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The Corporation of the Town of Halton Hills FINANCIAL STATEMENTS For the Year Ended December 31 AUDITORS REPORT To The Members of Council Inhabitants and Ratepayers of the Corporation of the Town of Halton Hills I have examined the financial statements of the Corporation of the Town of Hills and Its local boards My examination included a general review of the accounting procedures ana such tests of accounting records and other supporting evidence as I considered necessary In the circumstances In my opinion these financial statements and the notes thereto present fairly the financial position of the Corporation of the Town of Hills and its local boards as at December 31 1974 and the results of their operations for the year then ended In accordance with accounting principles generally accepted for Ontario municipalities Georgetown Ontario March 31 Graeme Goebelle Chartered Accountant MAL NOTES TO FINANCIAL STATEMENTS Long Term Liabilities Total long term liabilities incurred by the Municipality and outstanding at the end of the year amount Of the long term liabilities shown above the respon sibility for payment of principal and interest charges has been assumed for a principal amount as follows Halton County Board of Education Regional Municipality of Halton The total value of sinking funds and the balance in the Ontario Water Resources Debt Retirement Fund were assumed in January 1974 by the Regional Municipality of Halton and therefore are not reflected In these financial statements Net long term liabilities at the end of the year Capital outlay to be recovered In future years Some capital outlay does not represent a burden on general municipal revenues as it 1b to be recovered in future years from other sources Special charges on benefitting landowners Municipal enterprises no CONSOLIDATED STATEMENT OF RESERVE FUNDS Balance at the beginning of the year Revenue Contributions from the revenue fund Interest earned Deposits Expenditure Contributions for capital expenditure Taxes receivable Transfer to region of Balance at the end of the year STATEMENT OF CAPITAL FUND OPERATIONS Formation of the Corporation of the Town of Halton Hills On January 1974 under the terms of the Regional Municipality of Halton Act the former Municipalities of the Town of Georgetown Town of Ac ton Township of Esqueslng were dissolved and together with a portion of to become the newly constituted Town of Halton Hills The Assets and Liabilities as at December 31 1973 of the former towns of Acton and Georgetown were assumed entirely by the new Town of Halton Hills The Assets and Liabilities of the portion of the Township of Esqueslng and the Town of assume by the new Town of Halton Hills were subject to adjustments as determined by an Arbitration Committee Charges for Net Long Term Liabilities Total charges for the year for net long term liabilities were as follows 280093 Principal payments Interest Of the total charges shown above 132452 was paid from the revenue of the Municipality and Is included in ex- classified under the appropriate functional and the Municipal enterprises for which the related net long term liabilities were incurred Provision for Reserves Provisions for reserves amounting to are included under the Financial Expense Classification in the Statement of Revenue and Ex penditure Bails 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 opening balance as of January l 1974 for the Town of Halton Hills Incorporated the assets and liabilities of the aforementioned funds for the former Municipalities of the Town of Acton Georgetown Township of a portion of the Town of Oakville as at December 31 Trust fund assets administered by the Municipality amounting to have not been consolidated nor have the assets and liabilities of any local boards of the Municipality Contractual Obligations At December 31 the Town of Halton Hills had entered into certain commitments for the construction of an Arena and Community Hall as well as two Indoor Swimming Pools which because they were not com pleted are not fully reflected In these flnanaclal statements The balance of the commitments outstanding on these projects at December 31 amounted to approximately 071000 and the anticipated financing Is as follows CAPITAL EXPENDITURE Debentures Federal Provincial Winter Works Loan Forgiveness Community Centre Grants Reserves Other Liability for vested sick leave benefits 126000 Under the sick leave benefit plan unused sick leave can accumulate and employees may become entitled to a cash payment when they leave the municipalitys employment No provision has been made for this liability STATEMENT OF REVENUE AND EXPENDITURE Actual Budget Accumulated net revenue at the beginning of the Expenditure General government Protection to persons and property Transportation services 1306354 Environmental services Conservation of health Recreation and community services 532623 Community planning and development Financial expenses Region or county share of expenditure 564070 Education 2064733 6879303 6888254 Revenue Taxation Contributions from other governments 1142300 504070 332931 Accumulated net revenue at the end of the year General government Protection to persons and property Transportation services Social and family services Recreation and community services Community planning and development 135830 1052643 1769351 CAPITAL FINANCING Contributions from other governments Contributions from the revenue fund Contributions from reserve funds and reserves Contribution from Library Board 282204 448007 10000 1286695 capital outlay at the end of the year CONSOLIDATED BALANCE SHEET CURRENT ASSETS Cash Accounts receivable Taxes receivable Other current assets CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS CURRENT LIABILITIES Accounts payable and accrued liabilities NET LONG TERM LIABILITIES RESERVES AND RESERVE FUNDS ACCUMULATED NET REVENUE 260208 536231 1906710 1190730