Topic:"Asset Retirement Obligation" in M13050

Basis for Qualified Opinion The Utility has not performed the preliminary study necessary to assess whether a liability exists in relation to remediation costs of its utility, plant and equipment. Effective April 1, 2022, the Utility was r...

AI summary The Utility has not completed a preliminary study to assess potential liabilities related to the remediation of its utility, plant, and equipment. It was required to adopt PS 3280 Asset Retirement Obligations effective April 1, 2022, but has not completed its assessment, making it impossible to quantify the impact of the accounting change on financial statements.

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.

Town of Mahone Bay Electric Utility Statement of Financial Position - Capital Fund March 31 2025 2024 Assets Cash - Depreciation Fund (Note 3) Due from Electric Operating Fund Utility, plant and equipment (Schedule 1) $ 97,700 $ 93,550 56,...

AI summary The Town of Mahone Bay Electric Utility's Statement of Financial Position for the Capital Fund as of March 31, 2025, and 2024, outlines key financial details including cash balances, assets, liabilities, and net assets. The document includes notes referencing various financial components and obligations.

Town of Mahone Bay Electric Utility Statement of Investment in Capital Assets For the year ended March 31 2025 2024 Investment in capital assets, beginning of year $ 1,267,818 $ 1,251,447 Add: interest income on depreciation fund 4,150 4,7...

AI summary The Town of Mahone Bay Electric Utility provides financial statements for the year ended March 31, 2025, including the Statement of Investment in Capital Assets and the Statement of Cash Flows. These statements detail changes in capital investments, cash flows from operating, investing, and financing activities, and the ending cash balances.

Utility, Plant and Equipment The utility, plant and equipment is carried at cost and depreciation is provided on the straight-line basis at rates specified by the NSURB. Utility, plant and equipment are written down when conditions indicat...

AI summary The document outlines the accounting treatment for utility, plant, and equipment, including depreciation methods, write-downs, and capital fund management. The NSURB sets depreciation rates and approves funds for future extensions or repairs. Debt charges related to loans are accounted for in the Operating Fund.

2. Inter-fund Balances The inter-fund balances are non-interest bearing and have no fixed terms of repayment.

AI summary The inter-fund balances are described as non-interest bearing with no fixed terms of repayment, indicating they are not subject to interest and do not have specific repayment schedules.

Principal payments required in each of the next five years and thereafter are as follows: 2026 $ 11,646 2027 11,646 2028 11,646 2029 11,646 2030 11,646 Thereafter 11,648 $ 69,878 6. Related Party Transactions

AI summary The table outlines the principal payments required in the next five years and thereafter, showing consistent payments of $11,646 annually from 2026 to 2030, with a total of $69,878. The section also introduces a discussion on related party transactions.

(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.

8. Subsequent Event On April 1, 2025, Council approved the transfer of the Solar Garden assets and the related debenture, from the Town General fund to the Electric Utility. As a result, the Solar Garden will be presented in the audited no...

AI summary On April 1, 2025, Council approved the transfer of the Solar Garden assets and related debenture from the Town General fund to the Electric Utility. This transfer will result in the Solar Garden being included in the Electric Utility's audited non-consolidated financial statements for the year ended March 31, 2026.

Town of Mahone Bay Electric Utility Schedule 1 - Schedule of Utility, Plant and Equipment For the year ended March 31 2025 2024 Intangible plant Organization Miscellaneous - intangible plant Working capital $ 500 10,540 2,750 $ 500 10,540...

AI summary The document presents the Town of Mahone Bay Electric Utility's Schedule 1, which outlines the utility, plant, and equipment for the years 2025 and 2024, including details on intangible and tangible plant assets, accumulated depreciation, rate base, and operating income. It provides a comparative view of the financial status of the utility over two years.

Basis for Qualified Opinion The Utility has not performed the preliminary study necessary to assess whether a liability exists in relation to remediation costs of its utility, plant and equipment. Effective April 1, 2022, the Utility was r...

AI summary The Utility has not performed a preliminary study to assess potential liabilities related to the remediation of its utility, plant, and equipment. It was required to adopt PS 3280 Asset Retirement Obligations effective April 1, 2022, which involves recognizing legal obligations for retiring tangible capital assets. However, management has not completed its assessment, making it impossible to quantify the financial impact.

Town of Mahone Bay Electric Utility Statement of Investment in Capital Assets For the year ended March 31 2026 2025 Investment in capital assets, beginning of year $ 1,267,818 $ 1,267,818 Add: interest income on depreciation fund 2,783 4,1...

AI summary The Town of Mahone Bay Electric Utility provides financial statements showing changes in investment in capital assets and cash flows for the years ended March 31, 2026 and 2025. The statements include details on solar garden capital assets, interest income, and transfers between funds.

Utility, Plant and Equipment The utility, plant and equipment is carried at cost and depreciation is provided on the straight-line basis at rates specified by the NSURB. Utility, plant and equipment are written down when conditions indicat...

AI summary The utility, plant, and equipment are recorded at cost and depreciated using the straight-line method as determined by the NSURB. They are written down when they no longer contribute to service delivery or when their future economic benefits fall below net book value. Depreciation funds are set aside for future repairs or extensions, as approved by the NSURB.

Capital Fund This fund reflects all the capital assets of the Town of Mahone Bay Electric Utility (the "Utility") and their related financing. All debt charges with respect to the loans are reflected in the Operating Fund.

AI summary The Capital Fund reflects the capital assets of the Town of Mahone Bay Electric Utility and their related financing, with debt charges shown in the Operating Fund.

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.

$11,646. The loan matures on July 7, 2030. 2026 2025 C") to in !8, on $ 2,276,309 $ - of is of 58,232 69,878 2,334,541 69,878 Principal payments required in each of the next five years and thereafter are as follows: 2027 $ 106,492 2028 106...

AI summary The document outlines a loan with a principal amount of $11,646 that matures on July 7, 2030, and provides a table of principal payments required over the next several years. The section also introduces a discussion on related party transactions.

(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.

Town of Mahone Bay Electric Utility Schedule 1 - Schedule of Utility, Plant and Equipment For the year ended March 31 2026 2025 Intangible plant Organization Miscellaneous - intangible plant Working capital $ 500 $ 500 10,540 10,540 2,750...

AI summary This document presents the Schedule of Utility, Plant and Equipment for the Town of Mahone Bay Electric Utility for the years 2025 and 2026, detailing tangible and intangible plant assets, accumulated depreciation, rate base, and operating income.