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

Page Four THE COLBORNE EXPRESS, THURSDAY, APRIL 8th, 1937 Abstract Statements of Colboijne Village for the Year 1936 High. School Debentures-- Principal .. $2,319.30 Interest .... 1,168.07 3,487.37 Paving Debentures-- Principal ...$ 862.11 Interest ____ 1,062.52 1,924.63 Hydro Electric Debentures-Principal ____$458.17 Interest ..... 705.74 1,163.91 Water Works Debentures-- Principal ..$1,006.23 Interest ---- 2,571.58 Demand Notes Bank of Commerce.............. 11,200.00 Interest on Demand Notes.. 371.18 Balance in Bank Dec. 31, 1936 .................... 798.83 577.81 To the Director of the Bureau of Municipal Affairs and To the Reeve and Council of ihe Municipality of the Village of Colborne Sirs: We, your Auditors, appointed under and by virtue of Section 240, of the Municipal Act, R.S.O., 1927, Chap. 233, beg to report as follows: 1. That we have properly filed in the office of the Clerk of the above-named Municipality the Declaration of Auditor in the prescribed form Number 19 of the Municipal Act. 2. That we have examined all the accounts affecting the Corporation or relating to any matter under its control, or within its jurisdiction, and examined every account, voucher, receipt and paid debenture submitted for audit, including the following Corporation accounts, namely: (a) The books of the Colborne Public Utilities, which were kept in the regular double entry system and showed the transactions, returns and balances hereinafter submitted, both for the Hydro Electric System and for the Colborne Water Works. (b) The books and accounts of the Board of Education of the Village of Colborne. These were kept in I Tax tickets o: single entry system, and showed a; Unearned Pin satisfactory balance herein submit- Premiums ,ed under the headings of Public Billiard Room! School and High School and a j summary of the assets and liabiM- bilities embracing both. Liabilities over («) The cash book and accounts of j the Corporation of the Village of Colborne, including 1935 and 19361 Liabilities-Tax Collector's roll and accounts; j Counties Rates ...........$ 5619.52 also all relief vouchers and Govern- < School Levy (balance) .. ment returns. The returns for the | Water Works Debentures-Corporation does not show a fav-: Principal and Interest ourable balance but this is not due ; Paving Account ........ to any expense incurred in the year i Outstanding cheques 1936 but an old claim $44,853.42 Statement of Liquid Assets and Liabilities 1936 Assets-Balance in Bank account Dec. 31st, 1936 ..........$ 798.83 Balance in Tax account Dec. 31st, 1936 .............. 131.60 Tax arrears 1st Jan. 1937 .- 9,051.36 Accounts receivable ...... Government share of relief County share of 1936 High School Debenture ....... Division Court Rent Cramahe Township Share ........ Cobourg Hospital Nerden 327.69 (licenses) 194.10 $17,820.14 3,570.00 1,148.66 7,052.26 429.70 >unt of paving, incurred in the year 1925. For the year, the relief burden was unusually heavy and, because of this, the estimated taxation was insufficient to meet current expen- The collection of taxes1 in the vear 1936 was made up as follows: Current taxes ......$17,121.15 Arrears ............. 4.872.42 Rebates, disc, etc .. 989.24 $22,982.81 (d) As to securites, bonds of indemnity, insurance policies (both fire and public liability) and other Protection provided for the Municipality, according to the schedules hereto attached, in our opdnion these provide sufficient protection and security for the Corporation, with the exception of the insurance i the High School, and we hereby Capital $17,820.14 b Sheet Assets (Real) -- Land and Buildings ---- .$66,500.00 3,000.00 Highways, Bridges, etc. . 50,000.00 400.00 Km n i-ure. Schools, Town . 2,250.00 Hall, etc.............. School Debenture Debt-- recoverable (County and Township of Cramahe) . Public Utilities-Water Works . Fire Equipment ..... .. 22,605.46 .. 75,682.; .. 3,000.00 $231,438.26 Liabilities (Fixed Charges)- Paving Debentures ........$18,456.40 High School Debentures ... 17,148.64 Hydro Electric Debentures 11,204.00 espectfuliy recommend an increase ! Water Works Debentures .. 65,670. C in the insurance on this building, I Surplus ...................128,959. including boiler insurance, if conditions would ar We made inquiries of the agen'.s 'hose names are listed opposite the various policies, as to whether these policies were still in full force and effect, and were informed they were. We are therefore pleased t port that all accounts were regularly kept and that all officers of the Corporaton entrusted with the keeping of various Corporation ac counts, have accounted satisfactorily for all moniies coming into their hands, and submitted adequate re-All of which is respectfully submitted for your approval. A. D. HALL, D. L. DUDLEY, Auditors. Village of Colborne Financial Statement for period from 1st January 1936 to 31st Decembei 1936 Inclusive Abstract of Receipts and Expenditure! Balance in bank 1st January ..$ 764.! Cash on hand 1st Jan. 1936 deposited ................ 20.50 Receipts from Tax Collector On 1936 Taxes $17,089.55 On Arrears .... 4,872.42 21,961.97 Dog Taxes .............. 102.00 Fees, rents, fines, etc..... 87.13 Rink account including advance from Street Dance fund for roof............ 624.34 Miscellneous receipts ...... 694.54 Loams from Canadian of Commerce ........... 11,200.00 Interesit Canadian Bank of Commerce................ Public Utilities*-- Water Works - 1,800.00 Hydro Electric System 1.163.91 Colborne School Board County and Township Share High School Debenture-- 1934 .......$1,721.65 1935 ....... 1,721.90 3,443.55 Government share of relief 2,551.14 Outstanding cheques as of 31st Dec. 1936 .......... 429.79 $44,853.42 Expenditures-- Outstanding cheques of 1935 cashed during fiscal year. .$' 237.57 Rink account including roof 336.79 County levy .............. 5,100.10 Direct relief including food, clot/Mnfe, etc........... 4,303.08 Indirect relief, hospitalization, etc...............• 683.74 Miscellaneous (including compensation) .......... 676.56 Roads and Bridges ........ 1,369.79 Board of Health .......... 114.84 Fire Dept. and Town Hall 403.77 Insurance Premiums (including Public Library).. 389.00 Legal expenses (including court costs and mileage) 39.48 Street Lighting .........." 1*474.60 Salaries and Allowances .. 1,317.00 Election expenses ........ 42.00 Printing, advertising, excise and postage, stationery.. 441.37 School Board ............. 5,400.00 Arrears 1st January 19; 1930 ............ 1931 ................ 117-81 1932 ................ 329.73 1933 ................ 602.22 1934 ..........-..... 1,335.64 1935 .....••.......... 5,548.16 Cuirent Taxes Gross ......$24;016.54 $31,976 Amount deposited to credit of Corporation in 1936-- Curent .................$17,089.55 Arrears' ................ 4,872.42 Discount and Rebate and Exemptions .............. 950 Creamery rebate ........ 39.06 Bal. in Collector's account 1st Jan. 1937 ........... 131-60 Arrears 1st Jan. 1937 without penalty ...... 8,894.02 $31,976 Arrears 1st Jan. 1937 with added penalty as per state- ' 1932 ................$ 251 1933 ................ 353.60 1934 ................ 665.57 1935 ................ 1,977.22 1936 ................ 5,803.30 Total (penalty added) ..$9,051.36 Recpitulation of Tax Statement, 1936 Current taxes on 1936 roll. .$24,016.54 Penalties collected ........ 4.67 $24,021.21 Land Exemptions .........$ 5" Fire protection allowances and rebates ............. 64 Discounts 14th October 1936 252.83 Creamery Allowances ...... 3 Net Taxes collectable ..... 23,031.97 $24,021.21 Amount collected on 1936 taxes as shown on collector's roll ...............$17,425.27 Arrears of 1936 taxes on collector's roll 1st Jan. 1937 (without added penalty).. 5,606.70 Collectable taxes in 1936. .$23,031.97 Board of Education HIGH SCHOOL ABSTRACT Statement of Receipts and Expenditures 1936 Receipts-Balance in Bank January :, 1986 ................$ 56.26 Maintenance Grant 1935 .. 5,005.34 Provincial Grant .......... 1,192.94 Maintenance Grant 1936 ----4,635.56 Village Levy.............. 400.00 Received for Debentures!-- 1934 ................ 1,725.00 1935 ................ 1,721.90 $14,737.00 Expenditures-- 'eachers' Salaries ........$ 6,203.50 Janitor ................... 300.00 Secretary-Treasurer ....... 90.00 Supplies .................. 387.87 Repairs ................... 326.89 Fuel ...................... 306.14 Light and water .......... 86.67 Examinations ............. 32.95 Insurance ................ 40.00 0 verdraft ................. 1935 Debenture transferred to Corporation .......... 1725.00 Cheque to Treasurer of Corporation ............. 1,721.90 Balance in Bank December 31st, 1935 ............... 3,515 $14,737.00 PUBLIC SCHOOL ABSTRACT Statement of Receipts and Expenditures 1936 Receipts-- Balance in Bank January 1st, 1936 ................$ 50.00 Provincial Grant .......... 427.83 Agricultural Grant ........ 14.37 Music Grant .............. 18.00 Cramahe Levy ............ 638.00 Village Levy .............. 5,000 $6,148.20 Expenditures-- Teachers' Salaries ........$ 3,528.36 Janitor's salary ........... 250.00 Light and waier........... 61.84 Fuel .... Insurance................ 69.00 Supplies .................. 116.28 Repairs .................. 642.72 Balance in Bank December 31st, 1936 ............... 1,141.25 $6,148.20 Statement of Assets and Liabilitii Public and High Schools Public School Assets-- Building and grounds (arbi- tary valuation) .........$20,000.00 Furniture (including teachers' desks, students desks and chairs) ............ 650.00 Equipment (including maps, books, etc.) ............ 200.110 High School Assets-Buildings and grounds (as per trustees' annual statement ....................$40,090.00 Equipment (as per trustees' annual statement) ...... 1,972.23 Total Assets ..........$62,822.23 High School Liabilities-High School Debentures ...$17,148.64 Real Assets over Liabilities 45,673.59 $62,822.23 Public School Liabilities Liquid Assets-- Balance 'in Bank-- Public School .......$ 1,141.25 High School ........ 3,515.58 Village of Colborne levy 1936 .................... 3,570.00 $8,226.83 Unearned Fire Insurance Premiums (1st Jan. 1937) 195.20 $8,422.03 Boar Force January 1st, 1937 14060342,-' Liverpool London Globe, F. M. Brintnell, agent, Feb. 1934 to Feb. 5, 1937-- Building ............$ 4,000. »0 Contents ........... 350 -*A Premium ........... 60 Rate ................ 1 (Unearned Premium $2.00) No. 10647, Western Assurance Co. G. E. R. Wilson, agent, Feb. 3, 1935 to Feb. 3, 1938-- Building ............$ 5,000.00 Premium ............ 69.00 Rate .................. 1-38 (Unearned Premium $24.92) No. 13509445, Commercial Union Assurance Co., F. M. Brintnell, agent, Feb. 5, 1935 to Feb. 5, 1938-- Building ............$ 4,000.00 Premium ........... 55.20 Rate ............... 1-38 (Unearned Premium $19.93) No. 9198999, Norwich Union Fire Ins. Co., F. M. Brintnell, agent, Feb. 6, 1936 to Feb. 6, 1939-- Building.............$ 5,000.00 Premium ........... 69.00 Rate ............... 1-38 (Unearned Premium $47.92) High School-No. 13195596, Liverpool, London and Globe, F. M. Brintnell, agent, Nov. 15, 1934 to Nov. 15, 1937-- Building ............$ 5,000.00 Premium ........... 52.50 Rate ................ 105 (Unearned Premium $15.50) No. 722475, Western Assurance Co., F. M. Brintnell, agent, Nov. 15, 1935, Nov. 15, 1938-- Building .. .........$ 5,000.00 Premium ........... 40.00 Rate ..................80 (Unearned Premium $25.00) No. 526051, Commercial Union Assurance Co., F. M. Brintnell, agent, Nov. 15. 1936" to Nov. 15, 1939-- Building ............$ 5,000.00 Premium........... 40.00 Rate ............... -80 (Unearned Premium $38.85) Unmatured High School Debentures-- 1937 ................$ 2,458.46 1938 ................ 2,605.97 1939 ................ 2,762.33 1940 ................ 2,928.07 1941................ 3.103.75 1942................ 3,290.06 $17,148.64 Public Utilities HYDRO ELECTRIC SYSTEM Abstract Disbursements-- Receipts-- Outstandng cheques 1935 Balance in Savings Account 39.7 Power charged for in 1936 HjEjP.C................ 4,931.69 1,310 " Dec. 31st, 1935 ..........$ 2,590.6' balance in Current Account Dec. 31st, 1935 .......... 1,542.62 Construction work . rbomestic lighting ......... 5,242.44 Operation and Maintenance 1,078.74 Commercial lighting ...... 3,323.63 Administration and General ibwer .................... 834.17 Expenses ............... Street Lighting ........... 1,405.88 Truck Maintenance and lLamps and supplies ...... 1,235.86 Insurance ............... U^jiiscellaneous............ 142.50 Meter Maintenance Discounts charged and collected 1,238.0 164.16 Credit allowance from H.E.P. Co. March 1936 ......... interest on Savings Account and Bond .............. rrears (including $16.33 written off)-- Jan. 1st, 1936 .. . .$184.05 Jan. 1st, 1937 .... 126.12 $17,123.3 Statement of Profit and Loss Lamps and Supplies-- Merchandise sold in 1936 .. Fixed charges and interest 1,163.91 16.33 55.91 Merchandise____........... 1,522.60 Refund of Deposits ....... 72.00 Refunds^- Colborne for 1934 ..$83.72 i Colborne for 1935 .. 96.54 Waterworks 1935 .. 65.00 245.26 Purchase of Dominfon of Canada Bond, 3%% 1966 2,501.78 Savings Bank Account Dec. 31st, 1936 ......$ 644.80 Current Bank Account Dec. 31st, 1936 ......$1,814.01 2,458.81 $17,123.37 a-)i in till Jan. 1st, 1936 took in trade on hand Jan. 1st, 1937 (including cash in till $33.41) ........... Operating Profit and Loss-- Receipts for domestic, commercial, power and street lighting ................$ 9.484.26 Arrears collected (surplus) 57.93 Interest on Savings Account and Bond .............. Inventorv of Equipment Jan. 1st, 1938-- 1. Office ................$ 2. Lineman's equipment.. 3. Pole line material ---- 4. Wiring material ...... Materials purchased and work in 1936-- 1. Operation and maint.. .$1,078.74 2. Truck maintenance .. 259.31 3. Transformer maint. .. 31.36 4. Meter maintenance ... 89.18 5. Street light maint.....■ 164.16.. in 1936 ........$ 4,931.89 [ministration and general expenses ................ 1,238.02 ced Charges and Interest 1.163.91 16.33-- 55.91.... 403.75 940.96 135.73. . Colborne, Ont., To the Council of th< of the Village of Oc Dear Sirs: Relative to the auc ing briefly our remart of the system used Board in keeping tl would recommend a I book entry system single entry system r The present system m for the Secretary-Trea: conducive to an audit particular time. In the past it ha custom ' the f 1 by i'.' mitte, authorizing pay accounts'. All vou these forms' should In recommend that the i and1 passed by the S in writing, and kept minutes, should tfaa referred to. In auditit the past year we wen some items to the Flm because of the fact a accounts have not be particlar matters wen explained to the Fina On the face of it ti surance carried on I would appear to be I would suggest that worth the consider at < We also recommend be carried on furn:it equipment in the Hit present, none is carrie the matter of boiler pert advice would I to be necessary. We respectfully your consideration. To the Council of ti of the Village of ( Re Public Utilil Dear Sirs: Attached hereto is of our financial state borne Public UtilitK the information of and for their file. Reference to the st and liabilitie March 15, 1937 Corporation :i m the matter by the School eft books. We f-ributive cash r. j lead of the t"i being used, ii he sufficeint mnt but is not it or from any r-vidently not j» vouchers or Finance Corn-Treasurer to lere, including kept. We also 'ions proposed yo\ Board, be upport the ba- be books for forced to refer ce Committee, vouchers and i kept. These .'eft with, and ce Committee. vill r^\ifflcrent.hWe , tsj a matter i o: the Board. ire, books and a School. At 1 'There is also HALL, DUDLEY, Auditors. ii plicate copy A of the Col-This is for Commission i-Iydro Electric it. this Public sound position and that the ;'-om the am- DepooUs refunded . Deposits received.......... Refund Colborne and Water Works.................. Outstanding cheques paid in „ 1935 .................... ICSred allowance on H.E.P.C. (1934-351 ................ C ish in Bank Jan. 1st, 1937 C is-h in bank Jan. 1, 1936.. D jminion of Canada Bond with interest ........... N bw line construction 1936 N it surplus from year's receipts and operation profits WATER WORKS SYSTEM Abstract Receipts-Bank balance Jan. 1, 1936..$ 129.44 Arrears from 1935 ........ 146.88 Water rates 1936 ........ 2,322.56 Pipes and material ........ 24.21 Service work ............. 450 Discounts collected ........ 30.39 Bank interest ..........■ • 3.31 Refund from Hydro Dept. . . 65.00 $2,726.29 Expenditures-- Power ....................I 249.45 Operation and maintenance 256.30 Service construction ...... 21.75 Pipes and supplies ........ 141.11 Rebates and refunds ...... 13.30 Debenture nayments ...... 1,800.00 Arrears Jan. 1. 1937 ...... 90.01 Bank of Cotm-2. 31st, 1936 .. 154.37 $2,726 $20,339.09 $20,339.09 Statement of Assets and Liabilities Hydro Electric System ----$15,000.00 Dominion of Canada Bond and accrued 'interest .... 2,506.77 Cash in current account .. 1,814.01 Cash in savings account .. 644.80 Office equipment......... ■ 137.60 Lineman's tools and equipment ................... 416.40 Pole line material ......... 1,116.91 Stock in trade ............ 525.93 Wiring material .......... 238.51 Cash in till.............. 33.41 Arrears .................. 126.12 $22,605.4(i Liabilities-Unpaid debentures ........$11,204.00 Superior Electric account .. 42.33 Equity in System ......... 11,359.13 $22,605.46 Frofit and Loss Statement-- Total receipts including ar- rears for 1936......... 2,539.98 Inventorv or tools, stock and equipment Jan. 1st, 1936..$ 305.83 Operation, maintenance and supplies 1936 ..........• 681.91 $987.74 Deduct--toe Is. stock on hand, anc equipment Jan. 1st, 1937 ...............-$ 438.42 $549.32 Net profit not including depreciation or debentures' $ 1,990-66 _ $2,539.98 * 2,539.98 Amount of yearly debentures ...................I 4,726.47 Net operating surplus ..... 1.990.66 Net operating loss not including "depreciation or fire protection discount.. 2.735.81 Assets and Liabilities Assets-- . Tools, stock on hand and Liabilities-- equipment ..............$ 438.42 Water Works debentures Water Works System (ap- unpaid ..................$65,670.0J proximate cost) ......... 75,000.00 Equity in System Arrears Water Rates Jan. (arbitrary) ............■ 10,012.80 c5rL».r::::::::::::_JK mm.i j - $75,682.80 ount of the issued debentures in 1933, which were approximately $12,500.00, to what is shown on the statement this year, namely $22,605.46. This indicates an average profit or accretion to capital of $2,500.00 per year. Considering the size of the plant and volume of business done, this would appear to be a sufficiently large profit that some of it might be turned back for the benefit of the users of electric energy in the Village cf Colborne. ... ■u&mV--a^bte$M--.' We therefore recommend to the council and to the Public Utilities ion, a consideration of this matter, with a view to lowering the rates for users of electricity in this village. Yours respectfully, A. D. HALL, D. L. DUDLEY, Auditors. To the Council of the Corporation of the Village of Colborne Re Audit for Year 1936 th our undertaking to give you, in concrete form, a statement summarizing various features of the Audit as explained to you on the date of returning the Audit. We are respectfully submitting the following observations aid ?acts. 1. A reconciliation of the financial position of the Village on the thirty-first day of December 1936, with that of the beginning of he year, shows that the expenditures exceeded the receipts by the sum of $3776.00. The actual amount, however, by which the expenditures exceeded the estimate for the tax assessment levy was $1,825.59; in other words, the amount by which the 1936 tax estimate was insufficient was the suor of $1,825.59, and the liquid assets of the -Corporation have been decreased by that As a result of this, we recommend a careful study of the fnancial statement and a more carefful estimate of the yearly expenditures, with a view to meeting these expenditures with 2. You will notice among the liabilities of the Corporation an item for $7052.26 owing on the paving account. Money for the payment of this account had been provided in 1930, which has been used during the past few years in the payment of other accounts' not authorized to be paid out of this money. Unfortunately, this leaves the Corporation with a deficit of $5,541.98. 3. We respectfully recommend the keeping of a Relief Ledger showing the actual amounts received by all relief recipients, with a view to the possible recovery of at least some part of these monies advanced, at some future time, or. in some cases, from other municipalities. We have recommended a change in the system of books kept by the Tax Collector, to the extent of keeping a proper distributive cash book and a book in which all arrears of taxes will be kept. The single entry system at present being used, is not conducive to a proper audit, and entails a neerless amount of work. Considering the amount of bookkeeping necessary by your Clerk and Treasurer at the present time, no small part of which is due to the relief problem, we have seen fit to respectfully recommend that you consider an increase in this officer's salary, which we feel is quite insufficient at the present time. Conditions outlined in this Audit (Continued on Page 5) ]