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Town of Georgetown REPORT TO THE RATEPAYERS Auditors Report and Excerpts from the FINANCIAL STATEMENT for the year ended December 31st 1972 The Members of Council Corporation of the Town of Georgetown I have examined the 1972 financial statements of the Corporation of the Town of Georgetown and its local boards for the year ended December 31 My examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as I considered necessary in the circumstances In my opinion these financial statements present fairly the financial position of the Corporation of the Town of Georgetown and its local boards as at December and the results of their 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 nreceding year Georgetown Ontario March 31 Licence No Graeme Goebelle Chartered Accountant NOTES TO FINANCIAL STATEMENTS Charges for net long term liabilities Total charges for the year for net long term liabilities were as follows Principal payments including contributions to sinking funds and to the debt retirement fund of Ontario Water Resources Commission Interest NOTE 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 municipality The assets and liabilities of any local boards of the municipality have not been consolidated NOTE Reserves During the year 26337 was transferred from reserves to revenue and allocated to road expenditure Sale of town land and lot levies amount to 38 727 and this amount has been set aside accordingly STATEMENT OF CAPITAL FUND OPERATIONS for the year ended December 31 1972 193666 capital outlay Unexpended capital financing at the beginning of the year CAPITAL OUTLAY Capital expenditure General government Protection to persons and property Public works Sanitation and waste removal Recreation and community services Transfers to others Total capital outlay CAPITAL FINANCING Long term liabilities incurred Contributions from other governments Contributions from the revenue fund Contributions from reserve funds and reserves Total capital financing Unfinanced capital outlay Unexpended capital financing at the end of the year 1972 1971 29733 512514 1053901 516242 316701 288988 172 Of the total charges shown above an amount of 222 was paid from the general revenues of the municipality and is included in expenditure classified under the appropriate functional headings and an amount of 223824 was recovered from the municipal enterprises for which the related net long term liabilities were incurred NOTE Prevision for reserves Provisions for reserves amounting to and 21 are included in the Statement of Revenue and Expenditure which is included under its functional headings NOTE Net tang term liabilities Total long term liabilities incurred by the municipality and outstanding at the end of the year amount to Of the outstanding long term liabilities shown above the responsibility for payment of principal and interest charges has been assumed by others for a principal sum of Of the outstanding long term liabilities shown above the responsibility for payment of principal and Interest charges assumed by municipal enterprises aggregates The actuarial requirements of sinking funds and the balance in the debt retirement fund of the Ontario Water Resources Commission which have been accumulated to the end of the year to retire the outstanding long term liabilities included above amount to Net long term liabilities for general municipal activities STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31 1972 asatDecember31 1972 Accumulated net revenue deficit at the beginning of the year 188185 1972 1971 EXPENDITURE Current Cash 113753 188067 General government 250594 198412 Accounts receivable Protection to persons and property 394212 Taxes receivable 187006 191714 Public Works Other current assets 35242 Sanitation and waste removal 337883 275993 Recreation and community services 253262 198588 Total current assets Community planning and development 20762 Financial expenses Capital outlay to be recovered in Education 1176949 future years 3123984 Region or county share of expenditure 235551 212109 Other 48862 Current LIABILITIES Temporary loans REVENUE Accounts payable and accrued liabilities 196893 279831 Taxation 2928010 2457496 Provision for deferred revenue 28051 Contributions from other governments Other 312605 682977 Net long term liabilities 3123964 Reserves and reserve funds Accumulated net revenue deficit at the end of the year 188185 Accumulated net revenue deficit and unapplied capita receipts 75551 188185 Analysed as follows General revenue 75551 1497319 STATEMENT OF CONTINUITY OF RESERVE FUNDS fortheyearendedDecember3l Lane O C Golden Gate Agreement Moore Park Assess Balance at the beginning of the year Revenue Contributions from the revenue fund Interest earned Expenditure Contributions for capital expenditure Transfers to revenue fund Balance at the end of the year 741 3596 7337 1150 1150 TOTAL 154291 3 741 1150 STATEMENT OF RESERVES for the year ended December 31 Balance at the beginning of the year Additions Current years provision Deductions Road transfer Balance at the end of the year Working Lot Levy Funds Roads Sale Town land Rec TOTAL 143000 70227