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The Acton Free Press Wednesday Ma 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 We have examined the financial statement of The Corporation of the Town of Halton Hills and its local board Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests and other procedures as we considered necessary in the circumstances In our opinion subject to the outcome in the legal action referred to in Note these financial statements present fairly the financial position of The Corporation of the Town of Halton Hills and its local board 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 previous year GOEBELLE WAGNER MacADAM Chartered Accountants Halton Hills Ontario April 1978 License number STATEMENT OF CAPITAL OPERATIONS STATEMENT OF REVENUE AND EXPENDITURE Accumulated net revenue deficit at thebeglnnlngoftheyear Expenditures and transfers Municipal expenditures General government Protection to persons and property Transportation services Environmental services Health services Social and family services Recreation and culture I services Planning and development Other Total expenditure Transfers Transfers to region or county Transfers to school boards 1924371 218350 1386203 149184 162376 769003 1173333 pita I expenditure General government Protection to persons and property services Environmental services Health services Social and family services Recreation and cultural services development Other Total expenditure Capital financing Contributions from the revenue fund Contributions from reserve funds and reserves Long term liabilities incurred Ontarlogrants Other Total capital financing 1564798 145230 242992 1223 122684 1010202 185414 121006 RESERVE AND RESERVE FUNDS Available at the beginning of the year for future municipal purposes Total transfer Revenue Total expenditures and transfers 10875775 Contributions from the revenue fund Contributions from developers Interest earned Revenue by purpose Municipal purposes Taxation 2428808 Expenditure Payment in lieu of taxes Transfers to the capital fund Ontario grants 1094553 1122472 1007376 Transfers to the revenue fund Other grants Fees and service charges 560280 382183 Available at the year end for future Other municipal purposes Revenue to pay for municipal purposes 4829174 Region or county requisition BALAN Taxation 1116268 1115983 1055387 Payments in lieu of taxes 13000 12491 Ontarlogrants 191315 Other ASSETS Revenue to pay the region or Current assets county requisition 1317118 1313378 Cosh Accounts receivable School board requisition Taxes receivable Taxation 4380031 4392084 Investments Payments in lieu of taxes 13627 Other current assets Other 4327 4037024 Revenue to pay the school board requisition Capital outlay to be In future years Other long term assets Total revenue 10552144 Accumulated net revenue deficit at the end of the year 183129 497826 LIABILITIES Analysed as follows Current labilities General revenue Temporary loans Region or county 34610 Accounts accrued liabilities School boards 2049 liabilities Special charges 9692 Special areas 1871 Net long term liabilities Local boards 713 14038 Reserves and reserve funds Municipal enterprises Accumulated net revenue deficit and Region Sewer Water unapplied capital receipts 791B4 NOTES TO THE FINANCIAL STATEMENTS I ACCOUNTING POLICIES a Statement of Revenue and Expenditure This statement reflects the revenues and expenditures of the r eve me fund and the following local boards and municipal enterprises Library Board Statement of Capital Operations This statement reflects the capital expenditure of the municipality lobe recovered from the general municipal revenue of the municipality and its local boards and municipal enterprises as described in note The longterm liabilities reported on this statement were incurred as folows Prior to Regional Government By former municipalities During Government the Region of Halton on behalf of Hills Repayment of this debt Is the responsibility of this municipality In addition to the longterm liabilities reported on this statement the municipality in cur red in long term liabilities on behalf of Its municipal enterprises Repayment of this debt will be from the revenues of Georgetown Hydro Electric Commlssioi and not from general municipal revenues c Balance Sheet This statement reflects the assets and liabilities of the revenue fund the capita fund reserve funds and local boards and municipal enterprises as described In note The assets and liabilities of local boards and enterprises that have not been consolidated are reflected only to the extent of their related net long term liabilities and capital outlay to be recovered in future years fixed Assets The historical cost and accumulated depreciation of fixed assets Is not reported for municipal purposes Instead the Capital outlay to be recovered in future years which Is the aggregate of the principal port unmatured long term liabilities capital funds transferred to other organizations and the cost of capital projects not yet permanently financed Is reported on the Balance Sheet Municipal enterprises Municipal enterprises are those activities whose costs are substantially recovered from service charges on the users The enterprises of this municipality whose revenues and expenditures have not been consolidated In these financial statements are Acton Hydro Electric Commission Georgetown Hydro Electric Commission Georgetown Parking Authority f Charges for net long term liabilities Debt retirement costs Including principal and interest are charged against current revenues in the periods in which they are paid Interest charges are not accrued for the periods from the of the latest interest to the end of the financial year g Trust Funds Trust funds by the municipality amounting to reflected in the Trust Funds Statement of Continuity and Balance Sheet 2 CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS a Some capital outlay to be recovered in fiture years does not represent a burden on general municipal revenues as It is to bo recovered future years from other sources special benefitting landowners J 12634 municipal enterprises 591000 Capital outlays including fixed assets and he transfers of capital funds In the amount of which have been financed from general municipal revenues of the year arc reported on the Statement of Revenue and Expenditure 3 RESERVE FUNDS During the year were credited direct to reserve funds without being recorded as revenues and expenditures of the RevcnutFund Major sources were Contributions from subdivides Interest Earned 37635 4 NET LONG TERM LIABILITIES a The balance for net long term liabilities reported the Balance Sheet is made up or the following Total long term liabilities incurred by the municipally including those incurred on behalf of former school boards other municipalities and miaJcipal enterprises and outstanding at the end of the year to Of the long term liabilities shown above the responsltUity for payment of principal and interest charges has been assumed by otters for a principal Net long term liabilities at the end of the year 1958148 1286763 1003788 53 model rolls Ford celebrates anniversary BUI Walker recalled a fit of nervous tension he ex perienced years ago when the first car rolled line at the Ford Motor Company In Oakvllle as he chatted with reporters at the plant last week Mr Walker Is the retired plant manager at the com pany and had returned for a brief but special celebration for the plants officials feared that the first car off the line might refuse to start With people and IS bosses standing watching youre always ner vous he recalled The car came off the line without Incident then as did the 1953 Ford on Thursday and the 1978 Van that followed the car The van marked the beginning of the second century of production Thursday Walker was in the car driven by Frank Steen Mr Joined Ford years ago and at age is still employed In the plant He told reporters that cars 250 damage from collision A collision In a parking lot according to police The on Queen Street resulted In in damages to the the time vehicles Involved Sunday evening Damage to the vehicle Damage to the vehicle driven by Richard Gordon of owned by John is about 50 Division St Is about state police had changed quite a bit and salaries had gone up a lot since he Joined the company as a chartered member of the work force The company brought a 1953 Ford Victoria Crestllner similar to the cars that were produced In the first year to the plant in on Thursday The car belongs to a collector near the shining vehicle didnt need any more than a wash before it came down the line The car belongs to of Stratford Ford Historian Herman Smith said the car would have originally sold for White it is too soon for the car to have the status of an antique Mr Smith said it wouldnt be long before the car Is worth more than It sold for years ago In lis first full year of pro duction a total of 122681 cars and trucks rolled off the Oak vllle assembly line At one time car and truck pro duction were combined In the one plant Last year Ford of Canada produced more than 342000 cars and trucks at its Ontario Truck Plant and Assembly Plant The Assembly Plant produces Ford vans and club wagons for both the Canadian and US markets Ford employed people when It opened and now employs at Oakvllle That Includes the truck plan which opened in and the head office which opened In Many of Fords em ployees live In the North Halton area Ford of Canada has paid out more than In property and business taxes over the past years ac cording to plant manager Gerald EMPLOYEES WATCHED the Ford roll off the assembly line Thursday right in front of a Ford Van The van is the first vehicle to come off the line after the completion of years of production Included in Net long term liabilities on the Balance is an amount of payable in currency and converted into Canadian Hilars at the rate prevailing when the liability was incurred If the liability is Canadian dollars at the exchange rate prevailing at December the liability be increased by ACCUMULATED NET REVENUE DEFICIT AT THE EN OF THE YEAR the balance in the revenue fund at the year end Is available to to be added to the levies of the following classes of ratepayers Town General Ratepayers Designated Ratepayers Schoolboard Ratepayers Region General Ratepayers Designated Ratepayers CHARGES FOR NET LONG TERM LIABILITIES Total charges for the year for long term liabilities were as follows 1976 Principal payments Interest Of the total charges shown above 234174 were paid from general munclparevcnues of the municipality and arc Included in expenditure on the Statement of Revenue Expenditure classified under the appropriate functional headings The remainngis4l85 were recovered from municipal enterprises for which the related net long term labilities were incurred and are not reflected in the statement 7 CONTRACTUAL OBLIGATIONS At December 1977 the Town of Hills had entered into certain for Road Projects which because they were not completed ore not fully In these financial statements The balance of the commitments net excluding estlmfed Govern ment grants is LIABILITY FOR VESTED SICK LEAVE BENEFITS Under the sick leave benefit plan unused sick leave can accumulate and may become entitled to a cash payment when they leave the municipalitys The liability for these accumulated days to the extent that they have vested art could be token in cash by an employee on terminating amounted to 119000 at the end of ill year No provision has been made for this liability CHANGES IN CONSOLIDATION We have Included gross revenue and expenditure in the 1977 report comparet to only showing Town of Hills contribution in on Cemetery operations 10 THE ANTIINFLATION ACT The municipality its local boards and commissions are by agreement Government of Canada and the Government of the Province of Ontario dated 13 1970 subject to The AntiInflation Act Canada and the national guidelines This limits Increases In compensation payments effective October 14 197S 11 CONTINGENT LIABILITY The Town of Halton Hills has been named defendant in a legal action arising out of breaches of agreements entered into by the former Town of Georgetown the amounts in question are substantial no liability has been recorded in the