2010 Annual Report - City of Vernon

PAGE 54CITY OF VERNON 2010 ANNUAL REPORTHE CORPORATION OF THE CITY OF VERNONConsolidated Statement of Financial PositionStatement ADecember 31 (in thousands of dollars) 2010 2009Financial AssetsCash and cash equivalents Note 2 $ 34,690 $ 38,631Portfolio investments Note 3 8,822 8,511Accounts receivable Note 4 17,263 14,435Municipal Finance Authority deposits Note 5 2,336 2,54163,111 64,118LiabilitiesAccounts payable and accrued liabilities Note 6 20,999 18,293Municipal Finance Authority reserves Note 5 2,336 2,541Long-term debt Note 7 38,067 40,760Deferred charges Schedule 4 13,677 17,41475,079 79,008Net Debt (11,968) (14,890)Non-financial AssetsTangible capital assets (net of accumulated amortization) Schedule 2 560,191 559,402Land under development 1,799 1,444Inventories of supplies 441 485Prepaid expenses 564 357562,995 561,688Accumulated SurplusTangible capital assets 522,124 518,642Statutory reserves Schedule 3 1,750 2,317Non-statutory reserves Schedule 3 26,328 24,848Operating surplus 825 991$ 551,027 $ 546,798The accompanying summary of significant accounting policies and notes are an integral part of these financial statements.Approved by:__________________________Manager of Finance