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AUDIT‘ORS’ REPORT TO: THE MEMBERS OF COUNCIL, INHABITANTS AND which are reported on separately. RATEPAYERS OF THE CORPORATION OF THE TOWN OF MARKHAM. We have examined the 1973 financial statements of the Town of Markham and its local boards, Our examination included a general review of the accounting proced- ures and such tests of accounting records and other supporting evidence as we considered necessary in the circumstances. In our opinion, these financial statements present fairly the financial position of the Town of Mark- ham as at December 31, 1973, and the results of its operations for the year then ended, in accordance with accounting principles generally accepted for Ontario municipalities applied on a basis consistent with that of the preceding year. Toronto, Canada, April 30, 1974, Licence Number 4488. 1. 4. COMMERCIAL 8i INDUSTRIAL Assessment â€" Population â€"â€" EDDIS & ASSOCIATES CHARTERED ACCOUNTANTS. NOTES TO THE FINANCIAL STATEMENTS DECEMBER 3|, I973 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 Ontario Water Resources Debt Retirement Fund _____________________________________________________________________________________________________________ $226,279 Interest ________________________________________________________________________________ 468,553 $694,832 Of the total charges shown above, $472,962 was paid from the revenue of the municipality and is included in expenditure, classified under the appropriate functional headings, and $221,870 was recovered from the municipal enterprises for which the related net long term liabilities were in- curred. PROVISION FOR RESERVES Provisions for reserves amounting to $65,000 are included in the Statement of Revenue and Expend- iture. Of this amount, $40,000 is included in "Financial expenses” and $25,000 in “Transportation Ser- vices - Roadways". CONTRIBUTIONS TO RESERVE FUNDS Contributions to reserve funds amounting to $43,093 are included in the Statement of Revenue and Expenditure, classified under the appropriate functional headings. 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, amount- ing to $71,598, have not been consolidated, nor have the assets and liabilities of the water areas and theIlocal boards of the municipality. NET LONG TERM LIABILITIES Total long term liabilities incurred by the municipality and outstanding at the end of the year amount to ______________________________________________________________________________________________________ $11,824,330 In addition, the municipality has assumed responsibility for the payment of principal and interest charges on certain long term liabilities issued by other municipalities. At the end of the year, the principal amount of this liability is ___________________________________________ $ 2,457,650 Of the long term liabilities shown above, the responsibili-tiy for payment of principal and interest charges has been assumed by others ,for a principal amount of ________________ $(6,999,240) The total value of sinking funds and the balance in the Ontario Water Resources Debt Retirement Fund which have been accumulated to the end of the year to retire the outstand- ing long term liabilities included above amount to ___________________________________________________________ (453,612) Long term liabilities issued by the municipality, and held by reserve funds as investments, amount to ____________________________________________________________________________________________________________________________ (1,400) Net long term liabilities at the end .of the year ________________________________________________________________ $ 6,827,728 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 ___________________________________________________________________________ $4,183,344 Municipal enterprises __________________________________________________________________________________________________ _________ 2,092,879 , 3 6,276,223 LIABILITY FOR VESTED SICK LEAVE BENEFITS Under the sick leave benefit plan, unused sick leave can accumulate and employees entitled to a cash payment when they leave the municipality's employment. The liability for these accumulated days, to the extent that they have vested and could be taken in cash by an employee on terminating, amounted to $129,470 at the end of the year, which amount is fully provided for by a reserve fund included in the consolidated balance sheet. ADMINISTRATION LOT FEES FUND COMMITMENT The municipality is committed to capital expenditures of $3,200,000 for the construction of recreation facilities. Approved long term financing and subsidies are to provide $2,650,000 towards the cost and Lot Fee Funds on hand at December 31, 1973 are committed for the balance of $550,000. may become DISTRIBUTION OF YOUR 1973 TAX DOLLAR DISTRIBUTION OF YOUR 1972 TAX DOLLAR IDUCAYIM 0w< awn-lumen. Ina Suva-1mm icon er Doe-I NAT“ Fuel-c Tim-ml w and WNICI'AL LIVV um :1 u-u‘l new. oon... llu All. Illll Lu Imn "I 0‘ (can mu; mum "Gown LEVY Hwy “it"K-M v: u v... MUNICI'AL LEW I'M 6‘ MM» 3 "an cum 20m- ASSESSMENT ANALYSIS Tâ€" , 1971 Planet 1 1972 $313,000 000 00 76 000 000 00 Piano 1973 80": 534736700000 1 20». l RESIDENTIALSIFARU ‘ 529500000000 81“ 69 000 000 00 19': i 5364000000 00 ‘00 - ’ 80°“ 20°: $395,617,272 $106,616,961 $502,234,233 79% 86.653.000.00 21% 5389 000 000 00 100;: $434,020,000 00 100:: 100:: l l '. ll; ~' llll " 'lllll‘ ll "\7 :r allth 1“. -'aâ€"'..\ i.".‘., . I If . III t\1.,\\ , "'i ‘l‘l 'rrn.,.|'*.".= “lillllnh'sm .‘ullll Hill I u I" : Inn li‘h' mm A.’ '\\~ 9 , ,.,l,w,,lulli l'..\Vi-/\1I\\l\m.. ""l I I.III"l'iIiml MN" ll ‘ i l ,I, l l! l 11" ,’.‘4|',I,J|‘L|‘ ‘ I l , Y. illl'l'T" ‘ "' w , '. I”ll1717'"l‘"1'l“l ll ,l I 590 Million Est'd. 55,000 550 Million Est’d. 52,000 364 Million 389 Million 434 Million 502 Million 37,905 40,000 43,000 47,500 Glnrpnratinn of (The Email nf Markham MUNICIPAL OFFICES â€" 89" DON MILLS ROAD, MARKHAM ONTARIO I973 AUDITED FINANCIAL STATEMENTS THE LIBERAL, Richmond Hill, Ontario, Wednesday, July 17. 1974 o‘ "L I 3 i I ) r A r e .0“, n ‘k CONSOLIDATED BALANCE SHEET DECEMBER 3|, I973 1973 1972 1973 â€"â€"_ 245,000 307,917 441,500 16,409 694,033 106,991 1,811,850 6,827,728 1,949,824 168,589 29,259 434,519 __ _ LIABILITIES ASSETS Temporary loans ___________________________________________ 3 Cash .................................................. $ 3-330 $ 201332 Accounts payable and accrued liabilities Accounts receivable Other governments Other governments 664.682 228.624 L0cal boards and andâ€"1556s """""""""""""" Hydro utility, and local boards 68,326 58,746 Board of Education Other __________________________________________ 75,684 69.592 Water areas ------------------------------ Taxes receivable ________________________ V ______________ 1,404,338 1,427,109 Library Board Investments, at cost, and short term Other deposits _______________________________________________________ 1,551,768 1,223,231 Ontario Water Resources Commission, Reserve Fund Assets ____________________________________ 89.378 80,566 Net long term liabilities " Inventories and prepayments ________________________ 35,744 45,006 Reserve and reserve funds ------------------------------ Total current assets _______________________________ 3,896,270 3,339,536 Accumulated net revenue Capital outlay to be recovered in General revenue ............................. future years ____________________________________________ 7,325,499 6,277,652 SPECIBI Charges ............... $ 11,221,769 m specxal areas ------------------------------------------- STATEMENT OF REVENUE AND EXPENDITURE FOR 1973 1972 Expenditure Revenue _‘ â€" General government ____________________________________ Taxation ____________________________________ $ 11,623,769 $ 8335330» Pmtecuon Ito P9130115 and Property ____________ Contributions from other governments 3:?:§::::$; $3222: ....................... Payments in lieu of taxes ________________________ 30,858 21,935 . .................. Subsidies 1,162.762 803,578 Recreation and community serVIces _____________________________________ Community planning and development Other revenues Financial expenses ________________________________________ Licences and permits _______________________________ 222,053 160,957 Water area _______________________________________________ Service charges ________________________________________ 256,819 178,366 Region of York Penalties and interest on taxes ________________ 138,852 127,308 Education Rents, fines and sundry _____________________________ 7,108 6_991 --------------------------------------------------- Income from short term investments _______ 65,673 33,240 13,507,394 10,317,455 Excess of revenue over expenditure THE YEAR ENDED DECEMBER 3|, I973 for the year _______________________________________________ Accumulated net revenue, beginning of the year Accumulated net revenue, end of the year __ STATEMENT OF CAPITAL FUND OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1973 Unfinanced capital outlay, at the beginning of the year _________________________________________________ $ 366,494 Capital outlay Capital expenditures General government ________________________________________________ 14,866 Protection to persons and property _________________ 97,154 Transportation services ___________________ 746,967 Environmental services _____________________ 682,582 Recreation and community services _____ 2,341,136 Transfer to Water Area __________________________________________ Transfer to Hydro Utility ___________________________________________ 245,000 Total _______________________________________________________ 4,127,705 Capital financing Long term liabilities incurred ____________________________________ 1,165,024 Contributions from other governments ________________________ 432,651 Contributions from the revenue fund for capital expenditures ____________________________________________ 624,250 Contributions from reserve funds ___________________________ 1,650,278 Other ___________________________________________________________________ 3,997,828 Unfinanced capital outlay, at the end of the year ________________________________________________________________ s 496.371 REGION of YORK , N 0,, e c . k1,;rownsnwor GEORGINA "" EUR y ‘ “we” Realty and busines taxes â€" imposed for Regional, Area Municvpalitv and school board purposes Province of Ontario's contributions â€" applied to reduce the taxes imposed Other municipal and school board revenuesâ€" _ TOWN Of WHIICHURCHâ€" assists ' Li's-II ' ‘ 578:3 R. W. Adams Ward 1 â€" Ward 2 â€" Ward 3 â€" G. 5. Kay R. J. Muldrew Mrs. C. Bell $10,460,948.00 $0,319,254.00 S 1,374,433.00 I973 1972 $ 376,351 37,322 14,487 391,697 1,430,415 886,392 209,669 2,969,982 1,433,189 206,355 312,264 1,000,531 27,500 2,979,839 3 366.494 â€"â€" â€"â€" 1973 A. Roman 632,367 5 11,221,769 1973 494,279 602,289 2,101,933 996,808 872,619 148,920 173,834 90,634 2,119,386 5,561,191 13,161,893 346,001 286,366 __$ 632.367 â€"â€"â€". â€"â€" _ H. C. T. Crisp Councillors Ward 4 â€" Ward 5 â€" Ward '6 â€" A. B. Bonner Mrs. A. Walker R. A. P. Moran 1972 $ 8,449,325.00 $10,656,400.00 $ 1,826,300.00 $20,932,025.00 27 1972 192,785 224,129 219,655 6,782 507,528 16,768 1,167,647 5,909,658 2,253,517 1,119 27,505 257,742 286,366 3 9,617,188 1972 442,375 401 ,296 1 ,417,434 786,609 495,730 80,856 91,628 132,642 2,019,787 4,414,667 10,283,024 34,431 251,935 $ 286.366 DISTRIBUTION OF TAX-SUPPORTED SERVICES IN THE TOWN OF MARKHAM 197381 1972 % 41 51 In 1973, Ontario erI comrlbute $1.18 for every dollar of realty and busrness taxes Imposed by the Town of Markham_ As compared to 81.26 In 1972. Qtnuntil Mayor â€" Regional Cou ncil lors Publication of the above Audited Financial Statements and the report of the Auditor: thereon, pursuant to Section 224 of the Municipal Act. ANTHONY ROMAN, Mayor- E. A. BARTON, Treasurer