City of Greater Sudbury

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City of Greater Sudbury
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Financial Statement Issues

• Dissolution of former municipalities
• Transition Board
• Reporting matters

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Dissolution of former municipalities

• Redeployment/retirement of staff
• Loss of continuity
• Loss of skill sets
• Resources to complete year end reduced

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Dissolution of former municipalities

• Accountability
• Increased as final year
• Lack of issue resolution process
• Increased time to finalization

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Transition Board

• Legislative Issues
• Reserve and reserve funds required Board
  pre-approval
• Post year-end transactions were not permitted
• Reporting matters
• How?
• Where?

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Ministry Reporting

• Adopt PSAB Standards
• Significant reporting changes
• Restatement of 1999 financial statements
• Long-term debt
• Recognition of accrued vacation pay and sick
  credits
• Employee future benefits

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Ministry Reporting

• Significant reporting changes (contd)
• Financial assets/liabilities vs. restricted
• Amounts to be recovered in future years
• Accounting for related entities
• Health Unit
• Greater Sudbury Utilities Inc.
• Airport
• Sudbury District Energy Corporation
• Library Boards

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Ministry Reporting

• Ministry Financial Information Return (FIR)
• Efir
• Technical issues
• Late release date
• Numerous errors
• Adopted modified PSAB
• Health Unit
• Extended reporting deadline

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Results

• Increased demands on limited resources
• Additional auditor involvement with year end
  preparation
• Filing delays (2 of lower tier municipalities
  were late filed)
• Delayed determination of consolidated financial
  position

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ConsolidatedMunicipal FinancialInformation

• December 31,2000

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Financial Information

• City of Sudbury
• City of Valley East
• Town of Capreol
• Town of Nickel Centre
• Town of Onaping Falls
• Town of Rayside-Balfour
• Town of Walden
• Regional Municipality of Sudbury

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Auditors Report
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To the Members of Council,   We have audited the
consolidated statement of financial position of
the Municipality as at December 31, 2000 and the
consolidated statements of financial activities
and cashflow for the year then ended. These
financial statements are the responsibility of
the Municipalities management. 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 plan and perform an
audit to obtain reasonable assurance whether the
financial statements are free of material
misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and
disclosures in the financial statements. An
audit also includes assessing the accounting
principles used and significant estimates made by
management, as well as evaluating the overall
principles used and significant estimates made by
management, as well as evaluating the overall
financial statement presentation. In our
opinion, these consolidated financial statements
present fairly, in all material respects, the
financial position of the Municipality as at
December 31, 2000 and the results of its
operations and changes in its fund balances for
the year then ended in accordance with the
Canadian generally accepted accounting
principles.    
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Consolidated Financial Information
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Consolidated Information Includesthe Financial
Activities for

• Region of Sudbury
• Transition Board of the City of Greater Sudbury
• Sudbury Regional Development Corporation
• Sudbury Board of Police Commissioners
• Pioneer Manor
• Greater Sudbury Utilities Inc.

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Consolidated Information Includes the Financial
Activities for

• City of Sudbury
• Sudbury Public Library Board
• Business Improvement Areas
• Equity inclusion for
• Sudbury Hydro Electric Commission
• Sudbury Airport CDC
• Sudbury District Energy Corporation

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Consolidated Information Includesthe Financial
Activities of

• Other municipalities
• Library Boards
• Cemetery Boards

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Schedule of Revenue
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Consolidated Schedule of RevenueYear ended
December 31, 2000
( in 000s) Revenue Town of Capreol
2,119 Town of Nickel Centre 4,781 Town of
Onaping Falls 3,744 Town of Rayside-Balfour 7,9
83 City of Valley East 8,151 Town of
Walden 7,037 City of Sudbury 65,236 Region of
Sudbury 251,346 350,397
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Sources of Revenue
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Schedule of Expenditures
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Consolidated Schedule of ExpenditureYear ended
December 31, 2000
( in 000s) CURRENT Town of Capreol
2,576 Town of Nickel Centre 4,089 Town of
Onaping Falls 3,122 Town of Rayside-Balfour 5,4
47 City of Valley East 6,490 Town of
Walden 6,236 City of Sudbury 50,828 Region of
Sudbury 221,663 300,451
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Current Expenditures
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Consolidated Schedule of ExpenditureYear ended
December 31, 2000
( in 000s) CAPITAL Town of Capreol
225 Town of Nickel Centre 671 Town of Onaping
Falls 311 Town of Rayside-Balfour 2,374 City
of Valley East 2,266 Town of Walden 1,683 City
of Sudbury 16,058 Region of Sudbury
24,931 48,519
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Capital Expenditures
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Consolidated Schedule of Financial
ActivitiesYear ended December 31, 2000
(in 000s) Revenues 350,397 Expenditures -
current (300,451) capital (48,519) Net
revenues before items below 1,427 Government
business net revenue 1,858 Debt principal
repayments (1,591) Change in amounts to be
recovered 713 Change in fund balance
2,407
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Financial Position
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Consolidated Financial PositionYear ended
December 31, 2000
2000 Assets Cash and investments
78,206 Accounts receivable 22,185 Taxation and
user charges receivable 21,392 Other current
assets 6,954 Long-term investments 7,196 135,9
33 Inventory 571 Net equity in government
business 75,532 212,036
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Consolidated Financial PositionYear ended
December 31, 2000
2000 Liabilities Temporary loans
2,507 Accounts payable 37,228 Other
liabilities 2,725 Employee benefit obligations
and interest 30,020 Deferred revenue 2,725 Long-
term liabilities 13,295 88,500
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Consolidated Financial PositionYear ended
December 31, 2000
Municipal Position 2000 Current
792 Capital - un-funded (1,779) -
pre-funded 19,999 Reserves and reserve
funds 72,307 Equity in government
enterprises 75,532 166,851 Amounts to be
recovered Reserves and reserve
funds (5,879) From future revenues (37,436) Net
Position 123,536
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Consolidated Fund AnalysisYear ended December
31, 2000
( in 000s) Current Un-funded Capital Town
of Capreol (727) - Town of Nickel
Centre 13 - Town of Onaping Falls 363 -
Town of Rayside-Balfour (50) (618) City of
Valley East (375) (559) Town of Walden 17 -
City of Sudbury - (602) Region of Sudbury
1,551 - 792 (1,779)
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Consolidated Fund AnalysisYear ended December
31, 2000
( in 000s) Reserves and Pre-funded Reserve
Funds Capital Town of Capreol 161 -
Town of Nickel Centre 1,519 - Town of
Onaping Falls 1,354 - Town of
Rayside-Balfour 1,324 - City of Valley
East 2,979 - Town of Walden 1,158 -
City of Sudbury 11,490 - Region of
Sudbury 52,322 19,999
72,307 19,999
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City of Greater Sudbury