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Due from other municipalities (for debentures assumed) Due from Township Library Board ........ Mortgages receivable - 7% due Dec. 1968 71,000.00 71/370 due Aug. 1969 53,700.00 7% due Dec. 1969 49,360.00 71/396 due Dec. 1969 115.000.00 NOTE: Debenture debt payable in United States currency and included at par ii: the total debt payable at December 3lst 1967 - 5606.00000. This debt was issued for the following purposes: Waterworks __________________________ 364.000.00 General ............................ 175,000.00 Public Schools ____________________ 67,000.00 Due from utilities and other municipal enter- prizes (for debentures) Water Supply Sys. 2,136,554.66 Pine Grove water 12,385.19 Sewer Areas 462,616.65 Work in progress Due from schools (for debentures) Public Collegiate'efiinfii‘éfi The total cost to December 3151:, 1967 of deâ€" veloping 246.9 acres of land is $2,426,592.85 and the above balance of $982,079.35 is the cost remaining after the sale of 133.6 acres. We are advised that the remaining marketable portion of this property is approximately 80 acres. Fixed Assets: Municipal office property and equipment ___________ 379,431.36 Fire Department property and equipment 123,890.00 Police Dept. equip ..... 4,700.00 Road Dept. - garage and equipment ____________ 56,951.57 Library ................... 55,591.52 Land, sundry _______ 1,000.00 Streets and roads -__ 413,331.72 The account represents funds expended on the following projects: Acquisition and development of industrial property, less proceeds received on sale of 133.6 acres $1,444,513.50 ........ 982,079.35 Kleinburg Fire Hall .V 26,579.94 West Don sewer extension __________ . 40,752.51 Hydro purposes 123273.50 During the year 1966, 6 acres of industrial property was sold. The Municipality took back a first mortgage for the balance of payment. Mortgage Receivable, 7L"; %, due August 1969, $53,700.00 Mortgage Receivable. 7V2 %, due December 1969, $115,000.00 Mortgage Receivable, 7‘?" . due December 1969, 549360.00 Mortgage Receivable, 7%, due December 1968‘ $71,000 TAX ROLLS AND TAX COLLECTIONS The revenue from taxation compares with prior years as follows: 1967 .................................... $3,970,274 1966 ____________________________________ 3,291,882 1965 __________________________ _ __________ 2,645,297 1964 1 __________________________________ 2,216,554 1963 ____________________________________ 2,106,877 The taxes receivable including penalties on current year’s roll are $308,034.86 at December 31st, 1967 as compared to $284,709.18 at Dec- ember 313t, 1966. The collection of the current year’s taxes including penalties represents 92.3% of the total 1967 tax roll including pen- alties as compared to 91.4% at December Slst, 1966 on the 1966 tax roll. We submit the following comments on cer- tain of the items appearing on the balance sheets: The total collection in the year of 1967 taxes, arrears of taxes for prior years and penalties represents 100.1% of the 1967 tax roll. CAPITAL AND LOAN FUND BALANCE SHEET ' Work in Progress, $1,172,685.30 March 25th, 1968. The Reeve, Members of Council and Ratepay- ers of The Municipal Corporation of the Town- ship of Vaughan. The details of this account and comparison with the 1967 budget are shown on the state- ment of revenue and expenditure. We have examined the books and records of the Township of Vaughan and its local boards for the year ended December Blst, 1967. 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 ........................ 5.018.496.34 Expenditure “ ............ 4,973,030.58 CAPITAL AND LOAN FUND BALANCE SHEET â€" DECEMBER 3lst, I967 ASSETS IJARIIJ'I‘IFQ Surplus 2,727,366.83 1,929,582.81 56,951.57 55,591.52 1,000.00 413,331.72 8 45,465.76 TOWNSHIP OF VAUGHAN $3,970,274 3,291,882 2,645,297 2,216,554 3 1,172,685.30 S 10,004,669.25 $ 606,000.00 982,079.35 26,579.94 40,752.51 123,273.50 2,611,556.50 4,656,949.64 1,034,896.17 1,172,685.30 289,060.00 239,017.16 504.48 Due to Revenue Fund Mortgage payable, 8%, due June 1968 Mortgage payable, 8%, due Dec. 1968 Mortgage payable, 7%, due June 1971 Investment in capital assets Due to other municipalities for debentures assumed ____________________ Temporary loans Acgounts payable Twp. School Afea Account payable Deposit re land purchases __________ Due to other funds: Water Area 1 Water Area 5 Water Area 7 _- Debenture Debt Issued and Unmatured: General ____________________ 672,463.03 Local improvements 28,553.88 Public Schools ________ 2,672,842.88 High Schools ____________ 389,000.00 Water Supply Sys. 2,136,554.66 Sewer Areas _ ______ 462,616.65 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 31st, 1967 and the results of the year ended on that date. Areal $47,616.83 $8,460.60 $56,077.43 Area 2 46,199.85â€" 4,874.03 41,325.82- Area 4 5,296.38- 2,415.32 2,881.06- Area 5 3,557.01 373.32 V 3,193.19 Area 6 5,649.13 2,094.49 7,743.62 The operations for the year of Water Area No. 7 show a deficit of $57,009.93 after debt charges of $94,477.88. This deficit was as- sumed by the Township Revenue Fund. Area Area Area Area Area Chartered Accountants. License No. 3206. Date of filing with Department of Municipai Affairs â€" March 3lst, 1968. Notices showing the balances of arrears of taxes at December lst, 1967 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 satis- faction with the Township records. Water Areas The operations of the Water Areas marized as follows: Balance of Sufplus or Surplus Deficit (-l for _ Dec. 31 1966 1361 Area 1 $47,616.83 $8,460.60 Area 2 46,199.85â€" 4,874.03 Area 4 5,296.38- 2,415.32 Area 5 3,567.01 Area 6 5,649.13 2,094.49 Deficit for 1967 373.82 I Due from Province of Ontario, $126,012.43 This amount is summarized as follows: Highway subsidy ____________________ 113,48 Ambulance subsidy ______________ - 4,60 Welfare ............................ , _____ _ 6,34 Other ________________________________________ 1,58 REVENUE FUND BALANCE SHEET During the year 1967 23 acres of industrial property was sold. The Municipality took back first mortgages for the balance of payments. Mortgage Payable, 8%, due December 1968, $214,049.38 Mortgage Payable, 8%. due June 1968, $340,674.19 Mortgage Payable, 7 %. due June 1971, $33,160.00 These mortgages represent the balances owing on acquisition of 110.6 acres of industrial property. Due from Other Funds Sewer Area, $8,988.19 The operations for the year show a surplus of $3,548.80 after debt charges of $42,769.64 re- ducing the deficit in the area to $8388.19. Taxes Receivable, $350,688.98 Accounts Receivable, $57,621.83 This amount is summarized as follows Sundry accounts receivable ........ 20, Pine Grove Area re survey fee 3,‘ Municipality of Metropolitan Torohto i'e landfill Vsite ___________ Markham Township re Richvale Fire Area Total LIABILITIES EDDIS & ASSOCIATES 34,000.00 19.600.44 62,662.86 Balance of )efioit Surplus or for Deficit M 1967 Dec. 31 1967 $ 10,004,669.25 5 126,012.43 6,362,031.10 1,834,123.92 132,500.00 $ 57,621.83 113,480.31 4,600.75 6,343.32 1,588.05 340,674.19 242,943.35 20,740.97 116,263.30 331,414.11 214,049.38 346,768.93 32,000.00 are sum- 20,137.24 3,000.00 30,000.00 33,160.00 2,484.59 Total revenue Receipts from Government Enterprises: Ontario Hydro-Electric Power Commission - Grant in lieu of taxes Interest and tax penalties Receipts from other Municipalities: Flre ____________________________________________ 4 Licenses and Permits: Dog ____________________________________________ 5,924.75 Building and sundry permits 15,611.74 Tourist 870.00 Eating establishments _____________ 1,090.00 Auto wreckers 100.00 Amusement and theatre _____ _ 1,666.25 Taxi-cab and sundry ______________ 1,481.00 Other Revenues: recovered __ , ........................ Government of Canada â€" Winterworks subsidy and grant in lieu of taxes r, Province of Ontario subsidies: Ambulance _____________________ Welfare ____________________________________ Highway improvement ____________ Payments in lieu of taxes ______ _ Police and fire ........................ Per capita grant _ ........... _ Winterworks ....................... m Warble fly __________________________ _ Liquor license fee _ ............. _ Recreational grant .. ............. Revenue from taxation Debenture debt charges Due Due Due Due Property acquired for taxes .‘ Inventory - Public Works Cash on hand and in bank _____ Accounts receivable Less allowance for doubtful accounts ............................ by-law No. 3276 ....... By-law Amendments Sale of maps __________ _ Capital lot fees __________ Thackerey land fill site Weed cuttihg .......... - Warble fly ________ ___ Adjustment -.-._----_____. Service charges m._._____ Sundry County of York re debenture Fees - Committee of 1e from the Province of Ontario 1e from Government of Canada 1e from Maple Police Village 1e from other funds: Sewer Area Water Supply System, Area No. 2 ............................... Area No. 4 ______________________________ Area No. 7 Less allowance for uncollectable taxes Ines AUDITOR'S REPORT REVENUE ASSETS ADD: Balance at credit, December 3lst 1967 Balance at credit, December Slst 1966 4,600.75 42,003.49 341,177.74 7,018.49 2,290.45 93,595.00 853.25 240.74 1,108.52 4,213.13 1,737.13 1,810.00 1,187.00 23,743.50 32,000.00 4,395.47 4,686.00 44,084.59 4,241.43 2,075.00 470.00 5,780.94 Surplus for year 548.15 STATEMENT OF REVENUE AND EXPENDITURE FOR YEAR ENDED DECEMBER 3M 1967 Actual 77,988.62 28,500 5,018,496.34 s 4,70911'26‘ 808,034.86 30,237.08 10,239.35 972.38 1,205.31 350,688.98 10,000.00 REVENUE FUND SURPLUS ACCOUNT 44,072.79 5,335.48 13,131.48 57,621.83 .ual Budget 3,970,274.39 3,749,269 5,000.00 8,988.19 6,515.43 497,101.56 478,000 307,1 REVENUE FUND BALANCE SHEET 48,770.59 26,743.74 81,179.25 2,800.50 22.26 3 1,169,901.16 DECEMBER 3lst, I967 62,539.75 331,414.11 340,688.98 238,950.97 26,012.43 1,094.00 1,552.14 52,621.83 2,322.60 3,716.16 307,122 23,700 68,000 48,535 5,000 1,000 THE LIBERAL, Richmond Hill, Ontario, 'I‘!’1ursda.y’1 Total expenditures Taxes written off _____________________ Provision for deferred revenue Capital expenditures _______________ Other Expenditures: Deficit of Water Area No. 7 Surplus for year Education including debt charges School for Retarded Children __ Recreation and Community Services _________________________ ,. Debt Charges: Debenture principal and interest _________________________________ 798,567.46 Less Municipality’s share of school debt charges ________________ 389,147.05 Total Public Works _. Social Welfare: Protection to Persons and Property: Fire ____________________________________________ 15 Police ..................................... _ 18 Warble fly and sundry Weed control _ ................. _ General Government: Executive _____________ Administrative Other _____________________ Surplus account Temporary loan __________________ Accounts payable ___________________ Debentures and coupons due Due to schools _______________________ Due to county Due to local boards, etc.: Thornhill Police Village H.E.P.C. - hydro arrears _l Lighting Areas _.._.-------w. Due to other funds: Water Supply System, Area No. 1 ________________ Area No. 5 _______________ Area No. 6 ................ Toronto Transit Commission Bus Lines Reserve for contingenmes ____________________ Deferred Revenue: Roads and bridges , .7 117,182.44 Local improvement debt charges ........... 3,105.52 Schools ,7 .................................................... 33,967.20 County rates 2,351.17 Thornhill Police Village 1,542.71 Per capita grant ................ 8,736.18 Replacement of public works equipment 40,458.64 written off _______-__-_-_-_ Water Areas _______.__~__ County rates Police Village rates _-______ Lighting Area rates -____ Library rates ~...1--____._._._ Winterworks project - cemetery _____________________________ U.S. exchange on debt charges Sewer Area Thackeray land fill site _ _____ Pine Grove survey 57,009.93 114,843.90 522,920.95 21,145.03 5,744.79 43,733.23 5,649.61 1,894.23 61,328.56 44,893.01 3,095.22 Temporary loan interest Relief _____________________ Institutional care _. Administration ______ Township Library Board Trust Fund S 120.123.65 45,465.76 74,657.89 I967 EXPENDITURE LIABILITIES 409,420.41 26,781.34 57,009.93 114,843.90 522,920.95 21,145.03 5,744.79 43,733.23 211,954.55 90,996.63 150,967.66 187,928.00 966.28 5,017.13 41,788.67 14,456.17 3,800.00 15,857.99 Actual S 5,018,496.34 $4,709,126 117,182.44 3,105.52 33,967.20 2,351.17 4,973,030.58 4,709,126 45,465.76 60,044.84 2,101,314.42 1,123.22 10,072.98 1,764.24 3,202.25 15.039.47 8,019.10 1,325.18 882,258.46 788,656 3,979.78 524.31 1,256.70 436,201.75 2.417.53 93,030.99 44,193.06 344,879.07 342,435 669,380.59 692,338 318,809.17 342,750 -, May 9, 1968 17 19,377.48 $ 1,169,901.16 207,343.86 120,123.35 150,000.00 332,415.61 21.673.97 260,663.63 27,082.07 52,800 2,006,256 1,050 19,383.75 18,348.72 7,105.11 433,341 3.500 5,760.79 Budget 26,000 20,000