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1. Total charges for the year for net long term liabilities were as follows: CHARGES FOR NET LONG TERM LIABILITIES Principal payments including conbributions to sinking funds and to the Ontario Water Resources Debt Retirement Fund $271 ,121 To: The Members of Council. Inhabitants and Ratepayers of the Corporation of the Town of Markham. We have examined the 1974 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. In our opinion, these financial statements present fairly the financial position of the Town of Markham as at December 31, 1974 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, May 7, 1975, Licence Number 34 2. PROVISION FOR RESERVES A provision of $50,000 for working capital reserve is included in the Statement of Revenue and Expenditure as financial expenses. C-4 3. CONTRIBUTIONS TO RESERVE FUNDS V _ Contributions to reserve funds amounting to $31,689 are included in the Statement Of Revenue and Expenditure, classified under the appropriate functional headings. 4. 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. ad- ministered by the municipality, amounting to $74,012 have not been consolidated nor have the assets and liabilities of the water areas. the transit system and the local boards of the municipality. Interest AUDITORS’ REPORT Of the total charges shown above, $586,551 was paid from the revenue of the municipality and is included in expenditure, classified under the appropriate func- tional headings, and $250,194 was recovered from the municipal enterprises for which the related net long term liabilities were incurred. 5. NET LONG TERM LIABILITIES Total long term liabilities incurred by the municipality and outstanding at the end of the year amount to 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 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 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 outstanding long term liabilities included above amount to Long term liabilities issued by the municipality, and held by reserve funds as investments, amount to Net lohg term liabilities at the end of the year 6. 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 $4,435,010 Municipal enterprises 2,044,124 7. LIABILITY FOR VESTED SICK LEAVE BENEFITS 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 em- ployment. 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 $158,303 at the end of the year. which amount is fully provided for by a reserve fund, and is reported on the Consolidated Balance Sheet. 8. CAPITAL EXPENDITURE COMMITMENTS The municipality is committed for $1,078,000 for capital expenditures over and above approved expenditures under long term financing. These expenditures are for recreational and administrative facilities and the Administration Lot Fee fund of $838,849 is committed towards these costs. Population â€" Amen! â€" 364 Million 389 MilIion 434 Million 502 M RESIDENY‘AL I FARM CWMENCIALI INDUSTRIAK THE LIBERAL. Wednesday, June 18. 1975 Ixc (Bum-many) Sam Secondary (mam scr 51 can: NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1974 EDUCAT AON 1974 MUNICIPAL OFFICES â€" 8911 DON MILLS ROAD, MARKHAM ONTARIO YOTAL Immomooo mm 1 szssoooooooa DISTRIBUTION OF YOUR TAX DOLLAR 1971 37 ,905 @lnmnratinn nf @112 @nmn nf markham 19 DIM! I!" fill-o ‘97? 379100090000 315 913.0003 1972 40,000 ASSESSMENT ANALYSIS 1974 AUDITED FINANCIAL STATEMENTS 1973 43,000 [slummooo 1004550213423: on 1513 1974 47,500 Run ‘97. Anna-II an W $35.61 7 272 00 Eddis & Associates Chartered Accountants (Woodbine Ave.) just north of Highway No. 7 1975 52,000 1 973 nu-ol 197s 'ropnhd nu- mlssslmoiooooo loo-s $(6,578,958) $ 7.075.508 $11,219,655 $ 2,937,500 $ (501,389) 1976 55,000 $6,479,134 $836,745 565 .624 (1.300) Cash Accounts receivable Other governments Hydro utility, and water areas Other Taxes Receivable Investments, at cost, and short term deposits Ontario Water Resources Commission, Reserve Fund Assets Inventories and prepayments Total current assets Capital outlay to be recovered in future years Revenue Taxation Contributions from other governments Payments in lieu of taxes Subsidies, Ontario Other revenues Licences and permits Service charges Penalties and interest on taxes Rents, fines and sundry Income from short term investments Unfinanced capital outlay, at the beginning of the year Capital outlay Capital expenditures General government Protection to persons and property Transportation services Environmental services Recreation and community services Community Flaming Transfer to Hydro Utility Capital financing Long term liabilities incurred Contributions from other governments Contributions from the revenue fund Contributions from reserve funds Other Unfinanced capital outlay, at the end of the year Note: Temporary loans in the amount of $2,885,000 are carried at the year end pending proceeds of long term financing for approved STATEMENT OF CAPITAL FUND OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1974 ANTHONY ROMAN. Mayor Total projects in progress ublication of the above Audited Financial Statements and the report of the Auditors thereon ASSETS STATEMENT OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED DECEMBER 31, 1974 $13, 875,172 $15,111,954 11,046,067 $ 496,371 16,021,891 546,636 241,220 111,809 1,537,101 $3,969,259 1,391,596 4,065,887 35,063 1,108,438 275,617 37,031 735,022 296,174 3,868,925 1,496 51,272 5,265,537 1,792,649 139,204 532,657 150,272 7,181 173,904 545,198 267,613 336,624 148,123 495,091 98 ,567 70,444 18.514 1974 1974 1974 CONSOLIDATED BALANCE SHEET . DECEMBER 31, 1974 $11,221,769 $11,623,769 13,507,894 664,682 68,326 75,684 1,404,338 1,551,788 3,896,270 7,325,499 $ 366,494 30,858 1,162,762 14,866 97,154 746,967 682,582 2,341,136 4,127,705 3,997,828 1,165,024 432,651 624,250 1,650,278 125,625 222,053 256,819 138,852 7,108 65.673 $496,371 89,378 35,744 245 ,000 6,330 1973 DISTRIBUTION OF TAXASUPPORTED SERVICES IN THE 1974 w 1973 1973 Ward 1 â€" P. G. Grosskunh Ward 2 â€" S. J. Dauno Temporary loans $ Accounts payable and accrued liabilities Other governments Local boards and other funds Board of Education Library and Community Centre Boards Water areas Other Deferred revenue Assets Total current liabilities Net long term liabilities Reserves and reserve funds Accumulated net revenue General revenue Special charges Special areas Fund Balances Guarantee deposits Morgan Fund Accumulated net revenue, end of the year 3 728.737 Expenditure General government Protection to persons and property Transportation services Environmental services Recreation and community services Community planning and development Financial expenses Region of York Education Excess of revenue over expenditure for the year Accumulated net revenue, beginning of the year Cash Investments, at cost Provincial and municipal bonds Investment certificates . Person Trust Capital Income Ca'pital Income STATEMENT OF TRUST FUNDS HELD DECEMBER 31, 1974 R. W. Adams 512.847.229.00 81335390000 $ 2,335,300.00 $28,535,52900 pursuant to Section 224 of the Municipal Act LIABILITIES @ounttl Councillors Ward 3-â€" Mrs. C‘ Bell Ward 4 â€"- A. 84 Bonner Mayor â€" A. Roman Regional Councillors d busmess taxes nmposed by the Town 100‘ TOWN OF MARKHAM 1974,1973 and 1972 1973 ‘ ,7: . 1972 I MrsA Alma Walker 510.460.948.00 51231925490 S 1,374,433.00 $24,154,635OO $ 2,885,000 315.111.954 4,893,462 7,075,508 2,414,247 1,011,323 254,661 15,925,521 581,301 756,854 2,295,679 1,208,820 1,392,266 234,324 256,282 2,378,838 6,821,157 E. A. BARTON. Treasurer 320,054 373,551 48,873 210,998 20,829 496,910 728,737 632 .367 $33,764 $21,981 $74,012 $74,012 96,370 1974 46,031 23,000 3,413 11,670 2,165 1974 1974 100‘ Ward 5 â€" W. B. Grieve ward 5 â€" H. C. Lavgr'j of Markham‘ As compared to s 8,449,325.00 $10,656,400.00 S 1,826,300.00 52093202500 511221.769 13,161,893 1,811,850 6,827,728 1,949,824 494,279 602,289 2,101 ,933 1,087,442 872,619 148,920 173,834 2,119,386 5,561,191 245,000 307,917 441,500 16,409 694.033 106.991 168,589 29,259 434.519 632 ,367 346,001 286.366 632.367 $15,843 $71,598 $34 ,394 $71,598 10,000 45.755 1973 23,000 2,343 10,020 1,341 1973 1973