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)9. Tangible capital assets:Land Environ- Compimprove- Roads mental & tech Work inLand ments Buildings Equipment Vehicles network network services progress TotalAsset Cost 2010Balance, beginning of year $480,207 $216,254 $170,629 $24,353 $57,216 $515,053 $241,975 $14,527 $70,204 $1,790,418Add: additions during the year 14,978 6,456 43,639 2,702 2,312 13,253 3,023 2,044 119 88,526Less: disposals during the year (4,184) (704) (9,008) (1,512) (209) (2,236) (2) (633) - (18,488)Balance, end of year 491,001 222,006 205,260 25,543 59,319 526,070 244,996 15,938 70,323 1,860,456Accumulated amortizationBalance, beginning of year - 145,826 58,037 12,639 25,918 191,073 60,635 7,821 - 501,949Add: additions during the year - 8,324 3,808 2,272 4,602 12,725 3,509 1,842 - 37,082Less: disposals during the year - (566) (4,304) (1,450) (209) (2,054) (2) (632) - (9,217)Balance, end of year - 153,584 57,541 13,461 30,311 201,744 64,142 9,031 - 529,814Net book value, end of year $491,001 $68,422 $147,719 $12,082 $29,008 $324,326 $180,854 $6,907 $70,323 $1,330,642Asset Cost 2009Balance, beginning of year $475,075 $205,435 $170,123 $23,918 $52,802 $511,122 $240,930 $12,469 $25,685 $1,717,559Add: additions during the year 5,161 11,239 506 1,877 8,365 7,024 1,234 2,743 44,519 82,668Less: disposals during the year (29) (420) - (1,442) (3,951) (3,093) (189) (685) - (9,809)Balance, end of year 480,207 216,254 170,629 24,353 57,216 515,053 241,975 14,527 70,204 1,790,418Accumulated amortizationBalance, beginning of year - 138,107 54,260 11,802 25,579 181,238 57,351 6,839 - 475,176Add: additions during the year - 8,019 3,777 2,240 4,290 12,862 3,472 1,667 - 36,327Less: disposals during the year - (300) - (1,403) (3,951) (3,027) (188) (685) - (9,554)Balance, end of year - 145,826 58,037 12,639 25,918 191,073 60,635 7,821 - 501,949Net book value, end of year $480,207 $70,428 $112,592 $11,714 $31,298 $323,980 $181,340 $6,706 $70,204 $1,288,469(A) Assets under construction:Assets under construction having a value of $70,323 (2009 -$70,204) have not been amortized. Amortization of these assetswill commence when the asset is put into service.(B) Contributed tangible capital assets:Contributed capital assets have been recognized at fair marketvalue at the date of contribution. The value of contributedassets received during the year is $19,234 (2009 - $5,398)comprised of road networks in the amount of $1,481 (2009 -$281); environmental network - $2,775 (2009 - $114); and land- $14,978 (2009 - $5,003).(C) Tangible capital assets disclosed at nominal values:Where an estimate of fair value could not be made, the tangiblecapital asset was recognized at a nominal value. Land underroads, cemetery lands and buildings slated for demolition are theonly assets where nominal values were assigned.(D) Works of art and historical treasures:The Town manages and controls various works of art andnon-operational historical cultural assets including buildings,artifacts, paintings and sculptures located at Town sites andpublic display areas. These assets are not recorded as tangiblecapital assets and are not amortized(E) Write-down of tangible capital assets:The write-down of tangible capital assets during the year was$ nil (2009 - $ nil).Town of Oakville 2010 Annual Report | 36
(F) Correction of immaterial prior period error:During the year ended December 31, 2010, management becameaware that certain environmental network assets had not beenrecorded at the time the town commenced accounting for TangibleCapital Assets. The impact of this correction has been recordedretrospectively and the cumulative effect up to December 31, 2009has been recorded as a $7,299 increase of environmental networkassets and and accumulated surplus as at that date, and a $130increase in amortization expense and a $130 decrease in annualsurplus for the year then ended. The impact of this correction as atJanuary 1, 2009 was a $7,429 increase of environmental networkassets and accumulated surplus as of that date.10. Accumulated surplus:Accumulated surplus consists of individual fund surplus andreserves and reserve funds as follows:2010 2009SurplusInvested in tangiblecapital assets $ 1,330,642 $ 1,288,469Other (1,593) 659Equity in Oakville Hydro 192,528 154,573UnfundedPost employee benefits (20,017) (18,224)Long-term liabilities (40,008) (29,086)1,461,552 1,396,391Reserves set aside for specific purposesby Council for:Tax rate stabilization 11,254 10,499Capital financing 27,903 27,079Acquisition of tangiblecapital assets 14,973 12,906Recreation and culture 327 463Working capital 8,870 4,456Insurance 1,386 1,347Total reserves 64,713 56,750Reserve funds set aside for specificpurpose by Council:Post employment benefitsand WSIB 8,992 8,317Street trees 419 612Conservation purposes 312 292Harbours 1,363 572Library development 224 197Building, ground maintenanceand replacement 9,991 7,925Parking 4,485 4,027Blink reserve fund 40,403 -11. User fees and charges:User fees and charges include the following:$ 66,189 $ 21,942$ 1,592,454 $ 1,475,0832010 2009Development feesand miscellaneous $ 6,895 $ 5,435Transit revenues 6,040 5,953Parking, Provincial OffencesAct and other fines 3,802 3,596Town facilities rentaland usage fees 7,717 7,254Recreation and culturalprogram revenues 6,097 6,128Cemeteries 740 1,319Licenses and permits 6,961 5,639$ 38,252 $ 35,32412. Trust funds:Trust funds administered by the municipality amountingto $4,076 (2009 - $3,816) have not been included in theconsolidated statement of financial position nor have theiroperations been included in the consolidated statement offinancial activities.13. Contingent liabilities and guarantees:(A) Loan guarantees:The Town of Oakville has one loan guarantee outstanding at theend of 2010, as follows:December 31,Original 2010Burloak Canoe Club $ 75 $ 27Safeguards have been put in place to protect the town shoulddefault occur on the part of the Club.(B) Litigation:The Town has been named as defendant in certain legal actionsin which damages have been sought. The exact outcome of theseactions is not determinable, as at the date of reporting, however,provisions have been made for those legal actions, which thetown may at some future date be held liable.Town of Oakville 2010 Annual Report | 37
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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