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§ THE OSHAWA TIMES, Fridey, July 7, 1967 His Worship Mayor E. Marks, Q.C., and Members of Council, The Corporation of the City of Oshawa. AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1966 Submitted are 1966 Auditor's Reports and Financial Statements for the City of Oshawa and its Boards, Commissions and Committees. These statutory financial statements give an accounting of the 1966 stewardship of the civic administration. These Auditor's Reports give an independent 'opinion of the integrity of the financial trans- actions of the Corporation of the City of Oshawa. _Some comments on certain items shown on the city's financial statements may be of interest and assistance to members of council. For com- parison purposes the previous year's figures for 1965 are bracketed. ASSESSMENT The 1966 taxation year assessment for realty property and business reached a value of $280,- 948,640 ($257,274,805) -- an increase of $23,- 673,835 or 9.20% (5.24%) over 1965. With the 1966 population count at 77,556 (74,194) the per-capita assessment for 1966 is at the rate of $3,622 ($3,468). MILL RATE 1966 mill rates on assessments were -- residential 46.52 (41.10) and commercial 50.35 (45.00) -- an increase of 5.42 mills (residential) and 5.35 mills (commercial) over 1965. REVENUE AND EXPENDITURE AA) Taexetion Revenue Taxes \evied in 1966 for current opera- tions were $14,152,130 ($11,645,711) -- an increase of $2,506,419 or 21.5% (11.8%) over 1965. The per capita residential tax levy in 1966 was $92.22 ($79.38) (B) Current Surplus, Total Revenue and Expenditure At the end of 1966 there was a surplus of $485,076 ($238,346). Supplementary taxes for general purposes of $184,588 ($193,834) added to the tax roll during the year accounted for part of this sur- plus. 1966 total revenue, classified in detail by source was $16,509,800 ($14,071,- 177) -- an increase of $2,438,623 or 17.3% (10.9%) over 1965. 1966 total expenditure, classified in detail by function, was $16,024,724 ($13,832,- 831) -- an increase of $2,191,893 or 15.8% (13.4%) over 1965. CONDENSED CAPITAL AND LOAN FUND BALANCE SHEET*: ASSETS 1966 1965 $ $ General Finke i556 Fee eh vn ss 24,121,230 23,231,813 WOrk 1h Pramrees oo. os 5's ss 3,581,308 3,597,632 Due from Locel Boards fo Debentures i vbeees Deper amen 10,300,600 Investments -- Civie Auditorium 605,139 Acounts Receivable 255,261 Due from Oshawa Housing Co. Ltd 46,457 46,857 Oshawa General Hospitol Grant ° 421,000 465,000 41,050,359 37,897,163 LIABILITIES Unmatured Debenture Debt* . 21,613,454 19,093,249 Accounts Payable ........... 1,187,794 298,686 Due to Other Funds ...... oo 1,764,984 2,677,005 Funds Available for Capito' Projects .... Seb 474,987 1,150,042 Investment in Capitol Assets -. 16,009,140 14,678,181 37,897,163 *Includes U.S. $1,616,000 ot por of exchange On December 31, 1966 $1.00 US. equols $1.08 Canadian The Corporation of the City of Oshawa Treasurer's and Auditor's Reports on Financial Statements for the year ended December 31: 1966 with comparative figures for 1965 TREASURER'S REPORT (C) Deficits (1) Hillsdale Manor (Home for the Aged) The 1966 operations of Hillsdale Manor resulted in a deficit of $91,- 076 ($72,605) which is included in the expenditure classification 'Social Welfare' Recreation and Community Services -- Net Deficits Included as revenue and expenditure items on both sides of statement D are amounts relating to the follow- ing facilities: -- (2 EXPENDITURE REVENUE NET DEFICIT $ Children's Arene 43,034 (42,540) 20,877 (21,205) 22,157 (21,335) North Oshewe Arene 29,340 (19,286) 3,327 ( 2,987) 26,013 (16,299) Kinsmen Stadium 8,376 (13,965) 1,221 ( 1,274) 7,085 (12,691) Municipal Airport 22,496 (19,816) 9,627 ( 7,682) 12,869 (12,134) Ambulance 87,269 (81,369) 58,943°(15,527) 28,326 (65,842) *Ineludes $39,461 Provincial Grant (3) Bus Department $47,559 ($45,523) was paid over to the Oshawa Public Utilities Commis- sion to cover the 1965 bus deficit. REVENUE FUND BALANCE SHEET (A) Due From Capital Fund $1,764,984 This represents temporary advances made from the revenue fund to provide financ- ing for capital works under construction by the Corporation so as to avoid bank borrowings before debenture issues and government grant settlements. (B) Tax Arrears Taxes receivable, before allowance for uncollectible taxes, at December 3]st, 1966, were $259,167 ($269,390) -- a decrease of $10,223 from the preceding year's balance. The allowance for uncollectible taxes, the purpose of which is to provide for possible losses on arrears of taxes was $6,200 ($6,237) or 2.3% (2.3%) of total tox arrears. The percentage of 1966 tax levy settled was 98.5% (98.1%). Total tax settle- ments (including both current levy and arrears) were 100.19% (99.9%) of the 1966 levy. CAPITAL AND LOAN FUND BALANCE SHEET Total debenture debt increased by $2,- 520,205 ($426,367) or 13.2% (2.3%) during. the 1966 year. New issues of debentures amounted to $4,339,664 ($2,110,000), while debenture retire- ments were $1,819,460 ($1,683,633). At December 31, 1966, total debenture debt repayable was $21,613,454 ($19,093,249) -- equivalent to $278 ($257) per capita. Excluding self-sustaining debt (Oshawa Public Utilities Commission $4,091,400 ($3,295,900) and Civic Auditorium $605,139 the per capita debt was $218 ($213). GENERAL The following financial statements for the year 1966 as compared with 1965 reflect the con- tinued demand for municipal services and the increased amounts required to finance them. All of which is respectfully submitted, Il, F. MARKSON Oshawa, June 15, 1967 Treasurer CONDENSED REVENUE FUND BALANCE SHEET*: ASSETS 1966 1965 $ $ Cash and Short Term Investments 461,626 274,873 Acounts Receivable .....,.... 786,865 981,472 Due from Other Funds ...... « 1,764,984 1,450,769 Taxes Receivoble ...........2. 252,967 263,153 Deferred Charges ............ i 35,294 21,464 WAVONIONIEE coeds aS es epee 104,973 87,073 3,406,709 3,078,804 LIABILITIES Accounts Payable and Accrued .. 1,145,784 850,908 Debentures and Coupons Due .... 557,264 334,496 Due to Local Boards and Commissions ese 377,028 109,654 Due to other Funds ............ 18,962 863,164 Deferred Revenue ............ 20,502 21,966 ROBE oo os roses eevee be oacs 802,093 660,270 Riis ee 485,076 238,346 3 406,709 3,078,804 AUDITOR'S REPORT To the Council and Ratepayers Corporation of the City of Oshawa We have examined the accounts of the Cor- poration of the City of Oshawa for the year ended December 31, 1966, and report as follows: REPORT Recreation and Community Services Due to the nature of the receipts from various recreational facilities, the extent of the audit. of their receipts has necessarily been limited. Commitments and Contingent Liabilities The City of Oshawa has an accumulative sick- leave plan for employees and at December 31, 1966, has provided $169,407 in a reserve fund for this purpose. At December 31, 1966, a con- tingent liability exists to the extent that credits for accumulative sick-leave are in excess of the amount provided in the reserve fund Under the terms of a supplementary pension plan, the City is committed to make payments of $63,443 annually for the next 8 years. Boards and Commissions Our examination of the accounts of the City of Oshawa included the following boards, committees and commissions: Oshawe Public Library Board Hillsdale Manor Oshawa Civic Auditorium Oshawa Public Utilities Commission Oshawa Board of Education Oshawa Board of Roman Catholic Separate School Trustees Oshowo Retarded Children's Education Authority Central Ontario Joint Planning Board Oshawe Public Utilities Commission Our report on the of the C ission sets out the fact that the costs of certain assets in the bus department ore not charged to operations in the year of purchase. Section 64 ef the Ontario Municipal Boord Act requires the approval of the Board for deferring the cost of assets and this approval has not been requested. AUDITOR'S OPINION Subject to the qualification concerning the fact that the cost of certain assets in the bus department of the Public Utilities Commission are not charged to operations in the year of pur- chase, we hereby report that in our opinion: (1) The financial transactions which have come under our notice have been within the powers of the municipality, (2) The audit has been conducted in accordance with the instructions of the Department of Municipal Affairs. (3) The financial statements present fairly the financial position of the municipality as at December 31, 1966 and the results of its operations for the year ended on thot dote. Gunn, Roberts and Co. Chartered Accountants Toronto, June 1, 1967 License Number 3029 SUMMARY OF REVENUE AND EXPENDITURE** REVENUE 1966 1966 1965 BUDGET ACTUAL ACTUAL $ $ $ Taxes--Realty .... 11,369,533 11,631,580 9,570,455 --Business ., 2,202,553 2,239,924 1,793,652 --Other .... 280,520 280,626 281,604 Government Grants 1,242,300 1,192,144 1,059,553 Other Revenues ... 870,298 1,165,526 * 1,365,913 15,965,204 16,509,800 14,071,177 EXPENDITURE General Municipal .. 10,749,195 10,692,704 9,087,678 Education ......+. 5,216,009 5,332,020 4,745,153 15,965,204 16,024,724 13,832,831 Surplus ..ccsseee. - 485,076 238,346 15,965,204 16,509,800 14,071,177 Copies of complete Reports and Financial Statements avail- able from Treasurer's Office upon request. CHARTS PRESENTATION To ble the der to obtai financial shape of things to come see below:-- THE CORPORATION OF THE CITY OF OSHAWA WM scree PRovECTED V777 @ quick grasp of past experience and the GROSS DEBENTURE DEBT 0/S MILLIONS OF DOLLARS GROSS DEBENTURE DEBT 0/S PER CAPITA at DOLLARS x y Pa aa. 330. = 23. er A pars an 4 00 Y - y am y 4 iu 4 12. 4 4 1987 [0|89] 60] 6: [62] 63] 64] 68] 64] 67] 68) [ro n (957[50[09/00]¢: | 62/63/64] 68/06 [67 ce] e0[70] 7 NET DEBENTURE DEBT 07S sta [PERCENTAGE OF NET DESENTURE DEBT TO TAXABLE] MILLIONS OF DOLLARS er at 14 au] 24 ) 20! 72 " Y) a ® Y ra f " | parame assessinenr. TAXABLE ASSESSMENT PER CAPITA may.ons DOLLARS COLLARS 400 3900 378 330 y 3800 y l Y 328 4 G Z 300 3700 Y _ g j DOUe g 0 3800 Y a BYay g LAae ian Y "ZUAAY = AV vez | 63 | ss | ss | 67 | 6s] o9 [ 70 [7 woz | 63 | o¢ | o8| 66 | or | o8 | 2 | 70] 7 POPULATION THOUSANDS 95 SSSAAAAS SSSSSSS 4 THE CORPORATION OF THE CITY OF OSHAWA A RECORD OF THE PAST TEN YEARS 1957] 80] 89| 60/6 | 62] 63] 64] 63/66) 67/68] 69] 70) 71 TAX SETTLEMENTS wiLLions 'MoUsANDS: oF oF DOLLARS DOLLARS TAX ARREARS autilll EXCLUSIVE OF SALARIES & WAGES PAID, Loca SOARDS '& COMMISSIONS Millions of dollars 5 EXCLUSIVE OF No of CIVIC EMPLOYEES §10cat soarps & COMMISSIONS THE CORPORATION OF THE CITY OF (Al ANALYSIS OF REVENWWE 57-1966" as levy PROVINCIAL GRANTS ie OTHER | REVENUE FUNOS~ GENERAL & SCHOOLS | (MILLIONS OF DOLLARS) 20 | et 16 14 & a '= wo | j g s 1 $ 4 2 J ¥ = cs 3 8 959 | 1960 | 1981 | 1962 | 1963 | 1964 | 1965 | i966 citi A Richm walking to | breather in day with h Shepher Mickey Wax Orc Att Orange Lod tario County e: of their larges Oshawa tomor Many marci ly participate Orange parad expected to s Oshawa. Toro! Orange parade w. W. Brac events, said s and between will participa' starting at 2 The parade, and one half semble at Ale proceed down Centre Street, Bagot Street Street to , where amuser set up. Les C. Ear Adve Planr Bible A Vacation children 5-11 10 to 15 at Seventh - day Enrollment day at 8:45 a.1 being held ez 8:45 to 11:45 from bible s games to cr lore. The crafts \ plaques, wor mache and ai Up to 300 accommodate: E. King, co - school. She is no charge for craft and ials. Assisting N Mrs. Royce leader, Mrs. F ing care of pupils, Mrs. J Mrs. Stewart the crafts, a Foy, recreati¢ A special g' will be held parents and evening, July way college children rec certificates. The church King St. E,