HomeMy WebLinkAboutFND-006-01
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REPORT
FINANCE DEPARTMENT
Date:
GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Resolution #:(ffl~ r;tJj-o J
MONDAY, OCTOBER 1, 2001 1"
FND-006-01 File #: /.JJ
By-law #:
Meeting:
Report #:
Subject:
CLARINGTON BOARD OF TRADE
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-006-01 be received;
2. THAT the Clarington Board of Trade be advised that their cash investments should be
invested in secured low risk financial securities to protect the Municipality's interests;
3. THAT Council have Staff review the Clarington Board of Trade agreement at expiry
before renewing the agreement; and
4. THAT the Clarington Board of Trade be advised in writing of Council approved
recommendations.
Reviewed byQ fx,..J2Qo-:t.>''-"'~l-
Franklin Wu,
Chief Administrative Officer.
NT/LG/hjl
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REPORT NO.: FND-006-01
PAGE 2
1.0 BACKGROUND
On February 26, 2001, Council approved the extension and amendment to the existing
agreement between the Municipality and the Clarington Board of Trade. The amendment to the
agreement allows the Clarington Board of Trade to receive an annual payment of $75,000 per
year, to December 31, 2003.
In accordance with the agreement, the Clarington Board of Trade is to submit an annual report,
work program and proposed budget to the Municipality on an annual basis.
On May 24, 2001, Clarington Board of Trade submitted their audited 2000 Financial Statements
to the Municipal Treasurer. Attachment "A" is the Balance Sheet and Attachment "B" is the
Statement of Revenue, Expenditure and Accumulated Surplus.
Municipal accounting staff have reviewed Clarington Board of Trade 2000 Financial Statements
and the accounting staff have the following suggestions for Council's approval:
1. That Council advise the Clarington Board of Trade to place their cash
investments in secured low risk financial securities in order to protect the
Municipality's interests.
2. That Council ask staff to review the Clarington Board of Trade agreement at
expiry and make recommendations before the agreement is renewed.
Attachments:
Attachment #A - Clarington Board of Trade Balance Sheet
Attachment #B - Clarington Board of Trade Statement of Revenue, Expenditures and
Accumulated Surplus
902
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REPORT NO.: FND-006-01
PAGE 3
Interested party to be advised of Council's decision:
Clarington Board of Trade
181 Liberty Street South
P.O. Box 434
Bowmanville, Ontario
L 1C 3Z2
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L 1C 3A6 T (905)623-3379 F (905)623-0608
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AS AT DECEMBER 31,
Current
Cash and cash equivalents
Accounts receivable
Current
Bank indebtedness
Accounts payable
Deferred membership fees
Accumulated surplus
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Attachment "A"
CLARINGTON BOARD OF TRADE
(INCORPORATED WITHOUT SHARE CAPITAL)
BALANCE SHEET
2000 1999
ASSETS
$ 51,827 $ 40,652
4,430
$ 56,257 $ 40,652
LIABILITIES
$ $ 418
8,546 2.835
5,388 3,542
13,934 6,795
SURPLUS
42,323 33,857
$ 56.257 $ 40,652
President
Treasurer
The accompanying notes are an integral part of these financial statements
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Attachment "B
CLARINGTON BOARD OF TRADE
STATEMENT OF REVENUE, EXPENDITURES AND ACCUMULATED SURPLUS
FOR THE YEAR ENDED DECEMBER 31, 2000 1999
Revenue
The Corporation of the Municipality of Clarington contract
(Note 3) $ 75,000 $ 50,000
Membership fees 11.084 6,579
Meetings and events 5,810 1,935
Town of Newcastle Board of Trade (Note 4) 7,889
Interest 2,827 652
94,721 67,055
Expenditures
Advertising and promotion 5,516 1,532
Bank charges and interest 364 76
Insurance 1,920 1,944
Meetings and events 5,356 2,081
Office and general 11 ,312 6,813
Professional fees 1,000 1,000
Telephone 1,609 2,053
Wages and benefits 59,178 37,491
86,255 52,990
Excess of revenue over expenditures 8,466 14,065
Accumulated surplus, beginning of year (Note 5) 33,857 19,792
Accumulated surplus, end of year $ 42,323 $ 33,857
The accompanying notes are an integral part of these financial statements
3.
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