Sixteen Mile Sports Complex | Officially opened ... - Oakville

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Notes to Consolidated Financial StatementsYear ended December 31, 2010(tabular columns in thousands of dollars)of the class action over a one year period commencing May 1,2011, through a fixed rate rider. As a result the Corporation hasaccrued a liability in the amount of $258, with a correspondingrecovery through accounts receivable.(ii) Short term credit facilitiesThe corporation has an uncommitted line of credit facilityavailable for $20 million with a Canadian chartered bank. Asat December 31, 2010 no amount was drawn on this facility. Inaddition, the corporation has a letter of credit facility availableof $16 million with a chartered bank, of which $15 million hasbeen assigned to secure a prudential support according to theIndependent Electricity System Operator (IESO) SettlementsManual.5. Deferred revenue — obligatory reserve funds:The deferred revenues – obligatory reserve funds, reported on the consolidated statement of financial position, are made up of the following:2010 2009DevelopmentInvestingcharges Parkland Gas tax in Ontario Total TotalBalance, beginning of year $ 758 $ 15,226 $ 11,085 $ 6,582 $ 33,651 $ 69,200Developer and other contributions 14,059 3,024 - - 17,083 8,668Interest - 1,247 452 100 1,799 1,304Provincial and federal funding - - 8,768 - 8,768 7,13414,059 4,271 9,220 100 27,650 17,106LessContributions used inoperating and capital funds 13,998 1,220 10,927 916 27,061 52,655Interest 819 - - - 819 -$ - $ 18,277 $ 9,378 $ 5,766 $ 33,421 $ 33,6516. Deferred revenue:The deferred revenue, reported on the consolidated statement of financial position, is made up of the following:2010 2009Pre- DeferredDeferred Deferred authorized revenuesrevenues revenues tax Libraryoperations capital payments & BIA Total TotalBalance, beginning of year $ 8,870 $ 5,775 $ 9,914 $ 14 $ 24,573 $ 24,694Development fees 7,685 1,129 - - 8,814 1,234User fees 11,458 - - - 11,458 34Provincial grants 3 - - - 3 -Other - - 11,364 14 11,378 46219,146 1,129 11,364 14 31,653 1,730LessContributions used inoperating and capital funds 22,722 391 9,914 2 33,029 -$ 5,294 $ 6,513 $ 11,364 $ 26 $ 23,197 $ 24,573Town of Oakville 2010 Annual Report | 32
7. Long-term liabilities:(A) The balance of long-term liabilities reported on the consolidated statement of financial position is made up of the following:2010 2009The municipality has assumed responsibility for the payment ofthe principal interest charges on certain long-term serial debenturesissued by Halton Region on behalf of the Town. Interest rates rangefrom 1.60 per cent to 6.00 per cent $ 25,540 $ 22,893The municipality has assumed responsibility for the payment ofthe principal and interest charges on certain long-term liabilitiesissued by Halton Region on behalf of the Town, under the OntarioStrategic Infrastructure Financing Authority (OSEIFA). Interestrates range from 2.37 per cent to 2.43 per cent 5,063 6,193The municipality has assumed responsibility for the payment ofthe principal and interest charges on certain long-term liabilitiesissued by Halton Region on behalf of The Town, under the OSEIFAfor Pine Glen. The amounts are recoverable from the Oakville SoccerClub. Interest rates range from 1.60 per cent to 6.03 per cent 9,405 -$ 40,008 $ 29,086(B) Principal repayments due over the next five years andthereafter are as follows:2011 $ 5,9352012 4,7142013 4,4452014 4,6112015 3,740Thereafter 16,563$ 40,008(C) The long-term liabilities in (a) issued in the name ofthe municipality have received the approval of the OntarioMunicipal Board (or approval by private legislation) for thoseapproved on or before December 31, 1992. Those approved onor after January 1, 1993 have been approved by by-law. Theannual principal and interest payments required to service theseliabilities are within the annual debt repayment limit prescribedby the Ministry of Municipal Affairs and Housing.(D) Total interest on long-term liabilities which are reported onthe consolidated statement of operations amounted to $1,550(2009 - $1,405). The long-term liabilities bear interest at ratesranging from 1.6 per cent. to 6.0 per cent.(E) The balance of long-term liabilities reported on theconsolidated statement of financial position is funded from thefollowing sources:2010 2009Tax levy supported $ 20,929 $ 20,343Development supported 6,040 6,758Oakville Soccer Club 9,405 -Harbours supported 3,634 1,985$ 40,008 $ 29,086Town of Oakville 2010 Annual Report | 33
Page 1 and 2: Sixteen Mile Sports Complex | Offic
Page 3 and 4: 2010 HighlightsTown services span e
Page 6 and 7: Message from the CAOOakville is a c
Page 8 and 9: To enhance ournatural environmentKe
Page 10 and 11: To continuously improve ourprograms
Page 12 and 13: To have programs and services that
Page 14 and 15: Looking aheadKey challengesand acti
Page 16 and 17: Organizational chartMayor and Counc
Page 18 and 19: assets”, which are not available
Page 20 and 21: Comprehensive Financial Managementa
Page 22 and 23: • Council, in adopting the capita
Page 24 and 25: KPMG LLPChartered AccountantsBox 97
Page 26 and 27: Consolidated Statement of Operation
Page 28 and 29: Consolidated Statement of Cash Flow
Page 30 and 31: Notes to Consolidated Financial Sta
Page 46 and 47: Five year review (unaudited)2010 20
Page 48 and 49: Tangible capital assets by class201
Page 50 and 51: Capital operations2010 2009 2008 20
Page 52: Town of OakvilleP.O. Box 310, 1225

Sixteen Mile Sports Complex | Officially opened ... - Oakville

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