2015 Annual Report

Transcription

2015 Annual Report

Niagara Region Annual Financial Report
Financial Statements of The Regional Municipality of Niagara,
Ontario, Canada | Year ended December 31, 2015
2015 NIAGARA REGION ANNUAL REPORT
1
VISION
Niagara Region is a unified community of communities with diverse opportunities and
qualities. Together we strive for a better tomorrow.
MISSION
Niagara Region will serve its residents, businesses and visitors through leadership,
partnership and the provision of effective and community-focused services.
VALUES
Our corporate values guide our decision-making and actions every day.
We treat everyone equitably with compassion, sensitivity and respect.
We serve Niagara with pride, care and excellence.
We value honesty, integrity and trust.
We believe in social, environmental and economic choices that support
our diverse community.
We foster collaboration and value partnerships.
2
CONTENTS
4
Message from the Regional Chair
INTRODUCTION
6
7
8
9
10
11
About Niagara Region
2014-2018 Regional Council
Niagara Region Council’s Strategic Priorities
Corporate Leadership Team
Regional Programs and Services
2015 Achievements
FINANCIAL YEAR IN REVIEW
16
Report from the Treasurer
FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
29
30
31
32
33
34
35
Management’s Responsibility for the Financial Statements
Independent Auditor’s Report
Consolidated Statement of Financial Position
Consolidated Statement of Operations
Consolidated Statement of Change in Net Debt
Consolidated Statement of Cash Flows
Notes to Consolidated Financial Statements
SINKING FUND FINANCIAL STATEMENTS
60
61
Sinking Fund Statement of Financial Position
62
Sinking Fund Statement of Operations and Change in Net Financial
Assets
63
Sinking Fund Statement of Cash Flows
64
Notes to Sinking Fund Financial Statements
TRUST FUNDS FINANCIAL STATEMENTS
65
66
67
68
69
Trust Funds Statement of Financial Position
Trust Funds Statement of Operations and Change in Net Financial Assets
Trust Funds Statement of Cash Flows
Notes to Trust Funds Financial Statements
STATISTICAL
71
Five Year Statistical Review
3
MESSAGE FROM
ALAN CASLIN,
NIAGARA REGIONAL CHAIR
On behalf of Regional Council, I am pleased to present
you with the 2015 Annual Financial Report. This annual
publication provides an overview of key financial
results and provides insight into the financial planning
principles and practices that shape the programs
and services provided by Niagara Region. We are
committed to transparent and responsible financial
practices that contribute to the quality of life we enjoy
in Niagara.
Our strong financial management and budgetary
performance have helped us to maintain our AA
stable credit rating for the past 15 years. During the
first year of this new term of Council, we supported
residents by keeping taxes low through the approval
of a zero per cent increase on the Regional portion of
their property tax bill. With a low 1.8 per cent average
annual increase over the past five years, in addition
to our lower than average commercial and industrial
businesses taxes (11 per cent and 18 per cent per
square foot less than other jurisdictions) have not
only contributed to our stable credit rating, but also
send a strong message to investors, businesses, and
residents that we are ready and committed to working
together, to build a more prosperous Niagara.
Enabling a strong and healthy community is a key
goal of Regional Council and our strong financial
foundation is at the heart of our ability to succeed. As
the results in our 2015 Annual Financial Report detail,
our financial management practices and planning have
provided us with the flexibility to invest in the services,
programs and capital projects required to advance our
goals and Strategic Priorities, which include:
•Moving People and Goods
•Fostering Innovation, Investment and
Entrepreneurship
•Building a Labour-Ready Workforce
•Positioning Niagara Globally
•Doing Business Differently and
Organizational Excellence
Through 2015, we were able to advance of our
priorities and deliver real, measureable results for
the residents of Niagara. From the development of
a compelling business case that resulted in clear
commitment in the 2016 provincial budget to expand
daily GO Train service to Niagara, to collaborating with
local area municipalities and key partners to advance
the 2015 – 2018 Team Niagara Economic Development
Action Plan, and working with foreign business
partners to enable a $400 million dollar investment
in the Canadian Motor Speedway, we are proud of
our achievements. I encourage you to visit
niagararegion.ca/priorities for further information
about the work we are leading and how we are
measuring our results.
As we move into 2016, we look forward to continuing
our work with staff, municipal and business partners,
and community organizations. Together, we will ensure
that our economy remains on the track of growth
and prosperity, by leveraging our strong financial
foundation to advance our Strategic Priorities.
As always, I welcome discussions with residents and
community partners to understand how we can work
together to better serve and strengthen Niagara.
Alan Caslin | Niagara Regional Chair
4
Introduction
The fiscal year ending December 31, 2015 | The Regional Municipality of Niagara
Prepared by the office of the Chief Administrative Officer
and the Corporate Services department
5
ABOUT NIAGARA REGION
Niagara is a culturally rich and historically significant region offering its
449,098 residents a mix of urban and rural living. The region supports a
diverse economy that includes manufacturing, tourism, agriculture and
agribusiness, transportation and logistics, and emerging sectors such as
new media, green technology and bioscience. Located between two Great
Lakes, Erie and Ontario, Niagara’s many natural features and proximity to
Toronto and to the United States, with which it shares a border, continue to
shape the region’s evolution as a centre of commerce and an international
tourism destination.
On January 1, 1970, under the Regional Municipality of Niagara Act, 26
municipalities were merged into 12 area municipalities and the counties of
Lincoln and Welland were transformed into The Regional Municipality of
Niagara.
Regional government operations are overseen by Niagara Regional
Council which is composed of 30 elected representatives from 12 area
municipalities, plus the Regional Chair. The current term of Regional
Council was elected in December 2014 and the 31 members will serve for
a four-year term to November 30, 2018.
To learn more visit niagararegion.ca.
6
2014-2018 REGIONAL COUNCIL
Alan Caslin
REGIONAL CHAIR
Sandy Annuziata Dave Augustyn
David Barrick
Brian Baty
Bob Bentley
Gary Burroughs
FORT ERIE
PELHAM
PORT COLBORNE
PELHAM
GRIMSBY
NIAGARA-ON-THE-LAKE
Frank Campion
Henry D’Angela
Patrick Darte
Jim Diodati
Sandra Easton
Kelly Edgar
WELLAND
THOROLD
NIAGARA-ON-THE-LAKE
NIAGARA FALLS
LINCOLN
ST. CATHARINES
Bob Gale
Paul Grenier
Brian Heit
Bill Hodgson
April Jeffs
Douglas Joyner
ST. CATHARINES
LINCOLN
WAINFLEET
WEST LINCOLN
NIAGARA FALLS
WELLAND
Ted Luciani
Debbie MacGregor John Maloney
Bart Maves
Andrew Petrowski
ST. CATHARINES
PORT COLBORNE
George Marshall
THOROLD
WELLAND
NIAGARA FALLS
ST. CATHARINES
Tony Quirk
Wayne Redekop
Tim Rigby
Walter Sendzik
Bruce Timms
Selina Volpatti
GRIMSBY
FORT ERIE
ST. CATHARINES
ST. CATHARINES
ST. CATHARINES
7
NIAGARA FALLS
NIAGARA REGIONAL COUNCIL’S STRATEGIC PRIORITIES
2015 – 2018: BUILDING A MORE PROSPEROUS NIAGARA
Niagara Regional Council’s strategic priorities recognize the importance of long-term planning and priority
setting in order to enable a more prosperous Niagara. Established in February 2015, the 2015 – 2018 Strategic
Priorities are supported by strategies and service delivery plans for Niagara Region’s diverse program areas and
special initiatives.
PRIORITY AREAS IDENTIFIED BY REGIONAL COUNCIL:
Moving People and Goods
Positioning Niagara Globally
Create strong linkages between all modes
of transportation for people and goods.
Fostering Innovation, Investment and
Entrepreneurship
Provide necessary infrastructure to
foster growth and be a catalyst to attract
investment.
Building a Labour-Ready Workforce
Economies are facing rapid change and
unique skills and training are required to
stay ahead of the competition.
Diversifying Niagara’s population, economy
and opportunities.
Doing Business Differently and Advancing
Build a strong internal foundation
for Niagara Region to enable a more
prosperous Niagara.
The Region is committed to advancing these priority
areas and will regularly monitor and evaluate our
progress based on six performance outcomes,
including: Growth, Employment, Taxation, Community
Symptoms, Investment and Infrastructure.
To learn more about the Region’s Strategic Priorities
and performance outcome indicators, visit
niagararegion.ca/priorities
8
CORPORATE LEADERSHIP TEAM
Harry Schlange
Chief Administrative
Officer
Dr. Valerie Jaeger
Katherine Chislett*
Maurice Lewis
Medical Officer and Commissioner
Commissioner
Health Commissioner Community Services Corporate Services
OFFICE OF THE
CHIEF ADMINISTRATIVE OFFICER
Ron Tripp
Commissioner
Public Works
Rino Mostacci
Commissioner
Planning and
Development
Bob Seguin
Director
Economic
Development
REGIONAL COUNCIL
COMMITTEES
Corporate Services
Budget Review Committee of the
Whole
Planning and Development
Planning and Development Committee
Public Health
Corporate Services Committee
Community Services
Public Works Committee
Public Health and
Social Services Committee
Public Works
BOARDS AND AGENCIES
Provincial Offences Joint Board
OTHER SUPPORTING SERVICES
Auditors
Ken Beaman, Chair
Joanne Spriet, Associate Director, Court Services
KPMG LLP
Police Services Board
National Bank Financial Inc., RBC Capital Markets,
CIBC World Markets Inc
Bob Gale, Chair
Alan Caslin
David Barrick
Fiscal Solicitor
Borden Ladner Gervais
Niagara Peninsula
Conservation Authority
Insurance Provider and Broker
Bruce Timms, Chair
Carmelo D’Angelo, Chief Administrative Officer
Niagara Regional Housing
Paul Grenier, Chair
Patrick O’Neill, Vice Chair
Fiscal Agents
Frank Cowan
HUB International Ontario Limited
Banker
The Royal Bank of Canada
* Katherine Chislett served as Commissioner, Community Services until October 2015. Adrienne Jugley has been serving as the Acting Commissioner, Community Services since
November 2015.
9
REGIONAL PROGRAMS AND SERVICES
Niagara Region’s programs and services touch the lives
of residents every day. The Region provides high quality
drinking water, maintains the Regional roads you drive
on, funds two inter-municipal transit services, and
provides help for Niagara’s most vulnerable residents,
including the operation of eight long-term care homes
and a range of support services to help seniors remain
in their homes. From the collection of your garbage and
recycling bins, to the staff who support our childcare
centres, and our paramedics who are ready to respond
when the unexpected happens, Niagara Region is here
to build a healthier and more prosperous community.
Programs and services provided by
Niagara Region include:
•Affordable Housing
•Children’s Services
•Emergency Response Management
•Police Services
•Conservation Authority
•Economic Development
•Homelessness Prevention
•Long-Term Care Homes
•Provincial Offences Courts Administration
•Public Health Programs
•Water and Wastewater Treatment
•Land Ambulance and Dispatch
(Emergency Medical Services)
•Recycling, Garbage Collection and
Landfill Operations
•Seniors Community Program
For more information about Niagara Region’s programs
and services, visit niagararegion.ca.
10
2015 ACHIEVEMENTS
In 2015, Niagara Region achieved much success as staff worked together with the 12 local area municipalities,
business partners and community stakeholders to advance Regional Council’s 2014 – 2018 Strategic Priorities.
Many achievements were celebrated through the delivery of focused projects, and the provision of programs and
services, including:
Moving People and Goods
Niagara’s 12 municipalities and the Region made daily
GO Train service their number one priority, as they
worked collectively to make a strong business case for
GO Trains connecting Niagara Falls to Toronto through
Hamilton with stops in St. Catharines and Grimsby.
Niagara’s GO Train Expansion team received much
support through a social media campaign, “Where
would you GO”, that called on community, business and
government leaders, and residents to send tweets and
“selfies” to the Premier, the Minister of Transportation
and other elected representatives, urging them to
support Niagara’s proposal for daily GO Train service.
Fostering Innovation, Investment and
Entrepreneurship
To create an attractive environment for both current
and prospective businesses and investors to innovate,
invest and embark on new and exciting entrepreneurial
ventures, Niagara Region worked together with local
economic development officers, CAOs, industry
stakeholders, post-secondary institutions and key
partners to advance its Team Niagara 2015 – 2018
Economic Development Action Plan. The plan
emphasizes investment attraction, innovation and
entrepreneurship; economic research and analysis;
and advocacy to drive results on four key measures:
employment growth, building permit growth, regional
population growth and increases in the number of new
businesses.
In early 2016, the Province affirmed Niagara’s efforts
with the commitment to expand GO Train service
to Niagara in its 2016 budget. To learn more about
Niagara’s GO Train business case and advocacy efforts, In 2016, Niagara Region will examine the opportunity
please visit niagarago.ca.
to promote a more development-friendly approach
by working with local area municipalities to establish
To further prepare Niagara for GO and to address
an expedited process that will eliminate unnecessary
Niagara’s transportation requirements through 2041,
delays in the planning approval process.
Mayors and CAO’s will continue to work together
through 2016, to develop options for a joint transit
system that meets the needs of all municipalities.
In addition, further work is planned to get Niagara
moving, including an airport study that will review the
potential opportunity for Niagara Region to get involved
in the management of two existing municipally-funded
airports: Niagara Central Dorothy Rungeling Airport and
Niagara District Airport, as well as efforts to advocate
for a Niagara-GTA corridor as an alternate route to the
QEW, connecting Fort Erie to the GTA through south
Niagara.
11
2015 ACHIEVEMENTS
Building a Labour Ready Workforce
Positioning Niagara Globally
Niagara Region is committed to building a local
labour force that has the skills and training necessary
to create and support economic demand. As a
demonstration of our commitment, the Region, in
collaboration with local chambers of commerce
and post-secondary institutions worked together to
develop a youth retention strategy, U35: Attracting
and Retaining Emerging Talent. Through significant
engagement efforts, which included online survey
responses from over 1,000 professionals and postsecondary students, interviews with approximately 20
Niagara employers, and coordination of a forum for
approximately 140 stakeholders, the U35 working team
has identified a two-pronged approach to “Connect
Youth with Industry and Industry with Youth” that will
be the focus of 2016, including:
By expanding business partnerships and stakeholder
relations, Niagara Region continues to focus on the
development and diversification of our population,
economy and opportunities in Niagara. In May
2015, Niagara Region announced its support for
the development of the Canadian Motor Speedway
project by committing to a number of annual financial
incentives, including approximately $1.4 – 1.8 million in
tax increment grants and $1.5 million in development
charge reduction grants. The Speedway is expected
to generate up to $437 million annually in economic
impact for Niagara, generate 750 jobs and draw
approximately $400 million, the largest foreign direct
investment in the tourism sector in Ontario in over 35
years.
The Region also welcomed more than 300 investors,
•Connect job seekers with job opportunities
industry leaders, start-up CEOs and economic
development professionals from around the world to
•Create an environment where “Niagara is the Best the National Angel Summit in Niagara-on-the-Lake in
Place to Build Your Career in Canada”
October. As the lead sponsor the event, Niagara Region
was able to highlight business opportunities in Niagara
In addition, much effort was demonstrated by
to experienced investors, venture capitalists and other
the Region’s Social Assistance and Employment
Opportunities team to combat the three per cent annual industry leaders, as part of the three day summit
that shared national best practices in investment
projected growth in Ontario Works caseloads through
2015. By partnering with local community agencies and opportunities.
employers, 915 new job starts were created for Ontario As part of its advocacy work, in 2016 Niagara Region
Works recipients across 634 employers from May
will work with a joint economic development action
2015 – February 2016. Ongoing work will continue in
team and industry partners to resolve international
2016, including the new development of an online skills trade and accessible border issues, while working to
inventory to enhance our ability to match Ontario Works establish Niagara as the second Foreign Trade Zone
clients with local employment opportunities.
in Canada.
12
2015 ACHIEVEMENTS
Doing Business Differently and
In order to advance Council’s Strategic Priorities and
enable a more prosperous Niagara, it imperative that
Niagara Region has a strong internal foundation that
is focused on continuously improving how it does
business. Through 2015, and beyond, the following
projects will continue to ensure that Niagara Region is
able to meet and exceed service delivery requirements,
while building capacity to achieve Council’s priorities:
•Core Business Transformation - $1 billion
in corporate assets has been identified for
consideration under an Alternative Service Delivery
framework and supported by two comprehensive
reviews
•Customer Services Strategy - implement an
integrated customer service model that addresses
the multiple ways customers access Niagara
Region services
•People Strategy - by 2019 Niagara Region aims to
increase its employee engagement score from 67
per cent to 80 per cent to align with best-in-class
organizations
•Enhanced Financial Management Services implementation of a fully integrated enterprise
resource planning system that will result in better
line-of-sight over investments and assets, while
equipping the organization with new revenue
streams through consolidated procurement
•External Value for Money Audits - expected to
result in future recommendations for optimal
operational and service delivery models and
process improvements
•Faster Decision Making - practices to expedite
the decision-making process and eliminate any
unnecessary delays for business and investors
while maintaining transparency and accountability
to the public
•Revenue Generation - generate $1 million in
additional revenues for investment in a community
fund that will enable Niagara Region to invest in
opportunities with high economic impact
13
2015 ACHIEVEMENTS
Supporting Our Community
Niagara Regional Chair’s Golf Tournament
Big Move Cancer Ride
The 18th Annual Niagara Regional Chair’s Charity Golf
Tournament raised $120,000 in support of several
charities: Community Care, Hotel Dieu Shaver Health
and Rehabilitation Centre, the United Way and the
YMCA Strong Kids campaign. Since the tournament’s
inception, more than $1.4 million has been raised for
local charities.
Team Niagara Region participation in the Big Move
Cancer Ride raised over $12,700 for the Walker
Family Cancer Centre. Overall, 465 riders raised over
$420,000 for the Cancer Centre, which serves over
2,500 cancer patients in Niagara annually.
United Way Annual Giving
During the 2015 annual United Way Giving Campaign,
employees contributed over $191,000 that will be
used to help fund over 80 programs and services
accessed by Niagara residents. Employees across
Niagara Region participated in a wide variety of
fundraising activities, including the annual Fall Feast,
soup and chili cook off, curling bonspiel, raffles, dress
down Friday and payroll deductions.
14
Financial Year in Review
15
REPORT FROM THE TREASURER
NIAGARA REGION PROVIDES PROGRAMS AND SERVICES TO
449,098 RESIDENTS IN 12 LOCAL AREA MUNICIPALITIES.
Regional Economy Highlights
Unemployment Rates
Niagara Region offers a diverse economy that includes
manufacturing, tourism, agriculture and agribusiness,
transportation and logistics, and emerging sectors
such as new media, green technology and bioscience.
Through 2015, the Region’s labour market experienced
slight growth as its unemployment rate decreased from
7.7 per cent to an average of 7 per cent, which is in line
with the national average. Total building permit values
increased by 14 per cent over 2014, with the highest
growth experienced in the business and commercial
permit values (30 per cent), and overall housing starts
remained consistent with the permits issued in 2014
(1,911).
10.0%
Niagara Region
Ontario
Canada
9.5%
9.0%
8.5%
8.2%
8.0%
8.5%
7.8%
7.7%
7.5%
7.0%
7.0%
6.5%
6.0%
2011
2012
2013
2014
2015
Housing Starts
2000
1500
1,402
1,308
1,927
1,911
2014
2015
1,451
1000
500
0
2011
2012
2013
Building Permits Issued
$ Millions
1000
800
600
400
200
0
2011
2012
2013
2014
2015
Government & institutional
Business & commercial
Industrial
Agriculture & institutional
16
Despite a reduction in the unemployment rate and
new construction activity, Niagara experienced a 2
per cent increase in the average monthly Ontario
Works caseload from 10,816 people in 2014 to 11,053
cases in 2015. In order to ‘bend the curve’ of caseload
growth, Regional Council and staff have identified an
opportunity to link job opportunities and sustainable
employment with Ontario Works clients. One area of
focus through 2015 and 2016 will be the development
of an online technology solution to better match
Ontario Works clients with available jobs in Niagara.
Average Monthly Social
Assistance Caseload
11200
11000
11,053
10800
10,816
10600
10,632 10,649
10400
10200
10,302
10000
9800
2011
2012
2013
2014
2015
17
PROPERTY TAXES
On December 3, 2015, Regional Council approved a
net zero per cent increase in Regional taxes this year,
after Council passed its 2016 tax supported operating
budget with a tax levy of $325 million. For the average
household with a home assessed at $240,500, the
Regional portion of a resident’s tax bill will decrease by
$3 from 2015 to $1,399. Historical assessment growth,
being the incremental property taxes paid as a result
of an expanding region (new homes and businesses),
through 2015 is presented below.
Historical Assessment Growth and Tax
Levy Increases
5 year average tax levy increase after
assessment growth
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
other jurisdictions. This has resulted in commercial office
building properties and large industrial properties paying
approximately eleven per cent and 18 per cent per
square foot less than other jurisdictions respectively.1
Property taxes of $712 per capita and $1,638 per
household, when compared to other jurisdictions,
illustrate Niagara Region’s broader property tax
competitiveness.2 However, as a measure of affordability
for residents, property taxes as a percentage of
household income are slightly higher for the Niagara
region at 3.9 per cent, compared to 3.7 per cent in other
jurisdictions.3
Niagara Region does not collect tax directly. Local area
municipalities are responsible for collecting taxes from
taxpayers. Below is a breakdown of the 2015 taxation
levy, excluding payments in lieu of tax and supplemental
tax, collected from the local area municipalities.
Regional Property Taxes per Capita
(2014)
1000
2012
2013
2014
2015
2016
Assessment growth
Tax Levy Increase
Tax Impact after Assessment Growth
800
893
$
797
$
$
782
$
600
679
$
712
628
$
400
Assessment growth is an estimate at time of budget approval.
Assessment growth for any given year is based on the information received from the
Municipal Property Assessment Corporation (MPAC) in December of the prior year and is
used in the setting of tax rates at the time of budget approval.
200
0
Recent analysis performed by an independent
firm illustrated that the Niagara region maintains a
competitive advantage with respect to property taxes on
commercial and industrial properties. The review noted
that while property tax rates are equal to or higher than
other jurisdictions, assessment values representing the
cost of capital in the region is on average lower than
Durham
York Waterloo Halton Niagara
* Source: 2014 FIR; Levy revenue ÷ population
1 BMA Management Consulting Inc., Municipal Study - 2015
2 2014 FIR; Levy revenue ÷ population; Levy revenue ÷ households
3 BMA Management Consulting Inc., Municipal Study - 2015
18
Peel
Property Taxes
As per cent of household income
5
4.3%
4
3.9%
3.9%
3.7%
3.4%
3
2
1
0
Simcoe/Muskoka/
Dufferin
Niagara/
Hamilton
Eastern
GTA
North
2015 Taxation Requisitions by Local Area Municipality
Excluding payments in lieu of tax and supplemental taxes
$ Millions
Fort Erie
Grimsby
Lincoln
Niagara Falls
Niagara-on-the-Lake
Pelham
Port Colborne
St. Catharines
Thorold
Wainfleet
Welland
West Lincoln
6.9%
6.7%
5.7%
20.8%
7.8%
4.0%
3.5%
27.8%
4.0%
1.5%
8.5%
2.8%
22.1
21.6
$
18.2
$
67.2
$
25.2
$
12.9
$
11.3
$
89.3
$
12.7
$
4.8
$
27.4
$
9.0
$
$
Total $321.7 million
19
LONG-TERM DEBT STRATEGY
1. C
apital projects are budgeted in their entirety to
support transparency of total project costing. Where
a project could be considered for phasing the design
and construction costs can be budgeted in different
years.
Credit Rating
On January 31, 2016, Standard and Poor’s credit
rating agency reaffirmed Niagara Region’s stable “AA”
rating. Standard and Poor’s noted that Niagara Region
demonstrates strong financial management and points to
2. A source of funding is required for each capital
the Region’s robust annual operating and capital budget
project so one Council does not impede a future
documents which are shared with auditors and residents
Council:
alike, allowing for good disclosure and transparency.
Furthermore, Standard and Poor’s points to the Region’s
a.Ensures the 2015 program is maintained
organizational strength and focus on long-term economic
within the affordability envelope
strategy and financial planning, as positive contributors
towards its credit profile. Highlights of the Standard and
b.Ensures accountability of project funding lies
Poor’s report note that Niagara Region could receive a
with the approving Council
stronger rating if the region demonstrated significant
and sustained economic improvement through healthier This model is fundamental to the long-term financial
health of the Niagara region, supports the strong
growth in population and household incomes.
Standard and Poor’s credit rating, and therefore
minimizes the cost of borrowing to the Region and local
Capital Program Funding
area municipalities.
The Region’s capital program funding model balances
The graph below illustrates deviations between gross
immediate and future needs, affordability and
capital requests and funding sources available within
sustainability, while minimizing risk and supporting
each year. The strategy used to balance the ten year
economic growth in Niagara region. The intent of the
model is achieved by adhering to the following concepts: capital forecast is to redirect funding in the year it
is not required and apply it to years where there are
funding shortfalls.
Ten Year Capital Funding
250
Total request: $1,772M
Total funding: $1,562M
Funding gap: $210M
$ Millions
200
150
100
50
0
Request
Funding
2016
$165
$165
2017
$249
$188
2018
$203
$169
2019
$198
$149
2020
$156
$154
2021
$199
$177
2022
$147
$123
20
2023
$140
$121
2024
$149
$149
2025
$167
$167
2014 Approved Budget Compared to
Financial Statements
A balanced 2015 operating and capital budget was
approved by Council on February 19, 2015.
closure costs liability as these are primarily non-cash
items.
When preparing the budget, Niagara Region considers
its cash needs for the year to ensure it collects
sufficient tax revenue to cover its obligations and
execute its business plan. This includes budgeting
for any principal debt repayments and considers any
required transfers to or from reserves. Conversely,
Niagara Region does not budget for amortization and
its annual impact on tangible capital assets, changes in
employee future benefit liabilities, and changes in the
solid waste landfill closure, contaminated site and post
The budget was prepared for the purpose of setting
tax rates and user fees rather than a framework for
presenting annual financial results. Therefore, in
order to issue financial statements, Niagara Region
is required to adjust its presentation of the financial
results to be accordance with Canadian public sector
accounting standards (PSAS). The chart below
identifies the components that move the Region from
its approved balanced budget to the Canadian PSAS
financial statements presented throughout this annual
report.
Approved
Budget
Based on budget approach
Water & Wastewater surplus
Waste Management surplus
Levy surplus
$
PSAS Presentation Adjustments
Recognize in year capital program revenues
Recognize capital fund expenditures resulting in operating
expenses
Recognize loss on disposal & proceeds on disposal of assets
Remove principal debt repayments
Remove net transfers to reserves
Recognize interest earned on sinking fund investments
Recognize change in operating surplus
Recognize amortization
Recognize change in landfill liability
Recognize contaminated site liability
Recognize power dams liability
Recognize change in unfunded employee future
benefits liability
Annual surplus per PSAS consolidated financial statements
-
2015
$
537
4,552
3,393
2014
$
752
3,580
234
90,427
(17,070)
91,015
(17,070)
48,004
(11,845)
(1,357)
27,148
60,160
(67,406)
(13,954)
(4,028)
(1,357)
27,244
68,937
199
(75)
(67,406)
(13,954)
(200)
(4,218)
(4,028)
(3,370)
25,109
69,000
172
(66,108)
(6,496)
(3,310)
$73,920
$87,569
$55,722
21
AUDIT COMMITTEE
Niagara Region’s Audit Committee is responsible for
ensuring that:
FINANCIAL MANAGEMENT AND
CONTROL
Niagara Region maintains a system of internal controls
designed to safeguard assets and ensure transactions
•Annual consolidated financial statements are
prepared in accordance with standard accounting are properly authorized and recorded in compliance
with legislative and regulatory requirements. The
principles and referred to Council for approval
financial management and control systems of Niagara
•Systems of internal control over financial reporting Region are governed by various by-laws, policies and
operate effectively and are used to ensure
procedures. Niagara Region’s systems of internal
compliance with legal, regulatory and ethical
controls are monitored and evaluated by management
requirements
and are subject to independent audit.
•The external audit function is used effectively and
issues identified are addressed
The Audit Committee evaluates the external auditor
based on qualifications, independence, scope of the
audit, timing of the audit and fees. The Audit Committee
recommends the replacement, reappointment and/or
appointment of the external auditors to Council.
Strengthened Financial Framework
Throughout 2015, Niagara Region worked diligently to
strengthen its financial framework. With assistance
from Deloitte, Niagara Region worked on the design
and implementation of a new financial management
system, referred to as the Enhanced Financial
Management Service. When implemented in 2016, the
new system, in conjunction with standardized business
processes, has enhanced decision making and the
financial reporting environment.
22
AUDITED CONSOLIDATED
The consolidated financial statements have been
prepared in accordance with Canadian PSAS
as recommended by the Chartered Professional
Accountants of Canada. The statements and related
information are the responsibility of management and
include financial activities of all entities deemed to be
controlled by Niagara Region, including the Niagara
Regional Police Service Board, Niagara Regional
Housing and Court Services.
AWARDS FOR FINANCIAL
REPORTING AND BUDGET
PRESENTATION
Our commitment to developing fiscally responsible
budgets and presenting financial information to Niagara
Region taxpayers in a clear and easy to understand
format was recognized by the Government Finance
Officers Association of the United States and Canada
(GFOA).
For the eleventh consecutive year, Niagara Region was
awarded the Canadian Award for Financial Reporting
The Municipal Act of Ontario requires Niagara Region
for its 2014 Annual Financial Report. To receive the
to appoint an independent auditor to express an opinion award, a government organization must present
as to whether the financial statements present fairly,
financial information in a clear, concise and informative
in all material respects, the Niagara Region’s financial manner, with content that conforms to program
position and operating results. In discharging this
standards.
responsibility, the auditors have complete access to all
Niagara Region records and meet regularly with staff to Niagara Region is continuing this standard of high
discuss policies, procedures and process improvements quality reporting for the submission and evaluation
of its 2015 Annual Report to the GFOA’s 2015 award
arising from the audit. The auditors provide a written
program
report and management letter dealing with the
adequacy of internal financial control systems, and
GFOA also presented Niagara Region with a
an audit opinion regarding the results of the financial
Distinguished Budget Presentation Award for the 2015
statement audit.
Budget Plan. This award reflects the commitment of
Consistent with prior years, Niagara Region’s financial Council, management and staff to meet the highest
statements have received an unqualified audit opinion. standards of governmental budgeting. This is the third
time Niagara Region has received the award and it
represents a significant achievement.
Government Finance Officers Association
Canadian Award
for
Financial Reporting
Presented to
The Regional Municipality of Niagara
Text38:
Ontario
For its Annual
Financial Report
for the Year Ended
December 31, 2014
Executive Director/CEO
23
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
The consolidated statement of financial position
reports on Niagara Region’s financial and non-financial
assets, liabilities and accumulated surplus at
December 31, 2015.
Net Financial Assets (Net Debt)
Public sector accounting standards require Niagara
Region to distinguish between financial and physical
assets. Financial assets are those assets on hand,
which would provide resources to discharge liabilities
or finance future operations. The difference between
financial assets and liabilities, or net financial assets
(net debt), is an indicator of the Niagara Region’s ability
to finance future activities and to meet its liabilities and
commitments.
In 2015, Niagara Region’s net debt position increased
from $28.8 million to $69.1 million. The increase is
primarily the result of debt issued for the acquisition
of tangible capital assets relating to major capital
projects.
Tangible Capital Assets
Tangible capital assets are significant economic
resources managed by Niagara Region and a key
component in the delivery of many programs and
services.
The net book value of tangible capital assets, as
reported in the consolidated statement of financial
position, is $1.6 billion and is highlighted by category in
the accompanying chart. Total historical costs are $2.7
billion and the total accumulated amortization is $1.1
billion, implying that 40.7 per cent of the estimated
useful life of Niagara Region’s tangible capital assets
has been used in the delivery of programs and
services. Amortization can be used to estimate future
capital spending requirements with the understanding
that asset replacement costs will be significantly higher
than historical cost.
During the year Niagara Region acquired $195.7 million
of tangible capital assets. The amortization expense, as
reported in the statement of operations, amounted to
$67.4 million.
Tangible capital asset acquisitions are approved
by Council ensuring that the appropriate funding is
in place.
Tangible Capital Assets
Net Book Value & Amortization
$ Millions
Work in progress
Roads infrastructure
$
370.5
Water & wastewater infrastructure
$
Vehicles, machinery & equipment
301.4
347.5
$
$
371.2
$
41.7
$198
$156
$199
50%
$149
$154amortization
$177
Accumulated
302.8
44.4
$
$
$249
0%
$203
$188Net book
$169
value
67.2
$
Land
$165
$165
$
$
170.6
Building & building improvements
Request
Funding
202.2
235.9
$
Landfill & land improvements
$
$147
$123
24
$140
$121
$149
$149
210.1
$167
100%
$167
DEBT POSITION
ACCUMULATED SURPLUS
Niagara Region’s debt practices are governed by
provincial legislation and Council. The province’s
prescribed annual debt repayment limit stipulates
that payments relating to all debt and other longterm financial obligations of a municipality may
not exceed 25 per cent of own source revenues,
including the annual tax levy, rate generated revenue
and user fees. Niagara Region’s annual repayment
limit was 6.7 per cent at the end of 2015.
The accumulated surplus represents the net asset
position (financial assets plus non-financial assets less
financial liabilities) of Niagara Region.
Niagara Region, by way of provincial legislation,
also issues all debt on behalf of the 12 local area
municipalities and the conservation authority. The
total debt recorded on the consolidated statement
of financial position is $568 million, which is
an increase of $77 million from 2014. The debt
attributed to Niagara Region (total debt less debt
recoverable from others) is $316 million or $703 per
resident, up from $270 million or $605 per resident
in 2014. Niagara Region’s debt charges (principal
and interest) totaled $39 million or 6.7 per cent of
own source revenue consist with $36 million or 6.4
per cent in 2014.
At December 31, 2015, Niagara Region’s accumulated
surplus balance is $1.6 billion. This consists of a $1.3
billion investment in tangible capital assets, $282
million in reserves and $172 million unexpended capital
financing. These balances are offset by a $13 million
operating fund deficit and $178 million in unfunded
liabilities. The reserves of $282 million are highlighted
by designated purpose in the accompanying chart.
Reserve and Reserve Funds
$ Millions
1%
18%
26%
18%
Debt Payments as a Per Cent of
Own Source Revenues
18%
11%
$ Millions
9%
10%
8%
8.2%
7.4%
6%
6.7%
6.4%
2013
2014
6.7%
4%
2%
0%
2011
2012
2015
Water capital & operations....................... $73.7
Wastewater capital & operations.............. $51.3
Waste management operations................ $23.6
Corporate stabilization ............................. $30.2
Capital ..................................................... $49.9
Future liability & commitment .................. $51.7
Other....................................................... $1.8
Total........................................................ $282.2
25
CONSOLIDATED STATEMENT
OF OPERATIONS
The consolidated statement of operations reports
Niagara Region’s change in economic resources
and accumulated surplus. During the year annual
revenues exceeded expenditures resulting in an $87.6
million surplus in accordance with Canadian PSAB
standards. Compared to the prior year, Niagara
Region’s revenues reflect the increase in taxation
for the year of $4.5 million, as well as an increase
federal, provincial and municipal government transfers
of $47.5 million primarily related to contributions to
capital projects.
Higher expenses in 2015 relate to additional landfill
liability, the contamination cleanup required for the
Helena Street chemical spill and increases in program
and operating costs related to Social and Family
Services. Below is a breakdown of our revenue
sources by type and our expenses by function.
Conclusion
Providing service to 449,098 residents in a diverse
economy requires proactive financial management
and a strong financial control framework. Achieving
a balance between delivering the programs and
services residents have come to rely upon, and
reinvesting in strategic areas that will enable a more
prosperous Niagara will continue to drive the financial
strategies of Niagara Region. We are committed
to ensuring high standards of fiscal excellence at
Niagara Region.
Maurice Lewis,
Acting Chief Administrative Officer and Treasurer
June 27, 2016
Revenue by Source
Expense by Function
$ Millions
$ Millions
2%
1%
1%
5%
3%
7%
4%
21%
30%
22%
31%
8%
36%
11%
Province of Ontario grants........................ $280.1
Property taxpayer .................................... $331.7
User charges ........................................... $209.1
Government of Canada grants.................. $41.7
Investment income .................................. $13.8
Provincial offences act............................. $8.0
Other....................................................... $49.1
Total........................................................ $933.4
18%
General government ................................ $27.9
Protection to persons & property.............. $176.2
Transportation services............................ $68.6
Environmental services............................ $152.7
Health services ........................................ $87.5
Social and family services ....................... $264.3
Social housing ......................................... $59.7
Planning & development .......................... $8.8
Total........................................................ $845.8
26
Financial Statements
27
THE REGIONAL MUNICIPALITY OF NIAGARA
INDEX
December 31, 2015
CONSOLIDATED FINANCIAL STATEMENTS
29
30
31
32
33
34
35
Management’s Responsibility for the Financial Statements
Consolidated Statement of Financial Position
Consolidated Statement of Operations
Consolidated Statement of Change in Net Debt
Consolidated Statement of Cash Flows
Notes to Consolidated Financial Statements
SINKING FUND FINANCIAL STATEMENTS
60
61
Sinking Fund Statement of Financial Position
62
Sinking Fund Statement of Operations and Change in Net Financial
Assets
63
Sinking Fund Statement of Cash Flows
64
Notes to Sinking Fund Financial Statements
TRUST FUNDS FINANCIAL STATEMENTS
65
66
67
68
69
Trust Funds Statement of Financial Position
Trust Funds Statement of Operations and Change in Net Financial Assets
Trust Funds Statement of Cash Flows
Notes to Trust Funds Financial Statements
STATISTICAL
71
Five Year Statistical Review
28
MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The accompanying financial statements of The Regional Municipality of Niagara (the “Region”) are the responsibility of the
Region’s management and have been prepared in compliance with legislation, and in accordance with Canadian Public
Sector Accounting Standards. A summary of the significant accounting policies are described in Note 1 to the financial
statements. The preparation of financial statements necessarily involves the use of estimates based on management’s
judgment, particularly when transactions affecting the current accounting period cannot be finalized with certainty until future
periods.
The Region’s management maintains a system of internal controls designed to provide reasonable assurance that assets
are safeguarded, transactions are properly authorized and recorded in compliance with legislative and regulatory
requirements, and reliable financial information is available on a timely basis for preparation of the financial statements.
These systems are monitored and evaluated by management.
The audit committee meets with management and the external auditors to review the financial statements and discuss any
significant financial reporting or internal control matters prior to their approval of the financial statements.
The financial statements have been audited by KPMG LLP, independent external auditors appointed by the Region. The
accompanying Auditors’ Report outlines their responsibilities, the scope of their examination and their opinion on the
Region’s financial statements.
Maurice Lewis,
Commissioner of Corporate Services/Treasurer
May 2, 2016
29
INDEPENDENT AUDITORS' REPORT
To the Members of Council, Inhabitants and Ratepayers of the Regional Municipality of Niagara
We have audited the accompanying consolidated financial statements of the Regional Municipality of Niagara, which
comprise the consolidated statement of financial position as at December 31, 2015, the consolidated statements of
operations, change in net debt and cash flows for the year then ended, and notes, comprising a summary of significant
accounting policies and other explanatory information.
MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with Canadian public sector accounting standards, and for such internal control as management determines is
necessary to enable the preparation of the consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
AUDITORS’ RESPONSIBILITY
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our
audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material
misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we
consider internal control relevant to the entity’s preparation and fair presentation of the consolidated 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 consolidated 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 consolidated financial statements present fairly, in all material respects, the consolidated statement of
financial position of the Regional Municipality of Niagara as at December 31, 2015, and its consolidated results of
operations and the changes in its consolidated net debt and its consolidated cash flows for the year then ended in
accordance with Canadian public sector accounting standards.
Chartered Professional Accountants, Licensed Public Accountants
May 2, 2016
St. Catharines, Canada
30
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
December 31, 2015, with comparative information for 2014 (In thousands of dollars)
2015
2014
FINANCIAL ASSETS:
Cash
Investments (note 3)
Accounts receivable (note 4)
Other current assets
Debt recoverable from others (note 8)
Total financial assets
$
$
168,521
402,792
$ 92,162
$ 2,764
$ 251,899
$ 918,138
$
$
131,831
421,472
$ 69,566
$ 2,474
$ 220,971
$ 846,314
$
$
FINANCIAL LIABILITIES:
Accounts payable and accrued liabilities
Employee benefits and other liabilities (note 5)
Deferred grant (note 6)
Landfill liability (note 7)
Contaminated site liability (note 2)
Long-term liabilities (note 8)
Total financial liabilities
133,394
98,752
$ 107,413
$ 79,849
$ 200
$ 567,648
$ 987,256
Net debt
$
113,560
94,677
$ 109,834
$ 65,895
$ 0$ 491,112
$ 875,078
$
(69,118)
$
$
(28,764)
NON-FINANCIAL LIABILITIES:
Tangible capital assets (note 9)
Inventory
Prepaid expenses
Total non-financial liabilities
$
1,602,204
$ 5,884
$ 11,246
$ 1,619,334
Accumulated surplus (note 10)
$
The accompanying notes are an integral part of these consolidated financial statements.
31
$1,550,216
$
1,475,266
$ 5,490
$ 10,655
$ 1,491,411
$1,462,647
CONSOLIDATED STATEMENT OF OPERATIONS
Year ended December 31, 2015, with comparative information for 2014 (In thousands of dollars)
Budget
(note 18)
2015
2014
REVENUES:
Taxation and user charges:
Requisitions on local governments
User charges
Total taxation and user charges
Government transfers (note 16):
Government of Canada
Province of Ontario
Other municipalities
Total government transfers
Other:
Development charges earned
Investment income
Provincial offences
Miscellaneous
Total other
$
$
$
336,570
207,721
544,291
$
$
$
41,804
285,517
$ 14,960
$ 342,281
$
$
17,236
12,562
$ 8,735
$ 12,267
$ 50,800
$
$
$
$
41,698
280,102
$ 14,833
$ 336,633
$
$
$
Total revenues
331,661
209,090
540,751
$
33,468
252,379
$ 3,290
$ 289,137
$
$
$
17,236
13,751
$ 7,989
$ 17,036
$ 56,012
937,372
$
327,202
205,218
532,420
$
5,227
13,586
$ 8,537
$ 16,418
$ 43,768
$
933,396
$
$
865,325
EXPENSES:
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and family services
Social housing
Planning and development
Total expenses
29,815
174,708
$ 65,613
$ 163,426
$ 90,631
$ 268,457
$ 61,009
$ 9,793
$ 863,452
$
Annual surplus
$
$
Accumulated surplus, beginning of year
Accumulated surplus, end of year (note 10)
$
27,909
176,249
$ 68,645
$ 152,708
$ 87,527
$ 264,260
$ 59,702
$ 8,827
$ 845,827
$
73,920
1,462,647
$ 1,536,567
32
$
$
$
34,523
170,285
$ 56,989
$ 145,767
$ 82,849
$ 252,667
$ 58,924
$ 7,599
$ 809,603
$
87,569
1,462,647
$ 1,550,216
$
$
$
55,722
1,406,925
$ 1,462,647
CONSOLIDATED STATEMENT OF CHANGE IN NET DEBT
Budget
(note 18)
Annual surplus
$
Acquisition of tangible capital assets
Contributed tangible capital assets
Transfers to assets held for sale
Amortization of tangible capital assets
Loss on sale of tangible capital assets
Proceeds on sale of tangible capital assets
Change in inventory
Change in prepaid expenses
$
2015
73,920
(195,701)
$ 0$ 0$ 67,406
$ 1,023
$ 334
$ (394)
$ (591)
$
$
87,569
(195,701)
$ 0$ 0$ 67,406
$ 1,023
$ 334
$ (394)
$ (591)
Change in net debt
$
(54,003)
$
(40,354)
Net debt, beginning of year
$
(28,764)
$
(28,764)
Net debt, end of year
$ (82,767)
33
2014
$ (69,118)
$
$
55,722
(147,244)
(5,361)
$ 734
$ 66,108
$ 2,745
$ 625
$ (948)
$ (633)
$
$
(28,252)
$
(512)
$ (28,764)
CONSOLIDATED STATEMENT OF CASH FLOWS
December 31, 2015 with comparative information for 2014 (In thousands of dollars)
2015
2014
OPERATING ACTIVITIES:
Annual surplus
Items not involving cash:
Contributed tangible capital assets
Transfer to assets held for sale
Change in employee benefits and other liabilities
Change in landfill liability
Change in contaminated sites liability
Change in non-cash assets and liabilities:
Accounts receivable
Deferred revenue
Inventory
Prepaid expenses
Net change in cash from operating activities
$
87,569
$
55,722
67,406
$ 0$ 0$ 1,023
$ 4,075
$ 13,954
$ 200
$
$
66,108
(5,361)
$ 734
$ 2,745
$ 3,516
$ 6,496
$ 0-
$
$
(22,596)
$ (290)
$ 19,834
$ (2,421)
$ (394)
$ (591)
$ 167,769
4,029
(2,217)
15,482
$ 51
$ (948)
$ (633)
$ 145,724
$
$
$
CAPITAL ACTIVITIES:
Cash used to acquire tangible capital assets
Net change in cash from capital activities
$ 334
(195,701)
(195,367)
$
$
$ 625
(147,244)
(146,619)
$
$
INVESTING ACTIVITIES:
Sale of investments
Purchase of investments
Net change in cash from investing activities
$
$
102,065
(83,385)
$ 18,680
$
$
132,761
(124,843)
$ 7,918
FINANCING ACTIVITIES:
Debt issued and assumed
Long-term debt repaid
Increase in sinking fund assets
Net change in cash from financing activities
$
Net change in cash
$
73,083
(27,244)
$ (231)
$ 45,608
$
Cash, beginning of year
Cash, end of year
$
36,690
$
$
66,836
(25,109)
$ (199)
$ 41,528
$
48,551
131,831
$ 168,521
$ 83,280
$ 131,831
Cash paid for interest
Cash received from interest
$
$
11,846
12,193
$
$
10,872
13,755
Non-cash investing and financing activities:
Debt issued on behalf of others
Repayment made on behalf of others
$
$
57,787
26,859
$
$
15,090
26,244
34
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Year ended December 31, 2015(In thousands of dollars)
1.
Significant accounting policies:
The consolidated financial statements of The Regional Municipality of Niagara (the “Region”) are prepared by
management in accordance with Canadian public sector accounting standards (“PSAS”). Significant accounting
policies adopted by the Region are as follows:
(a) Basis of consolidation:
(i)
Consolidated entities:
The consolidated financial statements reflect the assets, liabilities, revenues, expenses and accumulated surplus
of the reporting entity. The reporting entity is comprised of all organizations, committees and local boards
accountable for the administration of their financial affairs and resources to the Region and which are owned or
controlled by the Region. These entities and organizations include:
Niagara Regional Police Services
Court Services Operations
Niagara Economic Development Corporation
Interdepartmental and inter-organizational transactions and balances between these organizations are eliminated.
(ii) Trust funds:
Trust funds and their related operations administered by the Region are not included in these consolidated
financial statements.
(b) Basis of accounting:
The Region follows the accrual method of accounting for revenues and expenses. Revenues are recognized in
the year in which they are earned and measurable. Expenses are recognized as they are incurred and
measurable as a result of receipt of goods or services and/or the creation of a legal obligation to pay.
(c) Investments:
Investments consist of bonds and money market notes and are stated at the lower of cost and market value.
Gains and losses on investments are recorded when incurred.
35
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Year ended December 31, 2015 (In thousands of dollars)
1.
Significant accounting policies (continued):
(d) Non-financial assets:
Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of
services. They have useful lives extending beyond the current year and are not intended for sale in the ordinary
course of operations.
(i) Tangible capital assets:
Tangible capital assets are recorded at cost which includes amounts that are directly attributable to acquisition,
construction, development or betterment of the asset. The cost, less residual value of the tangible capital assets,
excluding land and landfill sites, are amortized on a straight line basis over their estimated useful lives as follows:
Asset
Useful Life - Years
Landfill and land improvements
Building and building improvements
Vehicles, machinery and equipment
- Vehicles
- Machinery and equipment
Water and wastewater infrastructure
Roads infrastructure
- Base
- Bridge and culvert
- Surface
3 – 50
3 – 60
4 – 20
3 – 60
25 – 100
40
60
10
Landfill sites are amortized using the units of production method based upon capacity used during the year.
One half of the annual amortization is charged in the year of acquisition and in the year of disposal. Assets under
construction (work in progress) are not amortized until the asset is available for productive use.
(ii) Contributions of tangible capital assets:
Tangible capital assets received as contributions are recorded at their fair value at the date of receipt and also are
recorded as revenue.
(iii) Intangible assets:
Intangible assets and natural resources that have not been purchased are not recognized as assets in the
consolidated financial statements.
(iv) Interest capitalization:
The Region’s tangible capital asset policy does not allow for the capitalization of interest costs associated with the
acquisition or construction of a tangible capital asset.
36
1.
(d) Non-financial assets (continued):
(v) Leases:
Leases which transfer substantially all of the benefits and risks incidental to ownership of property are accounted
for as capital leases. All other leases are accounted for as operating leases and the related payments are
charged to expenditures as incurred.
(vi) Inventories:
Inventories held for consumption are recorded at the lower of cost and replacement cost.
(e) Reserves:
Certain amounts, as approved by Regional Council are set aside in reserves for future operating and capital
purposes. Transfers to and/or from reserves are an adjustment to the respective reserve when approved.
Reserves are presented on the consolidated statement of financial position in accumulated surplus.
(f)
Government transfers:
Government transfers are recognized as revenue in the consolidated financial statements when the transfer is
authorized, any eligibility criteria are met and a reasonable estimate of the amount can be made, except when and
to the extent that stipulations by the transferor give rise to an obligation that meet the definition of a liability.
Government transfers that meet the definition of a liability are recognized as revenue as the liability is
extinguished.
(g) Deferred revenue:
Deferred revenues represent development charges, grants, user charges and fees which have been collected but
for which the related services have yet to be performed. These amounts will be recognized as revenues in the
fiscal year the services are performed.
(h) Taxation revenue:
Property tax revenue is recognized on an accrual basis using the approved tax rates and the anticipated
assessment related to the current year.
(i)
Investment income:
Investment income earned is reported as revenue in the period earned. Investment income earned on
development charge reserve funds is added to the fund balance and forms part of the deferred development
charges balance.
37
1.
(j) Use of estimates:
The preparation of consolidated financial statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the consolidated financial statements, and the reported amounts of revenues and expenses during the
period. Significant estimates include assumptions used in estimating provisions for tax write-offs, accrued
liabilities, landfill liability, contaminated sites liability, certain payroll liabilities and in performing actuarial valuations
of employee future benefits. Amounts recorded for amortization of tangible capital assets are based on estimates
of useful service life. Actual results could differ from these estimates.
2.
Changes in accounting policies:
Contaminated sites:
On January 1, 2015, the Region adopted Public Sector Accounting Standards PS 3260, Liability for Contaminated
Sites. This standard was adopted on a prospective basis from the date of adoption. Under PS 3260, a liability for
contaminated sites is recognized when an environmental standard exists, contamination exceeds the
environmental standard, the Region is directly responsible or accepts responsibility for expected remediation, it is
expected that future economic benefits will be given up, and a reasonable estimate of the amount can be made.
All criteria must be met in order to recognize a liability.
As a result of the adoption of the standard, a liability was recorded for $200 related to one property meeting all the
applicable criteria. This has been reflected in the statement of financial position as at December 31, 2015.
3.
Investments:
Investments reported on the consolidated statement of financial position have market values as follows:
Cost
Investments
4.
$
402,792
2015
Market Value
$
411,621
Cost
$
421,472
Accounts receivable:
Accounts receivable are reported net of a valuation allowance of $2,061 (2014 - $2,174).
38
2014
Market Value
$
433,919
5.
Employee benefits and other liabilities:
The Region provides certain employee benefits which will require funding in future periods. These benefits include sick
leave, benefits under the Workplace Safety and Insurance Board (“WSIB”) Act, and life insurance, extended health and
dental benefits for early retirees.
2015
2014
Workplace Safety & Insurance Board
Accumulated Sick Leave
Retiree benefits
Vacation pay
Other liabilities
$
$
$
37,838
14,698
33,458
$ 9,229
$ 3,529
$
$
$
33,999
15,159
32,817
$ 9,355
$ 3,347
Total employee benefits and other liabilities
$
98,752
$
94,677
The Region has established reserve funds to mitigate the future impact of these obligations. These reserve funds are
presented in the consolidated statement of financial position within accumulated surplus. Reserves relating to these
liabilities are summarized by entity below:
2015
2014
Niagara Regional Police Services
Niagara Region
$
10,540
$ 793
$ 25,395
$
Total
$
$
39
36,728
10,396
$ 793
$ 25,579
36,768
5.
Employee benefits and other liabilities (continued):
Information about the Region’s benefit plans is as follows:
2015
Accrued benefit obligation:
Balance, beginning of year
Current benefit cost
Interest
Actuarial (gain) loss
Benefits paid
Balance, end of year
$
102,824
5,634
2,962
$ (11,126)
$ (6,254)
94,040
$
$
Unamortized actuarial gain (loss)
$
Liability for benefits
$
4,712
98,752
2014
$
95,096
4,658
3,531
5,494
$ (5,955)
$ 102,824
$
$
$
$
$
(8,147)
94,677
Included in expenditures is $1,733 (2014 - $1,281) for amortization of the actuarial gain. The unamortized actuarial
gain is amortized over the expected average remaining service life as listed below:
Accumulated Sick Leave Benefit Plan entitlements
Retiree benefits
6 - 12 years
16 - 17 years
The unamortized actuarial gain on future payments required to WSIB is amortized over the expected period of the
liability which is 11 years.
WSIB
With respect to responsibilities under provisions of the Workplace Safety and Insurance Board (“WSIB”) Act the Region
has elected to be treated as a Schedule 2 employer and remits payments to the WSIB as required to fund disability
payments. An actuarial estimate of future liabilities has been completed and forms the basis for the estimated liability
reported in these financial statements. The most recent actuarial valuation was performed as at December 31, 2015.
The main actuarial assumptions employed for the valuation are as follows:
a)
Interest (discount rate):
The obligation of the present value of future liabilities as at December 31, 2015 and the expense for the 12
months ended December 31, 2015, were determined using a discount rate of 3.0% (2014 – 3.2%).
b)
Administration costs:
Administration costs were assumed to be 34.3% (2014 - 22.2%) of the compensation expense.
40
5.
WSIB (continued)
c)
Compensation expense:
Compensation costs include loss of earnings benefits, health care costs and non-economic loss awards, were
assumed to increase at a rate of 2% per annum (2014 – ranging from 2.5% to 6.5%).
Accumulated sick leave
Under the accumulated sick leave benefit plan, unused sick leave can accumulate and employees may become
entitled to a cash payment when they leave the Region’s employment.
Retiree benefits
The Region pays certain life insurance benefits on behalf of retired employees as well as extended health and dental
benefits for early retirees to age 65 and Health Care Spending Accounts for certain retirees until the age of 70 or 75
depending on year of retirement. The Region recognizes these post-retirement costs in the period in which the
employees rendered the services. The most recent actuarial valuation was performed as at December 31, 2015.
The main actuarial assumptions employed for the valuations are as follows:
a)
Interest (discount rate):
The obligation as at December 31, 2015, of the present value of future liabilities and the expense for the 12
months ended December 31, 2015, were determined using a discount rate of 3.2% (2014 – 3.2%).
b)
Medical costs:
Medical costs were assumed to increase at the rate of 6.25% (2014 – 5%) per year, reducing to 4.5% (4% per
year in 2018 and thereafter) in 2023 and thereafter.
c)
Dental costs:
Dental costs were assumed to increase at the rate of 3% (2014 - 3.5%) per year.
Other pension plans
The Region makes contributions to the Ontario Municipal Employees Retirement Fund (“OMERS”), which is a multiemployer plan. The plan is a defined benefit plan which specifies the amount of the retirement benefit to be received
by the employees based on the length of service and rates of pay.
41
5.
Other pension plans (continued)
The amount contributed to OMERS for 2015 was $27,481 (2014 - $27,922) for current service and is included as an
expenditure on the consolidated statement of operations. Employees’ contribution to OMERS in 2015 was $27,439
(2014 - $27,841).
Contributions for employees with a normal retirement age of 65 were being made at rate of 9% (2014 - 9%) for
earnings up to the yearly maximum pensionable earnings of $53.6 (2014 - $52.5) and at a rate of 14.6% (2014 –
14.6%) for earnings greater than the yearly maximum pensionable earnings. For uniformed police officers with a
normal retirement age of 60, those rates were 9.2% (2014 - 9.3%) and 15.8% (2014 - 15.9%) respectively.
The OMERS pension plan has a deficit based on an actuarial valuation of plan assets. There were no changes to
contributions rates or benefits for 2014 and 2015. If actuarial surpluses are not available to offset the existing deficit
and subsidize future contributions, increases in the contribution may be required in future years.
As OMERS is a multi-employer pension plan, any pension plan surpluses or deficits are a joint responsibility of all
Ontario municipalities and their 450,000 employees. The OMERS Primary Pension Plan concluded 2015 with a $7.0
billion funding deficit (2014 $7.1 billion deficit).
42
6.
Deferred revenue:
A requirement of PSAS is that obligatory reserve funds be reported as deferred revenue. The Region treats
development charges and gas tax as obligatory reserve funds. The Region has obligatory reserve funds in the amount
of $77,741 (2014 - $78,369). These reserve funds are considered obligatory as Provincial and Federal legislation
restricts how these funds may be used, and under certain circumstances, how these funds may be refunded.
In the case of development charges, revenue recognition occurs after the funds have been collected and when the
Region has approved and incurred the expenditures for the capital works for which the development charges were
raised. These funds have been set aside, as required by the Development Charges Act, to defray the cost of growth
related capital projects associated with new development.
The deferred revenues, reported on the consolidated statement of financial position, are made up of the following:
2015
Development charges
Gas tax
Obligatory reserve funds
$
$
Ontario Strategic Investments Fund –
Niagara-on-the-Lake wastewater treatment plant
Investing in Ontario Grant
Other deferred revenue
Total
$
$
$
43
$
$
68,728
9,013
77,741
2014
$
5,876
10,617
13,179
107,413
$
$
$
$
$
65,965
12,404
78,369
13,093
10,617
$ 7,755
109,834
6.
Deferred revenue (continued):
The continuity of obligatory reserve funds and the Ontario Strategic Investments Fund are summarized below:
Development charges:
2015
Externally restricted inflows
Revenue earned
Investment income
$
2014
$
$
65,965
19,395
(17,236)
$ 604
$
$
$
53,396
17,070
(5,227)
$ 726
$
68,728
$
65,965
Gas tax:
2015
Revenue earned
Investment income
$
$
$
12,404
12,675
(16,182)
$ 116
$
9,013
2014
$
$
$
17,263
13,203
(18,265)
$ 203
$
12,404
Ontario Strategic Investments Fund – Niagara-on-the-Lake wastewater treatment plant:
2015
7.
Revenue earned
$
2014
$
13,093
$ 0(7,217)
$
$
14,430
$ 0(1,337)
$
5,876
$
13,093
Landfill liability:
The Region owns and monitors 14 landfill sites, 3 of which are open and operating. The liability for closure of
operational sites and post-closure care has been recognized based upon the usage of the site’s capacity during the
year. The costs were based upon the 2015 budget and inflation adjusted at a rate of 2% per annum (2014 - 1.5% to
3.0%) until the end of contamination. These costs were then discounted to December 31, 2015 using a discount rate of
3.4% (2014 – 3.2%). Post-closure care is estimated to be required for the contaminating lifespan of landfill sites up to
40 years (2014 – 20 years). The liability for closure and post-closure care as at December 31, 2015 is $79,849 (2014 $65,895). Estimated expenses for closure and post-closure care are $84,226 (2014 - $77,143). The liability remaining
to be recognized is $4,377 (2014 - $11,247). It is estimated that the life of open landfill sites range from 1 to 43 years.
44
8.
Net long-term liabilities:
(a) In addition to long-term liabilities incurred directly, the Region has assumed the responsibility for charges on debt
originally incurred by local municipalities in respect of functions which are now a Regional responsibility.
As well as incurring long-term liabilities for regional purposes, the Region also incurs long-term liabilities on behalf
of the area municipalities. The responsibility for raising the amounts required to service this debt lies with the
respective area municipalities.
The balance of net long-term liabilities reported on the consolidated statement of financial position is made up of
the following:
2015
Long-term liabilities incurred by the Region (including capital lease)
Long-term liabilities assumed by the Region incurred by others
Less: Sinking fund assets
$
Long-term liabilities
$
Debt recoverable from others net of sinking fund assets (long-term
liabilities incurred by the Region for which other entities have
assumed responsibility)
Net long-term liabilities, end of year
2014
575,946
$ 0$ (8,298)
$
496,698
$ 938
$ (6,524)
567,648
(251,899)
$
$
315,749
$
$
491,112
(220,971)
$
270,141
(b) The long-term liabilities in (a) issued in the name of the Region have been approved by by-law. The annual
principal and interest payments required to service these liabilities are within the annual debt repayment limit
prescribed by the Ministry of Municipal Affairs.
(c) The Region issued sinking fund debentures of $78,079 payable on June 30, 2040 and bearing interest at the rate
of 5.2% per annum. The sinking fund debentures are included in long-term liabilities in (a) and include $9,333
borrowed on behalf of the City of St. Catharines and shown as debt recoverable from others. The City of St.
Catharines share of the sinking fund assets have been removed from the debt recoverable from others in (a).
Annual principal payments into the sinking fund of $1,512 are due June 30 of each year. These payments are
reflected as principal repayments in (e).
45
8.
Net long-term liabilities (continued):
(d) The Region is contingently liable for long-term liabilities with respect to debt issued for area municipalities, school
boards, tile drainage and shoreline property assistance. The total amount outstanding as at December 31, 2015 is
$251,899 (2014 - $220,971) and is reported on the consolidated statement of financial position as debt
recoverable from others.
(e) Principal payments to be funded by the Region, including sinking fund payments and capital lease obligations,
due in each of the next five years are as follows:
2016
2017
2018
2019
2020
Thereafter
$
Total principal payments
(f)
$
$
$
$
$
26,327
26,737
21,800
25,968
19,633
195,284
$ 315,749
The long-term liabilities in (a) include a capital lease obligation for equipment of $229 (2014 - $453) expiring in
2016 and bear interest at a rate of 2.58%.
(g) Total interest on net long-term liabilities which are reported on the consolidated statement of operations amounted
to $12,011 in 2015 (2014 - $11,214). The long-term liabilities bear interest at rates ranging from 1.15% to 8.75%.
The interest on long-term liabilities assumed by the municipalities and school boards or by individuals in the case
of tile drainage and shoreline property assistance loans are not reflected in these financial statements.
(h) The Region has purchased $15,242 (2014 - $24,431) of its own debentures issued on behalf of itself and local
area municipalities which have not been cancelled. This investment in own debentures is included in investments
on the consolidated statement of financial position. The Region’s share of the gross outstanding amount of these
debentures is $14,453 (2014 - $35,059).
46
9. Tangible capital assets:
2015
Land
Landfill and Land
Improvements
Building and
Building
Improvements
Vehicles,
Machinery and
Equipment
Water and
Wastewater
Infrastructure
Roads
Infrastructure
Work in
progress
Total
$209,634
$84,172
$662,450
$503,492
$300,370
$602,478
$121,249
$2,483,845
Cost
Additions
$
Disposals
$
$
755
$
(281)
210,108
$
2,079
$
(143)
11,600
$
$
20,480
$
2,914
$
(214)
$
(7,502)
303,070
$
671,913
63,046
$
289,137
$
0-
$
(6,891)
$
0-
19,118
$
0-
301,364
$
0-
(11)
$
(5,920)
$
86,108
$
674,039
$
518,052
$
$
42,155
$
283,716
$
330,525
$
$
(5,567)
$
(102)
22,526
$
4,216
$
76,937
$
80,936
$
$
0-
202,185
$
195,701
$
(14,071)
$
2,665,475
$
1,008,579
Accumulated Amortization
$
0-
Disposals
$
0-
$
(143)
Amortization expense
$
0-
$
2,440
$
0-
Net Book Value, end of year
$210,108
$
44,452
$41,656
47
$
$
(11)
19,106
302,811
$371,228
$
$
347,484
$170,568
$
$
67,160
$235,910
$
$
$370,549
$202,185
$
(12,714)
$
$
67,406
1,063,271
$1,602,204
9. Tangible capital assets (continued):
2014
Land
Landfill and Land
Improvements
Building and
Building
Improvements
Vehicles,
Machinery and
Equipment
Water and
Wastewater
Infrastructure
Roads
Infrastructure
Work in
progress
Total
$207,249
$79,677
$633,840
$489,491
$277,955
$575,398
$88,203
$2,351,813
Additions
$
3,119
$
(734)
Cost
Disposals
$
$
$
$
0-
209,634
4,499
$
$
30,040
0(4)
$
$
$
0-
25,907
$
$
23,885
0-
(1,430)
$
(11,906)
$
84,172
$
662,450
$
503,492
$
39,766
$
265,529
$
319,210
$
$
0-
(1,470)
$
$
32,109
$
$
$
33,046
0-
$
0-
(5,029)
$
0-
300,370
$
602,478
$
121,249
59,611
$
274,824
$
0-
$
(3,700)
$
0-
18,013
$
0-
289,137
$
0-
$
152,605
$
$
(734)
(19,839)
$
2,483,845
Accumulated Amortization
$
0-
Disposals
$
0-
Amortization expense
$
0-
$
0-
Net Book Value, end of year
$209,634
$
$
$
(4)
$
2,393
42,155
$42,017
48
$
$
(439)
$
18,626
283,716
$378,734
$
$
$
(11,709)
$
(617)
23,024
$
4,052
330,525
$172,967
$
63,046
$237,324
$
$
$313,341
$121,249
$
958,940
$
(16,469)
$
$
66,108
1,008,579
$1,475,266
9.
Tangible capital assets (continued):
Work in progress
Work in progress having a value of $202,185 (2014 - $121,249) is not amortized. Amortization of these assets will
commence when the asset is put into service.
Contributed Tangible Capital Assets
Contributed capital assets have been recognized at fair market value at the date of contribution. The value of
contributed assets received during the year is $nil (2014 - $5,361).
Tangible Capital Assets Disclosed at Nominal Values
Where an estimate of fair value could not be made, the tangible capital asset was recognized at a nominal value. Land
is the only category where nominal values were assigned.
Works of Art and Historical Treasures
No works of art or historical treasures are held by the Region.
49
10. Accumulated Surplus:
Accumulated surplus consists of balances as follows:
Surplus (deficit):
Invested in tangible capital assets
Capital fund – unexpended capital financing
Operating fund
Unfunded
Landfill liability
Employee benefits
Contaminated sites
Total surplus
Reserves set aside by Council:
Ambulance communication
Circle route initiatives
Employee benefits
Encumbrances
General capital levy
Court Services facilities renewal
Public liability self-insurance
Replacement of equipment
Smart growth
Taxpayer relief reserve
Waste management operations
Wastewater operations
Water operations
Other
Total reserves set aside by council
2015
2014
$1,286,455
$ 172,329
$ (13,110)
$1,205,125
$ 149,862
$ (9,730)
$
$
$
(79,849)
(97,658)
$ (200)
1,267,967
$
(65,895)
(93,631)
$ 01,185,731
1,535
1,383
$ 36,728
$ 10,671
$ 28,223
$ 13,508
$ 2,408
$ 2,270
$ 523
$ 2,074
$ 30,224
$ 23,558
$ 51,264
$ 73,750
$ 4,130
$ 282,249
1,623
1,383
$ 36,768
$ 3,461
$ 22,542
$ 12,683
$ 1,258
$ 2,308
$ 523
$ 2,074
$ 31,032
$ 20,703
$ 61,512
$ 75,357
$ 3,689
$ 276,916
$1,550,216
$1,462,647
Total accumulated surplus
50
$
$
$
$
$
$
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTIUNED)
11. Trust funds:
Trust funds administered by the Region amounting to $1,009 (2014 - $990) have not been included in the consolidated
statement of financial position nor have their operations been included in the consolidated statement of operations.
12. Commitments:
(a) The Region has outstanding contractual obligations of approximately $122,849 (2014 - $179,597) for public works
projects. These costs include holdbacks. The holdbacks related to work completed as of December 31, 2015
have been accrued. Regional council has authorized the financing of these obligations.
(b) The Region is committed to paying principal and interest payments on provincial debentures issued to finance the
properties transferred to Niagara Regional Housing from Ontario Housing Corporation. The debentures are
outstanding in the amount of $13,913 (2014 - $15,779). Annual payments of $2,669 (2014 - $2,833) have been
charged to current operations.
(c) The Region enters into various service contracts in the normal course of business which have been approved by
the appropriate level of management or by Council but which have not been reported as commitments.
(d) Minimum annual lease payments:
The Region rents premises and equipment with minimum annual lease payments as follows:
2015
2015
2016
2017
2018
2019
2020
Thereafter
Total minimum annual lease payments
51
$ 0 $ 2,978
$ 1,833
$ 1,146
$ 984
$ 716
$ 2,114
$ 9,771
2014
$
$
$
$
$
$
$
$
2,575
1,889
986
562
509
418
2,383
9,322
Year ended December 31, 2015(In thousands of dollars)
13. Contingent liabilities:
(a) From time to time, the Region is subject to claims and other lawsuits that arise in the ordinary course of business,
some of which may seek damages in substantial amounts. These claims may be covered by the Region’s
insurance up to a maximum of $20,000 per occurrence for claims incurred prior to November 2013, and $50,000
per occurrence for claims incurred after November 2013. Liabilities for these claims and lawsuits are recorded to
the extent that the probability of a loss is likely and it is estimable.
(b) At December 31, 2015, there were no unsettled salary or benefit agreements.
14. Public liability insurance:
The Region has undertaken a portion of the risk for public liability as a means of achieving efficient and cost effective
risk management. The Region is self-insured for public liability claims up to $1,000 for any individual claim and $1,000
for any number of claims arising out of a single occurrence. Outside coverage is in place for claims in excess of these
amounts up to $20,000 per occurrence for claims incurred prior to November 2013, and $50,000 per occurrence for
claims incurred after November 2013.
The Region has a reserve fund for allocated self-insurance claims which as at December 31, 2015 amount to $2,270
(2014 - $2,308) and is reported on the consolidated statement of financial position under accumulated surplus. An
amount of $nil (2014 - $ nil) has been transferred to this reserve fund in the current year. An amount of $38 (2014 $95) has been transferred from this reserve fund in the current year.
Payments charged against operations in the current year amounted to $581 (2014 - $620).
15. Self funded employee benefit plans:
The Region provides a group health and dental plan for certain employees and has assumed the full liability for
payment of benefits under this plan.
Payments charged against operations in the current year amounted to $16,371 (2014 - $15,388).
52
16. Government transfers:
The Government transfers reported on the consolidated statement of operations are:
Revenue:
Government of Canada:
General government
Health services
Social housing
Total government of Canada
Province of Ontario:
General government
Health services
Social housing
Total province of Ontario
Budget
2015
2014
$ 5,930
$ 19,254
$ 6,786
$ 0$ 647
$ 9,187
$ 41,804
$ 5,928
$ 19,254
$ 6,786
$ 21
$ 589
$ 9,120
$ 41,698
$ 2,079
$ 18,482
$ 2,210
$ 0$ 622
$ 10,075
$ 33,468
391
7,149
$ 10,953
$ 7,242
$ 56,646
$ 197,603
$ 5,533
$ 285,517
$
$
307
7,051
$ 10,953
$ 7,229
$ 58,037
$ 192,205
$ 4,320
$ 280,102
$
$
135
6,060
3,154
1,434
$ 54,164
$ 182,174
$ 5,258
$ 252,379
$
$
$
$
Other municipalities:
General government
Total other municipalities
$
$
$
Total revenues
$ 342,281
$ 336,633
$ 289,137
$ 265
10,784
$ 3,911
$ 14,960
53
$ 138
10,784
$ 3,911
$ 14,833
$
231
2,845
$ 214
$ 3,290
17. Segmented information:
Segmented information has been identified based upon functional areas by the Region.
The functions have been separately disclosed in the segmented information as follows:
(i)
General government:
General government consists of the general management of the Region, including adopting bylaws and policy,
levying taxes, issuing debentures and providing administrative, technical, facility management, and financial
services.
(ii) Protection to persons and property:
Protection to persons and property is comprised of Police Services and Court Services. The mandate of Police
Services is to ensure the safety of the lives and property of citizens, preserve peace and good order, prevent
crimes from occurring, detect offenders and enforce the law. Court Services is responsible for administering and
prosecuting Provincial Offences including those committed under the Highway Traffic Act, the Compulsory
Automobile Insurance Act, the Trespass to Property Act, the Liquor License Act and other provincial legislation,
municipal by-laws and minor federal offences. Court Services governs all aspects of the legal prosecution
process, from serving an offence notice to an accused person to conducting trials including sentencing and
appeals.
(iii) Transportation services:
Within the Public Works department, this segment is responsible for the planning, design, operation and
maintenance of the roadway system, the maintenance of parks and open space, and street lights.
(iv) Environmental services:
Within the Public Works department, this segment is responsible for the engineering and operation of the water
and wastewater systems and waste management, the latter of which encompasses solid waste collection and
disposal and Niagara Recycling.
(v) Health services:
The Public Health Department offers a range of programs related to health services that includes protection and
promotion, disease and injury prevention and also oversees the Emergency Services Division (“ESD”) that
encompasses both Land Ambulance (“Paramedic”) Services and Land Ambulance Communications (“Dispatch”)
Services.
(vi) Social and family services:
The Community Services department is responsible for providing public services that sustains and supports
individuals, families and communities. Programs and services are delivered through Senior Services, Children’s
Services, and Social Assistance and Employment Opportunities.
54
NOTES TO CONSOLIDATED FIANCIAL STATEMNTS (CONTINUED)
17. Segmented information (continued):
(vii) Social housing:
The Region is committed to providing and advocating for secure, affordable housing in the Region.
(viii) Planning and development:
The Planning and Development department provides information to Council and the community through working
with partners and community groups to support planning initiatives in the region, providing information to residents
about Region programs and services and providing leadership in the development, maintenance and growth of
the emergency readiness in Niagara. The planning and development department also supports the economic
development and Region special initiatives, including contributions to the Niagara Health System.
Certain allocation methodologies are employed in the preparation of segmented information. Taxation and paymentsin-lieu of taxes are allocated to the segments based on the segment’s budgeted net expenses. User charges and
other revenue have been allocated to the segments based upon the segment that generated the revenue.
Government transfers have been allocated to the segment based upon the purpose for which the transfer was made.
Development charges earned and developer contributions received are allocated to the segment for which the charge
was collected.
The accounting policies used in these segments are consistent with those followed in the preparation of the
consolidated financial statements as disclosed in Note 1.
55
2015
General
Government
Protection to
persons and
property
Transportation
services
Taxation
$(2,647)
$154,178
$58,439
User charges
$
419
$
8,841
6,373
$
7,051
Environmental
services
Health
services
Social and
family
services
Social
housing
Planning and
development
Total
$35,241
$46,929
$32,032
$7,489
$331,661
Revenues:
Government transfers
$
$
Investment income
$
$
$
407
58,058
$
$
24,826
$
13,410
192,794
$
13,440
$
482
$209,090
$
0-
$336,633
40,991
$
17,926
5,894
$
11,103
$
0-
$
0-
$
0-
$
0-
$
17,236
$
13,751
13,654
$
0-
$
0-
$
0-
$
0-
$
0-
$
97
$
0-
7,989
$
0-
$
0-
$
0-
$
0-
$
0-
$
0-
703
$
4
$
$
157,154
0-
0-
$
2,606
$
$
$
$
$
Total revenues
$
3,551
-
239
Court Services
Other
$
$
675
$
$
6,155
20,644
$
178,734
115,030
$
145,541
$
15,604
16,577
$
31,812
$
$
5,608
$
469
$
$
816
191,791
$
94,175
265,365
$
29,601
$
71,369
$
98,479
$
96,568
$
13,977
$
60,781
101,647
$
$
$
$
7,989
17,036
59,682
$
7,975
933,396
5,407
$
3,971
$375,506
$
20,484
$
2,206
$249,496
$
26,873
$
2,650
$141,408
Expenses:
Salaries, wages and employee benefits
$
5,534
Operating expenses
$
7,091
External transfers
Debt services
$
$
Amortization
Total expenses:
Annual surplus (deficit)
357
$
10,278
$
$
$
4,649
27,909
$(7,265)
$
$
9,638
$
82
$
$
0-
0-
4,493
$
21,147
176,249
$
68,645
$2,485
56
$46,385
$
$
$
$
161
$
0-
1,661
$
72
24,717
152,708
$39,083
$
$
$
$
2,109
87,527
$6,648
$
$
$
0-
$
3,353
264,260
$1,105
$
$
0-
$
0-
$
12,011
6,938
$
0-
$
67,406
59,702
$(20)
$
8,827
$845,827
$(852)
$87,569
2014
General
Government
Protection to
persons and
property
Transportation
services
Taxation
$11,417
$149,449
$52,770
User charges
$
462
$
9,140
2,445
$
6,060
Environmental
services
Health
services
Social and
family
services
Social
housing
Planning and
development
Total
$29,174
$43,829
$30,741
$9,822
$327,202
Revenues:
Government transfers
$
$
Investment income
$
0-
13,480
$
0-
$
0-
8,537
$
0-
$
$
0-
$
1,519
$
$
720
$
$
4,285
$
$
173,906
$
92,683
6,210
$
139,606
$
15,177
$
15,894
$
21,354
$
10,080
3,858
$
8,430
29,326
154,755
24,481
$
$
Total revenues
$
2,717
3
Court Services
Other
$
$
$
$
$
$
397
54,164
$
$
24,354
$
12,935
182,796
$
15,333
$
939
$
0-
$
0-
$
0-
$
0-
$
0-
$
0-
$
0-
$
0-
3,013
$
705
$
$
$
$
834
162,565
$
84,440
251,813
$
29,068
$
68,989
$
96,312
$
87,164
$
11,853
$
56,620
Nil -
$
96,490
$
$
$
458
$205,218
$
0-
$289,137
0-
$
0-
$
106
$
0-
0-
$
0-
608
59,723
$
$
589
$
13,586
$
$
5,227
8,537
16,418
10,869
$865,325
Expenses:
Operating expenses
$
$
16,727
External transfers
$
526
Debt services
$
6,680
Amortization
$
4,380
Total expenses:
Annual surplus (deficit)
$
34,523
$(5,197)
$
$
$
$
0-
286
$
0-
4,705
$
20,172
170,285
$
56,989
$3,621
57
$
$35,694
$
$
$
0-
4,491
$
25,044
145,767
$16,798
$
$
44
$
1,963
82,849
$1,591
$
$
$
5,429
$
3,621
$364,412
$
20,257
$
1,576
$231,445
$
26,637
$
2,402
$136,421
0-
$
3,245
252,667
$(854)
$
$
2
$
0-
$11,217
6,599
$
0-
$66,108
7,599
$809,603
$3,270
$55,722
58,924
$799
$
THE REGIONAL MUNICIPLAITY OF NIAGARA
18. Budget data:
The budget data presented in these consolidated financial statements are based upon the 2015 operating and capital
budgets approved by Council on February 19, 2015. The chart below reconciles the approved budget to the budget
figures reported in these consolidated financial statements. Budgets established for tangible capital asset acquisitions
are on a project-oriented basis, the costs of which may be carried out over one or more years. Where amounts were
budgeted for on a project-oriented basis, the budget amounts used are based on actual projects that took place during
the year to reflect the same basis of accounting that was used to report the actual results. In addition, to ensure
comparability of expenses, the allocation of program support costs completed for actual reporting was also applied to
the budget amounts.
Budget Amount
REVENUES:
Operating
Approved budget
Reclassification between revenues and expenses
Budget updates
Capital:
Development charges
Grants and subsidies
Other contributions
Less:
Transfers from reserves
Total revenue
$
$
$
$
$
$
858,998
(917)
8,307
$
17,236
65,175
8,016
(18,086)
(1,023)
$
(334)
$
937,372
$
EXPENSES:
Operating
Approves budget
Reclassification between revenues and expenses
Budget updates
Add:
Capital project cost resulting in operating expenses
Amortization
Employee future benefits
Landfill liability
Less:
Operating expenses resulting in tangible capital assets
Transfers to reserves, including capital
Debt principal payments
Total expenses
$
$
$
$
(1,751)
(78,246)
(27,148)
863,452
Annual surplus
$
73,920
58
$
$
$
$
$
$
$
858,998
(917)
8,307
18,821
67,406
4,028
13,954
19. Comparative figures:
Certain 2015 comparative figures have been reclassified to conform to the consolidated financial statement
presentation adopted in the current year. There was no impact to the annual or accumulated surplus as a result of the
reclassification of 2015 comparative figures.
59
We have audited the accompanying financial statements of the sinking funds of The Regional Municipality of Niagara, which
comprise the statement of financial position as at December 31, 2015, the statements of operations and change in net
financial assets and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies
and other explanatory information.
MANAGEMENTS 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 preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
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 standards 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 our 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, we consider
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
OPINION
In our opinion, the financial statements present fairly, in all material respects, the statement of financial position of the
sinking funds of The Regional Municipality of Niagara as at December 31, 2015, and its results of operations and the
changes in its net financial assets and its cash flows for the year then ended in accordance with Canadian public sector
accounting standards.
May 2, 2016
60
SINKING FUND STATEMENT OF FINANCIAL POSITION
As at December 31, 2015, with comparative information for 2014 (In thousands of dollars)
2015
2014
FINANCIAL ASSETS:
Cash
Interest receivable
Due from operating fund
Investments (note 2)
$
202
20
14
8,062
8,298
$
$
$
$
$
219
34
17
6,254
6,524
$
$
$
$
FINANCIAL LIABILITIES:
Sinking fund requirements
City of St. Catharines
The Regional Municipality of Niagara
Accumulated surplus and net financial assets
The accompanying notes are an integral part of these financial statements.
61
$
$
$
$
$
6
$
986
7,266
8,258
40
$
$
$
$
5
776
5,711
6,492
32
SINKING FUND STATEMENT OF OPERATIONS AND CHANGE IN NET
FINANCIAL ASSETS
2015
2014
REVENUES:
Contributions
Investment Income
Total revenues
$
$
1,512
267
1,779
$
$
$
1,512
231
1,743
$
EXPENSES:
Professional fees and dues
Provision for sinking fund requirements
Total expenses
$
$
Net change in fund balance for the year
Accumulated surplus and net debt, beginning of year
Accumulated surplus and net financial assets, end of year
62
$
$
$
5
1,766
1,771
$
8
5
1,706
1,711
$
32
40
$
$
$
32
$
$
032
SINKING FUND STATEMENT OF CASH FLOWS
2015
2014
OPERATING ACTIVITIES:
Net change in fund balance for the year
Change in non-cash assets and liabilities:
Interest receivable
Due from operating fund
$
8
$
$
$
$
14
3
25
32
$
$
$
(13)
3
22
INVESTING ACTIVITIES:
Purchase of investments
Net change in cash from investing activities
$
$
(1,808)
(1,808)
$
$
(1,681)
(1,681)
FINANCING ACTIVITIES
Increase in sinking fund requirements
Net change in cash from financing activities
$
$
Net change in cash
1,766
1,766
$
$
Cash, end of year
$
The accompanying notes are an integral part of these financial statements
63
$
$
1,706
1,706
(17)
$
219
202
$
$
47
172
219
NOTES TO SINKING FUND FINANCIAL STATEMENTS
For the year ended December 31, 2015 (In thousands of dollars)
1.
The financial statements of sinking funds of The Regional Municipality of Niagara (the "Region") are the
representation of management prepared in accordance with Canadian public sector accounting standards.
The sinking fund is a separate fund maintained for the purpose of providing for the repayment of all sinking fund debt
when it becomes due and payable. The debt issued on June 30, 2010 subject to repayment through the sinking fund
is $78,079. The sinking fund is proportionally held 88.05% by the Region and 11.95% by the City of St. Catharines.
Annual interest payments on the sinking fund debt are $4,060.
Significant accounting policies adopted by the Region for the sinking funds are as follows:
(a) Basis of accounting:
The Region's sinking fund follows the accrual method of accounting for revenues and expenses.
(b) Sinking fund requirements:
The requirements of the sinking fund represent the amounts required which, together with interest compounded
annually, will be sufficient to retire the related debentures at maturity. The requirements were calculated using a
rate of 3.5% per annum.
(e) Investment income:
Investment income is reported as revenue in the period earned.
2.
Investments:
The investments consist of municipal bonds and are carried at cost. At December 31, 2015 the investments have a
market value of $8,494 (2014 - $6,771).
64
We have audited the accompanying financial statements of the trust funds of The Regional Municipality of Niagara, which
comprise the statement of financial position as at December 31, 2015, the statements of operations and change in net
financial assets for the year then ended, and notes, comprising 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 preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
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 standards 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 our 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, we consider
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
OPINION
In our opinion, the financial statements present fairly, in all material respects, the statement of financial position of the trust
funds of The Regional Municipality of Niagara as at December 31, 2015, and its results of operations and the changes in
its net financial assets for the year then ended in accordance with Canadian public sector accounting standards.
May 2, 2016
65
TRUST FUNDS STATEMENT OF FINANCIAL POSITION
2015
2014
1,028
$ 01,028
$ 982
$
8
$
990
FINANCIAL ASSETS:
Cash
Due from Regional Municipality of Niagara (note 2)
$
$
FINANCIAL LIABILITY:
Due to Regional Municipality of Niagara (note 2)
Accumulated surplus and net financial assets
66
$
$
19
1,009
$
$
0990
TRUST FUNDS STATEMENT OF OPERATIONS AND CHANGE IN NET
FINANCIAL ASSETS
Residents’
Trust
Accounts
Trust Funds
Retained for
Residents
Donated
Surplus
Total 2015
Total 2014
REVENUE:
Residents’ deposits, net
Donations
Total revenue
$
741
0741
$ 0 $
52
$
52
$
749
749
$
$
Annual surplus/(deficit) and changes in net
financial assets
$
(8)
Accumulated surplus and net financial assets,
beginning of year
$
375
$
$
$
$
$
0
219
219
$
$
$
741
271
1,012
$
$
$
862
283
1,145
EXPENSES:
Residents’ withdrawals, net
Expenditures for the benefit of residents
Total expenses
Accumulated surplus and net financial assets,
end of year
$
$
367
$
$
083
83
(31)
$
286
$
$
$
$
$
$
255
67
$
0161
161
$
$
$
58
749
244
993
$
$
$
$
19
329
$
990
387
$
1,009
896
212
1,108
$
$
37
953
$
990
TRUST FUNDS STATEMENT OF CASH FLOWS
2015
2014
OPERATING ACTIVITES:
Annual surplus
Change in non-cash liability:
Due to Regional Municipality of Niagara
$
Cash, end of year
$
68
$
19
$
$
27
46
$
$
$
37
(48)
(11)
982
$
993
1,028
$
982
NOTES TO TRUST FUNDS FINANCIAL STATEMENTS
1.
The financial statements of trust funds of The Regional Municipality of Niagara are the representation of management
prepared in accordance with Canadian public sector accounting standards. Significant accounting policies adopted by the
Region for the trust funds are as follows:
(a) Basis of accounting:
The Trust Funds follow the accrual method of accounting for revenues and expenses. Revenues are normally
recognized in the year in which they are earned and measurable. Expenses are recognized as they are incurred and
measurable as result of receipt of goods and services and/or the creation of a legal obligation to pay.
2.
Due to/from the Regional Municipality of Niagara:
The amount due to or from the Regional Municipality of Niagara has no fixed terms of repayment and is non-interest
bearing.
69
Statistical
70
FIVE YEAR STATISTICAL REVIEW
December 31, 2015, with comparative information for 2014-2011 (Unaudited - In thousands of dollars)
2015
2014
2013
2012
2011
449,098
195,451
3,497
446,192
193,883
3,412
445,351
192,335
3,434
446,676
191,153
3,396
431,346
190,150
3,424
7.0%
6.8%
6.9%
11,053
1,911
7.7%
7.3%
6.9%
10,816
1,927
8.5%
7.5%
7.1%
10,649
1,451
7.8%
7.8%
7.2%
10,632
1,308
8.2%
7.8%
7.4%
10,302
1,402
88,146
92,500
91,826
91,812
93,466
104,564
57,623
67,779
101,986
56,474
73,260
102,640
56,897
79,655
97,616
60,486
69,975
91,643
59,592
85,675
STATISTICS
Population (a)
Number of households (b)
Niagara Region government full-time employees
Unemployment rates (c):
Niagara Region
Ontario
Canada
Average monthly Ontario Works caseloads
Housing starts (d)
Annual disposal residential solid waste
(metric tonnes)
Annual diversion of residential solid waste
(metric tonnes)
Annual supply of treated water (000 m3)
Annual wastewater flows (000 m3)
BUILDING PERMIT VALUES
Agricultural & residential (e)
Business & commercial (e)
Industrial (e)
Government & institutional (e)
$
509,137
114,901
44,751
47,241
$
430,030
80,649
50,321
57,336
$
392,438
275,557
41,644
136,382
$
322,681
97,232
78,219
38,491
$
282,500
116,624
29,153
43,349
$
716,030
$
618,336
$
846,021
$
536,623
$
471,626
Source:
(a) Statistics Canada preliminary estimate (2011-2013 based on 2011 adjusted census data)
(b) Municipal Property Assessment Corporation
(c) Statistics Canada, CANSIM Tables 282-0129 & 109-5337
(d) CMHC Canadian Housing Observer
(e) Statistics Canada, Building Permits
71
2015
2014
2013
2012
2011
n/a
n/a
n/a
n/a
n/a
n/a
n/a
823,823
765,528
92.9%
819,835
99.5%
70,219
8.5%
805,569
748,262
92.9%
777,534
96.5%
71,690
8.9%
784,548
716,772
91.4%
770,022
98.1%
65,042
8.3%
763,759
708,485
92.8%
763,652
100.0%
65,705
8.6%
1.92%
1.89%
1.97%
3.22%
-1.37%
Residential and farm
Commercial, industrial and business
$41,524,036
6,911,357
$40,199,198
6,661,150
$38,862,564
6,368,471
$37,803,722
6,404,494
$35,739,283
6,114,200
Total
$48,435,393
$46,860,348
$45,231,035
$44,208,216
$41,853,483
Per household
Commercial, industrial, business, as a % of
taxable assessment
$
$
$
$
$
AREA MUNICIPALITIES TAX LEVY &
COLLECTION EXPERIENCES
Current tax levy
Current tax levy collections
Current collection as a % of current levy
Total collections
Total collections as a % of current levy
Total tax arrears
Total tax arrears as a % of current levy
Regional government tax levy change
(Net assessment decrease/increase after
assessment growth)
TAXABLE ASSESSMENT
212,452
14.3%
207,337
14.2%
72
202,057
14.1%
197,767
14.5%
187,953
14.6%
2015
2014
2013
2012
2011
CONSOLIDATED STATEMENT OF
CHANGE IN FINANCIAL ASSETS (DEBT)
Annual surplus
Acquisition of tangible capital assets
Proceeds on sales of tangible capital assets
Change in supplies of inventories
Change in deposit
Change in prepaid expenses
$
Change in net financial assets (net debt)
Net financial assets (net debt), beginning of year
Net financial assets (net debt), end of year
87,569
(195,701)
67,406
1,023
334
(394)
(591)
$
55,722
(152,605)
734
66,108
2,745
625
(948)
(633)
$
65,018
(115,949)
65,494
791
206
(127)
(1,167)
(40,354)
(28,764)
(28,252)
(512)
$ (69,118)
$ (28,764)
$
$ 315,749
$ 703
0.7%
$ 270,141
$ 605
0.6%
$
14,266
(14,778)
25,422
(127,994)
64,672
2,022
1,319
(543)
4,814
(419)
$
71,118
(88,630)
60,590
406
308
(106)
(4,814)
(863)
(30,707)
15,929
38,009
(22,080)
(512)
$ (14,778)
$15,929
$ 228,613
$ 513
0.5%
$ 243,164
$ 544
0.6%
$ 265,564
$ 616
0.6%
NET LONG-TERM LIABILITIES
General municipal activities – capital projects
Per capita ($)
Percentage of taxable assessment
DEBT PAYMENTS FOR NET LONG-TERM
LIABILITIES
General municipal activities
Per capita ($)
$
39,255
$ 87
$
36,326
$ 81
$
36,993
$ 83
$
40,551
$ 91
$
44,174
$ 102
GENERAL LONG-TERM DEBT CHARGES
AS A % OF TOTAL GENERAL
EXPENDITURES
Percentage of debt to general expenditures
4.6%
4.5%
4.9%
5.1%
5.9%
$ 105,552
$ 101,475
$ 96,182
$ 90,120
$ 95,547
ANNUAL REPAYMENT LIMIT
Annual repayment limit
73
2015
2014
2013
2012
2011
$ 168,521
402,792
92,162
2,764
251,899
$ 131,831
421,472
69,566
2,474
220,971
$ 83,280
429,390
73,595
257
232,126
$ 112,036
368,744
65,012
366
217,729
$ 87,144
407,540
74,763
279
217,154
918,138
846,314
818,648
763,887
786,880
Employee benefits and other liabilities
Deferred revenue
Landfill liability
Contaminated sites liability
Long-term liabilities
133,394
98,752
107,413
79,849
200
567,648
113,560
94,677
109,834
65,895
491,112
98,078
91,161
109,783
59,399
460,739
97,821
87,082
66,086
66,783
460,893
97,009
82,659
70,005
38,560
482,718
987,256
875,078
819,160
778,665
770,951
Net financial assets (net debt)
(69,118)
(28,764)
(512)
(14,778)
15,929
Tangible capital assets
Inventory
Deposits
Prepaid expenses
1,602,204
5,884
11,246
1,475,266
5,490
10,655
1,392,873
4,542
10,022
1,343,415
4,415
8,855
1,283,434
3,872
4,814
8,436
Total non-financial assets
1,619,334
1,491,411
1,407,437
1,356,685
1,300,556
$1,550,216
$1,462,647
$1,406,925
$1,341,907
$1,316,485
CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
FINANCIAL ASSETS
Cash
Investments
Accounts receivable
Debt recoverable from others
FINANCIAL LIABILITIES
NON-FINANCIAL ASSETS
Accumulated surplus
74
2015
2014
2013
2012
2011
$ 331,661
67,273
41,851
48,030
51,936
41,698
280,102
14,833
17,236
232
13,751
7,989
16,804
$ 327,202
66,143
41,205
47,407
50,463
33,468
252,379
3,290
5,227
200
13,586
8,537
16,218
$321,698
66,440
41,491
47,260
49,230
20,939
241,097
6,440
3,237
83
12,717
8,295
6,344
$ 310,223
66,923
43,205
46,147
46,421
27,763
226,864
6,713
15,066
1,313
14,643
8,854
5,446
$ 299,332
61,615
42,585
50,336
47,688
25,444
247,313
10,677
7,040
526
14,552
9,321
4,846
933,396
865,325
825,271
819,581
821,275
General Government
Health services
Social housing
Planning and development
27,909
176,249
68,645
152,708
87,527
264,260
59,702
8,827
34,523
170,285
56,989
145,767
82,849
252,667
58,924
7,599
25,397
169,003
53,519
128,407
79,597
240,951
56,825
6,554
30,820
162,728
55,862
159,404
76,611
233,026
54,831
20,877
25,248
159,678
51,548
139,361
72,342
226,537
55,923
19,521
Total expenses by function
845,827
809,603
760,253
794,159
750,158
87,569
1,462,647
55,722
1,406,925
65,018
1,341,907
25,422
1,316,485
71,117
1,245,367
OPERATIONS
REVENUES BY SOURCE
Property taxpayer
Sewer charges
Water charges
Waste management
User charges
Government of Canada grants
Province of Ontario grants
Other municipalities
Development charges
Developer contributions
Investment income
Court services
Miscellaneous income/other
Total revenue by source
EXPENSE BY FUNCTION
Annual Surplus
Accumulated surplus, beginning of year
75
2015
2014
2013
2012
2011
$1,550,216
$1,462,647
$1,406,925
$1,341,907
$1,316,484
Operating expenses
External transfers to others
Debt services
Amortization
$ 375,506
249,496
141,408
12,011
67,406
$ 364,412
230,445
136,421
11,217
66,108
$ 352,955
203,055
127,546
11,203
65,494
$ 339,755
233,796
144,020
11,916
64,672
$ 327,519
214,159
134,756
13,134
60,590
Total expenses by object
$ 845,827
$ 809,603
$ 760,253
$ 794,159
$ 750,158
OPERATIONS
Accumulated surplus, end of year
ANALAYSIS OF EXPENSES BY OBJECT
76
Niagara Region Printing Services July 2016

2015 Annual Report

Transcription

Similar documents

Thank You! - PenFinancial Credit Union

December 9th, 2015 The Pen Centre, St. Catharines

Wholesale and Retail Lockbox Services

Buffalo Niagara Overview

Thursday, May 8 - Sunday, May 11 Niagara Falls Sportsplex

EaglE`s Wings - Niagara University

Brochure March 14 - Executive Hotels and Resorts

a printable copy of our Park Brochure!

See Itinerary