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rttmalb thuodat mat mb ltt paoat is i 3- town of georgetown report to the ratepayers aumtors niton and cm prom thi for tht ycaft tfr ofcbmm 3lt 1h7 auditors report to the fayor council and ratepayer the municipality of the corporation of the towrt of georgetown gentlemen we have completed our examination o the books- and record of the municipality and in this connection are pleased to present the fol lowing additional information auditors opinion financial statement additional information capital ano lean puna balance sheet sehoshjlo a general fixed asset were increased during the year by 340434 aa- analyxed on schedule 13 a aismmary of the general fixed aaaeta may be found on schedule is work in process at december 31 represented the iron removal plant and elevated storage tower these projects are virtually completed but due to delay in the finsncitul have been shown under this caption provision lor the interest on the temporary borrowing should be made in your 1068 budget it is urged that completion n the financing of these projects be expedited ao that additional costs are not added to the burden of the ratepayer capital debt outstanding at december 31 ks analysed on schedule 1a during 1967 additional debentures were issued for a total of 018043 while 3286161 was retired leaving a net increase on the year of 1210781 additional analysis referring to the capital and loan fund balance sheet are found as follows description schedule amount accounts receivable 17 i 206280 debenture debt unmatured 1 21 2475073 debenture debt assumed 3 301000 accounts payable 37 1078 schedule al analyze the source and application of capital funds during 1067 and is worthy of your study hovonu fund balance sheet schedule b schedule b- represents the current assets and liabilities of the mun icipality at december 31 due from province e ontarle this amount reflects grants and subsidies outstanding at december si uhich have either been received w estimated at the time of thia report department of welfare 8138 department of ilijjways estimated 14s08 department of transport 104 department of highways traffic planning 4000 department of health 092 27tt3i due from dominion ef canada s12h the federal government is sharing in a portion of the eoslj of the sfnuntainview road bridge and ainee the project was doi complete at december 31 the subsidy 1 reflected in 1067 as outstanding it doc 31 other municipalities an analysis of this account is shown belnu- county of halton ilebatm 13300 township of eaoilesing fir agreement 3008 county of halton mvltb 5b705 ss2 taxes receivable 75201 itcfpr to schednle 5 for details we still urge council to reconsider our recommendations regarding the levy of taxes as outlined in our reports of lofis and lfhld inventory i 160 a physical inventory was not taken again in 1067 w must iijjiit that this fie done in 106 the above figure represent tha estimated inventoryvat the end of the year ateounls payable w4s certain information was not made available at lha tim of audit and as a result some amounts had to be estimated for report purposes additional analysis referring to the revenue fund balance sheet art found as follows amount 357100 3530 1773 75240 schedule o description schedule temporary 103ns ft- debentures and coupon due 1 deferred hevenue h llesrrves a etalemsnt ef ftovonuo and expenditure in 10u7 there was an operating surplus on the year ef 34504 how ever a comparison of the actual with die budget indicates that estlm- aths as adopted in the budget were not closely followed it should he pointed out that the imountainview road bridge project was budgeted at a net cost of 25000 and this statement reflects tha gross cost on the expenditure side and the corresponding subsidies on the revenue aids this project was approximately 80 complete at december 31 separate statements have been drawn up in 1087 to allow tha expen ditures of the georgetown volunteer ambulance and volunteer lira departments slongwlth the cost of the pouce department the respon sibility of lha police department was removed irom council in july of trust nd hosorv vunii schedules f i o during 1087 there was considerable school construction and there is apparently mom planned for 1088 council should note that the trust fund in lieu of industrial asseasmenl as laid down in the original by law is to defray capital school costs the balance of this fund at dec ember 11 is 26685 if council la not considering the application of these funds for 1088 then we recommend that they be transferred into short- term deposit receipts where the interest rate is higher than their pree- entesriilng capacity other local beards schedules u lv included in our audit procedures wasthe examination of the books and records of the nine local bosrds and commissions schseules pi p3 water supely system we would like in draw to rounclll attention that a more detailed procedure is required en waler thawing accounts in order to ensure ihe collections and the allocation of reeponilbtltiy we also point out that if financing la not completed in 1007 on the iron removal plant and eleva ted storage tank that provision for loan payment foe made lh your 1098 budget thar u no prosrhrlon in tha mllnlrtnal act to allow flmtlaa by arteans of a bank overdraft and thia inuat be noirjeay in th tutor lahael brd wa have examined tha books and account at th echoed outlined lh this report for the rear ended decotrtber slat 1967 and hart obtained all tha inforroatlon and explanation vftuoh w reqaarsjd s 1 1 etsntw cept on detail pertaining to the tosrnahlp of bkueainc all th trans action vabicfa have come under our notic bene bean for school potposes and within the power of the board with the exception of th deficit re- fleeted in the tenant artboo board financial start omenta the decision of the separata school board to incur expenditure in excess of aval labia reventaea has reauked in an additional deficit ef 38508 bjensral the six year financial rtwienr disclose in capsule form lh aallant feature of the financial position of th municipality greater exxst during 1087 op the ailing of debenture could turn saved the ratepay corsrldcratee capital loan fond intaraat and agalp we urge tfsat thia not occur again in ims the general ledger wa kept in proper balance throiagbout tha v the cooperation of the treasurer clerk and accountinf staff particu- lady an earpeditinginterkm reports wa exelrnt in every rxsurd and w wish to express our sincere apprecsation for their aatlataoce at thi tun march 28 1088 pops gobmaxe chartered acesyataawt- audttoajs opimioh subject lo the qualification concerning inventory account payable and bank overdraft we hereby report that in our opinion 1 the financial transactions watch have com under our notice have been within the power of the municipality 12 tv sudlt has been conducted in accordance srfth tha inatruc- tions of the dept of municipal affair 3 the financial statement presents talrry th financial posiaion of the municipality a at december 31 1097 and the reaalts ef its operations for the year ended on that data pope cvobbelijc chartered accountant georgetown nl march 31 1088 license number 145s capital and loan fund balance sheet as at dbcimbir list 14 assets statement 1 genersl fixed assets aj4o4 due from schools for debentures public schools 1078588 high school 818731 i808j18 r 14a00o laxmnaairrrla head bridge loan n 112100 aceount payawa 1 83440 accrued payroll j57b accrued urnnm 320 detoa co and interest outstanding 3538 due to halton county health unit 8688 due to school 30288 448080 due to industrial commission 1 tax pivoaid deferred due from utilities for debenture water aupply system 352104 hydro electric system 108332 dtis from other municipalities for debenture cash in capital bank accounts work in progress water storage tower 85joo iron removal plant 107703 doo4m 171jm 208 account receivable high school i 10000 tpublic school 06030 ontario water reeourcss 4180 water supply iryaterd 10280 bell goumlock 188000 begmiepoal plant debenture debt unmatured due to schools for debeotune public school high school 122 st bmtot uabkjties 4mm1 sietesnent m 140831 l07bea 4417320 1978008 du to utilities for debentures water supply system 353104 hydro electric system 108332 due other municipalities for debenture du to ontario water resources commission bsnk loans high school 10000 public school 08000 water aupply system 253042 5045 301000 722454 150041 holdback payable i l75i reacrve for renewals and replacement 41288 surplus investment in capital assets 703823 equity in sewage disposal plant 212453 01827 4t2e8 revenue fund balance sheet as at decemalt list 14 statement s pelty cash j 328 cash on hand 8400 cash in transit 6231 general bank 50704 debenture bank 3538 mfllllltainview lload hank 87 ft7s4 general accounts receivabla 4687 ambulance service 077 weedoutting 330 accident reports 6172 allowance for doublful accounts 2 000 4172 taxes receivable 1007 taxes receivable 1088 taxes receivable 1085 taxes receivable 1064 and prior allowance for uncollectible taxes 127781 64338 12408 1083 10848 14000 lth4h tax registration in process 7gft tlecoversbl charges 80 allowance for loss on resalv 7620 7031 due fromdomlnlon of canada 170281 due from province of ontario 37038 u from county of halloa t2104 idsie from township of ksqueslng 3008 341 other deferral reserve for working funds provision for service construction v surplus balance jnusry1j 1087 prior year adjustment 311 37468 2675 1773 14854 10201 85000 10240 7540 223 710 1987 surplus 042 4594 838 tatem of revenue ak expendhure t as atdbcbmbbr slst 14 bbvenue acfusl revenue frem taxatieni 1087 levy 1370144 applatnatary taxation 114357 hvmieipel utautles 3128 local in 0300 laehrterm eeh charaee tecevevasil feeeral ewaeuiee ltountainview road bridge 170281 grant in lieu of taxes 5782 1407028 108660 s5644m statement j budaet 1357324 35000 3031 0120 185063 provincial aubsuies welfare 24571 road improvement 55500 ateuntainview bride 55207 lcjo percentage 1532 unconditional per capita 82068 axnbutanc 10492 traffic study 2808 grants in lieu of taxes 415 caunty aobsuiael tfountsmview ttoad bridge 87570 road rebate 11481 cotmactin link 1348 212al b087o motiulml eueelatleel tollshrp of reqlteting welfare eharg back 18472 842 18514 108750 28000 58500 1400 58400 10200 mo 10600 14780 1000 due from boards snd commission prepaid operating charge owik g750 due from dwrc for overpayment 7502 due from ratepayer re judges jlsq 100 due from trust account 71117 408 inventory boo 17327 h8m 584433 ll an pervshs bulicunaf permit 28447 13008 wtsmbfaag parmihl 7i2t 180o taxi licence and application 400 300 occupancy permit 705 do usance s044 sooo general permit su 38434 400 pefultw ana interest en taxes 14601 14000 other revenue kent 2218 2200 pine 12158 11500 sewer installation 2440 2500 ambulance fee 4085 2500 inspection charge 4341 parldhg meter 4348 20588 2000 miscellaneous sal of land 12305 25000 sewer service charge 51000 50000 recovery on tax written off 3811 1500 miscellaneouj 1436 88311 2634 1 2251030 s 1834750 txrxmxrokg statement 4 actual budy tieneral ttevammant executive and legislative 11520 ajsrrdliirtrttlv 88010 other 37310 107048 10390o pretectun to persons an property air 23858 police 115848 street lighting 20588 dog control 3800 weed control 214 184376 130354 pubiic works property 8003 highway improvement 117301 traffic planning 3704 bridge construction j20817 other related costs 11305 460317 1m100 serthetlerl an waste retrieval sanitary service s1737 sewage plant 55065 tianbag collection 48370 133102 lljboo eclsl wolforol 32113 30zl kducarloh inslodinaj slokt char 814376 772075 ttocreahen and community aervlses ipark i j 405fl skatihg rinlc 1820 centennial s213 grant and doniuon 00203 ambulance 7030 8511 mtb boot thshtos priliolpal 1808o interest at878 hhort term intorert 7033 llflso ijmojoo ohsor diaoount for taxes u 3740 tax written off 7006 capital expenditure 40434 county rate 105002 haltou county heauh unit 4722 parking auttsority 3804 flu q- ybf mit iggoo provision for lost on tax aale 7748 provision for deferred revenue 4430 provision for bad debta 1031 108011 18404 imt buraloal jh 1 msls9sf lethtw itii l