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wmmmmmmmmm the tribune thursday my s 1968 m face 11 corporation of the township of markham audited financial statement and auditors report 1967 march 27th 1968 to the reeve members of council and ratepayers of the municipal corporation of the township of markham we have examined the books and records of the township of markham and its local boards for the year ended december 31st 1967 we report on the financial statements of the township as follows results fob the year the statement of operations for the year is summarized as follows revenue surplus of prior year used to reduce levy 4422053 118000 total expenditures 4540053 4417928 surplus for year 122125 the details of this account and comparison to the 1967 budget are shown on the statement of revenue and expenditure tax roll and tax collections the revenue from taxation compares with previous years as follows 1967 1966 1965 1964 1963 3554780 3001496 2322343 1980031 1917245 the taxes receivable including penalties on the current years roll are 364414 at december 31st 1967 as compared to 373406 at december 31st 1966 the collection of the current years taxes including penalties represents 898 of the total 1967 tax roll including penalties as compared to 876 at december 31st 1966 on the 1966 tax roll the total collection in the year of 1967 taxes arrears of taxes for prior years and penalties represent 1003 of the 1967 tax roll we submit the following comments upon certain of the items appearing in the balance sheets capital and loan fund balance sheet work in progress 586218 the account is summarized as follows watermains and sewers 79380 recreation library municipal building 353850 public works 152988 586218 long term debt ontario water resources commission 1347366 water system sewers 676872 670494 total 1347366 the municipality has signed agreements wnn the ontario water resources commission to provide a deep well system in water area no 1 the liability at december 31st 1967 to 676872 represents the total cost of the projects less the municipalitys equity in the system at december 31st 1967 the municipality has agreed to pay to the owrc amounts of principal each year for thirty years after date of completion of project so as to provide a fund sufficient to retire this liability the municipality has also signed agreements with the ontario water resources commission fur the construction of sewers the liability at december 31st 1967 of 670494 represents the total cost of the projects to date less the municipalitys equity in the projects at december 31st 1967 the municipality has agreed to pay the owrc amounts of principal each year for thirty years from the completion date of projects so as to provide a fund sufficient to retire this liability revenue fund balance sheet due from the province of ontario 159568 the account is summarized as follows welfare subsidy road subsidy sundry 2051 1829s8 4529 189568 deposits for specific purposes 40739 this account represents funds received under subdivision agreements to cover specific costs future engineering and super vising costs pertaining to the subdivisions trust funds lot fee fund the balance in this account at december 31st 1967 is 471707 the fund is committed to an expenditure up to 341180 as approved by bylaw 2257 the lot fee monies as described in the bylaw are to be used for a portion of the cost of park land and building township library site and building and municipal office building addition the fund at december 31st 1967 has advanced from the above balance 303849 towards ihe cost of these projects and on completion of the projects the lot fee fund is to be charged with a portion of the final costs up to the amount of 341180 the township has expropriated a parcel of land for a park site in addition to the one noted above the final cost of the site is not known as settlement is subject to arbitration an appraisal of this property indicates a value of 15000 a resolution of council directs that the purchase price of the property is to be paid out of the lot fee fund if sufficient funds are not available in the planning act fund planning act section 28 the balance on hand in this account at december 31st 1967 is 5547 the fund increased in the year after investment income by 5328 we report on sundry local boards as follows crosby memorial community centre the operations for 1967 show a surplus of 9403 the balance on hand in the surplus account at december 31st 1967 is 28044 as compared to 18641 at december 31st 1966 no provision has been made in the accounts of the com munity centre for renewal of building and equipment it is our recommendation that a reserve fund be established for the re placement and renewal of capital assets in accordance with the statutes of the province of ontario victoria square community centre the operations for the year show a surplus of 3820 the surplus on hand at december 31st 1967 is 1416 as compared to a deficit at december 31st 1966 of 2404 we 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 31st 1967 and the results of its operations for the year ended on that date eddis associates chartered accountants license no 3206 date of filing with department of municipal affairs march 31st 1968 revenue fund balance sheet december 31st 1967 assets fixed assets work in progress due from schools for debentures due from water area no 1 for debentures due from other municipalities for debenture debt assumed due from other fund water area no 1 re owrc debt 1733867 586218 5927390 653873 377271 676872 liabilities debenture debt issued and unmatured general local improvements public schools high schools water supply system 61050 287518 4103942 528991 660405 total due to other municipalities for debenture debt assumed long term debt ontario water resources commission see audit report accounts payable due to trust fund due to revenue fund investment in capital assets 9955491 revenue fund surplus balance december 31st 1966 deduct surplus taken into 1967 budget to reduce the levy add surplus for 1967 balance december 31st 1967 135698 118000 17698 122125 139823 5641906 1665196 1347366 88272 303849 144097 764805 9955491 capital and loan fund balance sheet december 31st 1967 assets cash 132684 accounts receivable less allowance for doubtful accounts 7981 400 7581 due from the province of ontario due from other municipalities due from schools due from other funds capital and loan fund lighting area garbage collection area 144097 1756 13755 189568 45300 4496 taxes receivable current tax roll arrears 1966 1965 1964 and prior 364414 106710 37261 50589 159608 less allowance for uncollectable taxes 558974 4000 prepaid expenses owrc interest and sundry 554974 962 1095173 liabilities bank loan accounts payable debenture principal and coupons due due to the police village of thornhill due to the police village of unionvllle federation of agriculture due to other funds water area no 1 township library board toronto transit commission bus line recreation committee deferred revenue and prelevies deposits for specific purposes reserve for working funds surplus 475000 200503 54328 5134 7793 128 14746 170 5241 4416 24573 28092 40799 119000 139823 1095173 statement of revenue and expenditure fob year ended december 31st 1967 revenue from taxation debenture debt charges recovered province of ontario subsidies relief and welfare highway improvement police and fire share of liquor license fees payments in lieu of taxes per capita grant community centres sundry government of canada subsidy grant in lieu of taxes hydroelectric power commission receipts from other municipalities relief city of toronto agreement re jail farm police radio agreement licenses and permits interest and tax penalties tax write offs and adjustments recovered other revenues rent fines planning board committee of adjustment sewer service charges and rates accrued interest on sale of debenture public works sundry income reduction in provision for deferred revenue total revenue surplus of prior year used to reduce levy revenue actual budget 3554780 193088 3308638 193088 14365 332840 1846 1259 272 86757 14382 5242 456963 770 539000 1459 1500 390 5152 4200 9742 10000 48705 49700 38187 25000 14227 720 6441 2838 4225 62205 1014 1638 7357 2594 104132 72500 4422053 4199426 118000 118000 expenditure general government executive administrative other protection to persons and property fire police building inspectors dog control weed cutting sundry public works social welfare education including debt charges recreation and community services debt charges principal and interest less municipalitys share of school debt charges temporary loan interest taxes written off and rebates capital expenditures out of revenue other expenditures water area no 1 rates police village rates county rates lighting area rates garbage collection library sewer area owrc contingency fund sewer area sundry operating costs and installations provision for working funds provision for deferred revenue total expenditures surplus for year total actual 12418 174561 76629 263608 budget 264350 56910 192169 24700 7758 3806 9564 294907 292400 692623 761500 24713 29600 1989347 1849408 25712 21800 756358 449329 307029 12727 319756 11957 323937 5000 13800 40000 101604 14037 471973 33720 39526 22538 5699 65131 14000 13277 781505 729431 4417928 122125 4317426 4340053 4317426 m i total mfflmm 4340053 1317426 publication of the above audited financial statement and the report of the auditor thereon pursuant to section 233a of the municipal act s t ramble reeve e a barton treasurer i x xx xxtxx mmmmmm