on disposal of eqirment (165,106) : ‘Alar! adustrants (s08.247) (437.323) (Chargosin prepaid expense 173539 35848 Changes in ivertary of uppies 3218 aso ELS, (changes to financial assets "Recounts rocovate (6.641106) (1604918) Oiterosavatlos 35) 10.358 —— 289 __“10.358, (65.54 BB 56 (Changes to tinanciSbiies "Recounts payable ae ecu abies 733.200 ana osu post closure costs acculs (es8.074) Decriedinerst 14570, Deferred reverse se ‘cash Proved By Operaing Action 12620004 ‘CAPITAL TRANSACTIONS. ‘Aqustion of angle captal assets (4940572) (@304,114) Precoees rom sal of angle capt asso ais Decrease ncroso) in Wlorkinprogess na of anfer 5551.63 (970875 ‘Cath spied copia anaactons 0 287,024 364980 FINANCING ACTIVITES Capt borowing ssra2ae 774000 Temporary borowing 320.882 Repayment of principal on capt ease obligations crease) (939508) Repayment of rina! on eqspment franc oans (2574) (so751) Repay of ong erm db 1.28033) 272.76) ‘Cath Provide By Feanng Activites 0468 338.35 INCREASE IN CASH 219529 35,764 ‘CASH, BEGINNING OF YEAR. 32360270 198.514 ‘CASH, END OF YEAR 3 32:581.901 - let Franca Ofloar exhibits REGIONAL DISTRICT OF CENTRAL KOOTENAY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, ‘As at December 31, 2017 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation “The consoldaa franc! statonants rfc al revenues experts, aso nd abies of the Reon Diabet Cental Kootenay. isthe Dats ply to flow acauning nds general accepted for Bish Columbia Regional ists and appt sur pencpes consist. The slatemens have bon preparesin scorn wh Canadian pb actor aecourg standart, a establishes by the Pu Sector Acoouning Board (PSAB) of De ‘hatred roessionl Acoounlns ofCaneda The focus of the PSAB statment is on the nana goon of he Disb an he charges host. The Satont ‘Fans Postinn ince athe ast an abies of th late. Tis proves rman abut he nts ‘veal fue ovonus rouremerts ane sly ofmance aches and moet scene ‘These consolsed eaters nctude ccoune os he und he Raina iti of Cerra Kootenay, ner tuna ansactansandfsances nave boon smnaiod. Revenues are accounted forin te paid which he ‘Yansotans or eens oat gave vate revenues. Expontres ae aroun ern perio he ‘goods and sorvogs av aque’ and ala sate anor are due Basis of Accounting ‘The resources ae operation othe Dstt are segregated io varous funds fer accountng and enc eportng urpoaoe, each bang Weal ana Sopra erly wi espana forthe sows of he nse alootes ‘The Dist has ho allowing rds ‘Operating funds «hase funds er used to ocr ho eparting ats of tha Dstt nung gnarl operations and the war ad Vent utes. ‘cil und tata und ce utd o roca th aogtion an nanchg of the cpt seats, Catal funds ‘ave bon estbished forthe genera paraton ad he war and Wars sas. Reserve fund thes funds have bin estaba oho uns fo speci regents The Distt fol the aco nit of ecrtng terest on ong term bt Tho Distt’ rani invumors consi of csh,imestnents, accounts eceNae, czas payble, cpa lease hlgstos, and ong em das I's managements opin hal ha Disc nl exposad olga interes, Currency or ere sks arg fom tase tania sbumens. Th faves of hese finan nsruans Spero thor caring at. REGIONAL DISTRICT OF CENTRAL KOOTENAY, NOTES TO CONSOLIDATED FINANCIAL STATEMENTS {As at December 31, 2017 1. SIGNIFICANT ACCOUNTING POLICIES (connued) Invesiment poss ae rears at xs, excep Muna ance Autry (MFA) investment aps which are Tangible Capital Asst Tango capl assets, compris of captal assets and capt worn progres, aa roca at cost ss szamaloedarortzaton ane cassfes secon oer ncoal ven Amotzato ie ecorded ona ght Ine bas over tha esata usta ofthe aot we one te rorizaontkenn te oor osc put ino sere. Donated tangible sets re reported at fava ale Ue of donaon. Esta well ives 08 Bulrg and buting components 20040 yors Enginoeringstucures (ug land Improvements) S060 years Pog 181040 years (Operating and eos equmant 5020 years onaca cra ie thal tort eubstnaly lhe bret and isk ‘ho aoqubiton of a angel capil asa ad the neurence lan og ‘ison wth angio capt ats ouned by te Dstt ae he obigaton, using naos aren, is tquted ‘ror the om oft aake, Aller leases are acsearle for ae oparang ase, an anal cots ae expeneed 36 incre Deferred Revenue Funds received fr spect pups which ae external ett by lsat, epulaton o agreement ad ae not avalabie for ganaral munical purpose we acco 8 dterred evens on he tem of rans Boson, The revono fs rocogized nthe statement of operations Inthe yearn whichis used or be spaced prose ‘The praparaton of franca statment accorance wth Caracan publ sctorsosuntng standards equese ‘management o make eset and saumptana ta fle the repro sours of sss oe tbls ao dat tte franca stamens anh repos amu of rverucs ans expantres ds te veporing pos. ‘Sisantaross requ ects nce tr vf feo tangle capal asa for smertealon andthe [rvs for any conengensies. Actua rete could dla rom anager best eaenates as oa ‘nermaton becomes santa tho fr Exhibit"s* (Continues) REGIONAL DISTRICT OF CENTRAL KOOTENAY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ‘As at December 31, 2016 4. SIGNIFICANT ACCOUNTING POLICIES (continsed) Revenue Recognition Taree ae recognised a8 rveria th yar thay te levied [Charge or ater nape ar reared a ser fons the year ere charge, Conatonal rant evan i recgrze o feet he mposed Condos are mt. Uncontonst ‘gant revene ls recognaed when monies ae caved Gran for he sequin fan capil see are econ inthe pac he expects sma, Sats sarees and eer revua is osognizs on an anal bas Buidng rm revenue eearde whan fans oosves Inventories Inventors hes or consumplor re eco a th aro oo et oleae vo. Government Transtar Goverment tasters roe as revere in tho per that th arses suhaiee ily ete, Hany, have boon rat nd a essone esi te unto be recived can be made, (CASH ANO TEMPORARY INVESTIENTS. aor? ane Resor funds ad temporary uestments $ measraas $23,025,410 Defoe fine (nt 9) 591000 696.158 Unrecited cash endangers investments 4349 1788710 esr Tez (CREDIT FACILITY “The Roxiona District hos a cred faty agement ith aac naiton which provides for a tl coment £3135 000.00. Ai December 32017, the Regional ltt had drawn an eur of 2a (2016S) on ths oroement DUE FROM MEMBER MUNICIPALITIES “The Regina Disc of Conta Kootnayborows funds rom the Muni Francs Autor on bat of Imamber munpalies. The amounts de fom the munis stele poton of te cabaret estan, hibit 5" (Continued) REGIONAL DISTRICT OF CENTRAL KOOTENAY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. ‘As at December 31, 2017 ‘Te Repl Dstt Cetra Koatenay has had engncers prepare dasign and parton clans forthe ace Distr anaits. These plan noo detald soavoeng of andl Gosare phases and costs assoatd wi) each ghee. Teel paar vate an core mt pox cose oon ctr nxt evel yas o Curative Caposty Uso to Date (3) 107.361 240 509 03.127 ‘Teta Copaty ofthe Sto 07000 1.045000 23872000 ‘emvalpes-coswe cess Yeas 110 Sms $s $8000 Years 1125, $250 $ 2550 $ 36000, Post-dosue care por years a 2 25 Projected year Ste Closure 082 ore 2089 Projected PV Conte Ste Cosuw and Post ose $ © 8542000 $ © 282000 $$ 6238.000 {ana acy ana cost accra aor ove Lana Libity Opon Stes 010.995 33988489 {nd iby Cased Stes 36 48 2.86 Total Lanai stat S$ sa0rsse $4255.00 Closure cost expandes ca) 280 238 306009 $3,966.73, Exhibie 5" (Continued) REGIONAL DISTRICT OF CENTRAL KOOTENAY, NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ‘As at December 31, 2017 6. CAPITAL LEASE OBLIGATIONS The Regions Dstt of Cental

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