Agenda Package - City of Vernon
Agenda Package - City of Vernon
Agenda Package - City of Vernon
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THE CORPORATION OF THE CITY OF VERNON<br />
Notes to the Consolidated Financial Statements<br />
Year Ended December 31, 2008<br />
n) PSAB Section 2700 lnitiative (Segment Disclosures):<br />
Beginning in the 2008 fiscal year, segmented financial information is presented in<br />
groups <strong>of</strong> distinguishable activities in a similar approach to the <strong>City</strong>'s internally<br />
reported cost centres. These segments are structured in a fashion to assist<br />
users <strong>of</strong> financial statements in understanding and identifying the resources<br />
allocated to support commonly recognized functions <strong>of</strong> the <strong>City</strong>. Segments are<br />
identified primarily by function and secondarily by organizational relationship.<br />
Revenues are only allocated to segments when there is a direct cause and effect<br />
relationship to the expenses <strong>of</strong> those segments. Revenues that cannot be<br />
reasonably allocated in such a manner are unallocated and are considered<br />
common to the <strong>City</strong> as a whole.<br />
2. Accounts Receivable (in thousands <strong>of</strong> dollars):<br />
Property taxes<br />
Utili$ billings<br />
Trade accounts<br />
Other govemments<br />
Other receivables<br />
3. Accounte Payable and Accrued Liabilities (in thousands <strong>of</strong> dollats):<br />
Trade payables<br />
Prepaid property taxes<br />
Salaries, wages and related costs<br />
Deposits and holdbacks<br />
Prepaid fees & charges<br />
Other accrued liabilities<br />
4. Tangible Capftal Assets (in thousands <strong>of</strong> dollars):<br />
Engineering structures<br />
Buildings<br />
Machinery & equipment<br />
Capitalleases<br />
Land<br />
2008 2007<br />
1,110 $<br />
4,621<br />
5,U2<br />
1,321<br />
412<br />
2008<br />
7,066 $<br />
2,281<br />
2,1 59<br />
2,678<br />
281<br />
78s<br />
739<br />
4,379<br />
2,4U<br />
3,371<br />
2007<br />
7,112<br />
1,822<br />
2J25<br />
2,W<br />
107<br />
601<br />
$ 15,250 $ 14,711<br />
2008 2007<br />
158,168<br />
13,995<br />
16,787<br />
20,958<br />
149,051<br />
12,456<br />
15,537<br />
21,681<br />
15.971 15.317<br />
225,879 214,U2<br />
37 lP age<br />
51