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Page 6â€"The Weston Y ork Timesâ€"Thursday, July 15, 1971 To The Members of Council, Inhabitants and _ Ratepayers of the Corporation of the Borough of York Revence Texation uther Contributfons from other governments General Covernment Protectfon to persons and property Public works Senitetion and weete remova) Comservation of heslth Sociel and famfiy services Necreation and community services Total revenae (Wotks 6 and }) Cow cnity ~**aning and devel Pinsuctal +« cponsen Au ation Metropolitan Toronto share of expend) cure Other t« +1 expatiLture (Ns Espenditure Lxcess of revenue over expenditure for the year (Excess of expenditure over revenue for the year) Surplus (deffELt) t ise versoming of the year Surplue (deffcit) at the end of the year Corporation of the Borough of York and its local boards, which general review of the accounting procedures and such tests of considered necessary in the circumstances. Licence Number 3952 are listed on the attached Index. Our examination included a accounting records and other supporting evidence as we STATEMENT OF REVENUE AND EXPENDITURE for the year ended December 31, 1970 present and the for Ontario municipalities applied on a basis consistent with Toronto, Ontario June 23, 1971 Borough that of the preceding year. referred to in Notes 6, 7, in accordance with accounting principles generally accepted BOROUGH OF YORK We have examined the 1970 financial statements of the In our opinion, except for the effect of the matters of York and its local boards as at December 31, 1970, results of their operations for the year then ended, fairly the financial position of the Corporation of the +aning and development AUDITOR‘S REPORT Signed Riddell, Stead & Company these financial statements 1,493,863 1970 050 . 322 324, 780 231,679 025 817 918, 877 124, 390 869 , 256 BU 292 212 247 192 181 171.958 695 417 894 s91 Jm8 a79 Jhk 228 jaB 31,1472, 803 C M14,098) 2,021,705 ,132,216 122, 137 ,456, 898 1969 A77,329 743, 769 743 104 855 7M 486 , 053 040 189 194 081 029 195 107 549 Con cibutions from reserve iunds and reserves Unfinanced capital outlay (Unexpended capital financing) a@@he beginning of the year Long term lisbilities incurred Contributions from the revenue fund for capital expenditure Conrributions from other governments General government Protection to persons and property Public works Sanitatfon cnd waste removel Conservetton of health Unfinanced capitel outley (Unexpended capftal financing) at the end of the year Captzal CAPITAL FINANCING Trasfers‘ to others Recreation and community services Othâ€" t CONSOLIDATED BALANCE SHEET (Note 1) as at December 31, 1970 Roperves and reserve funds Unappropr iated balances Other current assets Other current liabilities Accounts receivable Taxes receivable Wote 5 > re L{abflfty for Veated Stck Leave Reneffts Cash Capttal out)ay to be recovered in Iuture years (Wote 4) Lfab{1{t tes Temporary loans Wet long term lMabilf*fes (Note ) STATEMENT OF CAPITAL FUND OPERATIONS for the year ended December 31, 1970 ther long term sesets nant« payable and «corued labti{tfes expendi ture OVTAY Total curfent 1fab{l{tfes apftal financing apital outlay otal current assets Total Mabtlftfes Total assets (2,063,378) 585 976 221 267 217 279,035 357 1970 191 9,689 , 207 _ 139,129 3. 389.716 ,287 1970 075 078923 078 .923 396 280 ,000 252,6 310 $1,875 59505 446 453 778 164 311 926 136 172 153 793 609 074 246 737 1,083,697 0981 , 391 021 498 106 , 474 1, 446 , 520 674 25,141 33,825 868,455 781,532 1,695 171 217 909 191 321 1969 684,166 1969 sal BuB 119,630 892, 310 940 , 0u6 791 .856 382 171,998 601 057 478 071) 004 935 274 793 231 §31 916 166 Under an agreement between the Borough of York Community Centres Board and The Canadian Union of Public Baployees and {ts Local #10 signed on April 26, 1971 increases in wages were granted retroactive to January 1, 1970 and January 1, 1971. Payment of the retroactive {ncreases was made early in May 1971 and {t is estimated that $12,000 was in respect of the year 1970. This amount has not been provided for in the 1970 financial statements of the Board. Bor ough NOTES TO FINANCIAL STATEMENTS for the year ended December 31, 1970 of York Community Long term liabilities issued by the municipality, the reserve funds as investments, smount to Municipal enterprises Some capitel outley does not represent a as 1t is to be recovered in future years Special charges on benefitting landowners Of the total charges shown above, an amount of $1,794,333 was paid from the gemeral revenues of the municipality and is {ncluded in expenditure classified under the appropriate functfonal headings, and an smount of $43,194 was recovered from the municipal enterprises for which the relsted net long term labilittes were incurred. Net The Consolidated Balance Sheet reflects the assets and liabilittes of the revenue fund, the capitel fund and all reserve funds of the munfcipelity. I does not include 563 shares, par value $100 each, of York Township Housing Company Limited which are owned by the Borough, the cost of vhich ($56,300) was provided from a reserve sccount. Trust fund mesets administered by the municipality, amounting to $15,306, have not been comsolidated, nor have the assets and liab{lites of amy local boards of the municipality. Total charges for the year for net long term 1tabflitfes were as follows: Total long term lfab{lities incurred by the munfcipality and outstanding at the end of the year amount to $ 1,8 The totel value of simking funds which have been accumulated to the end of the year to retire the outstanding long term ltabilities imcluded above amount to Included in the above is an smount of $604,245 currency which is converted on the basts of 31 Contribution to sinking funds in additton, the mumfcipality has assumed responsibility for the payment of principal and interest charges on the long term ltabilities assumed from the Municipality of Metropoliten Toromto, the principal smount of which at the end of the year Of the cutstanding long term lisb{lities shown above, the responsibility for peyment of princtpal and interest charges Nas bean assumed by others for an amount of Ner iong term lfabilities at the year of the year Interest Liab{11t Under the sick leave benefit plan, unused sick leave can accumulate and employees may become entitled to a cash payment on termination of service. . The liability for these accumulated days, to the extent that they could be taken in cash by an employee on terminating, amounted at December 31, 1970 to a total of $1,562,076 for the Borough and its local boards (other than The Board of Rducation for the Borough of York), made up as follows : Mo provision has been made for this l{abtlity, other than a Reserve for Sick Pay "redits in the Mater Supply Syetem of $17,000 (Statement Pâ€"1) vhich is unchanged from the previous year. It is the policy to pay the accumulated sick leave benefiza of retiring or terminating employees from the revenue of the year in which the lfab{lity becomes payable. in 1969 substantial expenditures were made for purchases of land in connection wich the reâ€"alignment of Marlee (formerly Lyon) Avenue, but no part of such {wpandicures was fncluded in the application for 1969 subsidy from the uepartment of Mighways. However the portion of these expenditures eligible for subsidy was included with the application for Roadways subsidy on 1970 eligible expenditures resulting in an increase in the 1970 subsidy of approximately $247,000 from what it othervise would have been. Mo provision has been made in the accounts to record the value of certain of the purchased land which may be available for reâ€"sale. Borough of York Borough of York Rydro System Reâ€"ai(g:ment of Marles irincipri payments Morough of York Planning Board Borough of York Community Centres Board ipital outle Under agrements with a developer, the Borough uniertook to stop up and clore Briar Mill Avenue between Merles (formerly Lyon) Avenue and the City Limits and a portion of Benner Avemue, and to sell such stopped up road sllowances to the developer. Part of this land wae sold in 1969 and the rematning belance, being the wieterly oneâ€"third of Briar Mill Avenue, was stopped up and closed in 1970 and 1t is to be conveyed to the developer at any time prior to June 30, 1972 for # purchase price of $146,800. The purchase price has mot yet been paid and this mmount has mot been recorded in the 1970 sccounts of the Borough. As (n prior years mo provision was made in the accounts of the Mydro System for the revenue scerued from the dates consumere‘ meters ware last read to the ond of the year . Rpdro revemue sccruad ges for net o« ~agh of York Public Library Board y for vested sick leave benefits term 1 y to be recovered in future 1 tdat tab{l{tles d up road allowances â€" Briet Mill Avenue and Benner Avenue Centres Board retroactive term 1 (formerl {abtiithes y Lyon) Avenue burden on general municipal revenues from other sources : payable in United States Canadian being equal to $1 U.S pay increases 9,968, 242 and held by $ 1,836,683 $ 1,195,645 11, 618, 817 167, 441 458 953 837 131,412 541,502) 192 341 13, 245 658) 817 842 351) 584 §27 512 194 # | #|%