Annual Reports 2015 | Page 74

District of Lake Country Statement of Changes in Net Debt
For the year ended December 31 2015 Budget 2015 Actual 2014 Actual
Annual surplus
$
3,653,990
$
6,765,022
$
12,560,977
Acquisition of tangible capital assets
( 9,311,917 )
( 8,117,562 )
( 7,269,450 )
Developer contribution of tangible capital assets
-
( 1,683,199 )
( 4,633,941 )
Amortization of tangible capital assets
2,796,750
2,984,954
2,746,500
Net ( gain )/ loss on disposal of tangible capital assets
-
( 255 )
69,078
Proceeds from disposal of tangible capital assets
-
7,255
17,167
( Increase )/ decrease in net debt ( 2,861,177 ) ( 43,785 ) 3,490,331 Net debt , beginning of year ( 1,530,168 ) ( 1,530,168 ) ( 5,020,499 ) Net debt , end of year $ ( 4,391,345 ) $ ( 1,573,953 ) $ ( 1,530,168 )
See accompanying notes to the financial statements
Statement 3 - 3 - 2015 Annual Report 74 | Page