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RICHVALE â€" The public library at 54 Pearson Avenue has a horror film on Saturday at 10:30 am. The feature is Young Goodman Brown. Superman and the Library showing films Saturday $190 donated for hospital Winners for the evening were Laura Hodgson. Audrey Woodhan, Reba Brillinger. Vera Toth, Sandra Mills, Wayne Hughes, Helen Ogle and Her- bert Stockdale. and lucky draws were won by Bar- bara Greig, Evelyn Brewer, Margaret Smith, Margaret Chadwick, Drew Boyington, Earla Bramrner, John deick, Bob Greig, Helena Tooley, Earlby Gooderham and Gordon Ogg. Juahita Brown and Sandra Mill’sr were freezeout winners with Bernice Tooley and Joyce Himmelman. BUTTONVILLE â€" Local members of York Central Hospital Auxiliary donated $190 to the hospital this month, after a successful euchre and sale of home baking and crafts held at Buttonville Women’s In- stitute Hall on April 9. Betty Ashley convened the event with Gertrude Robinson and Mrs. Russell Boyington. About 100 guests attended from various York region com- munities. ' WITH SWAN POOL CARE PRODUCTS See Charlie X-CYN. He has everything you need for a smooth pool startâ€"up this season. Stock-up today. ‘. Our store is conveniently located in your shopping area. WIIIE III' YIIIIII I'IIIII. Soc Ins Addvess Name STERLING Rut: Sumac! Ya Chung: I have enclosed a cheque 101 5 purchase a 5 year Guavanleed Investment Cernhcale Minimum $500 Whitecap Pools Ltd., 342 No. 7 Hwy. East, Thornhill 884-0406 or 225-2461 wnh unteresl pald evevy SIX months Wllh Interest paud monthly (mm [55000) Inlevesl accumulmed to malumy Member Canada Daposu Insurance Corporalxon 7377 YONGE STREET 881 -6222 THORNHILL, ONTARIO 16m“ “1 \\ V‘ EST 1911 Signature 5M Pre-school Story Hour at the library will show films April 28 at 10:30 am. Films will be Clown of the Jungle, Georgie to the Rescue and two surprise films. mechanical monsters will also be shown. John CK. van don "cunt Manager 347 Bay SI Talent-3 MSH 2R7 I 3636341 6‘0 b“ Hm" “0“ Publication of the above Audited Financial Statements and the report of the Auditors thereon, pursuant to Section 224 of the Municipalrm TOTAL CAPITAL FINANCING Accumulated net revenue (deficit) and unapplied capital receipts UNFINANCED CAPITAL OUTLAY at the end of the year CURRENT Net long term liabilities Reserves and reserve funds The accompanying notes are an integral part of this financial statement The accompanying notes are an integral part of this financial statement CAPITAL FINANCING Contributions from the revenue fund Contributions from reserve funds and TOTAL EXPENDITURE CAPITAL EXPENDITURE General government Protection to persons and property Transportation services Environmental services Recreation and cultural services Planning and development Other Capital outlay to be recovered in future years Other long term assets The accompanying notes are an integtal part of this financial statement UNFINANCED CAPITAL OUTLAY at the beginning of the year CURRENT Analysed as folloWs: General revenue Special charges Region or county School boards Local board ACCUMULATED NET REVENUE AT THE END OF THE YEAR TOTAL REVENUE TOTAL EXPENDITURE ACCUMULATED NET REVENUE AT THE BEGINNING OF THE YEAR EXPENDITURE REVENUE General municipal purposes Taxation Payments in lieu of taxes Ontario grants Other We have examined the Consolidated Balance Sheet of the Corporation of the Town of Richmond Hill as at December 31, 1975 and the Statements of Revenue and Expenditure and Capital Fund Operations for the year then ended. Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we consid- ered necessary in the circumstances. _ _ v To Members of Council, Inhabité‘nqg';gg%§ggwers, The Corporation of the Town of Richmond Hill: The assessment roll has been checked for mathematical accuracy and changes in the roll have been verified with the proper authorities. However, no attempt has been made to ascertain whether all properties in the Town of Region or county purposes Taxation School board purposes Taxation General municipal purposes General government Protection to persons and property Transportation services Environmental services Health services Social and family services Recreation and cultural services Planning and development Other Region or county purposes School board purposes reserves Long term liabilities incurred Ontario grants Canada grants Other Temporary loans Accounts payable and accrued liabilities Other current liabilities Cash Accounts receivable Taxes receivable Other current assets jeofleut STATEMENT OF CAPITAL FUND OPERATIONS for the year ended December 31, 1975 x STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31, 1975 as at December 31, 1975 ASSETS BALANCE SHEET R I c H o N D H I LL AUDITED FINANCIAL STATEMENT AND AUDITORS' REPORT â€" 1975 LIABILlTIES $ 8,31 1 ,200 $ 95,000 853,290 6,008 $ 158,864 $1,199,812 $1 ,008,672 1 399,276 985,553 71 ,91 3 $ 8,31 1,200 $ 6,720,673 $ 130,796 17,944 212 856 585 $ ,,,1,520,.393 $ 597,512 sir 150,393 4,618,937 2,587,572 1 0,825,273 3,465,414 618,748 1 507,500 440,864 63,493 _53_2,771 3,351 ,273 4,777,801 67,985 5,022,1 55 1 ,281 ,943 4,507,908 2,310,325 75,062,925 3,506,028 101,313 741,716 JJ 3868 44,322 208,084 723,518 67,684 1 ,050,927 1 ,296 21w& 630,699 678,640 1 ,574,679 827,735 550 52,798 1 ,000,635 1 89,1 1 3 1 ,257,625 £943,273 954,235 150$ 187,897 1975 1975 1975 $ 868,159 424,044 27,835 $6,720,673 5,, ,375388, $ 137,126 $ 137,126 2,139,561 4,482,584 98,528 1,320,038 3,317,000 1,946,509 18,767 1 7,985 592,883 70,750 1 ,144,221 2,144,606 £857,463 4,259,019 3,528,380 1,542,306 983,005 73,583,300 8,825,324 4,070,,912 2,836,736 69,825 491 ,594 "672,757 620,426 554,235 1 ,371 ,085 679,526 600 50,790 787,348 127,124 77 67,885 878,202 41 0,850 786,568 63,941 300,000 312,841 539,700 217,933 321 ,903 987,170 90,285 1 7,972 24,530 4,041 298 1974 1974 1974 TOWN OF Note 7. Liability for Sick Leave Benefits Under the sick leave benefit plan, unused sick leave can accumulate and employees may become entitled to a cash payment on termination of service. As at December 31, 1975 the liability for these accumulated days, to the extent that they could be taken in cash by an employee on terminating amounted to $128,729. 1 $5,127 has been provided against this liability and is included in the reserves on the Balance Sheet. Note 8. Allocation of a Reserve re the Planning Act of the Township of Vaughan has not been finalized under the provisions of the Regional Municipality of York Act. This reserve amounted to $120,512 as at January 1, 1971 subject to the final costs of expropriation of certain park lands. Richmond Hill will share 17% of the net balance. Note 9. The Town of Richmond Hill entered into an agreement in 1973 with the Richmond Hill Hydro Electric Commission for the transfer to the Town, for the sum of $91,082, all street lighting installed by the Commission. This amount will be paid over a period of 10 years, with interest at 6% per annum, and the annual charge is reflected in the cost of street lighting services. (e) and outstanding at the end of the. year amount to ' $ 2,173,932 In addition, the municipality has assumed responsibility for the payment of principal and interest charges on the long term liabilities of other municipalities the principal amount of which at the end of the year is 2,671,222 Of the outstanding long term liabilities shown above, the responsibility for payment of principal and interest charges has been assumed by others for an amount of (84,000) The balance in the debt retirement fund of the Ontario Water Rescurces Commission which have been accumulated to the end of the year to retire the outstanding long term liabilities shown above amount to (142,218) Net long term liabilities at the end of the year $ 4,618,93 The above does not include Ontario Water Resources Commission liabilities incurred by the Municipality and assumed by the Region of York. Note 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 $ 494,722 Municipal enterprises 638,962 Contributions to the debt retirement fund of the Ontario Water Resources Commission (f) The accumulated net revenue as at January 1, 1974 and December 31, 1974 have been "adjusted to reflect the consolidation of the Library Board as described in part (a) of this note. (9) The 1974 Balance Sheet and Statement of Revenue and Expenditure have been restated to reflect the consolidation of the Library Board as described in part (a) of this note. Note 2. Charges for Net Long Term Liabilities Total charges for the year for net long term liabilities were as follows: Ontario Water Resources Commission 4,632 Interest ______ E11229 $ 699,738 Of the total charges shown above, an amount of $424,486 was paid from the general revenues of the municipality and is included in expenditure classified under the appropriate functional headings, and'the amount of $185,252 was recovered from the municipal enterprises for which the related net long term liabilities were incurred. Note 3. Provision for Reserves and Allowances Provision for reserves and allowances amounting to $54,500 are included in the "Statement of Revenue and Expenditures”. Note 4. Reserve Funds The revenues for the year of reserve funds include contributions from the revenue fund amounting to $121,921 which are included in the "Statement of Revenue and Expenditure”, classified under the appropriate functional head- ings, and the following which were credited directly to the reserve funds: Subdividers’ contributions $ 1,224,038 Interest earned . 106,642 Transfers from Capital Fund 5,298 Transfer from Revenue Fund and Current Liabilities 27,836 The expenditures for the year of the Reserve Funds include contributions to the Revenue fund amounting to $172,748 which are included in the "Statement of Revenue and Expenditure” under other revenue, and the following were charged directly to the reserve funds: Transfers to Capital Fund $ 618,748 Subdivision Costs 69,338 Note 5. Net Long Term Liabilities Total long term liabilities incurred by the municipality Principal payments Note 1. Accounting Policies (a) (bl (c) (d) Balance Sheet The Balance Sheet reflects the combined assets and liabilities of the rev- enue fund, capital fund, reserve funds, and Library Board. Certain assets and liabilities are not reflected as described in (bl and (el of this note and in note 7. Fixed Assets No value is attached to fixed assets for municipal reporting purposes. Expenditures on fixed assets are charged against current revenues unless the expenditures are financed out of long term debt. Debt retirement costs are charged against current revenues in the periods in which they are paid. Inventories of supplies Inventories of supplies, amounting to $69,244 are included in other current assets and are reflected at cost. Provincial road subsidy revenue and expenditure on roads Provincial subsidy programmes are on a "receipt and disbursement” basis which does not recognize accruals. The municipality has expended amounts for which the road subsidy will not be eligible for claim until the succeeding year. Such future subsidy revenues have been accrued in the current year. ' Subject to the qualification concerning the assessment roll, in our opinion, these financial statements present fairly the financial position of the Corporation of the Town of Richmond Hill as at December 31, 1975 and the results of their operations for the year then ended, in accordance with accounting principles generally accepted for Ontario municipalities applied after giving retroactive effect to the changes referred to in Note 1 to the Financial Statements, on a basis consistent with that of the preceding year Richmond Hill have been included in the assessment roll or whether properties included in therroll have been properly assessed. Richmond Hill, Ontario March 4, 1976 License Number 335 Charges for net long term liabilities Charges for net long term liabilities include principal and interest. Interest charges are not accrued for the petiod from the date of the latest payment to the end of the fiscal year. NOTES TO FINANCIAL STATEMENTS as at December 31, 1975 THE LIBERAL. Wednesday. April 21. 1976 CHARTERED ACCOUNTANTS WM. A. RICE, TREASURER REID 8 BRADLEY $ 1,133,689 s 1,224,038 106,642 5,298 727,836 $ 1,363,814 69.338 $ 688,086 $ 293,880