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We have examined the 1971 financial statements of the Town of Markham and its local boards. which are reported on separately. Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we considered necessary in the circumstances. Tn nllr nnininn “13:9 finanr-ial :fatpmpntc nrpSpnt fail'lv thp financial DOSition 0f the Town Of luarkham In our opinion these financial statements present fairly the financial position of the Town of Markham u at. December 31. 1971, and the results of its operations for the year then ended. in accordance with aCcount- ing principles generally accepted for Ontario municipalities. Toronto. Canada, April 17. 1972. Licence Number 4102 TO: THE MEMBERS OF COUNCIL. INHABITANTS AND RATEPAYERS OF THE TOWN OF MARKHAM. Population â€" 37,905 Assessment-364Million 405Mi||ion 450Million 490Million 540Mil|ion 590Million Est’d. Est'd. Est’d. Est'd.!_Est'L_ BASIS OF CONSOLIDATION The Consolidated Balance Sheet reflects the assets and liabilities of the revenue fund, the capital fund and all reserve funds of the municipality. Trust fund assets administered by the municipality, amounting to $36396. have not been consolidated. nor have the assets and liabilities of any local boards and water areas of the municipality. CHARGES FOR NET LONG TERM LIABILITIES Total charges for the year for net long term liabilities were as follows: Principal payments including contributions to sinking funds and to the debt retirement fund of Ontario Water Resources Commission ___'__________________. Interest The Regional Municipality of York Act R.S.0. 1970 created the area municipality of the Town of Markham. On January 1, 1971 the greater portion of the Township of Markham was annexed to the Town of Markham. the remaining portion of the Township being annexed to the Town of Richmond Hill, and the Town of Whitchurch-Stouffville. These financial statements report on the first year of operations of the Town of Markham. and comparative figures of the former municipalities are not shown as they would not be meaningful in the circumstances. O! the total charges shown above, an amount of $454529 was paid from the general revenues of the mun- icipality and is included in expenditure. classified under the appropriate functional headings. and an amount of $123,819 was recovered from the municipal enterprises for which the related net long term liabilities were incurred. CONTRIBUTIONS TO RESERVE FUNDS Contributions to reserve funds amounting to $5.991 are included in the Statement of Revenue and Expend- iture classified under cost of sanitation. CONTINGENCY RESERVE FUNDS. 0.W.R.C. PROJECTS On January 1. 1971 the Regional Municipality of York assumed a percentage share of certain O.W.R.C. sanitation and water projects together with related long term debt. This percentage share has been inter. preted to apply to contingency reserves provided for the same projects), The Town. as advised, have reduced their contingency reserves by $37,639 to reflect the portion assumed by the Region but are not in sneement to this apportionment until such time as amending 0.W.R.C. agreements are signed with respect to the use of the reserve (unds. - NET LONG TERM LIABILITIES Total long term liabilities incurred by the municipality and outstanding at the end of the year amount to _ _______________________________________________ ____ Of the long term liabilities shown above, the responsibility for payment of principal » and interest charges has been assumed by others for a principal amount of __ __________ ____ The balance in the debt retirement fund of the Ontario Water Resources Commission which has accumulated to the end of the year to retire the outstanding long term liabilities included above amounts to ____________________________________ ______ Long term liabilities issued by the municipality and held by reserve funds as investments, amount to __ _____________________________________________________________ CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS Some capital outlay does not represent a burden on general municipal revenues, as it is to be recovered in future years from other sources: Special charges on benefitting landowners ______________________________________ ‘_ __________ Municipal enterprises __ __ $ 3,260,874 1,011,035 The municipality is committed to capital expenditures of $810,000 for the construction of recreational facil- ities, water and sanitary sewer projects. Lot fee funds on hand at December 31. 1971 are committed towards the financing of these projects. Under the sick leave benefit plan. unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the municipality’s employment. 1 The liability for these accumulated days. to the extent that they have vested and could be taken in cash b an employee on terminating. amounted to $97,550 at the end of the year. A reserve fund of $85,177 is on hand at December 31, 1971 towards this obligation. CONTRACTUAL OBLIGATIONS LIABILITY FOR. VESTED SICK LEAVE BENEFITS Net long term liabilities at the end of the year 1971 Residential & Farm Commercial & Industrial TOTAL DISTRIBUTION OF YOUR 1971 TAX DOLLAR NOTES TO THE FINANCIAL STATEMENTS DECEMBER 3], I971 1972 40,000 1971 ASSESSMENT ANALYSIS 1973 42,500 $294,679,041.00 69.225,88’7.00 $363,904,928.00 Corporation of the Town of Markham MUNICIPAL OFFICES -â€" R. R. 2 GORMLEY, ONTARIO 1974 45,000 1971. AUDITED FINANCIAL STATEMENTS EDDIS & ASSOCIATES. CHARTERED ACCOUNTANTS. 1975 100% 48,000 81% 19% $12,911,202 5 4.726.779 S 4,271,909 (7,814,637) 5 578,348 1976 (368,186) 191,568 386,780 52,000 (1,600) Accounts receivable Taxes receivable Investments at cost. held for Reserve Funds Ontario Water Resources Commission. Reserve Fund assets Inventories and prepayments Capital outlay to be recovered in future years Revenue Other governments Hydro utility. and local boards other Publicetien 76f the above Audited Financial Statements and the report of the Auditors thereon, pursuant to section 2 ANTHONY ROMAN, Mayor Taxation Contributions from other governments Payments in lieu of taxes _ _ fl _ . other revenues Total current assets Licences and permits Subsidies Service charges Sundry Penalties and interest on taxes Rents Fines Income from short term investments ASSETS Unfinanced capital outlay at the beginning of the year, former Township and Town of Markham Capital outlay Capital expenditures General government Protection to persons and property _________ Public works __________________‘_ Sanitation and waste removal ________________________ Recreation and community SBI‘ViCCS __ ___________________ Transfers to Hydro Utility _______ ‘ Total _____‘___,__________‘_____ _____ _ Capital financing Long term liabilities incurred __-__'_______ Contributions from other governments _ Contributions from the revenue fund for Unfinanced capital outlay, end of the year capital expenditures . Contributions from reserve funds STATEMENT OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED DECEMBER 3|, 1971 STATEMENT OF CAPITAL FUND OPERATIONS FOR THE YEAR ENDED DECEMBER 3], I97] CONSOLIDATED BALANCE SHEET DECEMBER 31, 1971 _s 7,853,907 3 8,386,329 1,493,203 1.112.054 3.281.599 10.148,028 5,104,730 1,897,269 459.903 69.692 158,003 121,917 18,295 72.965 55.487 26.753 74,561 7.517 1.093 5.993 1.015 THE STANDING COMMITTEES OF COUNCIL LIBERAL, Richmond Hill. Ontario, Thursday, July 13. 1972 Temporary loans Accounts payable Other governments ___-__________ Local boards and other funds Board of Education _____ Trust fund Water areas Other _, _._______________W Deferred revenue Total current liabilities Net long term liabilities Reserves and Reserve Funds Surplus (deficit) General Special charges Special areas Expenditure Excess of revenue over expenditure for the year Surplus (deficit), beginning of the year Former Township of Markham General ______‘__'___V__;_________f_-______-_._____ Areas and speeial'chargeh _ _______________ “ Former Town Inf-Markham. general _____________ Surplus, end of year General government ______________________ _ Protection to persons and property __ Public works _________________________________ _ Sanitation and waste removal V____‘_____ Recreation and community services _______ Community planning and development Financial expenses __ _______________ Water area _________________________________ _ Region of York _ ________________ Education Distribution to other municipalities on formation of area municipalities, January 1, 1971 _____________________________ Transfer to reserve for working funds COUNCIL S 376,351 $ 562,391 Committee Chairmen Councillor N. Tyndall Councillor R. J. Muldrew _ Councillor A. B. Bonner Councillor R. W. Adams Councillor J. P. Jongeneel .. Councillor K. B. Kennedy __ Councillor H. C. Lawrie 1,204,372 1,390,413 10.524 79,418 690,941 258,395 104,098 60,996 252,981 329.165 311.863 496,403 LIABILITIES ___ ______ A Roman _ J. P. Jongeneel __- H. C. Lawrie _._V R. W. Adams _‘ R. J. Muldrew -- K. B. Kennedy . ._ A. B. Bonner M. A. Henderson - _ N. Tyndall 223 (A) of the Municipal Act. A BARTON. Treasurer $215,109 (31.750) 185,148 23.897 193.001 216.898 1,789 5 8,388,329 5 251,935 1.614.157 4.726.779 1.793.458 348,645 458,554 1.511.410 734.835 316.714 69.393 88.175 63,145 1,653,423 4.620,049 9.864.343 452‘500 157.113 59.561 5.120 155,023 776,347 149.012 (577) 103.500 251.935 283,685 (31,750) 8.498