|
|
|
 |
|
 |
| As
at December 31, 2004 |
|
|
|
|
|
2004
|
2003
|
|
|
|
|
$
|
$
|
 |
|
|
|
| Investments
– at amortized cost (Note 1) |
1,453,138
|
|
1,266,500
|
| Due
from Region |
|
47
|
|
27
|
|
|
| Total
Assets |
|
1,453,185
|
|
1,266,527
|
|
|
|
|
|
|
|
|
|
|
 |
|
|
|
| Actuarial
requirement for retirement of the |
|
|
|
| Sinking
Fund (Note 2) |
|
1,403,811
|
|
1,235,559
|
| Fund
balance |
|
49,374
|
|
30,968
|
|
|
| Total
Liabilities and Fund Position |
|
1,453,185
|
|
1,266,527
|
|
|
|
|
|
|
|
|
|
|
| |
 |
| For
the year ended December 31, 2004 |
|
Budget
|
2004
|
2003
|
|
(Unaudited)
|
|
|
|
|
|
$
|
$
|
$
|
 |
|
|
|
| Contributions
from Area Municipalities |
104,968
|
104,968
|
|
104,968
|
|
|
| Total
contributions |
104,968
|
104,968
|
|
104,968
|
|
|
| Interest
earned |
81,690
|
81,690
|
|
72,217
|
|
|
| Total
revenues |
186,658
|
186,658
|
|
177,185
|
|
|
|
|
|
|
 |
|
|
|
| Actuarial
requirement for the year |
(168,252)
|
(168,252)
|
|
(160,507)
|
| Payments
to Area Municipalities |
-
|
-
|
(531)
|
| Payments
to District School Board |
-
|
-
|
(7,165)
|
|
|
| Change
in Fund Balance |
18,406
|
18,406
|
|
8,982
|
| Opening
Fund Balance |
30,968
|
30,968
|
|
21,986
|
|
|
| Closing
Fund Balance |
49,374
|
49,374
|
|
30,968
|
|
|
|
|
|
|
|
|
| The
accompanying notes are an integral part of these Financial
Statements.
|
| |
|
 |
| December
31, 2004 |
| |
| 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 $1,595,630, (2003 - $1,375,021). |
| |
| 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% or 8% per annum
compounded annually. Any excess revenue over these
requirements is included in the sinking fund balance. |
|
|
|
|
