Agenda Package - City of Vernon

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THE CORPORATION OF THE Gonsolidated Statement of Cash Flows Statement D CITY OF VERNON December 31 li0þolylqan{g_ q þ!g!t) 2008 2007 Cash provided by (used in): Operat¡ng activities: Net revenues for the year Changes in non-cash working capitalitems: Receivables Prepaid expenses Payables Defened charges Financing activities: Principal payments on long-term debt Increase (decrease) in cash and investments Cash and investments, beginning of year Cash and ¡nvestments are represented by: Cash on hand and on deposit lnvestments in Municipal Finance Authority of B.C. - Money Market Fund lnvestmenß in Municipal Finance Authority of B.C. - Bond Fund 4,035 $ 3,540 (71e) (3,226) 1U (4e5) 247 (2,695) 2,E28 (351) 6,495 (3,227) (2,919) (3.0131 (2,s1s) (3,013) 3,576 (6,240) 42,750 4E.990 $ 3,929 $ 5,01E uA70 30,308 7,927 7,424 The accompany¡ng summary of signmcånt account¡ng policies and notes are an ¡ntegral part of these flnancial stiatements 34lP age 48
THE CORPORATION OF THE CITY OF VERNON Notes to the Consolidated Financial Statements Year Ended December 31, 2008 1. Significant Accounting Policies: a) Basis of Accountino: The consolidated financial statements of the City of Vernon are prepared by management in accordance with local government accounting standards established by the Public Sector Accounting Board ("PSAB') of the Canadian lnstitute of Chartered Accountants. ln line with the standards, the resources and operations of the City are segregated into various funds for accounting and financial reporting purposes, each being treated as a separate enti$ with responsibility for the stewardship of the assets allocated to it. The accrual method for reporting revenues and expenses has been used. b) Basis of Consolidation: The consolidated statements include all funds of the Gity and the Wholly-Owned Subsidiaries. lnter-fund revenues, expenses, assets, and liabilities have been eliminated. c) Measurement Uncertainty: The preparation of financial statements in conformi$ with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. d) Tanoible CaoitalAssets: Tangible capital assets are recorded at cost and are not subject to amortization. Donated or contributed tangible capitals assets are recorded at fair market value at the time of transfer. el Prooertv Held for Resale: 0 Property held for resale is valued at the lower of cost and net realizable value. Costs of inventory include the original land costs and design, engineering and other related costs associated with holding the property. Debt Charges: Debt principal payments are charged against current operating revenue in the periods in which they are paid. lnterest is recorded on an accrued basis, o) Deferred Charoes: Defened charges are comprised of levied and unused Development Cost Charges; Sidewalk Gifting funds; Foothills/Silver Star Road Development funds; and Gas Tax / Public Transit transfer payments, These funds are recorded as revenue in the year they are used to fund tangible capital asset additions or eligible operating expenditures, 35 lPage 49
Page 1 and 2: B. BEARDSELL PRESENTATION - VARIOUS
Page 3 and 4: CALL TO ORDER AGENDA ADOPTION ADOPT
Page 5 and 6: PAGE 3 REQUEST FOR ASSISTANCE TO PL
Page 7 and 8: PAGE 2 SPECIAL COMMITTEE OF THE WHO
Page 9 and 10: PAGE 4 sPEctAL coMMtrrEE oF THE wHo
Page 11 and 12: CAO & CFO ACTION ]TEMS [urtle Mount
Page 13 and 14: H u) SOMPLETED ITEIIS k lhls follfl
Page 15 and 16: THE CORPORATION OF THE CITY OF VERN
Page 17 and 18: OPERATIONAL SECTION
Page 21 and 22: THE CORPORAT]ON OF THE CITY OF VERN
Page 47: THE CORPORATION OF THE CITY OF VERN
Page 63 and 64: THE CORPORATION OF THE CIry OF VERN
Page 77 and 78: THE CORPORAT]ON OF THE CITY OF VERN
Page 83 and 84: STATISTICAL SECTION
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Agenda Package - City of Vernon

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