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thursday may 6 1971 the tribune page 15 corporation of jhe township of markham financial statements eddis associates chartered accountants w 1p tgp- report j970 consolidated balance sheet decdibek 31 1970 associates jwi collins love eoois vauouette 4 b3flow vaaccnjvcs- c- cvch 1kmkg- to0to wsi fit amo otta cities w caaoa whitehall ecdis 4 co icoow caiaao roaomo canada telephone i6 363- 3235 suite i20i iio yoncc street toronto 1 canada to auditors report the members of council inhabitants and ratepayers of the corporation of the township of markham we have examined the 1970 financial statements of the corporation of the township 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 corporation of the township of markham as at december 31 1970 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 pre ceding year toronto canada march 24 1971 licence number 3889 chartered accountants assets 1970 cash s accounts receivable other governments 256491 special areas sanitation lighting 31331 water area other 15710 taxes receivable r 1090397 investments at cost reserve curias bank deposit receipts 527215 ontario water resources commission reserve fund 86471 prepaid expenses 1094 total current assets 2008709 capital outlay to be recovered in future years 4721636 s6730345 1969 s 189557 221332 49643 23554 144443 789549 265400 79098 1125 1765401 3871395 85636796 liabilities 1970 temporary loans 565500 accounts payable other governments 68597 local boards and other funds board of education and library 12156 police villages 426 water area 28242 other 494287 deposits for specific purposes 104039 deferred income 2968 total current liabilities 1276615 net long term liabilities 4463181 reserves and reserve funds 775440 unappropriated balance current surplus 215109 s67s0s45 1969 875000 647 15147 205140 117133 17122 1230189 385966s 1 496999 1 49940 1 1 85636796 i statement of revenue and expenditure for the year ended december 31 1970 revenue taxation contributions from other governments payments in lieu of taxes subsidies municipalities other revenues licences and permits service charges penalties and interest on taxes taxwrite offs and adjustments recovered from other boards sundry income from short term invest ments 1970 notes to the financial statements december 31 1970 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 muni cipality trust fund assets administered by the municipality amounting to 5630 have not been consolidated nor have the assets and liabilities of any local boards of the municipal ity net ions term liabilities total long term liabilities incurred by the municipality and outstand ing at the end of the year amount to 9859490 of the long term liabilities shown above the responsibility for pay ment of principal and interest charges has been assumed by others for a principal amount of the balance in the debt retirement fund of the ontario water re sources commission which has accumulated to the end of the year to retire the outstanding long term liabilities included above amounts to 322680 net long term liabilities at the end of the year 54463181 5073629 capital outlay to be recovered in future years some capital outlay does not represent a bur den on general municipal revenues as it is to be recovered in future years from other sources special charges on benefitting landowners 2756517 municipal enterprises 1138586 3895103 charges for net long term liabilities total charges for the year for net long term liabilities were as follows principal payments contributions to sinking funds and to the debt retirement fund of on tario water resources commission interest 114354 30929 279595 424878 of the total charges shown above an amount of 285699 was paid from the general revenues of the municipality and is included in expen diture classified under the appropriate func tional headings and an amount of 139179 was recovered from the municipal enterprises for which the related net long term liabilities were incurred 5 provision for reserves provision for reserve amounting to 14000 is included in the statement of revenue and ex penditure under public works 6 liability for vested sick leave benefits under the sick leave benefit plan unused sick leave can accumulate and employees may be come 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 an employee on terminating amounted to 76508 at the end of the year no provision has been made for this liability 7 contractual obligations the municipality signed agreements with the ontario water resources commission for the installation and operation of a sewage and water system based on 1970 the anticipated future annual costs are as follows sewage project operating costs nil reserve for renewal and re placement of assets 4498 debt retirement includ ing interest 56000 in addition to the above a further contract is signed for the installation of watermains at an estimated cost of 220000 8 the regional municipality of york act in accordance with the provisions of the above- mentioned act the township of markham ceases to exist as of januaary 1 1971 and as described in the act various portions of the municipality are annexed to the town of mark ham the town of richmond hill and the town of whitchurehstouffville subsequent to the balance sheet date the town of markham passed a bylaw under the pro visions of bill 143 section 76 assessment act authorizing certain reductions in taxes levied in 1970 the total amount of taxes that may be written down in 1971 with the approval of the assessment review court in that portion of the municipality annexed to the town of markham amounts to 33000 no provision is made in the accounts at december 31 1970 for this write down 5374041 4932056 17961 1130714 5152 6865 917789 5152 1153827 929806 62532 113271 92544 40539 114985 46343 35553 5782 23478 2496 15684 14751 325366 242592 7353234 6104454 1969 expenditure general government protection to persons and property public works sanitation and waste removal recreation and community services community planning development financial expenses police villages water area county of york education excess of revenue over expenditure for the year surplus beginning of the year surplus end of the ye 1970 253537 626255 1075768 488744 145337 54235 73355 8s93 123943 549263 3789045 7188065 165169 49940 s215109 1969 229136 509654 973165 293911 110793 52917 61342 8845 108331 504830 320s546 6061470 42984 6956 49940 x statement of capital fund operations for the year ended december 31 1970 1970 unfinanced capital outlay at the beginning of the year 11727 capital outlay capital expenditures general government 2969 protection to persons and property 22415 public works 1083038 sanitation and waste removal 795567 recreation and community services 8341 transfer to school board and water area total 1912330 1969 743975 16392 11676 225582 681889 248643 1184182 1970 capital financing long term liabilities incurred 849712 contributions from other governments contributions from the revenue fund for capital expenditures 406219 contributions from reserve funds 409671 1665602 unfinanced capital outlay at the end of the year 258455 1969 1550692 107508 251935 6295 1916430 11727 water project 49671 3530 59000 special note re 1970 county reassessment reassessment has produced the effect of bringing our assessment in line with provincial equalization it has completely revised the previous mill rate structure of this municipality and as an exampl if we compare a specific 1969 total mill rate of say 1455 mills and convert same using the new basis of assessment this mill rate would be reduced to approximately 18 mills to produce the same dollar value taxation the average increase in this township was approximately seven times the previous consequently increases of more than average ratio resulted in tax increase due to reassessment the purpose of said reassessment is to distribute the tax burden on a more equitable basis distribution of your tax dollar -1970- comparison previous year i -1869- special note n yean 1970 1969 and 1768 the ontario tax reduction was shown as a credit on total tax accordingly we have not computed this but for your information and clarification this subsidy erage on your tax dollar for 1968 and 1969 for yeaj provincialigiionaiidlcip5mf tax r tax bill and deducted from your juction in the above rae distribution id represent six to seven cents av- 1970 this reduction was increased by ill compahisvn distribution of your previous tax dollars