2010 Annual Report - City of Vernon

PAGE 56CITY OF VERNON 2010 ANNUAL REPORTHE CORPORATION OF THE CITY OF VERNONConsolidated Statement of Change in Net DebtStatement CBudget Actual ActualFor the Year Ended December 31 (in thousands of dollars) 2010 2010 2009Note 16Annual surplus / (deficit) $ 5,564 $ 4,229 $ 132Add: Amortization of tangible capital assets 9,697 10,811 10,863Losses on disposal of tangible capital assets - 1,484 1,940Proceeds on sale of tangible capital assets - 309 252Reclassification of tangible capital assets to land under development - - 119Consumption of supplies inventories - 780 717Use of prepaid expenses - 494 2319,697 13,878 14,122Less: Acquisition of tangible capital assets 13,144 13,393 10,748Increase in land under development - 355 597Acquisition of supplies inventories - 736 795Acquisition of prepaid expenses - 701 13913,144 15,185 12,279(Increase) / decrease in net debt 2,117 2,922 1,975Net debt, beginning of year 14,890 14,890 16,865Net debt, end of year $ 12,773 $ 11,968 $ 14,890The accompanying summary of significant accounting policies and notes are an integral part of these financial statements.