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We have examined the 1971 financial state- ments of the Town of Vaughan and its local boalds, which are 1ep01ted on sepa1ately. Our examination included a geneial 1eview of the accounting procedures and such tests of ac- counting records and other supporting evidence as we considered necessary in. the circum- stances. In our opinion these financial statements present fairly the financial position of the To: The Members of Council, Inhabitants and Ratepayers of the Town of Vaughan. September and October usually witness some of the best fishing on Rice Lake, Lake Scugog, Presqu‘ile Bay and the Trent River areas. Muskie. pickerel, large and smallmouth bass are the goal of most fishermen but the hook and worm members of the family are well rewarded by an abundance of perch, sunfish, catfish and crappies. Shallow lakes and bays with plenty of natural fish food and effective weed cover, plus con- tlnuous restocking. ensure an excellent fish count. The Great Pine Ridge Re- ....V _.â€"â€"=,- . “,9- -_, of historic sites buildings and antiques. The region is studded with the blue and gold plaques of Ontario Historic Sites Board. Archaeologists, assisted by local school children, are un- covering the site of an Indian culture dating back 4000 to 6,000 years on Rice Lake. Early architectural gems are numerous. High on the list comes the Barnum House near Grafton. but every town and village has its quota of charm- ing early buildings. With this “background it is not surprising that antique stores are every- where. The region is a happy “Li" ture of historic towns and vil- lages set amid some of On- tario's best lake, river and rural scenery. For the fall vacationer. hotels, motels, lod- ges. fishing and tent and trailer camps abound at reasonable prices. A prime virtue of a fall va- cation. area is that it be easi- ly accessible. The Great Pine Region bounded by Metro Toâ€" tonto to the West, Trenton to the east and having a line running just south of Peter- borough as its northern limit is not only close at hand but has a wealth of visitor de- lights fer the vacationer. Great Pine Ridge Offers Many Tourist Attractions The total value of funds in the debt retirement fund of the Ontario Water Resources Commission which have been accumulated to the end of the year to retire the outstanding long term liabilities included above amounts to (4 The Regional Municipality of York Act R.S.O. 1970 created the area municipality of the Town of Vaughan. On January 1, 1971 the greater portion of the Township of Vaughan and a portion of the Township of King were annexed to the former Village of Woodbridge to form the Town of Vaughan and the remaining portion of the Township of Vaughan was annexed to the Town of Richmond Hill. Net long term liabilities Total long term liabilities incurred by the municipality and outstanding at the end of the year amount to $9,283,355 Of the long term liabilities shown above the responsibility for pay- ment of principal and interest charges has been assumed by others for a principal amount of ($4,455,194) These financial statements report on the first year of operations of the Town of Vaughan, and comparative figures of the former municipalities are not shown as they would not be meaningful in the circum- stances. 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 adminis- tered by the municipality, amounting to $35,828 have not been consolidated nor have the assets and liabilities of any local boards and the water areas of the municipalities. 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 Commis- sion $250,162 Interest _ 311,086 Contributions to Reserve Funds Contributions to reserve funds amounting to $2,680 are included in the statement of Revenue and Expenditure classified under the appropriate functional headings. Provision for reserves Provisions for reserves amounting to $102,- 626 are included in the statement of Rev- enue and Expenditure under Public Works. THE LIBERAL, Richmond Hill, Ontario, Thursday, Oct. 5, 1972 NOTES ‘TO THE FINANCIAL STATEMENTS December 31, I97] 4 de- ‘nix- vilâ€" and fall lod- Iiler able net The scenic routes .«are best obtained by asking anyone in the towns and villages of the area, but a run from Port .Perry across to Rice Lake and 'on to Hastings and Campbell- ford can be recommended. Indians, United Empire Loy- lalists and early 19th Century pioneers have left the Great Pine Ridge area a rich legacy of historic sites, buildings and antiques. The region is studded with the blue and gold plaques of Ontario Historic Sites Board. Archaeologists, assisted by local school children, are un- covering the site of an Indian culture dating back 4,000 to 6,000 years on Rice Lake. please call 29742826 or 887-5655 .for pick-up. Furniture. lamps drapes, linens, dishes, light and heavy ele ctrical appliances lclothing, you name itâ€"the auc- ‘tion needs it. ; This is probably the last yeai .the sale will be held at Massey Ferguson. It is expected the property will be under devel- opment before another year rolls around. * i )k UCW Dessert Luncheon The Brown’s Corners UCW will hold an autumn thank- offering dessert luncheon and meeting at the church on Wed- nesday of next week at 12:30 pm. All women of the com- gion, while famous for its stands of white and red pine, is well timbered with maple and oak. A trip by car off the beaten track or a cruise by boat on the secluded waterways is an absolute delight as the pageantry of autumn paints the land in its reds and golds. AUDITORS’ REPORT $561,248 (46,196) TOWN OF VAUGHAN town and of charm- With this surprising Town of Vaughan as at December 31, 1971, and the results of its operations for the year then ended, in accordance with accounting princi- ples generally accepted for Ontario Municipal- ities. Licence Number 4102. Toronto, Canada, May 29, 1972. 10. Liability for vested sick leave benefits Capital outlay to be recovered in future years Some capital outlay does not represent a burden ongeneral municipal revenues, as it is to be recovered in future years from other sources I Special charges on benefiting landowners Municipal enterprises Liabilities payable in foreign currencies Long term liabilities issued by the municipality and held by reserve funds as investments amount to Net long term liabilities at the end of the year 5 Included in “Net long term liabilities” is an amount of $437,000 payable in US. dollars and is recorded on the basis of $1 Canadian being equal to $1 U.S. Conti‘actural obligations and contingent lia- bilities Under the sick leave benefit plan, unused sick leave can accumulate and employees may become entitled to a cash payment when when they leave the municipality‘s employ- ment. The liability for these accumulated days, to the extent that they have vested and could be taken in cash by an employee on termin- ating amounted to $81,287 at the end of the year. No provision has been made for this liability as it is the policy of the municipal- ity to pay the accumulated sick leave bene- fits of retiring or terminating employees from the revenue of the year in which the liability becomes payable. 11) Planning Act, Reserve Fund This fund is committed for an approx- imate amount of $25,000 for settlement costs in connection with expropriation of park land and for an approximate amount of $16,000 to the Town of Rich- mond Hill under the Arbitrators’ re- port for the Regional Municipality of York. The Brown’s Corners UCW will hold an autumn thank- offering dessert luncheon and meeting at the church on Wed- nesday of next week at 12:30 pm. All women of the com- munity are invited to attend. The guest speaker will be Mrs. Norman Gibson of King, who will conduct her "Musical", 3 very popular program. On Sunday at Brown‘s Corn- ers Church there was a well attended communion service The auction begins at 10 am. and the rummage barn will open “at 12 noon. This is probably the last year the sale will be held at Massey Ferguson. It is expected the property will be under devel- opment before another year rolls around. If you have articles which make plans for the event. you think might be of use, Miss Adele Carruthers will please call 297-2826 or 887-5653 arrange the attractive setting, for pick-up. Furniture. lamps. Mrs. Arthur Hewitt and Mrs. drapes, linens, dishes, light and‘Harvey Broivn are in charge of The auction sale for Union Villa will be held at Massey Ferguson Farms, Steele‘s Ave- nue and Concession 5, October 14. Neighborhood Notes The unexpended funds on hand at Dec- ember 31, 1971 totalling $266,234 are subject to a contingent liability for drainage and other costs amounting to approximately $75,000. Keele Street Industrial land develop- ment project Buttonville Community Happenings EDDIS & ASSOCIATES, CHARTERED ACCOUNTANTS conducted by Rev. Allen Hal-,the best cherry pie. Mrs. Mar- lett. Mrs. Don Reesor was org- guerite Jones entered a delici- ianist. ous looking apple pie; and Mrs. ,smorgasbord October 25 Mabel Barker won numerous Wednesday morning last week prizes, firsts. seconds, thirds. ’Don Brodie won first prize in the men’s baking section for Mrs. Rose Brodie won first prize for white bread made with Danish Engedura yeast, and was awarded the special prize for this item. A number of local residents entered items at Markham Fair last week and several won prizes. Sympathy of the communityl is extended to Mrs. Reg Allen on the death of her father at Hamilton early last week. Convenors have tickets for sale. Markham Fair Contestants dessert and coffee “ith Mrs. Richmond Hill Norman Reid; Mrs. Aubrey * >1: * Stephenson and Mrs. Douglas Mrs. Ross Baker is a member Hood, salads: MI'S- FI‘Ed Leaf, of the committee preparing for Mrs. Alf Miller. meats; Mrs. the opening luncheon of the Tim Patterson, Miss Mary Rod- Unionville Ladies’ Curling Club. ick, casseroles. vegetahles. etc. It’s that time of year again. Smorgasbord October 25 Wednesday morning last week convenors for the smorgasbord to be held at Brown‘s Corners Church October 25, met at the home of Mrs. Fred Leaf to make plans for the event. CORRESPONDENT: MRS. F. H. LEAF â€" PHONE 294.5290 $ 107,186 3,618,307 84,778,103 $3,725,493 Mr. and Mrs. Ken Stotts were on vacation again last week. and on Wednesday they were at Wa- saga Beach for a' visit with Mr. There was a serious accident on Don Mills Road near the P&J drive-in late Friday night. Four persons had to be pried out of their cars, and three were taken to hospital in seri- ous condition. Friends were sorry to learn of Mrs. Douglas Hood's indis- position. Mrs. Hood is taking a rest on doctor's orders. We wish her a rapid recovery. Mr. Will Elmore has been transferred from Scarborough General Hospital to the Coun- try Place, on 18th Avenue, Richmond Hill. In the pony classes, Rick Tribbling won firsts for the best roadster pony, and the best Shetland single. Total current assets Capital outlay to be recovered in future years Cash Accounts receivable Other governments Hydro-Electric System Water areas Other Taxes receivable Inventory, at cost Prepaid expenses Held for reserve funds Guaranteed investment certificates Mortgage receivable Revenue Taxation Contributions from other governments Payments in lieu of taxes Subsidies Other revenue Penalties and interest on taxes Licences, fees and permits Service charges Fines Rents, concessions and franchises Income from investments All persons having claims against the Estate of Anthony Charles Sate, late of the Town of Richmond Hill, in the Re- gional Municipality of York. who died on or about the 2nd day of December, 1971, are hereby notified to send particu- lars of same to the under- signed on or before the 18th day of October. 1972, after which date the Estate will be distributed, with regard only to the claims of which the under- signed shall then have notice and the undersigned will not be liable to any person of whose claims he shall not then have notice. DATED at Richmond Hill, this 15th day of September, 1972. Antonia Sare, Executor of the Estate of Anthony Charles Sare, by her solicitor, Robert H. Blackburn, c/o Messrs. Lawlor, LeClaire, Stong 8: Nevins, Bar- risters 8: Solicitors, 55 Yonge Street North, Richmond Hill, Ontario. I97] FINANCIAL STATEMENTS NOTICE TO CREDITORS AND OTHERS In the Estate of Anthony Charles Sare and Mrs. John Wilkins. Accom- panying them were Mrs. Ernie Walton and Mrs. Elmore Hill. STATEMENT OF REVENUE AND EXPENDITURE For the year ended December 31, T97] STATEMENT OF CAPITAL FUND OPERATIONS For the year ended December 3], 1971 ASSETS Unexpended capital financing at the beginning of the year Capital financing Contributions from other governments Contributions from the revenue fund for Unexpended capital financing at the end of the year Capital outlay Capital expenditure General government Protection to persons and property Public works Sanitation and waste removal Recreation and community services Community planning and development Transfer to Richmond Hill capital expenditure Contributions from reserve funds and reserves CONSOLIDATED BALANCE SHEET December 3], 197] $7,465,850 $5,990,712 2,433,822 5,032,028 1,131,952 1,186,926 7,699,538 81,205 51,656 317,977 1,955 68,551 556 227,760 53,403 115,962 922,544 4,073 42,722 521,900 54,974 14,941 15,000 Temporary loans Accounts payable Other governments Local boards and other funds Library board Water areas Cemeteries Other North Yonge Bus Funds Deferred revenue Total cum‘ent liabilities Net long term liabilities Reserves and reserve funds Surplus and unapplied capital receipts General revenue Special charges Special areas Industrial land development project Surplus, end of the year *Surplus beginning of the year Former municipalities Township of Vaughan Village of Woodbridg‘e Transfer from Township of King Transfer to Town of Richmond Hill Excess of revenue over expenditure for the year Expenditure *Surplus, beginning of the year General government Protection to persons and property Public works Sanitation and waste removal Recreation and community services Community planning and development Financial expenses Water areas Region of York Education â€" local contributions 5 18,171 $ 314,619 1,166,456 95,981 241,229 39,890 25,608 696,182 870,008 351,530 471,846 15,327 46,632 LIABILITIES 536,238 266,234 15,420 162,480 $ 725,000 $7,465,850 5 261.055 1,414,595 4,778,103 470,680 343,908 103,607 69,146 157,070 1,179,826 3,174,338 7,424,3 394,562 400,934 1,301,187 299,777 $323,601 11,709 4,441 (78,696) 44,339 15,631 467,279 10,352 5,641 802,472 11 275,183 261,05 0 536,238 67,818 340