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v 2 1he ixubuneihubsday juke 3 uu s i ri 5 m municipal offices 8911 tomlils 1toaprkham ontario fwwdmrie tist ituthof higiwaj hiifq 1975 audited financial statements auditors report 1 ta the members of counol inhabitants and ratepayers of the corporation of the town of markharn we have exam the 1976 financial siaam of the toviin of markham and its local boards oure a general review rtdw irig records art c4hersuppctingevklef as we corisklereditecessa in our opinion these financial s present fairly the financial position of the town of markham and its local boards as at december 31 1975 and the results of its operations for the year then ended in accordance whh accounting principles generaby accepted for ontario municipalities after giving retroactive effect to the changes referred to in note 2 to the financial statements on a basis consistent with that of the preceding year toronto canada may 14 1976 licence no 218 eddis er associates chartered accountants notes to the financial statements december 31 1975 accounting policies a balancesheet the balance sheet reflects the combined assets and liabilities of the revenue fund capital fund reserve funds ami the following local boards 01 town of markham public library board 12 community centre boards crosby memorial arena box grove j cedar grove r victoria square north thornhill trust funds administered by the municipality amounting to 45232 and the assets and liabilities of the electric and water utilities transit operation and cemetery board are not consolidated in the balance sheet b fixed assets no value is attached to fixed assets for municipal reporting purposes expenditures en 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 c inventories of supplies inventories of supplies amounting to 66486 are included in other current assets and are reflected at cost on the basis of firstin firstout d provincial toad subsidy revenue and expenditure on roads provincial subsidy programmes are on a receipt and disbursements basis which does not recognize accruals the municipality has expended amounts for which the road subsidy will be be eligible for claim until the succeeding year such future subsidy revenues have been accrued in the current year e charges for net long term liabilities charges for net long term liabilities include principle and interest interest charges are not accrued for the perlodts from the datefs of the latest interest payments to the end of the fiscal year v restatement of 1974 comparative figures changes in the 1975 financial reporting for ontario municipalities includes consolidation of local boards disclosure of over and under levies as accumulated net revenue and revisions to functional classification of certain expenditures the comparative figures for 1974 have been restated to be consistent with the 1975 present- ationand include the following restatement of 1974figures a financial expenses of 256282 are reclassified into general government administrative expense i b revenue and expenditures of local boards are included- c accumulatednetrevenuedecember311974 general revenue special charges special areas i f total previously reported over levies accumulated region i v school boards local boards accumulated net revenue y balance sheet december 31 1975 assets v 1975 1974 restated temporary loans cash s 164683 29498 accounts payable and accrued gabxrjes accounts receivable v other governments other government i 641156 546636 school boards hydro utsty and water utjety 595321 241220 other x other 159482 113171 total current liabilities taxes receivable 2356371 1587101 investments at cost and short term deposits 2046239 1399596 net long term liabilities r ministry of environment t reserves and reserve funds reserve fund assets 105688 98567 accumulated net revenue inventor iesand prepayments 95072 74550 general revenue total current assets 6164012 4090339 special charges capital outlay to be recovered in future years 1267511 11046067 special areas region r 18431523 15136406 school boards local boards liabilities statement of revenue and expenditure for the year ended december 31 1975 revenue general municipal purposes taxation payments in lieu of taxes ontario grants other s v region purposes taxation t school board purposes taxation i o li 1975 1974 restated 5549294 4578785 42614 35063 1064980 1179808 2991604 1242851 9648492 3207397 8601346 21457235 7036507 2406901 x 6940764 16384172 statement of capital fund operations for the year ended december 31 1975 210998 20829 496910 728737 131686 122975 12673 3 total as restated i charges for net long term liabilities total charges for the year for net long term liabilities were as follows- principal payments including contributions to the i ministry of environment debt retirement fund v interest of the total charges shown above 622087 was paid from the revenue of the municipality and is included in expenditure classified under the appropriate functional headings and 266224 was recovered from the municipal enterprises for which the related not long term liabilities were incurred s l i j provision for reserves and allowances j j provisions for reserves and allowances amounting to 111500 are included in the statement of revenue and expenditure unfin8nced capital outlay at the beginning of the year capital outlay rv capital expenditures general government i protection to persons and property transportation services environmental services recreation and community services 1 community planning and developments 7 totaj 1975r 3969259 861324 13454 1 1401604 676105 2052882 5033 5010402 1974 restated 496371 275617 37031 735022 296174 3868925 1496 5214265 expenditure general government protection to persons and property transportation services environmental services t health services recreation and community r services 1 f planning arid development total general municipal purposes region of york school board purposes excess of revenue over expenditure for the year accumulated net revenue be ginning of the year accumulated net revenue end of the year v 975 1974 restatadl 307000 a 283605 320054 23786 373551 587118 1032693 4648524 7303729 7075508 435776 2416303 99708 210998 1 8613 20829 411801 496910 i 190663 131686 151122 12275 17102 12673 1776409 996071 18431523 15136406 cem3er 311975 1974 restated 861580 t 719825 o- 89251 661925 2082820- 243823 1632019 e334 1278617 3l687o80 i60413u 322194 234324- 8956278 694098 j 3148420 278838 8573199 6821157 20676897- 16140893 v 780338 996071 1776409 243279 752792 996071 trust funds statement of continuity for the year ended december 31 1975 jn guarantee total deoosits t rk cemetery morgans person perpetual trust trust r care babncebeginnm h v contributions to reserve funds the revenues for the year of reserve funds include contributions from the revenuejfund amountingto 757374 which are included in the statement of revenueand expenditure classified directly unting to a4 wnicn are inciuaeo in me oraiemeni ui nevenue anu wncnunuin silied under the appropriate functional headings arid the following which were credited tly to thereserve funds i t r- k subdivider and developer contributions and income from investments transfer from trust funds v f j- 6 net long term liabilities v v i- rtotal 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 principle 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 r the total value of sinking funds and the balanco in the ministry of environ- ment debt retirement fund which have been accumulated to the end of the year to retirethe outstanding long term liabilities included above amount to v v long term liabilities issued by the municipality and held by reserve funds as i f investments amount to i net long term liabilities at the end o the year 7 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 4418553 municipal enterprises 2050094 8 liability for vested sick leave benefits 646864 under the sick leave benefit plan unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the municipalitys employment the liability for these accumulated days to the extent that they have vested and could be taken in cash by employees terminating amounted to 1 97370 at the end of the year which amount has been provided for by a reserve fund and is included on the balance sheet 9 capital expenditure commitments the impost and lot levy fund together with the reserve fund under the planning act totalling 2047042 are fully committed for the financing of recreational facilities and environmental services in addition to capital expenditures approved under long term financing subsequent to the year end proceeds of long term financing from regional debenture sales i were received in the amount of 4529500 to finance capital outlay carried at december 31 1 1975 expended for the following purposes i v recreation and community services municipalenterprisewaterutility general government l v trarisportationservices v t 10 ontario housing action program v in accordance with agreements between the town the ontario housing action program and the developer involved the sum of 698700 was received in 1975 with respect to low cost housing development this amount is included in 1 975 revenue but not included in the original v budget it the intention of the town to usetnesefunds over the next several years as a mill rate siabtmtion factor and accordingry an appropriate bylaw rs to be passed toestabttsfta i reserve fund for this purpose the 1976 budget includes a95900 reduction in these funds 1 towards 1976 expenditures and subsequent annual transfers are to be made until the fund a 2usk i j v- jjo 11sbsequentevenn i i jiu v subscjtoth these ftuncii statements wrnunicwity received notification v s ft d the assessment reviewcourt with respect to the reduction and i il wws receivable fromcertavi societies and institutions the x s- v yafernrgablarctof 6ai66whwmrcrar