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The Corporation of the Town of Halton Hills FINANCIAL STATEMENTS For the Year Ended December 31 AUDITORS REPORT To the of Council Inhibit ind of tin orpontion of the Town of Milton Hills We have ex imined the 1975 financial statements of Tin orpin lion the Town of Hills and its lot il boirds which listed on tin tached index Our examination included a ancril if the counting procedures and such tests of accounting supporting evidence is we considered in the it In our opinion these fin incial statements pre cut tin position of The Corporation of the Town of Hilton Hills mil its lot boards as at December 19 the results of tin i per f Ilk Year then ended in with ace luntine eeiurillv accepted for Ontario ipphed on consistent Mil of the previous vear Goebelle Hills STATEMENT OF REVENUE AND EXPENDITURES ntt revenue deficit it the beginning of the E General municipal purposes General em ment Protection to persons and sen ices Environmental services Health services and cultural V1CCS Planning and development 1E2 182 dill Ll 44t HI tit 1H4 OH 4 J Region or purposes School board purposes Total expenditure He venue General municipal purposes Taxation Payments in lieu of taxes Ontario grants Other grants Other Region or county purposes Taxation Payments in lieu of taxes Ontario grants School board purposes Taxation Payments in lieu of taxes Total revenue Accumulated net revenue deficit at the of the 1 fail Kit a til 4117 Iffl 1111 HI Hill nun 1 Ji IU4 Hi J in Analysed as follows General revenue Special charges Special areas Police villages Region or county School boards Local boards Region of Halton STATEMENT OF CAPITAL FUND OPERATIONS I llfll UK III lilt III fill UK MIL It III lit ret I I Mill HI govern ml I Ipl pi Ir Hi in rvicis Hi ilUiservit iniih ere ill n en id I 1 mum ddcvilopin 1 1 IN IV It in lb i nut iibut on Ir in i iw hit 1 ihli in ink Out in li is i kin mi dm i Infinmced i j nil iv I fin iiuinf end i CONSOLIDATED STATEMENT OF RESERVE FUNDS met I f the I iiditun il I tis to nix Kind n Hi met it I CONSOLIDATED BALANCE SHEET I I rs loans iccniul It Other current li niti mi iim nil Hi SI S I I MIS mi I II IM UN II IK MM I HI I II IS NOTES TO FINANCIAL STATEMENTS 1 l MING l I Eltlinci Sin 1 Ihe timet Sheet re flu Is mini in I si is id of tin revenue fund fund funds in link I ibt It I lib It 111 I Ii il ililits in I I is to lixt I xpemliturts fixid ssi unless the rctirLinenl costs in which llu in I I luv its mi iintiiiL1 assets and ire it fleeted it si i Hit I nihil l I ami on roads mes arc i i receipt ind disburstmtnl ins in rfertnie ill munieiDalilv Ins ex amounts for which the road subsidy will not be eligible for claim until liu ir Such future revenues 1 been iruid the anient i I I ire fin mil tie lei ibililiis include pnnapil interest In rest r the period from the date of the I ittsi intensi m of the fiscal year Hi v nut ml I 1 llu item i if in includes the Revenue 1 i ilevtnu fund including the I ibnrv Bond ind Ihe It Hit nil il tie is not ton li fin i Module p ivmenli Intcrtsl Ton on long term liabilities incurred by the municipality In iddition die municipality has responsibility for the of principal and interest charges on certain lone term liabilities issued the and Georgetown Commissions During the year principal mil interest charges amount to Of the for long term liabilities incurred by the municipality The Regional Municipality of Halton has the responsibility for the principal 998 and interest charges which amount to Charges for net long term liabilities principal and interest 125 Of the shown above 126 was paid from the rev of the municipaht and is included in expenditure under the appropriate functional headings and w is recovered from The Region of Halton and the municipal enterprises for which the related net long term liabilities were incurred 1 Inivlsiin fn risiivis mil Provisions for reserves and allowances amounting to 37 ire included in the Statement of Revenue and Ex l l funds flit revenue for the veir of reserve funds include 37 100 from ind developer contributions Nil It Ilk mi II Total long term liabilities incurred bv the municipality and outstanding it the end of the year amount to Of he long term labilities shown above the responsibility for pavment of pnncipil and interest charges has been issumed ilton Board of Education and The Regional ilit of Hilton for i principal amount of Netlong the end of the l I 1 1 IX HI HI I III- IJ IN I- 1 Tl III- SometipiUil does not represent a burden on general revenue as it is to be recovered in future from sources Special charges on benefitting landowners recovered by ire ihties tix levies enterprises recovered from Hydro utility 133 hit in fori icti i in limits Intludidin l Ioiil labilities is of ta9 in tinted doll into it the rite prtv wIrii tin w is If the is converted intov us it the itt prtv the It mat tit I IN s tin lown if Hilton Hills hid entered into certain minittmi nls for tin i instruction of eh lighting ti inns is met of line and the purch Hit Centre wluelt were not com in not fleeted in Ihese fmincial The balance if Hit iininnttmeiils these projects it December ippn tun itelv is as 11 700 ind ma mils iiiLih list I ILIHIIL if I I I lainisl I inth int i Centre 12J00 lb 59400 I sitk It l the benefit pi in leive in accumulate ind i become entitled to a ish pijment when they leave the employment No provision has been made for this