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town of georgetown report to the ratepayers liabilities debenture dab issued end unwatinael general lel improvement schoola 4 public utilities due to other municipalities for debentures due to 0 wjlc re sewage plant temporary loans accounta payable due to other funds reserves tor renewals and replacements equity in sewage treatment plant investment in capital assets 333938 23930 1423936 434911 2177917 314943 747233 736790 68164 9073 41238 187 623 177960 4496491 auditors report and excerpts prom the financial statements for the year ended december 31st 1966 auditors report to the mayor council and ratepayers the municipality of the corporation of the town of georgetown we have completed our examination of the books and records of the municipality and in this connection are pleased to dresent the following u additional comments auditor a opinion auditors report castita and loan fund balance sheet schedule a during 1966 there were four capital projects financed by capital loans and cedarvale community centre was our chased on behalf of the ratepayers centennial school and the high school additions were temporarily financed with capital bank loans at a cost of 914194 in the early days of january debentures were sold through the ontario education capital aid corporation at the rate of 5tt over twenty years these debentures earned interest totalling 4980 the elevated water tower and iron removal plant were the two waterworks programs underway in 1866 the former was virtually completed by the end of the year while the latter is still in progress the construction of the water tower was approved for financing under the municipal works assistance p is 1965 but at present is being temporarily financed by capital bank loans at a cost to date of 9 877 the iron re moval plant ts also temporarily financed by capital bank loan at a cost of 837 to date two new schedules have been drawn up in 1966 which have been designed to disclose 1 the source and application ml capital fund and 2 to analyze the change in debenture debt and other long term liabilities of the municipality refer to schedule al and 1a for details schedules 19 j 20 insurance coverage insurance coverage is in effect as outlined on these schedules it is noted thai there was no coverage in force on the elevated storage tnnk or the secretary treasurer of the cedarvale community centre board during 1966 other local boards schedule 22 30 included in our audit procedures was the examination of the books and records of the eight local boards and commis sions water supply system schedules pi p3 we would like to draw to council s attention that a more detailed procedure is required on water thawing accounta in order to ensure the collections and the allocation of respon sibility school boards schedules si s3 we have examined the books and accounta of the school boards outlined in this report for the year ended december jl 1966 and have obtained all the information and explanations which we required except on details pertaining to the town ship of esquesing all the transactions which bave com under our notice have been for school purposes and within the powers of the boards with the exception of the deficit reflected in the separate school board financial stahnents general t pond balance sheet tfcw from schools schedule b during i960 the public school board and the george town district high school board were charged with their shart of debenture costs interest and other charges analysis f tne above amount appears on schedule da teaae receivable 16502 barer to schedule 9 for details we urge that council reconsider tine recommendations in our 1965 report regarding the lawy of business taxes in 1967 at the tame tone consid eration should be given to an interim billing system to fadli tote the- corporation a financing and bank borrowing jwrenterr 2407 a physical inventory was not taken by management in 1mb we must insist upon this for 1967 tialeaeent ef revenue end expenditure schedule d bale f tawn owned land 26041 the following is a summary total land sales 34 682 forfeited deposit 6 000 the five year financial review has been designed to disclose in capsule form he salient features of the financial position of the municipality during the five year period end ing with the current year this is another new schedule in 1966 and is worthy of council study greater expediency during 1966 on the selling of de bentures could have saved the corporation considerable capital loan interest school debentures in particular can be obtained from the ontario education capital aid corporation at a rate of 5 the general ledger was kept in proper balance through out the year the cooperation of the treasurer clerk and accounting staff particularly in expediting interim reports was excellent in every regard and we wish to express our sin cere appreciation for their assistance at this time auditor s opinion less balance due revenue fund december 31 1965 taaaa written off 7010 taxes wrihemnoff in comparison with other years were reduced considerably included m the above writeoff wn the arrears of cedarvale community centre absorbed by the corporation at the time of purchase cetrt 1500 this allowance- has been provided toabaorfi any charge- tncka which may occur as a result of the fmal audit of the highway reconstruction stages 1 and 2 trvs and reserve funds schedule f during 1966 there was considerable school construction and ttoajsjiappareotly more planned for 1987 council should noteibat the trust fund in lieu of industrial assess ment as laid down in the original by tow is to defray capital school costs the balance of this fund at december 31 is 22734 at council is not considering the application of these funds for 1967 then we recommend that they be transferred into sbortterm deposit receipts where the interest rale is ughtr than their present earning capacity subject to the preceding qualifications we hereby re port that in our opinion 1 the financial transactions which have come under our no tice have been within the powers of the municipality 2 the audit has been conducted in accordance with the in structions of the department of municipal affairs 3 the financial statements present fairly the finoncial posi tion of the municipality as at december 31 1966 and the results of its operations for the year ended on that date pope goebfzle chartered accountants march 31 1967 license number 3045 capital and loan fund balance sheet as at december 31 196 assets general fixed assets 838125 due from schools for debentures 1608578 due from utilities for debentures 494 015 debentures assumed by other municipalities 129 603 cash 944 accounts receivable from owrc and oecac 503216 due from other funds 332 603 investment in sewage treatment plant 934 907 deficit capitalized 12300 revenue fund balance sheet as at dicfmmr 31 1m4 assets cash on band and lit liank accounta receivable sundry lees allowance for doubtful accounts due from province of ontario due from other municipalities due from schools due from other local boards snd commissions water supply system other ue from other funds savings 7117 axes receivable less allowance for uncollectible taxei property acquired for tarns less allowance for loss on resale other assets deferred charges inventories judges plan stage 11 prepayments owjtc overpayments owjtc prepaid interest 32787 9303 1900 3 805 74408 11209 0941 13931 2190 189019 14000 19788 1921 151028 173 177 2968 3407 100 3679 4903 1074 11911 temporary loans accounts payable debenture coupons due due to other munldpautiea due to schools due to industrial commission due to capital fund due to halton county health unit deferred revenue prepaid taxes accrued liabilities reserves surplus 310411 74000 30972 197 130043 1744 933 6920 1941 3773 900 statement of revenue and expenditure for the year ended december 11 ltt revenue from taxation long term debt charges recoverable dominion of canada province of ontario other municipalities federal building provincial enterprises licenses and permits penalties and interest on taxes rents fines ambulance and service charges miscellaneous gross total revenue 1965 surplus after adjustments total revenue actual daffer 12s4939 178911 10517 104700 337 334 133143 133133 14933 13 400 9247 8247 378 377 18294 9090 14332 12 000 21309 85301 1682766 1678 1684444 164200 9450 82422 1642048 expenditureb general government protection to persons and property public woiks roads highways and streets sanitation and waste removal social welfare education including debt charges recreation and community services debt charges discount for taxes taxes written off deficits provided re water supply capital expenditures county rates miscellaneous gross total expenditure surplus december 31 1966 4 856491 total expenditura 100831 37847 146072 136101 131870 146607 8132 17 000 33872 2990o 638373 178634 73205 73787 291883 242269 5022 2000 7060 3900 12300 1900 17185 13200 36037 32000 11274 18230 1894211 323 1943045 im4h 1842049 five year financial review in 0000 unless otherwisi indicated 1964 1943 1944 1963 1962 1 assessed population 11665 11465 11379 11 195 10 692 x abxain acres 2 830 2890 2830 2850 2830 8 buployegs conunous fuh time 92 44 36 38 36 4 assessment taxable assessment bcsldenual and farm commercial and industrial 11346988 4677 800 11 310 010 470 748 11 188199 4390 536 ho 847 491 4 466 634 10647181 4 156 284 16 024 786 15 880 75b 15778 735 15 314 145 14 803 463 per capita 1374 1383 1387 1 368 1384 commercial and industrial as a percentage of taxable assessment 29 19 2878 2909 2917 28 071 exempt assessment 1620630 1327 661 1108 867 433 425 381075 provincial equalization factor 36 0 36 0 1023 10151 1018 8 long term inabilities general municipal education utilities and other municipal enterprises 260166 1423 636 494 013 271690 1031766 563 288 342 578 1993 650 011397 417 954 1156 439 669 480 481694 1214 084 718 450 2177 817 1956 713 2040626 2243 873 2414228 par capita 187 162 180 200 223 parcantafe of taxable assessment iaj 1264 116 12 6 14 8 16 3 8 tax abbxaks percentage tt current icty 1283 1176 26 68 3127 par capita 14 14 13 29 23 194 1943 1m4 1943 ini 7 bates of taxation residential and farm 73 46 7546 7946 7946 7318 commercial and industrial 8327 3327 3327 1327 7390 8 revenue taxes realty 1164 007 1136280 1109 493 1070681 1012233 jjuslness 106262 107 467 131100 130973 112147 other 12600 19939 14334 16960 11979 1284 869 1250232 1251236 1218113 1140959 contributions from otner governments 134 084 386440 359443 118902 138047 other revenues 243 813 213896 181985 181939 200961 1682 766 1859607 1792660 1918954 14739s7 9 expenditure general municipal 698 709 1 114988 1 086915 738606 848983 county 96937 91628 89963 90174 36772 education 688575 360132 819047 533910 549111 1694221 1866946 1794945 1472180 148028 10 surplus deficit at dec 31 222 195 7138 1403 27236 11 reserves 83 757 66250 42943 33933 17281 12 debt charges principal and interest including net assumed and owrc 388920 402233 419600 424410 404673 per capita 33 s3 31 h 31 per 000 of taxable assessment 24 23 21 21 27 13 contributions from current revenues for capital expenditures 17185 32911 11747 4971 all figures ara converted to 1905 1968 presentatlou s