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i i in a@uition the mumcipa!ity has astumed resporsibi):*y o the payment 5t princibai ant interest charges on the nng term {abâ€"ishies 5t ofther munâ€"copaltes. the principa) ambunt 0t whict at the enc of the year (after the deduction of sink ing tund dapos.*s in the amaunt of §10 403 6°° is O# the outstanging thag term |ab ts shows ahove The resnonsibsi*y, tor paymen! of principa and interest charges has been assumad by othert for an amaount o* Net Nung farm hatsitie at the and of the year On the ata! charges shown ahove an ambun‘ 0f §5 90 00 was part toom e pene a ~evenues o the municipaiity and is included in expend ®ure class *â€"nd unge the approproate tunctiona headings in magitinn $381 E11 charged as i ibrames and %2 °S"° charged as Recreatson ang Commun®, Services Unclarsiied ware reooverad tram munâ€"cips! enterpriases ty whct the reiatad net tung temm sabi)nes ware incurred $\ **\ §80 was recovered tram ather munkcinal enterprises t whicr o me cmatet net wang Yermh hnabssties were incurred 1 Net Lang Torm Liabiihes to be SpeconNy Assessed ! Cartwin met yynp Nn ipiyifhes the Nums o @hach @~l neQusne Canlalr iangs. bwhent o ACcupants \ NWet Long Term Loatsiitres Tota! ym Nerm hmabities Curred by Ihe mumcuba)i‘y and outsanging at e enc of the We have qxarineg The acoomanrying 'Mz Cintements m The Oorpiv anaw i the Rornogt it Noct York ty Yhe var enges Duxt@rmnte 3\ ‘9e® Ouw evam Jw included a panera revees m the acobunting pracedures and wyu®b Yedhk at ecopunting recarts it ofhie cugyyy®ing evsdience as e coms Genat necebaary in the corcumstances Niymibaus & Counco ant @atepavers tme Corpirat®iun o the Ruâ€"nugh o Nt vorr Charges tor Net Long Term iâ€"absihes Tatal charges tar the year fyr not nag tarm labitâ€"es eiare as thilDws Principe! Cayrmen‘ts ( M *s, 18 CORPORATION OF THE BOROUGH OF NORTH YORK w Ramo & Cante® 1968 FINANCIAL STATEMENT Ontar io Municipatities Cash and deposit receipts Accounts receivable Other governments Other, aftter deducting allowance tor doubttul accounts Local Boards and other tunds North York Board ot Education North York Mydro Electric Commission North York Public Library Boara Capital Fund Taxes receivable, atter deducting altowance for uncoltectable taxes Property acquired tor taxes, after geducting allowance tor loss on sale inventorres, at cost B Golt clubs‘ tixed assessment Less: Provis:on for tixed assessment Other assets Contributions trom other governments Payments in liew of taxes Subsidies Other revenue CuURRENT assets Cash Accounts recesvable Other governments Ontarco Taxation Realty Special charges NON IECUIQD.NG EXPENSES TO BE LEViED in FuUTuRE rEars ' masp *ai grants Owners share of Jncal «mprovemants FiXED ASSE TS (mote 7) Total revenve FUTUVRE RECOVERIES FROM LEViES OR RATES Munic.«pal enterpr ces Other â€"Narth York Pubi Library Board Mumcipalitres OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED DECEMBER 31, 1968 NOTES TO FINANCIAL STATEMENTS d REVENUE FUND BALANCE SHEET CAPITAL FUND BALANCE SHEET REVENUE ASSETS ASSETS FOR THE YEAR ENDED DECEMBER 31 AUDITORS‘ REPORT AS AT DECEMBER 31, 1968 AS AT DECEMBER 31, 1968 STATEMENT 111,588,631 93,579,652 81,170,470 10.231,659 1.77.523 §3.554.597 13,026.336 32.002.576 2,493,625 10.532,711 24,394.887 9.669.328 4,561 9,662.042 3,406,500 2,047,569 4,379, 389 4,982,643 4,048,620 $.0)1.007 §,723.021 8.893.078 ].689.576 145, 632 270.664 (270 .664 ) 268,952 851.433 159698 312109 337.033 379 .826 §2.323 9.341 1,425 116 B to be specially assessed. have been included in the net long term liabilites, classitied under gener al mumicipal acctivities The bases and the 1\ The Loca! improvement Act 2) Section 380 of the Mumicipal Act in )@a8 the BRorough changed its method of accounting for water revenue to take into account water which had been consumed and not billed at year end Water consumed during 1987 and billed in 19a8 amaunted *o $1.015.370 and is disclosed as an adjustment to the earned surplus account Water von sumed during 1988 and billed in 1969 amounted to $1.110.057 and is included in accounts receivable at December 1| 1968 The net effect of this change in accounting for water revenve har been h ins rease 1®8k revenue in the amount ‘of $2%4 a8) & Ancaster Park Dispute The Borough disputes the claim by the Municipality of Metrapatitan Taoraonto at the owner ship ot a bunding incated in Ancaster Park The remaining outstanding debenture debt prircipal on thix busiGing amounts to $37 911 and is included in Net lang term liabilities â€" General munic iat activities on the Capita! Fund Salance Sheet * FCwed Assots The twed assets are valued at the related amount of the unmatured debenture daebt and captal advances and include wark in progress o be debentured in the amount ot §0 011 0%1 at cast Labilitres payable in United States‘: doliars included in net long term labilitres is an amount of $5,191,899 payable in U $ dollars and recorded the bas:s of $1 Canadâ€"an being equal to $1 U S The rate of exchange at December 31. 1988 was $1 5 equvaient to $1 07M Canadian Waterworks Departmentâ€"Revenue trom Sale of Water Excess of revenue over expenditure for the year Surplus at the beginning of the year Metropolitan Torontoâ€"share of expenditure Educationâ€"local contributions General government Protection to persons and property Public works Sanitation and waste removal Conservation of health Recreation and and community services Community planning and development Financial expenses Total expenditure (note 2) Surplus at the end of the year DEBENTURE PROCEEDS UNEXPENDED AND COMMITTED FOR CONSTRUCTION OF CAPITAL WORKS 273,801 FUNDS DEPOSITED BY NORTH YORK BOARD OF EDUCATION FOR FUTURE USE PENDING: DiSPOSITION OF ‘ OPTION AGREEMENT 137,277 Accounts payable and accrued liabilities Other governments Municipalities NET LONGâ€"TERM LIASILITIES (notes, 1, 4 & 6) General municipal activities (note 3) Municipal enter prises Local boards and other funds Sewer Area 23 Loca! Boards Other funds Other liabilities Deterred revenve Reserves Surplus DEPOSITS FOR FUTURE CONSTRUCTION CURRENT LIABILITIES Accounts payable and accrued liabilities other governmentsâ€" Ontar io Municipalities Local boards and other fundsâ€" North York Public Library Board Revenue tund Gener al accounts payable Unexpended appropriations Miscellaneous 497 The bases and the amounts of these assessments are as tollows EXPENDITURE LIABILITIES LIABILITIES BC 110,852,527 Lighre 2,378,180 24,444,721 $3,794,437 42,786,588 $3,554,592 33,701,472 9.085,116 24,394,687 10,076,900 4,821,381 9,740,072 4,918,531 736,104 4,085,277 5,668,515 644,759 1,708,173 7,525 4,815 4,362,401 4,374,741 9,717,024 2,639,219 6,793,337 4,821,381 3,937,230 18,984 9,662,042 1,365,035 691, 104 137,277 280,026 179,276 179,276 5,174 183,897 McdOnALD CuRRIE a co crha@te@50 accovntawts O $.372.770 8,893,078 479,692 e