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w the tribune thursday may jl 17 r ta thmnber8ofcounciinhab4ancsand nt corporation offtc town of markhsol me tom era mined om t71 flnandil surtema nla of cm corporatam tha toms of iiihjim our mwintfa mm m in accorcsvca th gmiwam a ting standard antf accartfny aodudad auch mu and achar pracadwraa aa ma cenaidard nacasaary in tha ckomuiancaa in our apfaoan thaaa finmal itiniita praaant tavarty tha cnancjal poeitaoa of tha cerporatsen 0 dta towi of juarhhaai aa at pacannir ii l7t and tha rasulu al operabena tor aha yaar than andad in accardanca mtoi aecaunling princjptes ganarally accepted far ontario nvtfdpalttjaa en a basis cenalalant arfth that at tha preceovsg yaar caapbam sharp si tjworsty avanua swka w toronto ontario may im calapbeu sharp coois chartarad accountma notes to tiff fmancul statements dcaba311978 1 accounting policies a staianant of ravonua and pondltur this su tenant reflect om revenues and axpanditurai of the revenue fund and tha following local beards and municipal enterprise public library board community contra board uumum iwo liur utility b suumnt of capital operations this stalaamat reflacts lha capital cxpendtture of the awnkipality to b recovered from tha general municipal revenue of tha monlclpauty and us local boards and nunicipal enterprise described in not la c balance sheet this luuatni reflects tha assets ns liabilities of tha revenue fund the capital fund reserve funds and tha local boards and municipal enterprises dtcrftd in note 1a the assets and liabilities for bhinlcipal enterprises that have not bean consolidated are reflected only to the extent of the rotated net long tern liabilities and capital outlay to be recovered in future years id fixed assets the historical cost and accumulated depreciation of fixed assets is not reported for municipal purposes instead tha capital outlay to be recovered in future years which is the aggregate of the principal portion of urunaured long urn liabilities capital funds transferred to ether or sanitations and the cost of capita projects not yet peretartentty fkanccd la reported on the balance snee e municipal enterprises uunlclpal enterprises are those ecttvlties whev costs are substantially recovered from service charges on the users the enterprise of this municipality whose revenues end expenditures have not been consoli dated in these financial statement is the electric utility tf charges for net lonj tern liabilities debt reilement costs including principal and interest are charged against current revenues in the periods in which they are paid interest charges are not accrued for the periods from the datels of the latest interest payment s to the end of the financial year g trust fund trust funds administered by the municipality amounting to is757 are only reflected in the trust funds statement of continuity and balance vieet 2 capital outlay to be recovered in future years a some capital outlay to be recovered in future years doc not represent a burden on general municipal revenues as it is to be recovered in future years from other sources soeclal charqes on benefitting landowners municipal enterprises um tflsfptyfim of ffiwcmfcm 1978 audited financial statements municipal offices 8911 don mills road markham ontario statement of revenue ano expenditure for tiff year ekk2 december 31 1978 su088 32t stl52s113 b capital outlays including fixed assets and the transfers of capital funds in the amount of st 6s 812 which have been financed from general municipal revenues of the current year are reported on the statement of revenue and expenditure 3 reserve funds during the year 56631907 were credited directly to reserve fund without being recorded as revenues and expenditures of the revenue fund major sources were a income from investments 526 9b2 4 291101 subdlvidcr and developer contributions s 81b2s8 im 7 30 s52m5ss 4 net long term liabilities a the balance for net long term liabilities reported on the balance sheet is made up of the following total long term liabilities incurred by the municipality including those incurred on behalf of former school boards other munklpatittes and municipal enterprises and outstanding at the end of the y ar amount to 67354v 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 lea of the long urn liabilities shown above the responsibility for payment of principal and interest charges has been assumed by others for a principal amount or 77673 the tout value of sinking funds and the balance in tha ministry of the environment debt retirement fund which have been accumulated to the end of tha yaar to retire the outstanding long term liabilities included above amount to 700 1 1612 long term liabilities issued oy the municipality and held oy reserve funds as investments amount to 900 net long term liabilities at the end of tht year 511663367 5 accumulated net revenue deficit at the end of the year the balance in the revenue fund at the year end is available to reduce the levies of the following classes of ratepayers aonvmuted aet reveeme defkii at ike btpmmttg of ike year eapeadiiaret aad iraasfm utuuctpal cipcadrfum cencf si rotaacat frotcciioa to persons aad property tnaiporuuoa ltmces eavtfonmcaul lemces hcatutcmcn social aad family services recreation and cultural services rtaaiunc aad development otacr total cipeaditnrc transfers transfers to rceioa or county transfers to school boards total tramfm told cipeadttum and transfers revenue bj purpose municipal purposes tuition payments in leu of taxes oatano gnats otber fraats fee and irmce charyes older revenue to pa for municipal purpom region or county restitution tsksixm payment in leu of tun ontario pints other rnrnue 1o par the rrpon or count requmtio school board requisition taxation pay me mi in lieu of nuts other revenue to pay the school board requmhon total revenue accumulated net ircnuc deficit al the end of the year analysed at folio wi ceneral revenue region or county school boardi special chareei special ami local boardi municipal enterprise if 71 acw aomt i 8 2 272 ml 7133019 140111 1181513 im7ms 1216880 1 3362617 2ssiim 2069497 132i 1796 55 jmsu 3 425 640 3i2ssi 316201 ll20siio 11 tot ts25s9 5 495 172 ih i 42juu1 21511 17997 811 3s7217i3 29 588 151 72026s 714260 csc3 41651 1390ms 1200702 6000 2m951c 1782163 47lslo hl0ills 32648667 6745569 5541097 6 4871 6863964 5 545968 l8b31t 32518503 1ss70 14717 1 69988i 3u3jl220 35j65vs15 30727873 2 41808s 2272743 1034482 767295 347838 146463 319044 274847 450 349023 579015 14389 7311 353309 541292 2418085 2272743 balance sheet as at december 31 1978 cash and deposit receipts taaes recehabk accouau nctfrabk investments otacr current aaseti capital ouday to be w la fatweyean other lonj term asters liabujties curmt lubjitm tcraporuy lotm accoujiu piyible tad iccnicd baubun olhcl cuncat famulm nei loaf term biuuoc rto ad rrmtn fundi acnnwbtcd act revenue deficit tad batppbed ctpital receipts 1287117 2 411 61 1012 i7 58 00 154916 i 11664367 1116049 164 ill 86 115 w0m 2u 11119 ml 12ltl4u statement of capital operations fofl the year ended december 31 1978 nsra t unrnanccd capital outlay unexpended capita iaacabfat the teeuuiutf of the year cspitsl mocntiinirt ccncril ppvernment protection to person and propen trusponitton sentcet environrnental services health services soeul ani family semecs recreation and cultural service planning and development other total cxpendinire capital fwincing cnnrriburjoni from the revenue fund cnntnbutioni from reseve lundi sadreseives lm term labiliict incuned onunorranu other total capiuj finaiicui unfutaisced capital oatls unexpended captul fmanaofi at the end of the ear 2d 1 37 68663 2 01 1 260 3 777 143 210s hi 3235 1 654 bi2 461870 775647 3 o 07 362241 1171 1194839 3785606 1145713 v 117 qi m6s3367 9243371 j 715 17 3 313 179 12ui4k 1730 3 tfl 161m reserve and reserve funds statement of continuity and analysisjbf year end position for the year ended december 31 1978 5b9 092 1685 136 5d3 000 804 164 475 160 7835552 1971 1977 aetual actad s available al the beehuibia of the year for future municipal pnrpoies 1730340 5923768 revenue contributions from the revenue fund 337108 316015 contributions from developers 5 138 2 h 4953487 contributions from capital fund 221264 34311 ontario home renewal plan grant 44403 donation 1040 interest earned 526963 391101 969 01 5 5594934 expenditure trantfcrs to the capital fund 4648740 1665136 transfers to the revenue fund 1114937 717281 direct expenditures 692300 n 315445 6455 977 2787662 available at the year end for future municipal purposes analysis of yearend position as at december 31 1978 reserves for working capital 642 296 for equipment replacement 50 000 51 67151 reserve funds contributions by subdfvtders for specific purposes 1835022 sick leave benefits recreational land planning act 2300784 imposts and lo levies street lighting owrc conlintjency sevier lot fees day care centre slabitlratlo fund recreational facitlw 3551082 8114111 year end posit or or reserves rnd reserve funds 3 243 j 7 j ceneral ratepayers 51402180 51322869 designated ratepayers 349 023 528 565 school board ratepayers 319044 274847 region ratepayers 347636 146463 6 charges for net long term liabilities tout charges for the year for net long term liabilities were as follows principal payments including contributions to sinking funds and to tha ministry of the environment debt retirement fund interest 197 5 454068 1094264 1548332 5 416 552 1060636 51497190 of the total charges shown above 91497 648 were paid from general municipal revenues of the municipality and are included in expenditure on the statc- menl of revenue and expenditure classified under tha appropriate functional headings the remaining 535684 were recovered from municipal enterprises for which the related net long term liabilities were incurred and are not reflected in the statement 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 municipalitys amploymant the liability for these accumulated days to the extant that they have vested and could be taken in cash by e ompteyee on terminating amounted to 9458720 at the md of tha year an amount of 436517 has been provided for this past service liability and is reported on tha calance sheet 8 the anthnflatlon act the municipality its local boards and compulsions were by agreement between the covemment of canada and the covernmant of the province of ontario dated january 13 1976 subject to tha antiinflation act canada and the national guideline thu leg station limited increases m compense tkm payments effective october l 1576 tha municipality believes it has complied with tha provisions of u act 9 capital expenditure commitments the impost and lot levy fund of 309 717 is fully committed for the financing f recreational and cultural facnitml anvtronmantat services and fire prelect ion buldsng and equipment 1 0 subsequent event the pubt utollktt commission hydro electric uurty ceased operations an december 31 1979 and a new commission was established to be known aa the uarfcham hydro electric commission this new commission as turned the aparatlona of the former uthty and that formerly operated by tha hydro electric ihwer commrssaan of ontario within the town of itorkham tha aperstavg assets and iftabtthtts of tha town of uaruvam public utilities c ra wtfl be assumed in fuel in addition the operating utility plant na iqyipmtnt of ontario hydro m be ecqujreo al a total estwaaied cwst of utayjaaa ki tha lartgserm fbunctng afrwawmnt with ontario hydro for tha lotal cost of m9welnaeabletaat dva dkle aa vwjm flrujnclal statementa mated upon a m yoar repayont period and he currant rata of interest used by ontario hydro montht instalments of principal and inter ta repay the debt autd awaoum to 49m annually wsst leoton of ikarferiam mafwiam offers financial stability economy and efficiency within minutes of metropolitan toronto marttham is the fastest growing municipality in the region tax rates are attractively tow with a solid financial base the town general tax rate did not increase for 1 976 1 978 and 1 979 official plan monitoring policies have been adopted to control the desired assessment ratio between industrial commercial and residential to ensure the continuance of existing economical tax rates transportation is efficient with easy access to all major highways rail and water routes marttham provides suburban living at its best excellent recreation facilities include modem arenas and fitness centres swimming pools golf courses and numerous parks find out why many major industries have made the right decision to locate in markriams attractive industrial locations our continuous and successful rate of expansion most assuredly speaks for itself council mayor a roman regional councillors rap moran alma walker carole bell councillors wardl rfemson ward 3 dq wilson ward 5 rl oancay ward 2 rc sherwood ward 4 abbonner ward 6 he miles ward 7 t8 oo pis ihk i ul- mahuham irttpoaed tor regional area mvrw cpa school board purposes pnwaaco of ontario a conebwtona eppi t to reduce tha tees wnposed otmaa mwmtcapai ft i 1876 uisooooooo s 177 127 56157000 1j 119 378j1700 x 47 7s 11641710000 x 45 174 17447 77900 45 1971 110 404 00 41 1971 19449 1m 00 41 irl 500 000 00 41 it 857 100 00 41 116 50980000 41 1 1164m700 00 4 113j5j 000 00 47 ii7ji9 794 00 51 110 994 400 00 1 15 60000000 11 5mi45000 11 s 45m00000 17 t 1370 70000 9 i 2j15m000 1 t 1174 41100 1 197970000 t 15300000000 100 4 77570 00 jloox m0134 11300 100x 1m 171 70000 i00 979 sis 579 00 ion 174154 6j500 100 97o933011o0 100 dl5 fll- v0uh i ax pollab in 19t9 ontahio wiu contrtsuti m cf uts f o evtdy oouaa of realty ano busikcss taxes mposeo sy the town ot marxham as compared to 197 jo 94 1978- 0 m 1975 tl 01 1974 1 04 1973 11 is 19721170 note- statstkal r7t099viation showm rwritiitsr4aaaiiicaoad0not form part of auoft retoltt auckteo statemekts 2 assessment analysis 1979 r4tfeul 9 forra ccmiwtmfd 9 indualrlli total cohrarativ 151511040 i194j79j919i 99799940910 1977 444 7190000 143 jm jos 00 t7j14405o0 ratio 1979 79 14 ratio 1977 77 2s 0 nmtntmiarmr 6mm r n vnnwm m 1mfjmm4ib 6wjhjoi9 m mmm w wwn of muniulf w a c t u a i 9 tncm6t 9 9 occmau 9 9 h pcucnrtuu hunor 609a9i 18t8 1977 179 1979 1674 171 117677 h777 1791971 1979171 9 a rcnron rorrrj fk u9vy tnnl inplrmnrj 67 os 57 00 1700 ax 1100 10 oo 990 1150 ioc 490 9760 5uc 1100 hoc 1050 120c moo 1250 ik 900 5100 5550 7995 16 920 955 919 hoc ioc 199 4600 91 00 2919 1900 900 1000 tori 990 110 100 am 5917 2541 120 492 1113 66- mm m 11290 57 90 2179 998 94 799 17 jo 94 1 rl w ti h 1m 15 400 sa jt ioc ix 100 ioc jo 1150 4a 9k i 14 1 1 ii 1 h w w h w 1 420 jo 152 191 hoc 914 1 ib 10c 199 49 19 m 11 9 1 71 1 4 wfccww w4jcr0rt u4ramt4 crjmry ctflrmng oarti d7900 p390g 199 00 1900 1171 co 112900 m wot 1101 oc m0o pijblicatxxi of the above audited financial swenvents and the report of the auditors thereon fjursuant to section 224 1 of the muridpaf act the published statements herewith are essential extracts from the cxxtrptete financial reporting documents on fie at the municipal treasurers office uaiurttmakhiyr ultunmrtutmn ktmwac mqtt rqh h ci 41479 koa172rr971k