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pace 18 the tribune thursday juy 13 1972 corporation of tije cotom of iwarfetiam municipal offices 8911 don mills road markhamonf ario d financial statements s report m eddis associates chartered accountants colons love eoois vauouette barrow vcamcouvtt cjugaht cohoston httintco toronto montreal- nawrax toctoh us otmcr cltlcs canada whitehill eodis 4 co lonoon cnolano toronto canaoa tclcpxohe ai 31- 323s suite i20i ho tonge street toronto 1 caxada to auditors report the members of council inhabitants and ratepayers of the town of markham we have examined the 1971 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 1971 and the results of its operations for the year then ended in accordance with accounting principles generally accepted for ontario jnunicipalities toronto canada april 17 1972 licence number 4102 jzltl y t2lrz- chartered accountants notes to the financial statements december 31 1971 the regional municipality of york act rso 1970 created the area municipality of the town of markham on january 1 1971 the greater portion of the township of markham was an nexed to the town of markham the remaining portion of the township being annexed to the town of richmond hill and the town of whitchurchstouffville these financial statements report on the first year of operations of the town of markham and comparative figures of the former muni cipalities are not shown as they would not be meaningful in the circumstances charges for net long term liabilities total charges for the year for net long term liabilities were as follows principal payments including con tributions to sinking funds and to the debt retirement fund of on tario water resources commission 191568 interest 386780 net long term liabilities total long term liabilities incurred by the municipality and outstand ing at the end of the year amount to of the long term liabilities shown above the responsibility for pay ment of principal and interest char ges 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 lias ac cumulated to the end of the year to retire the outstanding long term liabilities included above amounts to long term liabilities issued by the municipality and held by reserve funds as investments amount to 12911202 7811637 3681861 1600 net long term liabilities at the end of the year 1726 79 578348 of die total charges shown above an amount of 154529 was paid from the general revenues of the municipality and is included in expendi ture classified under the appropriate function al headings and an amount of 123819 was recovered from the municipal enterprises for which the related net long term liabilities were incurred contributions to reserve funds contributions to reserve funds amounting to 5991 are included in the statement of revenue and expenditure classified under cost of sanita tion contingency reserve funds owrc projects on january 1 1974 the regional municipality of york assumed a percentage share of certain owrc sanitation and water projects to gether with related long term debt this per centage share has been interpreted to apply to contingency reserves provided for the same projects the town as advised have reduced their contingency reserves by 37639 to reflect the portion assumed by the region but are not in agreement to this apportionment until such time as amending owrc agreements are signed with respect to the use of the reserve funds ltasiy of consolidation the consolidated balance sheet reflects the asseis 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 36696 have not been consolidated nor have the assets and lia bilities of any local boards and water areas of the municipality 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 3260874 municipal enterprises 1011035 4271909 contractual obligations the municipality is committed to capital ex penditures of 810000 for the construction of recreational facilities water and sanitary sewer projects lot fee funds on hand at december 31 1971 are commuted towards the financing of these projects 8 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 thev 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 97550 at the end of the year a reserve fund of ss5177 is on hand at december 31 1971 towards this obligation consolidated balance sheet december 31 1971 assets accounts receivable other governments 459903 hydro utilitv and local boards 69692 other 18295 taxes receivable 1493203 investments at cost held for reserve funds 1112054 ontario water resources commission reserve fund assets 72965 inventories and prepayments 55487 total current assets 3281599 capital outlay to be recovered in future years 5104730 s8386329 inabilities temporary loans s 452500 accounts payable other governments 157113 local boards and other funds board of education 59561 trust fund 5120 water areas 155023 other 776347 def erred revenue 8493 total current liabilities 1614157 net long term liabilities 4726779 reserves and reserve funds 1 79345s surplus deficit general 149012 special charges 577 special areas 103500 251935 ss3s6329 statement of revenue and expenditure for the year ended december 31 1971 revenue taxation 7853907 contributions from other governments payments in lieu of taxes 26753 subsidies 1897269 other revenues licences and permits 74561 service charges 158003 penalties and interest on taxes 121917 sundry 1093 income from short term investments 7517 rents 5993 fines 1015 10148028 expenditure general government 348645 protection to persons and property 458554 public works 1511410 sanitation and waste removal 731835 recreation and community services 316714 community planning and development 69393 financial expenses 88175 water area 63145 region of york 1653423 education 4620049 excess of revenue over expenditure for the year surplus deficit beginning of the year former township of markham general 215109 areas and special charges 31750 former town of markham general 1789 9864343 283685 185148 distribution to other municipalities on formation of area municipalities january 1 1971 23897 transfer to reserve for working funds 193001 216898 31750 surplus end of the year 251935 statement of capital fund operations for the year ended december 31 1971 unlinanced capital outlay at the beginning of the year former township and town of markham 562391 capital outlay capital expenditures general government 10524 protection to persons and property 79418 public works 690941 sanitation and waste removal 258395 recreation and community services 104098 transfers to hydro utility 60996 total 1204372 capital financing long term liabilities incurred 252981 contributions from other governments 329165 contributions from the revenue fund for capital expenditures 311863 contributions from reserve funds 496403 1390412 unfinanced capital outlay end of the year 376351 region of york v 7 distribution of your fife 1971 jpl lite tax dollar v 1971 assessment analysis residential farm commercial industrial 529467904100 6922588766 81 19 totals 36390492800 100- 1971 1972 1973 1974 1975 1976 assessment 364 million 540 million esfd 690 million estrf- population 37906 40000 42500 45000 48000 s2ooo m council mayor a roman regional councillor j p jongeneel regional councillor h c lawrie councillor ward 1 r w adams councillor ward 2 r j muldrew councillor ward 3 k b kennedy councillor ward 4 a b bonner councillor ward 5 m a henderson councillor ward 6 n tyndall standing committees of council committee chairmen bylaws councillor n tyndall finance councillor r j muldrew fire councillor a b bonner personnel and public relations councillor r w adams planning councillor j p jongeneel property councillor k b kennedy roads and works councillor h c lawrie publication of the above audited financial statements and the report of the auditors thereon pursuant to section 233 a of the municipal act anthony roman mayor w7 e- a baimotl ir mugnrv mim