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The Reeve, Members of Council and Ratepayeys of The Municipal Corporation of the Townshlp of Vaughan. We have examined the books and records of the Township of Vaughan and its local boards for the year ended December 31st 1966. We report on the financial statements of the Town- ship as follows: RESULTS FOR YEAR The statement of operations for the year is summarized as follows: Revenue _______________________ 4,157,744.54 Expenditure ___________________ 4,113,103.73 TAX ROLLS AND TAX COLLECTIONS The revenue from taxation compares with prior years as follows: 1966 , _ $391,822 1965 -L ________________________________ 2,645,297 1964 2,216,554 1963 ________________________________ 2,106,877 1962 1,857,325 The taxes receivable including penalties on current year’s roll are $284,709.18 at-December 3lst 1966 as compared to 627683353 at Dec- ember 3lst 1965. The collection of the current year’s taxes including penalties represents 91.4% of the total 1966 tax roll including pen- alties, as compared to 89.67} at December Slst 1965 on the 1965 tax roll. Surplus 7 7 e $44,640.81 The details of this account and comparison with the 1966 budget are shown on the state- ment of revenue and expenditure. The total collection in the year of 1966 taxes. arrears of taxes for prior years and penaltles represents 100.2% of the 1966 tax roll. CAPITAL AND LOAN FUND BALANCE SHEET Work in Progress. $1.441.925.96 We submit the following comments on cer- tain of the items appearing,r 0n the balance sheets: This account represents funds expended on the following projects: Acquisition and development of industrial property, less proceeds received on the sale of 97.8 acres $878,604.00 ............ 1,382,422.80 West Don Sewer Area extension 40,186.56 Construction of library _. ____________ 19,316.60 During the year an additional 110.6 acres of. industrial property was acquired. The total cost to December 3lst 1966 of developing 246.9 acres of land is 82.261.026.80 and the above balance of $1,382.422.80 is the remaining cost after the sale of 97.8 acres. We are adâ€" vised that the remaining portion of this prop- erty which is marketable is approximately 117.6 acres. Mortgage Receivable. 7%. due December 1968, 571.000.00 ‘ During the year 6 acres of industrial prop- erty was sold. The Municipality took back a first mortgage for the balance of payment. Mortgage Payable, 7 %. due December 1966, $112,254.38 This represents the balance owing on acquis- ition of 28 acres of industrial property in 1965. The above liability was retired in February 1967. Mortgage Payable, 7%. due December 1967, $598,000.00 Mortgage Payable, 7%. due May 1971. $35,000.00 Note : These mortgages represent the balance ow- ing on acquisition of 110.6 acres of industrial property during the year. Fixed Assets: Municipal office property and equipment .7 379,41 Fire Department property and Work in progress ....... Due from schools (for debentures) Public ....................... 1,899,099.71 Collegiate and High 1,438,481.62 Due from other municipalities (for debentures assumed) Mortgage receivable - 7% due Dec. 1968 Accounts receivable - Twp. School Area Due from utilities and other municipal enterprises (for debentures) Water Supply System 2.242.207 Pine Grove water 13,67 7 Sewer Areas 475.845 CAPITAL AND LOAN FUND BALANCE SHEET as at DECEMBER 3Ist, I966 ASSETS LIABILITIES equipment _, 7, . 1 Police Dept. equip. , . Road Department - garage and equipment Library ________________________ Land, sundry ____________ Streets and roads ________ 4 Debenture debt payable in United States currency and included at par in the total debt payable at December 3lst 1966 - $643,000.00. This debt was issued for the following purposes: Public Schools 71,000.00 Waterworks 385,000.00 General _________________________________ 187,000.00 379,431.36 56,951.57 10,000.00 1,000.00 439,628.14 103,922.04 4,700.00 March 3lst 1967. $1,441,925.96 5 $839,667.12 995,633.1 1 Total ................... 1,441,925.96 Due to other municipalities for debentures assumed Temporary loans 353758133 Account payable Due to other funds: Water Area No. 5 643.000.00 71,000.00 6,924.04 Due from Province of Ontario, $221,502.81 This amount is summarized as follows: Highway subsidy ___________________ 211,66 Relief subsidy ._ _____________________ 5,9] Ambulance subsidy ____________________ 1,05 Other 2,83 REVENUE FUND BALANCE SHEET Accounts Receivable, $155,762.38 This amount is summarized as follows Sundry accounts receivable ........ 55 Pine Grove Area re survey fees 5. Engineering costs recoverable S Canadian National Railway re share of se1v1ces' ________________________ 8] Due from-Other Funds Sewer Area, $12,536.99 The operations for the year show a surplus of $18,502.93 after debt charges of $19,546.11, reducing the deficit in the area to $12,536.99. Notices showing the‘ balances of arrears of taxes at December lst 1966 and requesting that any difference be reported directly to us were mailed to all taxpayers in arrears. We made a test of the current taxes. unpaid at that date in a similar manner. All discrepancies reported to us were reconciled to our satisfaction with the Township records. Taxes Receivable. $337,881.92 Water Areas Area Area Area Area Area The operations of the Water Areas marized as follows: It is noted that a small reduction was made in the deficits in these Areas. However, if the present level of revenue is to continue in 1967, we recommend that a further increase in water ratescr tax levy be considered to effect a more material reduction in the deficits. Balance of Balance 01 Surplus or Surplus Deficit Surplus or Deficit (-1 for for Deficit (-1 Dec. 31 1965 1966 1966 Dec. 31 1966 Area 1 $26.465.76 $21,151.07 $47,616.83 Area 2 50,980.21- 4,780.36 46,199.85- Area 4 6.160.15- 863.77 5,296.38- Area 5 4,044.36 $477.35 3,567.01 Area 6 5,294.47 354.66 5649.13 In 1965 the Municipality increased the tax levy for water in Areas 2 and 4. The operations for the year of Water Area No. 7 show a deficit of $52,352.95 after debt charges of $65,467.70. This deficit was as- sumed by the Township Revenue Fund. We hereby report, further to the foregoing comments, that in our opinion 1. The financial transactions which have come to our notice have been within the powers of the Municipality. 2. The audit has been conducted in accordance with the instructions of the Department of Municipal Affairs; 3. The financial statements present fairly the financial position of the Municipality as at December 3lst 1966 and the results for the year ended on that date. Date of filing with Department of Municipal Affairs - March 3lst 1967. Debenture Debt Issued and Unmatured: General 702,852.45 Local improvements 23,653.32 Public Schools ___________ '. 1,852,050.72 High Schools ____________ 412,700.00 WaterSupply System 2,242,207.14 Sewer Areas _______________ 475,845.92 Due to Revenue Fund Mortgage payable. 7‘7. due Dec. 1966 B’Iortgage payable, 7’2. due Dec. 1967 Mortgage payable. 7%, due May 1971 Investment in capital assets EDDIS & ASSOCIATES Chartered Accountants. License No. 3240 ' 18,490.98 131,127.33 Balance of Deficit Surplus or for Deficit M 1966 Dec. 31 1966 $47,616.83 46,199.85- 5,296.38- $47T35 3,567.01 5,649.13 $ 221,502.81 $155,762.38 S are sum- 211,667.03 5,918.39 1,084.80 2,832.59 s 8,839,667.12 81,454.13 58,956.33 5,521.50 9,830.42 5,709,309.55 327,702.60 84,500.00 205,000.00 149,618.31 315,509.35 598,000.00 112,254.38 302,772.93 35,000.00 Cash on hand and in bank Accounts receivable _ Less allowance for doubtful accounts Due from the Province of Ontario Due from Maple Police Village Due from other funds: Sewer Area . N _________________ Water Supply System. Area No. 2 .7 _______________________ Capital and Loan Fund Taxes receivable: 1966 Tax Roll ______ _ Arrears - 1965 ~ _________ - 1964 - 1963 ......... - 1962 __________ Property acquired for taxes Inventory - Public Works fl Revenue from taxation . Debenture debt charges recovered Government of Canada â€" Winterworks subsidy and grant in lieu of taxes . Province of Ontario subsidies: Ambulance ________________________________ Welfare Highway improvement _, .......... Payments in lieu (if taxes ______ _ Police and fire A. Per capital grant Winterworks ____________________________ Warble fly ________________________________ Liquor license fee Recreational grant ___________________ Receipts from other Municipalities: Welfare .................................... Receipts from Government Enterprises: Ontario Hydro-Electric Power Commission â€" Grant in lieu of taxes ___ Licenses and Permits: Dog ___________________________________________ 5,361.50 Building and sundry permits,“ 14,557.00 Tourist ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, s 870.00 Eating establishments __ 900.00 Auto wreckers ____________ a 100.00 Amusement and theatre ________ 1,293.25 Taxi-cab and sundry _______________ 518.00 Interest and tax penalties Other Revenues: Transfer of unexpended debenture funds re By-law No. 2614 Total revenue Less allowance for uncollectible taxes TOWNSHIP OF VAUGHAN â€" AUDITOR'S REPORT r‘lnes _______________________________________ Fees - Committee of Adjustment Service charges _____ - Sundry ____________________ ________ Township dump By-law amendments ..__~_.. Sale of maps -___~___._ Capital lot fees ASSETS REVENUE STATEMENT OF REVENUE AND EXPENDITURE FOR YEAR ENDED â€" DECEMBER 3m. 1966 Balance at credit. December 3lst 1965 ADD Balance at credit, December 31st 1966 1,084.80 33,825.37 344,710.95 6,079.41 1,854.09 62,265.00 1,052.63 Actual Surplus for year 5,361.50 14,557.00 870.00 900.00 100.00 1,293.25 240.00 4,615.37 34,667.55 1,300.00 273.67 1,094.86 900.00 5,961.22 2,000.00 951.75 9,783.15 REVENUE FUND SURPLUS ACCOUNT Budget 3,291,822.35 3,242,526 155.762.38 284,709.18 46,782.19 4,980.53 1,029.09 380.93 337,881.92 10.000.00 REVENUE FUND BALANCE SHEET as at DECEMBER 3Ist, I966 51.093.81 20,495.94 225.51 175.08 254,316.78 453,140.78 5,000.00 56,455.15 23,599.75 59,519.04 5,432.58 2,976.65 9,489.46 992.00 5 1,239,504.00 150,762.38 221,502.81 120,681.29 71.990.34 315,509.35 327,881.92 s 4.081.113 12,536.99 7,903.93 6,256.97 4,478.02 254,317 449,600 35,500 59,500 2,600 3,000 9,400 3,770 900 THE LIBERAL, Richmond Hill, Ontario, Thursday, April 27, 1967 Temporary loan __________________ Accounts payable ___________________ Debentures and coupons due Due to schools _____ Due to local boards, etc.: Thornhill Police Village H.E.P.C. - hydro arrears Lighting Areas ___________________ Due to other funds: Water Supply System. Area No. 1 ............. Toronto Transit Commission Bus Lines Reserve for contingencies _______________ Deferred revenue: Roads and bridges ___________________________ Local improvement debt charges __- Schools ____________________________________________ County rates _______________________________________ Thornhill Police Village ___________________ Per capita grant Township Public Library Board _____ _ Thornhill Public Library __________________ _ Replacement of Public Works equipment _____________________________________ Surplus account General Government : Protection to Persons and Property: Fire ,,,,,,,,,,,,,,, , ____________________________ '2 Police ___________ 1’4 Warble fly and sundry Weed control ______________________ fl Public Works __________ Social Welfare: Relief Institutional care Administration Education including debt charges School for Retarded Children Recreation and Community Services _______________________________ Debt Charges: Debenture principal & interest Less Municipality’s share of school debt charges ________ Taxes written off , Provision for deferred revenue Other Expenditures: Deficit of Water Area No. 7 written off - _____________________ Water Areas _____________________ County rates ______________________ " Police Village rates ___‘______#_, Lighting Area rates a _________ Library rates Maple Community Centre _____ Winterworks project - cemetery U.S. exchange on debt charges Sewer Area _________________________ Total expenditures Surplus for year Trust Fund Total Executive _ . Administrative Other Temporary loan interest $ 74.657.89 LIABILITIES 30,017.08 44,640.81 EXPENDITURE 16,421.23 147,619.29 160,494.31 79,361.95 175,634.87 654.17 106.28- 698,658.99 370,619.79 328,039.20 14,984.68 106,457.72 449,183.61 26,153.00 5,840.46 25,522.43 1,687.93 ' 3,456.28 1,822.76 46,494.69 Actual 33,979.01 10,355.02 3,800.00 52,352.95 5 4.157.744.54 5 4,081.113 1,773,998.02 1,305.81 10,530.34 199.81 1,251.89 4,113,103.73 4,081,113 44,640.81 73,554.78 10,476.22 63,476.49 2,012.89 1,416.93 2,979.43 71,108.51 2,446.27 23,788.20 324,534.83 255,544.71 601,433.44 343,023.88 481.58 3,337.48 96.34 149.43 718,971.83 48,134.03 1,317.05 36,340.13 8,500.00 $ 1.239,504.00 550,000.00 345,173.13 8,821.88 46,100.49 11,982.04 84,031.00 13,893.69 7,105.11 97,738.77 74,657.89 1,747,759 1,300 334,700 Budget 265,480 635,700 334,014 1,500 710,360 42,300 8,000