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THE GEORGETOWN HERALD THURSDAY JULY 1971 Town of Georgetown REPORT TO THE RATEPAYERS Auditors Report and Excerpts from the FINANCIAL STATEMENT for the year ended December 31st 1970 Members of Council Inhabitants and Ratepayers of the Corporation of Ihe Town of Georgetown Ontario Gentlemen I have examined the financial statements of the Corporation of the Town of Georgetown and its local boards which are listed on attached Index My examination included a genera review of the ac- counting procedures and such tests of accounting records and other supporting evidence 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 list 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 preceding year Georgetown Ontario March licence Number i Signed Graeme NOTES TO FINANCIAL STATEMENTS Charges for net long term liabilities lotal charges for the year for net long term liabilities were as follows Principal payments Of the total charges shown above an amount of 156 642 was paid from the general revenues of the municipality and is included in expenditures classified under the appropriate functional headings and an amount of was recovered from the municipal enterprises for which the related net long term liabilities were incurred Provisions for reserves amounting to are included in the Statement of Revenue and Expenditure which is included under its functional headings Net long term liabilities Total long term liabilities incurred by the municipality and outstanding at the end of the ear amount to Of the outstanding long term liabilities shown above the responsibility for payment of principal interest charges has been assumed others for a principal sum of l Of the outstanding long term liabilities shown above the rosponsibilttv for payment of principal and interest iharges assumed bv municipal enterprises aggregates j Hie actuarial requirements of sinking funds and the in the debt re tirement fund of the Ontario Water Resources Commission which accumulated to the end of the ear to retire the outstanding long term liabilities hided abov amount to Net long term liabilities for general municipal activities Balance at the beginning of the vear Revenue Contributions from the revenue fund Interest earned Contributions for capital expenditure Revenue Fund 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 Theassets and liabilities of any local boards of the municipality have not been consolidated Die permanent financing for the balance of capital outlay at December was completed before the date of this report STATEMENT OF CAPITAL FUND OPERATIONS 1970 capital outlay Unexpended capital financing at the beginning of the year 268 471819 CAPITAL OUTLAY Capital expenditure General government Protection to persons and property Public works Sanitation and waste removal Social and family services 234 12531 2662 Transfers to others Total capital outlay CAPITAL FINANCING Long term Labilities Incurred Contributions from other governments Contributions from the revenue fund for capital expenditure Contributions from reserve funds and reserves 727432 146593 1377 Total capital financing STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31 1970 Taxation Contributions from other governments Other Total Revenue 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 Education Count share of expenditure 180821 capital outlay Unexpended capital financing at the end of the year The accompanying notes are an integral part of this financial statement CONSOLIDATED BALANCE SHEET December 31 1970 lJJlb2 1102585 1211425 140 Cash Accounts receivable Taxes receivable Other current assets Total current assets Capital outlay to be recovered in future years lotal assets LIABILITIES temporary loans Accounts payable and accrued liabilities Other current liabilities Total current liabilities Net long term liabilities Reserves and reserve funds Unappropriated balances liabilities notes are an integral part of this financial statement Total expenditure Excess of revenue over expenditure for the of expenditure over revenue for the year Surplus deficit at the beginning of the year surplus at the end of the year The aecompanv ing notes arc an integral part of this financial statement STATEMENT OF CONTINUITY OF RESERVE FUNDS forthevearendedDeccmber31 1970 Park Land Grand Stand Park Lights Lane Agreement Moore Park Assess 475309 224338 4143627 924081 384971 48711 4540 Balance at the end of the year The accompanying notes are an integral part of this financial statement Total OH 1 1979 161 loOOO 15 1764 1764