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THE REEVE, MEMBERS OF COUNCIL AND RATEPAYERS OF THE MUNICIPAL CORPORATION OF THE TOWNSHIP OF VAUGHAN. We have examined the financial statements Vof the Township of Vaughan and its 10cal boards 'for the year ended December 31, 1969, and report as follows: The statement of operations for the year is summarized as follows: Revenue _._________,__._$6,239,792 Expenditure _____.______ 6,152,398 RESULTS FOR THE YEAR. TAX ROLLS AN D TAX COLLECTIONS The revenue from taxation compares with prior years as follows: 1969 _____.___._~..____$5,002,509 1968 _____..._____-..___ 4,128,032 1.967 ______________________ 3,970,274 The taxes receivable including penalties on the current year's roll are $362,373 at Decem- ber 31. 1969 compared with $301,685 at Decâ€" ember 31. 1968. The collection of the current year’s taxes including penalties represents 92.8% of the total 1969 tax roll including penalties compared with 93.3% at December 31, 1968. The total collection in the year of 1969 taxes, arrears of taxes for prior years, and penalties represent 98.7% of the 1969 tax roll. CAPITAL FUND BALANCE SHEET mm 0!‘ VAUGEAH’ All the marketable property developed ,by the Township in the industrial area has been sold and the funds on hand after all costs to date is $367,070. We are adVised that addi- Unexpended funds. Industrial Land Develop: ment - $367,070 for the year A 87.394 Surplus. December 31, 1968 221.140 Surplus. December 31. 1969 3» 5308.535 Excess of revenue over expenditure Current assets Accounts receivable _ Mortgages receivable Capital outlay to be recovered in future years Current liabilities Bank loan _\___,_ Due to revenue fund â€"â€"-â€"- Due to water area ____________________________ _. Mortgage payable - 7% due June 1971 __ Accounts payabls and accrued expensas Unexpended funds, Industrial Land Development Not long term liabilities General municipal activities Municipal enterprises School boards (all liabilities Were assumed by divisional boards of education from January 1, 1969) __._ TOWNSHIP 0% VAUGHAN â€" AUDITOR'S REPORT CAPITAL FUND BALANCE SHEET December 31, 1969 March 31, 1970. LIABILITIES 'ASSETS E tional costs will be incurred as the development of the properties in the area will require fur- ther improvements. WATER AREAS ' The operations of the Water Areas are sum- marized as follows: Area 1 $ 71,695 $ 3,369 $ 75,064 Area 2 (30,950) 14,121 (16,829) Area 6 4 3,660 2,725 6,385 Area 5 2,343 ;(2,286) 62 Area 6 8,985 ‘ 5,584 14,569 The operations for the year of Water Area No. 7 shows a. deficit of $51,862 after debt charges of $362742. This deficit was assumed by the Township and is included in total ex- penditures for the year. The financial statements of the Utility are not included as their accounts and records for 1969 have not been eompleted, hence we are unable to report thereon. HYDRO UTILITY We hereby report subject to the exclusion of the Hydro Utility financial statements, that in our opinion, 3. The financial statements present fairly the financial position of the Municipality at Dec- ember 31, 1969 and the results of its opera- tions for the year then ended. Date of filing with Department of Municipal Affairs, April 3, 1970. The financial transactions which have come to our notice have been within the powers of the municipality. The audit has been conducted in accordance with the instructions of the Department of Municipal Affairs. 5 6,409,965 S 6.409.966 iDec~31.1968 for 1969 5.913,688 Balance of Surplus or (Deficit) 1,016,523 4,843,951 5.860.474 1.083 495.195 496,278 1969 367,070 67.818 85.444 29.160 EDDIS & ASSOCIATES Chartered Accountants Licence No. 3755 Balance of Surplus nr Surplus or (Deficit) (Deficit) for 1969 Dec. 31. 1969 5 11,626,090 11,332,235 10.683.692 1968 1,070,731 4,786,633 4,826,328 293,855 293.855 191.500 552,099 163,115 31.160 4.524 942,398 Cash .................................. Short term investment certificates Accounts receivable Canada .. ................................................. _ 4.784 Province of Ontario _________________________ 286.751 Other municipalities ___________-__~-__.______ General accounts receivable (less allowance for doubtful accounts, 1969, $5,000; 1968 $5,000) 80,941 Due from local boards and other funds Capital fund _ ............ Reserve funds -..,-.-._~--___-.._,___._ Maple Police Village h___._____, Library board _________ ...._.._ Water supply system Area No. 2 ..................................... Area No. 4 .......................... Area No. 5 ..................................... Area No. 7 .................................... Taxes receivable 1969 tax arrears ___________________ 1968 tax arrears ___________________ 1967 and prior tax arrears Penalties and interest __.. Property acquired for taxes Inventory at cost. Public Works Revenue Taxation 1. Charges for net long term liabilities Total charges for the year for net long term liabilities were as follows: 3. Net long term liabilities Total long term liabilities incurred by the Municipality and outstanding at the end of the year amount to Contributions from other governments, Payments in lieu of taxes ________________ » Subsidies _.__-______....__~____i_fl__________.__ Municipalities ____________________________________ _ Other revenue Reduction in deferred revenues Interest on capital fund ______________ Penalties and interest on taxes Capital lot fees Licences, fees and permits "m Service charges ..... Tax write-offs and adjustments '. Mortgages receivable 7% due J: 71/§% due J: 8% due M 8% due M 8% due J1 8”: due D Less allowance for uncollectable taxes _“__ .......................... recovered “finâ€"“MW; _____ __. Fines __-_____.___~_‘_-W_~,_._______._. Income from investments _.__ __________ a Discount and accrued debenture interes Of the total charges shown above. an amount of $144,291 was paid from the general revenues of the Municipality and is included in expenditure, classified under the appropriate functional headings, and an amount of $496,694 was recovered from the Municipal enterprises for which the related net long term liabilities were incurred. The above first mortgages were taken back by the Municipality on the sale of industrial land and those which mature prior to the date of this report have been paid in full. Of the outstanding long term liabilities ‘ shown above, the responsibility for payment of principal and interest charges has been t assumed by others for a principal amount of __ 3,283,868 N at long Principal Interest term 11 payments January 15, 1970 January 23, 1970 March 1, 1970 _ March 28. 1970 _ June 30. 1970 _ December 1., 1970 abilities. and of the y ASSETS STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 3L I96? $ 233,250 700,000 $ 1.830.521 S 1.580.813 5 6,239,792 $ 5,348,351 Surplus, end of the 5 $5,002,509 NOTES TO FINANCIAL STATEMENTS for the year ended December 31, 1969 372,476 REVENUE FUND BALANCE SHEET December 31, I969 year 348,061 122,085 404,952 394,952 3,115 4,643 1969 67,818 3,265 18,887 8,300 2.864 18.794 48.845 948.031 32,342 915,575 114 31,944 7,990 16,957 10,000 289,252 2,157 62,168 36,707 24,697 63,084 84,111 1969 15,855 2,008 622 5 640,985 .‘$ 265,890 375,095 32,000 57,500 57,495 45,000 79,200 224.000 495.195 1968 $ 331,072 $4,128,032 1.050 245.445 15.559 5 9,144,342 313.888 ,3 5.860.474 552,099 53,837 606,024 288,717 24,570 5,352 16,423 335,062 325,062 2.667 2,100 51,834 33,221 10,572 27.905 876,519 15,000 919.424 10,044 1968 10.000 300,895 43,198 44,928 33,511 23,296 42,917 74,021 31,256 1,013 408 6,347 THE LIBERAL, Richmond Hill, Ontario. Thursday. July 30, 1970 9 Temporary loans -_._._n_~n_-~____.__. Accounts payable and accrued expense; Debentures and coupons due ___.._.__ Due to local boards and other funds Hydro system M_,-_,___.___.__-_-- Reserve funds A_______.._.______ Library boards _______________ Toronto Transit Commission Deferred revenue County rates _-.__.__-.-..w.. School boards »____...*_.______ Local improvement charges Public works .-~-__-_-___~ Per capita grant Thornhill Police Village ._ Reserves Surplus account Expenditures General government _.___ __________ Protection to persons and property Public works * ______________________ .__._ Sanitation and waste removal .._ Excess of revenue over expenditure for the'ye3787,394 Surplus, beginning of the year 221,140 4. Net long term liabilities to be specially assessed Certain net long term liabilities, the ,terms of which will require certain lands, owners or occupants to be specially assessed, have been included in the net long termliabilities classified under general Municipal activities. The amount of theme liabilities is as follows: Conservation of health ._._-‘_-_~__..____ Social and family services _..w__ Recreation and community serVices Community planning and development Financial expenses __________________________ ____ Deficit of water area 7 written off __ Pine Grove watermain Water areas ___,- Police villages __________ Thornhill Police Village - works County share of expenditure Education - local contributions Bus Line Funds _-_~ Special areas Thomhill- Police Villa Maple Police Village g? Water supply system Area No. 1 . Area No. 5 __._._ Area No. 6 ___.__ Township dump Replacement of Public Works Equipment _ General reserve Liabilities payable in United States’ dollars Included in “net long term liabilities” is an amount of $527,000 payable in U.S. dollars and is recorded on the basis of $1 Canadian being equal to $1 U.S. Liability for sick leave benefits Under the sick leave benefit plan, unused sick leave can accumulate and employees may become entitled to a cash pay- ment on termination of service. The liability for these accumulated days, to the extent that they could be taken in cash by an employee on terminating, amounted to $73,533 at the end of the year. It is the policy of the Municipality to pay the accumulated sick leave benefits of retiring or terminating employees from the revenue of the year in which the liability becomes payable. On January 1, 1969, the York County Board of Education assumed from the Municipality the responsibility for the pay- ment of the principal and interest charges on the debentures issued for school purposes. (1) The Local Improvement Act .____$41,527 Y ear LIABILITIES $ 1.830.521 $ 1.580.813 1969 .$ 295,070 . 632,842 _ 1,092,370 135,045 673,530 323% 408,384 587.079 107,987 96,600 58,804 51,862 1,839 134,975 28,849 15,000 486,593 3,014,562 6,152,398 157,151 17,488 50,459 5.002 10,011 71,829 308.534 83,326 12,409 1969 95.735 4,329 2,235 3,309 86,751 1,121 1,293 58.113 64,724 7.105 308,534 I969 1968 $ 300,000 626,720 10,811 1968 8 272,614 510,278 1,029,707 119,202 5,526 53,694 78,222 07,532 71,571 58,763 1,840 125,452 40,508 238,720 461.556 2,350,800 5,247,335 82,569 76.796 123,687 59,735 221,140 20.978 23,085 8,739 18,046 826 6,466 25.338 2.506 3,188 67,522 3,980 2.630 37,776 52,630 7,105 1,215 101,016 120,124 221.140