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page 6 the tribune thursday ma 8 1969 corporation of the township of markham audited financial statement and auditors report 1968 march 31 1969 to the reeve members of council and ratepayers of the municipal corporation of the township of markham we have examined the financial statements of the township of markham and its local boards for the year ended december 31 1968 and report as follows results fob the year the statement of the townships operations for the year is summarized as follows revenue 4972757 expenditures 5105624 excess of expenditure over revenue 132867 surplus december 31 1967 139823 surplus december 31 1968 36956 tax roll and tax collections the revenue from taxation compares with previous years as follows 1968 1967 1966 1965 1964 3879426 3554780 3001496 2322343 1980031 the taxes receivable including penalties on the current years roll are 363393 at december 31 1968 as compared to 364414 at december 31 1967 the collection of the current years taxes including penalties represents 9087o of the total 1968 tax roll including penalties as compared to 898 at december 31 1967 on the 1967 tax roll the total collection in the year 196s taxes arrears of tax for prior years and penalties represent 993 of the 196s tax ruii capital projects in progress included in the fixed assets on the capital fund balance sheet are projects in progress as follows sewage projects roads and storm sewers parks 850600 26268 1502 ss78670 the above projects are under ontario municipal board ap provals to be financed by sale of long teim debt however the actual costs to december 31 and the projected final costs on the don mills leslie sewer project indicate an expenditure of 100000 in excess of present approvals the method of financing this excess has been considered by the municipality and is not yet finalized trust funds lot fee fund the balance on hand in this account at december 31 1skj is 3554 the fund in 1968 provided funds for capital expendi tures as follows parks and recreation sanitation general government building and equipment 115443 184661 337510 637614 the township has expropriated a parcel of land for a park site the final cost of which 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 31 19 is 2987 during the year parkland at a cost of 29520 was acquired crosby memorial community centre the operations for 1968 show a surplus of 9802 the balance on hand in the surplus account at december 31 1968 is 9846 as compared to s2s044 at december 31 1967 during the year the community centre transferred 28000 to a reserve for the renewal and replacement of fixed assets victoria square community centre the operations for 196s show a deficit of 1590 after capital expenditures from revenue in the amount of 4220 the balance at december 31 1968 is a deficit of 174 compared with a surplus at december 31 1967 of 1416 subject to the completion of the financial arrangements for the don millsleslie sewer project 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 posi tion of the municipality as at december 31 1968 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 april 4 1969 1 xl xs v sss i i i i capital fund balance sheet december 31 1968 assets current assets accounts receivable future recoveries from levies or rates municipal enterprises water area school boards fixed assets 88987 8431560 3233291 liabilities current liabilities bank loan due to revenue fund accounts payable net long term liabilities general municipal activities municipal enterprises school boards equity in fixed assets 707000 104187 21775 1343129 7088431 1212452 1343129 7088431 832962 9644012 1278864 11753838 11753838 l revenue fund balance sheet december 31 1968 assets liabilities accounts receivable province of ontario 266010 other municipalities 15736 sundry after deducting 400 for doubtful accounts 7152 local boards and other funds water area 46598 special areas 32159 capital fund 104187 taxes receivable current year 354141 arrears 1967 114536 1966 and prior 98443 penalties and interest 41930 471842 bank indebtedness accounts payable debentures and coupons due sundry accounts and accrued expenses other municipalities local boards and other funds police villages recreation committee library board ttc funds 628104 37100 113790 7381 18270 6252 118 8020 deduct allowance for uncolleetable taxes prepaid expenses 609050 4000 605050 1632 190931 deposits for specific purposes debenture prelevy received from other municipality 100541 1498 deferred revenue school boards 10393 local improvements sewer connections 2416 2262 sundry 423 reserve for working funds surplus 15494 135000 6956 1078524 1078524 statement of revenue and expenditure for the year ended december 31 1968 revenue taxation contributions from other governments payments in lieu of taxes subsidies municipalities 7675 961561 5152 other revenues licences and permits 13201 service charges 11136 penalties and interest on taxes 41119 tax write offs and adjustments recovered from other boards 21750 sundry 1731 3879426 971391 118940 4972757 expenditure general government protection to persons and property public works sanitation and waste removal conservation of health social and family services recreation and community services community planning and development financial expenses police villages water area county of york education excess of expenditure over revenue for year surplus at the beginning of the year surplus at the end of the year 196682 423261 1065256 124149 7602 34105 101151 35148 55491 23617 101152 468786 2466224 5105621 132671 139523 s6956 notes to financial statements for the year ended december 31 1968 1 net long term liabilities total long term liabilities incurred by the municipality and outstanding at the end of the year amount to 8198990 in addition the municipality has assumed responsibility for the payment of principal and interest charges on the long term liabilities of other municipalities the principal amount of which at the end of the year is 2010606 of the outstanding long term liabilities shown above the responsibility for payment of principal and interest charges has been assumed by others the principal of which is 337339 the balance in the debt retirement fund of the ontario water resources commission which has been accumulated to the end of the year to retire the outstanding long term liabilities included above amounts to 228245 net long term liabilities at the end of the year 9644012 2 charges for net long term liabilities total charges for the year for net long term liabilities were as follows principal payments 345864 contributions to sinking funds and to the debt retirement fund of ontario water resources commission 30930 interest 498928 875722 of the total charges shown above an amount of 126664 was paid from the general revenues of the municipality and is included in expenditure classified under the appropriate functional headings and amounts of 139373 and 609685 respectively were recovered from the municipal enterprises and school boards for which the related net long term liabilities were incurred 3 net long term liabilities to be specially assessed certain net long term liabilities the terms of which will require certain lands owners or occupants to be specially assessed have been included in the net long term liabilities classified under general municipal activities the base and the amount of these assessments are the local improvement act 360537 4 assumption of debentures issued for school purposes on january 1 1969 the york county board of education assumed from the municipality the responsibility for the payment of the principal and interest charges on the debentures issued for school purposes the net long term liability for such debentures amounting to 7088431 is reported under net long term liabilities school boards on the capital fund balance sheet the related amount recoverable is reported under future recoveries from levies or rates school boards provision for reserves a provision for the reserve for working funds amounting to 16000 is included in the statement of revenue and expenditure under financial expenses the total reserve for working funds at december 31 1968 is 135000 s ii 6 contractual obligations ontario water resources commission tile municipality signed agreements with the ontario water resources commission or the installation and operation of a sewage and water system based on 1968 the anticipated future annual costs are as follows sewage project nil operating costs reserve for renewal and replacement of assets debt retirement 5287 56623 water project 35120 4181 59291 publication of the above audited financial statements and the report of the auditors thereon pursuant to section 233a of the municipal act s t rumble reeve e a barton treasurer vmm