The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

r-r- i- vv vv v ft 1 is x- town of ge t fl auditor f report and excerpts from the nancial state t 1 or the year ended december 31st 7968 ent september 5th 1980 the council and ratepayers corporation of the town of georaelown georgetown ontario gentlemen i have examined the hooks and accounts and the financial statements of the town of georgetown and of its boards and commissions for the year ended december 31 1968 and haye obtained all the information and explanations i have required my examination included a general review of the accounting procedures and such tests of accounting rec ords and other supporting evidence as i considered necessary in the circumstances the financial statements have been prepared in accordance with instructions set out in a directive issued in 1968 by the department of municipal affairs the most significant changes are the functional classification of longterm debt charges capital expenditures out of revenue and provisions for reserves according to the activity for which the expenditure was incurred the unmatured balance of debt assumed by other municipalities is excluded from the longterm liabilities shown on the capital balance sheet note 1 nat longterm lubiutiai total longterm liabilities incurred by the municipality and outstanding at the end of the year amount to in addition the municipality has assumed responsibility for payment of principaland interest charges on the long- tern liabilities of other municipalities the principal amount qf which at the end of the year is of the outstanding longterm liabilities shown above the responsibility for pa3ment of principal and interest charges has been assumed by the others for an amount of the actuarial requirements of sinking funds and the balance in the debt retirement fund of the ontario waier resources commission which have been accumulated to the end of the year to retire the outstanding longterm liabilities shown above amount to net longterm liabilities at the end of the year s 2500945 269853 162383 695785 3304202 note 2 charoat for nat longterm liabilities total charges for the year for net longterm liabilities were as follows principal payments 5 207 1 contributions to sinking funds and to the retirement fund of ontario water resources commission 26666 interest 193043 total 427426 of the total charges shown above an amount of 138521 was paid from the general revenues of the municipality and is included in expenditure classified under the appro priate functional headings and amounts of 87437 and 201468 respectively were recovered from the municipal enterprises and school boards for which the related net longterm liabilities were incurred note 3 asiumptlo af debenture inued far scheel purpoae n january 1 1909 the halton county board of education assumed from the municipfdlty the responsibility for the payment of principal and interest charges on the debentures issued for school purposes the net longtern liability for such debentures amounting to 91589989 is reported under net ionsterm liabilities school boards on the capital fund balance sheet the related amount recoverable is reported under future recoveries from levies or rates school boards note 4 o proviiion for rasarvat provisions for reserves amounting to 6000 are included in the financial expenses in the statement of revenue and expenditure note 5 watar sup syittm during the year the no 4 well was drilled and the test drilling on the no 5 well was also completed in this connection the cost which aggregated 86368 is to be paid from the proceeds of a debenture issue the ontario municipal board had not given prior approval to these projects but in 1969 have given tentative approval as these were included in the 1969 forecast i would also like lo point out that the financing is not completed on the iron removal plant and the elevated storage tank and should be expedited immediately note 4 scheel sard i have examined the books and accounts of the school boards outlined in this report for the year ended december 31st 1968 and have obtained all the information and explanations which i required except on the details pertaining to the township esquesing all the transactions which have come under my notice have been for school purposes and within the powers of the boards with the exception of the deficit re flected in the separate school board financial statements the decision of the separate school board to incur expenditures in excess of available revenues has resulted in an additional deficit of 10788 subject to the above qualifications the financial transactions which hmve come under notice have been within the powers of the municipality the audit has been conducted in accordance with the instructions of the department of municipal affairs the financial statements present fairly the financial position of the municipality a at december 31 1068 and the results of its operations for the year end ed on that date graeme goebklle chartered accountant licence number 3801 j- c jej- mm statement revenue and expenditure oh thi yiar ended december slat 1m with cemparinvaa at december slat 167 11 lie revenue taxatlan realty 1528866 j353304 business 201898 131197 special charges 8147 9399 1738871 1403900 centrilmitiaru frem attar gavarnmenta payments in lieu of taxes 9976 9325 subsidies 347243 156969 municipalities 31001 29323 388220 105617 other revenue 196770 147913 tata revenue 2323861 1837430 exitndlture general government 187978 111023 protection to persons and property 243703 179007 public works 353070 218643 sanitation and waste removal 233828 233563 conservation of health 14078 29470 social and family services 40765 32113 recreation and community services 104085 81422 community planning and development 13331 6275 financial expenses 32475 39888 other i 315 3395 county ahare of expenditure 130609 105002 education local contributions 965469 79j9s6 total expenditure 2323504 1891804 surplus at and af the year 267 5536 uabilmes ima temporary loans 364600 due to other municipalities 0290 lacal board and athar funea school boards 86110 other boards and commissions 27123 halton county health unit 8446 121670 omar sundry accounts 300949 accrued payroll accrued liabilities 8180 390139 other liabilities 17890 reserves 94240 surplus 267 1007305 iter 357100 30288 511 6888 37465 89880 19202 89240 5536 368423 the accompanying notes are an integral part of this statement revenue fund balance sheet for the year ended december 31 it 1961 with carnparativaa at dactmfaar 31 167 assets 1mi cash 171257 other caranuinnh canada 250486 ontario 200465 municipalities 16052 467003 lacal beardi and ether fundi local boards and commissions 136341 capiul fund 860 lane agreement 8 604702 other after deducting allowance for doubtful accounts 2573 taxes receivable after deducting allowance for uncollectible taxes 178837 property acquired for taxes after deducting allowance or loss on resale 1 inventories at cost 4704 other assets 22068 1007300 147 67364 170281 27938 73202 282421 27327 493 310246 4172 198488 1 800 17352 598423 the accompanying notes are an integral part of this statement capital fund balance sheet for the year ended dickmfter jht 1hi with camparatfvm at decembar slat lt 1hi 117 assets curran cash 235 203 due from other municipalities 44267 44280 lacal baarda and athar fund public school board 96035 district high school board 10000 water supply system 10280 other 169000 46626 322798 furura recevariaa tram laviea ar ratal municipal enterprises 81596 550438 school boards 1538989 18669c5 other 473318 263385 2678253 2680728 fixed assets 4 245018 1823158 4960897 4826682 the accompanying notes are an integral part of this statement i liabilities 1m currant bank overdraft 6723 temporary loans 406235 lacal kaarda and athar fund reserves for renewals 44267 revenue fund 860 other eo36o 518445 nat lanatarm lufallitta general municipal activities 1099267 municipal enterprises 615946 school boards 1588989 3304202 equity in fixed assets 1147230 the accompanying notes arc an integral part of this statement 4969897 the iccompanying notes are an integral part of this statement 167 3543942 4j280 19758 420980 1072085 550436 1866905 3489426 916276 4828682 reserve funds statement of continuity for the year ended december 31st 1m total ownc park lane grand industrial moor land agree stand assessment park balance at beginning of the year 102954 41280 4498 5043 h ravanua contributions from the revenue fund 5036 5036 interest earned 8181 165 proceeds from insurance 2000 deposits 28800 40997 5201 150 140 2000 26685 29448 s170 2527 169 1600 27200 140 2000 3770 29727 i ewfhnditure applied to sinking fund balance at the end of the year 141737 44267 4057 5183 2000 30489 50171 2214 2214 t 1 4 v fu m iia mm