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Audit Opinion Municipality Veles 2007

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Audit Opinion Municipality Veles 2007 To: ARD, Inc. Macedonia Local Government Activity SKOPJE AUDITOR’S REPORT We have audited the accompanying consolidated financial statements of The Municipality of Veles (in the following text “the Municipality“), which comprises of the Balance Sheet as of 31 December 2007, the Statement of Revenues and Expenses and Statement of Changes in the Operating Fund for the year then ended, and a summary of significant accounting policies and other explanatory notes. The consolidated financial statements consist of statements of the following accounts of the Municipality: Budget account of the Municipality of Veles; Regular account of the Municipality of Veles; Designated account (930) the Municipality of Veles; Designated account (937) the Municipality of Veles; Donation account (78520); and Donation account - grant (78516). Management's responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and far presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the 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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Auditor's opinion In our opinion, the consolidated financial statements of “The Municipality of Veles” give a true and fair view of the financial position of the Municipality as of 31 December 2007, as well as the operating results and the changes in the operating fund for the year than ended, in accordance with the Budgets and Budget users Accounting Law and International Accounting Standards for the public sector on cash basis published in the Republic of Macedonia. Skopje, 19 December 2008 Manager, Zvonko Kocovski, certified auditor 2 MUNICIPALITY OF VELES STATEMENT OF REVENUES AND EXPENSES For 2007 (In thousands of MKD) NOTE Budget Regular Donation Grant Designated Designated Total Elimination Consolidated account account account account account account (78520) (78516) (930) (937) Tax revenues 4 70.995 - - - - - 70.995 - 70.995 Non-tax revenues 5 4.136 - - - - - 4.136 - 4.136 Capital revenues 6 1.103 - - - - - 1.103 - 1.103 Transfers and donations 7 41.294 102.07 5 606 650 105.782 9.040 259.447 (111.115) 148.332 Total revenues 117.528 102.07 5 606 650 105.782 9.040 335.681 (111.115) 224.566 Expenses for employees 18.996 18.996 - - 69.233 9.040 116.265 (28.036) 88.229 Operating expenses 44.801 44.801 266 451 35.501 - 125.820 (44.801) 81.019 Reserves 355 355 - - - - 710 (355) 355 Social transfers 3.558 3.558 340 - - - 7.456 (3.558) 3.898 Capital expenditures 34.365 34.365 - 193 274 - 69.197 (34.365) 34.832 Total expenses 8 102.075 102.07 5 606 644 105.00 8 9.040 319.448 (111.115) 208.333 Surplus of revenues over expenses 15.453 - - 6 77 4 - 16.233 - 16.233 Notes to the financial statements on pages 6 to 18 are part of the financial statements MUNICIPALITY OF VELES BALANCE SHEET As of 31 December 2007 (In thousands of MKD) Budget Regular Donation Grant Designated Designated Total NOTE account account account account account account (78520) (78516) (930) (937) ASSETS CURRENT ASSETS Cash 9 15.453 - - 6 774 - 16.233 Accounts receivable 10 15.397 106 - - - - 15.503 Prepayment and Accrued income 11 820 2.869 34 - - 689 4.412 Total current assets 31.670 2.974 34 6 774 689 36.14 8 NON-CURRENT ASSETS Property, plant and equipment - 207.522 - - - - 207.522 Intangibles - 324 - - - - 324 Investments in progress - 78.729 - - - - 78.729 Total non-current assets 12 - 286.57 5 - - - - 286.57 5 TOTAL ASSETS 31.670 289.5 50 34 6 774 689 322.72 3 LIABILITIES AND OPERATING FUND CURRENT LIABILITIES Accounts payable 13 820 1.57 2 34 - - - 2.42 6 Other short term liabilities 14 - 1.297 - - - 689 1.986 Accrued expenses and deferred 15 15.397 78.835 - - - - 94.231 income Total current liabilities 16.217 81.70 4 34 - - 689 98.64 4 OPERATING FUND AND SURPLUS OF REVENUES OVER EXPENSES Operating Fund - 207.84 6 - - - - 207.845 Total operating fund - 207.84 6 - - - - 207.845 Current surplus of revenues over expenses deferred for future 15.453 - - 6 774 - 16.233 periods TOTAL LIABILITIES AND 31.669 289.549 34 6 774 689 322.722 OPERATING FUND Notes to the financial statements on pages 6 to 18 are part of the financial statements The accompanying financial statements were authorized for issue by the management of Municipality of Veles and were signed on its behalf by: Ace Kocevski Mayor 4 MUNICIPALITY OF VELES STATEMENT OF CHANGES IN THE OPERATING FUND For 2007 (In thousands of MKD) Operating fund Fixed assets Balance at 01.01.2007 189.252 Purchased fixed assets 34.360 Fixed assets write-off (622) Depreciation (15.144) Balance at 31.12.2007 207.846 Notes to the financial statements on pages 6 to 18 are part of the financial statements 5 MUNICIPALITY OF VELES NOTES TO THE FINANCIAL STATEMENTS NOTE 1. GENERAL INFORMATION The MUNICIPALITY OF VELES is a unit of local self-government where its citizens exercise the right of local self-government by direct engagement in the decision making process. The region of the municipality of Veles is defined by the Law of territorial organization of the units of local self-government of the Republic of Macedonia. The municipality of Veles is situated at No. 1 “Panko Brasnar” street, Veles. Authorized representative of the municipality of Veles is the mayor Ace Kocevski. The Municipality of Veles with an area of 427,45 km 2 and population of 55.108, is comprised of the following: populated areas city of Veles and the villages: Basino selo, Belestevica, Buzalkovo, Vetersko, Gorno Kalaslari, Gorno Orizari, Dolno Kalaslari, Dolno Orizari, Ivankovci, Karabuniste, Krusje, Kumarino, Lugunci, Mamutcevo, Novacani, Novo Selo, Oraovec, Otovica, Rastani, Rlevci, Rudnik, Slp, Slivnik, Sujaklari, Sopot, Crkvino,Colosevo and Cidimirci. The Municipality of Veles is a legal entity and performs its activities through its Governing bodies directly elected by the people. The Governing bodies are the Council and Mayor which are elected for a period of four years. The Council of the Municipality of Veles has 23 members, elected on the local elections in 2005 with a 4 year mandate. Their jurisdiction is determined by the Statute of the Municipality of Veles. The Mayor of Veles was elected on the local elections in 2005 and his jurisdiction is determined by the Statute of the Municipality of Veles. The primary act of the Municipality is the Statute No. 0701-2280/1 from 15.06.2006, which regulates the basic issues related to the jurisdiction and organization of the Municipality and other significant issues. The Statute is brought by majority of votes of all members of the Council. According to The Law of local self-government and the Statute of the Municipality of Veles, the Municipality of Veles carries out public works with local significance. The sources of funding for the municipality are provided in accordance to the Law for finacing the units of local self-government, from: • Local taxes determined by law (property tax, sales tax of real estate and rights, inheritance and gift tax, other local taxes determined by law); • Local fees (public utility fee, administrative fee and other local fees defined by law); • Local charges (Charges for construction land development, charges from communal activities, charges for physical and urban plans, and other local charges determined by law); • Revenues from ownership (revenues from lease; revenues from interests; and revenues from property sales); • Revenues from donations; • Revenues from fines determined by law; • Revenues from self-contributions and • Other revenues determined by law . The annual account of the Municipality of Veles is adopted by the Council of the Municipality of Veles. 6 MUNICIPALITY OF VELES The following annual accounts, for which the authorized representative is the mayor, are prepared by the Municipality of Veles: • Budget account of the municipality of Veles; • Regular account of Municipality Veles; • Designated account (930) of Municipality Veles; • Designated account (937) of Municipality Veles; • Donations account (78520); and • Donations (grant) account (78516). NOTE 2. BASIS FOR PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS The financial statements of the Municipality are conducted in accordance with the Budgets and Budget users Accounting Law, the generally accepted accounting principles and practice, and accounting standards for presentation of the balance sheet items, balances of the assets, liabilities, sources of the assets, revenues and expenses, and the operating results on true, fair, confidential, complete, punctual basis.
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