FRASER VALLEY REGIONAL DISTRICT CONSOLIDATED FINANCIAL STATEMENTS

Transcription

1 FRASER VALLEY REGIONAL DISTRICT CONSOLIDATED FINANCIAL STATEMENTS December 31, 2014

2 Consolidated Financial Statements December 31, 2014 Management's Responsibility for the Consolidated Financial Statements 1 Independent Auditors' Report 2 Consolidated Statement of Financial Position 4 Consolidated Statement of Financial Activities 5 Consolidated Statement of Changes in Net Financial Assets 6 Consolidated Statement of Cash Flows 7 8

3 MANAGEMENT'S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS The accompanying consolidated financial statements of the Fraser Valley Regional District (the "Regional District") are the responsibility of the Regional District's management and have been prepared in compliance with legislation, and in accordance with generally accepted accounting principles established by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants. A summary of the significant accounting policies are described in the notes to the consolidated financial statements. The preparation of financial statements necessarily involves the use of estimates based on management's judgment, particularly when transactions affecting the current accounting period cannot be finalized with certainty until future periods. The Regional District's management maintains a system of internal controls designed to provide reasonable assurance that assets are safeguarded, transactions are properly authorized and recorded in compliance with legislative and regulatory requirements, and reliable financial information is available on a timely basis for preparation of the consolidated financial statements. These systems are monitored and evaluated by management. The Board of Directors meets with management and the external auditors to review the consolidated financial statements and discuss any significant financial reporting or internal control matters. The consolidated financial statements have been audited by KPMG, LLP independent external auditors appointed by the Regional District. The accompanying Independent Auditors' Report outlines their responsibilities, the scope of their examination and their opinion on the Regional District's consolidated financial statements. Mike Veenbaas, CPA, CMA Director of Financial Services/Chief Financial Officer 1

4 KPMG LLP Telephone (604) Chartered Accountants Fax (604) Mary Street Internet Chilliwack, BC V2P 4H7 Canada INDEPENDENT AUDITORS' REPORT To the Board of Directors of Fraser Valley Regional Hospital District We have audited the accompanying consolidated financial statements of Fraser Valley Regional Hospital District which comprise the consolidated statement of financial position as at December 31, 2014, the consolidated statements of operations, change in net debt and cash flows for the year then ended, and notes comprising a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform an audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. KPMG Canada provides services to KPMG LLP.

5 Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Fraser Valley Regional Hospital District as at December 31, 2014, and its consolidated results of operations, its consolidated changes in net debt and its consolidated cash flows for the year then ended in accordance with Canadian public sector accounting standards. Other Matter We draw attention to the fact that the supplementary information included in the Schedule does not form part of the audited consolidated financial statements. We have not audited this supplementary information and, accordingly, we do not express an opinion on this supplementary information. Chartered Accountants April, 28, 2015 Chilliwack, British Columbia

6 Consolidated Statement of Financial Position December 31, 2014 Financial Assets Cash and cash equivalents (Note 1) $ 5,139,530 $ 13,366,669 Accounts receivable (Note 2) 4,014,795 3,645,631 Inventories 14,237 22,598 Investments (Note 3) 15,821,622 6,327,193 Financial Liabilities 24,990,184 23,362,091 Trade payables and accrued liabilities 1,183,684 1,261,186 Accrued interest 38,327 38,884 Due to Local governments 2,193,946 2,612,362 Landfill retirement costs (Note 4) 102,590 98,644 Municipal Finance Authority debentures (Note 6) 4,303,141 4,723,200 Municipal Finance Authority leases (Note 7) 124, ,079 Development levies and deferred revenue (Note 8) 538, ,402 Community Works funds (Note 9) 2,423,127 1,896,454 10,907,075 11,256,211 Net Financial Assets 14,083,109 12,105,880 Non-Financial Assets Prepaid expenses 242, ,259 Tangible Capital Assets (Note 10) 34,707,480 34,605,015 34,949,874 34,818,274 Accumulated Surplus $ 49,032,983 $ 46,924,154 Commitments (Note 11) Community Forest Corporation (Note 12) Contingent Liabilities (Note 13) Approved on behalf of the Board: Chief Financial Officer 4

7 Consolidated Statement of Financial Activities Budget 2014 Year Ended December 31, 2014 Actual 2014 Actual 2013 Revenues Member requisitions $ 12,247,945 $ 12,080,066 $ 12,157,553 Government grants 710, , ,725 Utility user fees 521, , ,374 Sale of services 2,733,899 3,172,159 2,469,813 Other 1,757,045 1,682,872 1,520,313 Interest 38, , ,184 18,009,115 18,539,723 17,808,962 Expenses General government services 2,891,587 2,753,129 2,430,876 Protective services 4,311,091 4,065,071 4,491,404 Transportation services 739, , ,996 Environmental health services 2,055,076 1,959,818 1,761,779 Environmental development services 1,666,161 1,311,093 1,393,475 Recreation and cultural services 3,897,082 3,233,372 3,344,665 Utilities services 949, , ,366 16,509,649 14,949,499 14,987,561 Annual Surplus Before Amortization 1,499,466 3,590,224 2,821,401 Amortization - 1,481,395 1,466,210 Annual Surplus 1,499,466 2,108,829 1,355,191 Accumulated Surplus, Beginning of Year 46,924,154 46,924,154 45,568,963 Accumulated Surplus, End of Year $ 48,423,620 $ 49,032,983 $ 46,924,154 5

8 Consolidated Statement of Changes in Net Financial Assets Year Ended December 31, Annual surplus $ 2,108,829 $ 1,355,191 Acquisition of tangible capital assets (1,604,339) (993,938) Amortization of tangible capital assets 1,481,395 1,466,210 Loss on sale of tangible capital assets 12,474 - Proceeds on sale of tangible capital assets 8,005 2,775 Change in prepaid expenses (29,135) (90,296) Change in Net Financial Assets 1,977,229 1,739,942 Net Financial Assets, Beginning of Year 12,105,880 10,365,938 Net Financial Assets, End of Year $ 14,083,109 $ 12,105,880 6

9 Consolidated Statement of Cash Flows Year Ended December 31, Operating Activities Annual surplus $ 2,108,829 $ 1,355,191 Items not involving cash Amortization of tangible capital assets 1,481,395 1,466,210 Loss on sale of tangible capital assets 12,474-3,602,698 2,821,401 Change in non-cash operating items Accounts receivable (369,164) 2,868,591 Inventories 8,361 (5,416) Prepaid expenses (29,135) (90,297) Trade payables and accrued liabilities (77,502) (488,194) Local governments (418,416) (604,108) Accrued interest (557) (5,866) Landfill retirement costs 3,946 9,908 Development levies and deferred revenue 107,753 28,338 Community works fund 526, ,086 3,354,657 4,948,443 Investing Activities Acquisition of tangible capital assets (1,604,339) (993,938) Proceeds on sale of tangible capital assets 8,005 2,775 (1,596,334) (991,163) Financing Activities Repayment of debenture debt (420,059) (440,167) Repayment of capital leases (70,974) (114,228) (491,033) (554,395) Investing Activities Increase in portfolio investments (9,494,429) (2,409,336) Change in Cash (8,227,139) 993,549 Cash and cash equivalents, Beginning of Year 13,366,669 12,373,120 Cash and cash equivalents, End of Year $ 5,139,530 $ 13,366,669 Supplementary cash flow information: Interest paid $ 291,709 $ 348,859 7

10 Basis of Presentation Basis of Consolidation The Fraser Valley Regional District financial statements have been prepared in accordance with the accounting standards of the Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants. All material inter-fund transactions have been eliminated. The financial statements are presented on a consolidated basis and include the following funds: (a) Operating Fund The operating fund reflects the financial activities associated with the provision of general municipal and utility services during the year. (b) Capital Fund The capital fund reflects the financial activities associated with the acquisition, construction and funding of capital assets. (c) Reserve Fund The reserve fund reflects appropriations of surplus authorized by the Board to be set aside for the funding of future operating or capital expenditures. Budget Amounts Comparative Figures Revenue Recognition Budget amounts reflect the statutory annual budget as adopted by the board on January 28th, Certain comparative figures have been reclassified to conform with the financial statement presentation adopted in the current year. Revenues from member requisitions and grants in lieu of taxes are recognized in the year that they apply. Revenue from sales of services are recognized when the services are provided. Government grants are recognized when they are approved by senior governments and the conditions required to earn the grants have been completed. Development levies are recognized as revenue in the period the funds are expended on a development project. Development levies not expended are recorded as unearned revenue. Cash and Cash Equivalents Portfolio Investments Cash and cash equivalents include cash as well as deposits in the Municipal Finance Authority investment short-term money market investment pool. These investments are highly liquid and are readily convertible to known amounts of cash. Portfolio investments are recorded at amortized cost plus accrued interest. Discounts or premiums arising on the purchase of portfolio investments are amortized on a straight-line basis over the term of maturity. If it is determined that there is a permanent impairment in the value of the investment, it is written down to net realizable value. 8

11 Non-Financial Assets Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year and are not intended for sale in the ordinary course of operations. (i) Tangible Capital Assets Tangible capital assets are recorded at cost, which includes amounts that are directly attributable to acquisition, construction, development or betterment of the asset. The cost, less residual value, of the tangible capital assets, excluding land and landfill sites, are amortized on a straight-line basis over their estimated useful lives as follows: Asset Useful Life - Years Land improvements 3-50 Buildings and building improvements Vehicles 5-20 Machinery and equipment 3-15 Water and wastewater infrastructure Landfill sites are amortized using the units of production method based upon capacity used during the year. Annual amortization is charged in the year of acquisition and in the year of disposal. Assets under construction are not amortized until the assets is available for productive use. (ii) Contributions of Tangible Capital Assets Tangible capital assets received as contributions are recorded at their fair value at the date of receipt and also are recorded as revenue. (iii) Natural Resources Natural resources that have not been purchased are not recognized as assets in the financial statements. (iv) Works of Art and Cultural Historic Assets Works of art and cultural historic assets are not recorded as assets in these financial statements. 9

12 December 31, 2014 Use of Estimates The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and at the date of the financial statements, and reported amounts of revenue and expenditures during the reported period. Actual results could differ from those estimates. Financial Instruments Financial instruments consist of cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities and other current liabilities. The Regional District classifies its cash and cash equivalents as held- fortrading, accounts receivable as held to maturity and its accounts payable and other current liabilities as other financial liabilities. The Regional District does not currently have any derivative instruments requiring recording on the statement of financial position. The fair values of the Regional District's financial instruments approximate their carrying value unless otherwise noted. It is management's opinion that the Regional District is not exposed to significant interest, currency or credit risk relating to its financial instruments. 10

13 1. Cash and cash equivalents Cash $ 116,912 $ 11,915,051 Brokers Bank 5,022,618 1,359,497 MFA short-term money market investment pool - 92,121 $ 5,139,530 $ 13,366, Accounts Receivable Accrued interest - investments $ 81,408 $ 4,161 - general ,198 Local government 754, ,557 Provincial Government 383,537 15,287 MFA Debt Reserve - Cash 1,524,087 1,841,086 Other 1,270, ,342 $ 4,014,795 $ 3,645,631 11

14 3. Investments Amount Effective Interest Rate Maturity Date Bonds: BMO PRIN CALL $ 1,000, % April 22, 2015 CIBC PRIN CYC 1,000, % April 30, 2015 RBC PRIN CALL 1,000, % November 2, 2015 BNS PRIN CALL 1,500, % January 22, 2016 Discount on purchase of bonds (58,838) GICs: CCS GIC 4,000, % May 25, 2015 VANCITY CSH 2,000, % August 28, 2015 CCS GIC 500, % November 9, 2015 CCS GIC 296, % March 21, 2016 CCS GIC 883, % March 21, 2016 CCS GIC 700, % March 20, 2017 CCS GIC 480, % March 21, 2017 SCOTIA BK GIC 520, % November 14, 2017 ROYAL BANK GIC 2,000, % November 27, 2017 $ 15,821,622 Investments held by the Regional District include securities guaranteed for principal and interest by Canada or by a province, and deposits of chartered banks and credit unions. Investments at December 31, 2014 have a total carrying value of $15,903,030 ( $6,331,354), consisting of amortized cost of $15,821,622 ( $6,327,193) and related accrued interest of $81,408 ( $4,161). The market value of these investments at December 31, 2014 is approximately $15,903,795 ( $6,324,833). 4. Landfill Retirement Costs Asset retirement obligations consist of landfill closing and post closure costs. Progressive closure costs are estimated at $1,142,000. Landfill closure costs will be met by annual appropriations and accretion expense based on a plan to fully fund the closure costs by the expected closure date. The Regional District has a statutory obligation to maintain and monitor the landfill site after it is closed. As of 2014, post closure costs were estimated at $429,000. Post closure costs will be met by annual budget appropriation in the years in which they are incurred. As currently engineered, and based on current waste disposal patterns, the landfill has a total life expectancy of 65 years. The interest rate currently being paid by the Fraser Valley Regional District on MFA debt is 4.0%. Each year, the Fraser Valley Regional District records an accretion amount such that at the time the retirement obligations arise, they will be offset by the total held in reserves. A liability of $102,590 has been set aside at December 31,

15 5. Municipal Finance Authority Debt Fund (a) All funds borrowed by the Regional District are upon its credit at large and will, in event of default, constitute an indebtedness of its member municipalities for which they are jointly and severally liable. (b) Debenture debt payments (including interest) as at December 31, 2014 are projected for the next five years as follows: Member Municipalities Regional District Total 2015 $ 8,381,614 $ 604,549 $ 8,986, ,381, ,549 8,986, ,320, ,549 8,925, ,280, ,212 8,636, ,131, ,113 8,475,501 $ 41,496,069 $ 2,512,972 $ 44,009, Municipal Finance Authority Debentures (a) The Regional District has entered into agreements with member municipalities for the purpose of financing municipal undertakings. Under the terms of these agreements, the municipalities are required to provide for and to pay to the Regional District such amounts as are required to discharge their obligations. Any deficiency that may occur shall be a liability of the municipalities. (b) Municipal Finance Authority debentures are shown net of debt charges recoverable: Debentures $ 86,206,163 $ 102,487,482 Debt charges recoverable (81,903,022) (97,764,282) $ 4,303,141 $ 4,723,200 13

16 7. Municipal Finance Authority capital lease obligations Municipal Finance Authority - Capital lease obligations bearing interest at rates 1.25% %, with blended monthly payments $ 124,105 $ 195,079 Future minimum lease payments related to the obligations under capital lease are as follows: 2015 $ 59, , ,980 Less: imputed interest (2,999) $ 124, Development Levies and Deferred Revenue Development levies represent amounts received from developers for capital infrastructure expenditures required as a result of their development projects. As these amounts are expended, the deferred revenue will be reduced and the amount expended will be recorded as revenue in the statement of financial activities. The following amounts are restricted for specified purposes: West Popkum Drainage $ 90,472 $ 88,908 Bell Acres Water 17,684 17,378 Dogwood Water System 40,747 40,042 Parkview Water 64,256 63,146 Area D Water 234, ,777 Cheam/Popkum Street Lighting - 13,148 Area C Community Parks 16,876 16,584 Area D Parks Cash in Lieu 49,075 31,727 Community Parks Cash in Lieu 24,107 23,692 $ 538,155 $ 430,402 14

17 9. Community Works Funds Community Works Fund Agreement funding is provided by the Government of Canada and use of the funding is established by a funding agreement between the Regional District and the Union of British Columbia Municipalities. Community Works Fund Agreement funding may be used towards designated public transit, community energy, water, wastewater, solid waste and capacity building projects, as specified in the funding agreement. Schedule of Receipts and Disbursements of Community Works Agreement Funds Opening balance of unspent funds $ 1,896,454 $ 1,482,368 Add: Amount received during the year 729, ,700 Interest earned 41,595 15,975 Less: Amount spent on projects (244,510) (96,589) $ 2,423,127 $ 1,896,454 15

18 10. Tangible Capital Assets Cost Balance at December 31, 2013 Additions Transfers and Disposals Balance at December 31, 2014 Land $ 3,651,553 $ - $ - $ 3,651,553 Engineering structures 25,787, ,347-26,226,277 Buildings and building improvements 13,231, ,236-13,386,951 Vehicles, machinery and equipment 8,429, ,932 (54,220) 9,364,609 Assets under construction 65,458 83,627 (61,803) 87,282 Total $ 51,166,553 $ 1,666,142 $ (116,023) $ 52,716,672 Accumulated amortization Balance at December 31, 2013 Disposals Amortization expense Balance at December 31, 2014 Engineering structures $ 6,130,215 $ - $ 529,488 $ 6,659,703 Buildings and building improvements 4,996, ,821 5,438,440 Vehicles, machinery and equipment 5,434,704 (33,740) 510,085 5,911,049 Total $ 16,561,538 $ (33,740) $ 1,481,394 $ 18,009,192 Net book value December 31, 2013 Net book value December 31, 2014 Land $ 3,651,553 $ 3,651,553 Engineering structures 19,657,715 19,566,574 Buildings and building improvements 8,235,096 7,948,511 Vehicles, machinery and equipment 2,995,193 3,453,560 Assets under construction 65,458 87,282 $ 34,605,015 $ 34,707,480 (a) Assets Under Construction Assets under construction having a value of $87,282 ( $65,458) have not been amortized. Amortization of these assets will commence when the asset is put into service. 16

19 11. Pension Liability The Regional District and its employees contribute to the Municipal Pension Plan (the Plan), a jointly trusteed pension plan. The board of trustees, representing plan members and employers, is responsible for overseeing the management of the Plan, including investment of the assets and administration of benefits. The Plan is a multi-employer contributory pension plan. Basic pension benefits provided are defined. The Plan has about 182,000 active members and approximately 75,000 retired members. Active members include approximately 36,000 contributors from local governments. The most recent actuarial valuation as at December 31, 2012 indicated a $1,370 million funding deficit for basic pension benefits. The next valuation will be as at December 31, 2015 with results available in Employers participating in the Plan record their pension expense as the amount of employer contributions made during the fiscal year (defined contribution pension plan accounting). This is because the Plan records accrued liabilities and accrued assets for the Plan in aggregate with the result that there is no consistent and reliable basis for allocating the obligation, assets and cost to the individual employers participating in the Plan. The Regional District paid $407,600 ( $402,002) for employer contributions to the plan in fiscal Community Forest Corporation In 2006, the District along with the Yale First Nation and the District of Hope incorporated a corporation for the purpose of applying for a probationary community forest agreement. The District is one of two limited partners that has invested $10,000 for 10,000 shares in the corporation. The probationary agreement, which had been applied for in 2007, provides for up to 34,300 cubic meters of timber annually in the Fraser timber supply area. In 2013, the Corporation acquired a license to forest and contracted a logging company to begin operations. Revenue is expected to be generated and is anticipated to stay within the Corporation for the foreseeable future to fund forestry operations. 17

20 13. Contingent liabilities a) Legal Actions As at December 31, 2014, certain legal actions are pending against the Fraser Valley Regional District, the outcome of which cannot be reasonably determined. These actions will be settled subsequent to year end and are not of determinable amount. When the amount becomes determinable it will be included in the financial statements. b) Contingently Repayable Grants The District has received certain capital grants that are repayable in the event the capital project that the grant was used for is sold, leased, encumbered or otherwise disposed of. Total contingently repayable grants are $3,266,817 (2013 $4,585,196), however the District does not anticipate selling, leasing, encumbering or otherwise disposing of capital projects and accordingly does not anticipate repaying any of these grants. c) Municipal Finance Authority Debt Reserve Fund With respect to amounts financed through the Authority, the Regional District is required to pay into a debt reserve fund administered by the Authority, an amount equal to one-half the average annual installment of principal and interest relative to any borrowing for its own purposes and on behalf of member municipalities. This amount may be paid either in full or in an amount of cash equal to 1% of the principal amount borrowed together with a non-interest bearing demand note for the balance. If, at any time, the Authority does not have sufficient funds to meet payments of sinking fund contributions due on its obligations, the payments or sinking fund contributions shall be made from the debt reserve fund. The demand notes payable to the Authority and receivable from member municipalities are callable only if there are additional requirements to be met to maintain the level of the debt reserve fund. d) Municipal Insurance Association of B.C. The District is a member of the Municipal Insurance Association (MIA) which operates under a reciprocal insurance exchange agreement. The main purpose is to pool the risk of third party liability claims against members in order to allow for stable financial planning related to those broad risk management strategies to reduce accidents occurrences against the District. The District is assessed an annual premium based on population, administrative costs, premium tax, and re-insurance oversights by the Provincial government. 18

21 14. Segmented Information Segmented information has been identified based upon lines of service provided by the District. District services are provided by departments and their activities are reported by functional area in the body of the financial statements. Certain lines of service that have been separately disclosed in the segmented information, along with the services they provide are as follows: i) General Government: General Government includes services and activities responsible for the overall direction and monitoring of regional initiatives. These include, but are not limited to legislative services, Board operations and remuneration, treaty advisory committee, fiscal services, information technology, geographic information systems, feasibility studies and overall organizational administration. ii) Protective Services: Protective Services includes those services that provide protection to the region's inhabitants and their property. Services include seven (7) Volunteer Fire Departments, Emergency Management, 911 Emergency Telephone Services, Regional Fire Dispatch, Search & Rescue and Dyking/Flood controls. iii) Transportation Services: Transportation Services includes the operation of certain rural transit services, nine (9) Street Lighting Service areas, and the operation of the Hope and District Airport. iv) Environmental Health Services: Environmental Health Services includes the delivery of the Regional Air Quality and Solid Waste Management programs, Mosquito control program, Noxious Weeds program, four (4) drainage systems, three (3) refuse/recycling collection systems, and the Boston Bar Landfill. v) Environmental Development Services: Environmental Development Services includes the delivery of Regional Planning and Electoral Area Planning as well as the administration of the Electoral Area Soil Deposit and removal sites. vi) Recreation and Culture Services: Recreation and Culture services includes the Regional Community Parks system and Library services in the Electoral Areas. Recreation and Cultural Services also includes the Hope and District Recreation Commission, Almer Carlson Pool, Boston Bar bowling alley, Boston Bar Television, Harrison Lake Boat Launch and Area A & B Heritage Conservation. vii) Utility Services: Utilities includes the construction and operating of twelve (12) water systems and three (3) sanitary sewer systems. 19

22 14. Segmented Information (continued) General Government Protective Services Transportation Services Environmental Health Environmental Development Recreation & Culture Utility Services Revenues Member requisitions $ 2,342,591 $ 3,158,477 $ 402,936 $ 1,300,438 $ 1,285,039 $ 3,017,960 $ 572,625 $ 12,080,066 $ 12,157,553 Government grants 241,139 69, , ,131 32, , , , ,725 Sales of service 530, , ,004 1,169,969 52, ,127 7,417 3,172,159 2,469,813 Other 171, ,565 20,455 47,101 18, , ,931 2,403,765 2,273,871 3,286,439 4,779, ,175 2,621,639 1,388,285 4,120,280 1,510,997 18,539,723 17,808,962 Expenditures Salaries and benefits 2,852,499 1,183,353 24, , ,637 1,433, ,085 7,367,229 7,550,224 Directors expenses 299, , ,346 Program support 1,380,363 2,221, , , ,005 1,302, ,759 7,053,973 6,850,280 Vehicle, Building and Equipment Expenses 315, ,393 8, , , ,425 1,164,365 1,179,338 Internal Services 401, ,755 29, , , ,501 55,640 1,619,422 1,610,451 Recoveries from other functions (2,496,518) (18,800) - - (15,355) (24,043) - (2,554,716) (2,490,078) 2,753,129 4,065, ,107 1,959,818 1,311,093 3,233, ,909 14,949,499 14,987,561 Amortization of tangible capital assets 211, ,412 19,896 52, , ,505 1,481,395 1,466,210 2,964,454 4,478, ,003 2,012,502 1,311,093 3,549,945 1,375,414 16,430,894 16,453,771 $ 321,985 $ 301,425 $ 93,172 $ 609,137 $ 77,192 $ 570,335 $ 135,583 $ 2,108,829 $ 1,355,191 20