M-2-(v)2024-25 Electrical Utility Statements
5 passages
Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, an...
AI summary The auditor's responsibilities include obtaining reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error. The audit involves assessing risks, evaluating internal controls, accounting policies, and disclosures, and ensuring the financial statements are presented fairly.
Town of Mahone Bay Electric Utility Statement of Financial Position - Operating Fund March 31 2025 2024 Assets Cash Rates and other receivables (Note 7) Inventory Prepaid expenses Due from Electric Capital Fund (Note 2) Due from General Ca...
AI summary The document presents the Statement of Financial Position for the Town of Mahone Bay Electric Utility's Operating Fund as of March 31, 2025, and 2024, detailing assets, liabilities, and net assets. It includes notes referencing various funds and liabilities.
(b) Credit risk Credit risk is the risk of loss if a customer or counterparty cannot meet its contractual obligations. The carrying amount of financial assets represents the maximum credit exposure. The Utility's credit risk is attributabl...
AI summary The document discusses credit risk, focusing on the risk of loss due to customers failing to meet obligations. The Utility mitigates this risk through disconnection notices for past due accounts and has recorded an allowance for doubtful accounts. The allowance increased from $46,200 in 2024 to $62,000.
The risk has increased from the prior year because of the increase in accounts receivable. As at March 31 2025 2024 Rates receivable, net of prepayments Less: Impairment Allowance Total Rates receivable, net of prepayments Less: Impairment...
AI summary The risk has increased from the prior year due to an increase in accounts receivable. Tables show detailed breakdowns of rates receivable and impairment allowances for 2025 and 2024.
(b) Credit risk (continued) As at March 31 2025 2024 Other receivables Less: Impairment Allowance Total Other receivables Less: Impairment Allowance Total Current 31 to 60 days 452,629 - - - 452,629 - 260,865 - - - 260,865 - 61 to 90 days...
AI summary The document presents a table showing other receivables and impairment allowance for the periods ending March 31, 2025, and March 31, 2024, focusing on current receivables aged 31 to 60 days. It then transitions to discussing liquidity risk.
M-2-(vi)2025-26 Electrical Utility Statements (Draft)
4 passages
2. Inter-fund Balances The inter-fund balances are non-interest bearing and have no fixed terms of repayment.
AI summary Inter-fund balances are described as non-interest bearing with no fixed terms of repayment, indicating they are not subject to interest accrual or specific repayment timelines.
(b) Credit risk Credit risk is the risk of loss if a customer or counterparty cannot meet its contractual obligations. The carrying amount of financial assets represents the maximum credit exposure. The Utility's credit risk is attributabl...
AI summary Credit risk refers to the risk of loss due to customers or counterparties failing to meet obligations. The Utility's credit risk is primarily from rates receivable, mitigated by disconnection notices for past due accounts. The allowance for doubtful accounts is $36,500, down from $62,000 in 2025.
The risk has increased from the prior year because of the increase in accounts receivable. As at March 31 2026 2025 Rates receivable, net of prepayments Less: Impairment Allowance Total Rates receivable, net of prepayments Less: Impairment...
AI summary The risk has increased from the prior year due to an increase in accounts receivable. The table provides details on rates receivable, impairment allowances, and totals for 2026 and 2025.
(b) Credit risk (continued) As at March 31 2026 2025 Other receivables Less: Impairment Allowance Total Less: Impairment Allowance Total Current 31 to 60 days 61 to 90 days Over 90 days 469,950 - - - - - 469,950 - - 452,629 452,629 - - Tot...
AI summary The text presents a table detailing credit risk information, including other receivables and impairment allowances for the years 2025 and 2026. It also mentions liquidity risk, indicating a focus on financial risk management.