Doc 9 OPL 2006 Audit Report Oct 15-07

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9

COMMUNICATION AND COUNSEL


Subject: Ottawa Public Library 2006 Audit Report

Prepared by: Brenda Gorton
FSU Account Manager, Ottawa Public Library
Community & Protective Services Financial Support Unit

Prepared for: Ottawa Public Library Board

Meeting of: October 15, 2007

Date: October 1, 2007


Reference

1. City of Ottawa Audit – Schedule 4 – Ottawa Public Library Board – Appendix A
2. Ottawa Public Library Board Financial Statements – Appendix B

Background
As approved by the Board at its meeting on November 20, 2006, the Library has been
consolidated into the overall city audit and no longer completes a separate Library audit. It is
acceptable for a library board to supply its financial information in a consolidated audited
financial statement as noted in Municipal Act, 2001, s. 296 (11), provided that the financial
information on the library board is provided in a separate schedule or appendix of the
consolidated municipal financial statement.
Attached in Appendix A is a copy of the Ottawa Public Library schedule that was included in the
2006 City of Ottawa financial statements, forming part of the Consolidated Statements of the
City. This schedule has been approved by the Province and upon receiving a copy of this
schedule the Province has released the 2007 Ottawa library grant.

Following the change in the audit process, the Library Financial Services Unit agreed to continue
to prepare the library statements as in the past for internal Board reporting which would include
the details of revenues, expenditures and reserves. These are unaudited statements and are
used to provide the year end financial information for the Library schedule in the city’s audited
financial statements. The library financial statements are attached in Appendix B to provide more
detailed, supplemental information to the Board, supporting the Library schedule in the City of
Ottawa audited financial statements.
Doc. 9 OPL 2006 Audit Report October 15, 2007 Page 1 of 1 The City of Ottawa Schedule 4



CONDENSED SUPPLEMENTARY INFORMATION
OTTAWA PUBLIC LIBRARY BOARD
[dollars in thousands]




The Ottawa Public Library Board is consolidated with the City of Ottawa. The following table provides
condensed supplementary information for the Ottawa Public Library Board.
2006 2005
$ $

Financial Position
Financial assets 1,823 2,667
Non-financial assets — 207
Financial liabilities (9,590) (6,497)
Net liabilities (7,767) (3,623)

Operating fund — —
Capital fund 507 (2,118)
Reserve Fund 210 —
Fund balance 717 (2,118)
Amounts to be recovered in future years (8,484) (1,505)
Municipal position (7,767) (3,623)

Financial activities
Revenues
City of Ottawa 28,218 27,345
Province of Ontario – Ministry of Culture 1,508 1,408
Other 2,459 3,796
32,185 32,549

Operating expenditures (31,115) (31,574)
Capital expenditures (5,214) (7,619)
New debt issued 6,520 —
Obligations to be funded in future years 459 171
(29,350) (39,022)
Change in fund balance for the year 2,835 (6,473)
Fund balance beginning of the year (2,118) 4,355
Fund balance, end of year 717 (2,118)

Financial Statements

Ottawa Public Library Board
December 31, 2006 Ottawa Public Library Board


STATEMENT OF FINANCIAL POSITION


As at December 31




2006 2005
$ $

FINANCIAL ASSETS
Cash 6,845 7,210
Accounts receivable 3,126 48,830
Due from City of Ottawa [note 2] 1,813,277 2,610,755
Total financial assets 1,823,248 2,666,795

LIABILITIES
Accounts payable and accrued liabilities 1,106,168 4,590,160
Deferred donations/grants - 401,550
Employee future benefits payable [notes 3 and 4] 1,853,000 1,505,000
Net Long Term Debt 6,520,000 -
Accrued interest on debt 110,512 -
Total liabilities 9,589,680 6,496,710
Commitments [note5]

Net financial assets (7,766,432) (3,829,915)

Non-financial assets - -
Prepaid expenses - 207,023
Net assets (7,766,432) (3,622,892)

Fund position
Operating fund [schedule 1] - -
Capital fund [schedule 2] 507,514 (2,117,892)
Reserve fund [schedule 3] 209,566 -
717,080
Amounts to be recovered [note 4] (8,483,512) (1,505,000)
Total fund position (7,766,432) (3,622,892)

See accompanying notes
Ottawa Public Library Board


STATEMENT OF FINANCIAL ACTIVITIES


For the year ended December 31



2006 2005
$ $

REVENUES
Grants:
City of Ottawa 28,218,036 27,345,211
Province of Ontario 1,508,085 1,408,435
Federal 30,471 119,539
Development charges 28,000 1,236,151
Fines and user charges 1,689,441 1,560,595
Interest income 4,000 96,000
Rental income 470,640 526,729
Other 236,153 256,735
Total revenues 32,184,826 32,549,395

EXPENDITURES

Operating
Salaries, wages and benefits 25,181,303 26,133,377
Library materials 4,516,118 4,315,118
Purchased services 1,023,398 773,540
Materials and supply 280,612 351,584
Debt service costs 113,382 —
Total operating 31,114,813 31,573,619

CAPITAL
Information technology 561,201 675,640
Building and renovations 2,205,389 4,813,804
Library materials 847,944 1,587,070
Furniture and equipment 862,410 138,059
Other 736,609 404,914
Total capital 5,213,553 7,619,487
Total expenditures 36,328,366 39,193,106
Excess of revenues over expenditures (expenditures over revenues) (4,143,540) (6,643,711)

FINANCING
Employee future benefits 348,000 171,000
New Debt Issued 6,520,000 -
Accrued interest on long-term liabilities 110,512
(Decrease) increase in amounts to be recovered 6,978,512 171,000

Change in the fund balance for the year 2,834,972 (6,472,711)
Fund balance, beginning of year (2,117,892) 4,354,819
Fund balance, end of year 717,080 (2,117,892)

See accompanying notes Ottawa Public Library Board


STATEMENT OF CHANGES IN FINANCIAL POSITION


For the year ended December 31, 2004




2006 2005
$ $

OPERATING ACTIVITIES
Excess of revenue over expenditures
(expenditures over revenue) (4,143,540) (6,643,711)
Decrease (increase) in:
Accounts receivable 45,703 89,460
Prepaid expenses 207,023 78,820
Due from the City of Ottawa 797,478 2,959,376
Long-term receivable — —
Increase (decrease) in:
Accounts payable and accrued liabilities (3,483,992) 3,332,473
Deferred donations/grants (401,550) 9,731
Employee future benefits payable 348,000 171,000
Interest on long-term debt 110,512 ---
Cash provided from (used in) operating activities (6,520,365) (2,851)

FINANCING ACTIVITIES
Repayment of long-term debt —
Cash used in financing activities —

Increase (decrease) in cash for the year (6,520,365) (2,851)
Cash, beginning of year 7,210 10,061
Cash, end of year (6,513,155) 7,210

See accompanying notes
1. SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The financial statements of the Ottawa Public Library Board [the “Board”] are the representation
of management prepared in accordance with accounting principles generally accepted for the