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

NOTES TO FINANCIAL STATEMENTS Long term Iiabimies issued by me municipality, . V F--- and held by the reserve lands as Investments. amoun' to ( L656) Net long term liabilmes at the end or the year $5,153,564 Included in the above it an amoun' or $342,919 payable in Unwed States currency which is converted on the Bases ii? SI Canadian being equaI ttt n US, a. cum: - " be "covered in ftrttrre years Some capital oottay do” ttttt represenO a burden on general municipal revenues, as it is to be recovered in future years tram other sources: mm charge! on landmine landowners “09.279 icipal enterprises .11.,“ Of the total charges shown above, “367123 was paid tram the general revenues of the municipality and is in. cluded in expenditure, classitied under the appropriate tunctional headings, and an amount at $26,773 was recovered from the municipal enterprises tor which the related net long term liabilities were incurred. 3. Net long term liabilities Total long term liabilities incurred by the municipality and outstanding at the end at the year amount to $51 l,i25 m addition, the municipality has assumed responsibility tor the payment of principal and interest charges on the long term liabilities assumed from the Municipality at Metropolitan Toronto, the principal amount of which at the end of the year is 12,222,828 Of the outstanding long term liabilities shown above, the responsibility tor payment at principal and interest charges has been assumed by the Municipality ot Metropolitan Toronto tor an amount ot (78,231) The total value ot sinking tunds which have been accumulated to the end ot me year to retire the outstanding long term liabilities included above amount to (3M60,200) tor me year ended December 31, I972 I. Basis ol consolidation The Consolidated Balance Sheet reflects the assets and liabilities of the revenue fund, the capital fund and all reserve lunds ot the municipality. " does not include 563 shares, par value 5100 each, of York Township Housing Company Limited which are owned try the Borough, the cost ot which ($56,300) was provided trom a reserve ac count. Trust fund assets administered by the municipality, amounting to 516,225. have not been consolidated, nor have the assets and tiabilities ot the waterworks, the hydro system and any local boards of me municipality. 2. Charges tor net long term liabilities Total charges tor the year tor net long term liabilities were as follows: Principal payments including corttriButioos to sinking Iunds in'eres' CONSOLIDATED BALANCE SHEET e, ol6u I as at December 31, I972 assets Current assets Cash Accounts receivable Taxes receivable Other current assets Capital outlay to be recovered in future years mote A) Other long term assets Accumulated net revenue (deficit) at the end of the year Taxation Contributions trom other governments Other Analysed as follows General revenue Special charges Special areas Police villages Accumulated net revenue (deficit) at the beginning of the year Expenditure (Note I) General government Protection to persons and property Public works Sanitation and waste removal Conservation of health Social and family services Recreation and community services Community planning and development Financial expenses Education Metropolitan Toronto Region or county - share at expenditure other . Revenue STATEMENT OF REVENUE AND EXPENDITURE For the you ended December 31, 1972 AUDITOR'S REPORT To The Members of Council. Iithattitanta and Ratepayers of the Corporation of the Borough of York . We have examined the 1972 finaneia1 statements of the Corporation of the BorougttofYorhanditaioealhotuda,whichare 1iatedonttteattaehedirtdex. Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we corn? sidered necessary in the circumstances. m our opinion. except for the effect of the matters referred to in Notes 5, 9 and 11, these financial statements present fairly the financial position of the Cor- Uh .duaiu'x (38,676,158) 38,766,531 3d,633,675 1.367.061 2,765,795 25,394 1420.089 234.784 446,254 15,377,600 8,124,613 366,062 10,550,826 14,728,479 Municipality BOROUGH OF YORK l,628,l94 3,281,901 2,437,778 2,047,396 1,285,793 1972 979,760 731,612 2,318,724 147,557 4,177,653 Municipality BOROUGH OF YORK W72 1971 $664,976 '353,024 755,349 715,596 39,753 755,349 L3af.yh.220d 9,187,522 31,193,889 300,712 35,763,146) 10,318,709 36,075,099 13‘9IJ,668 29,354,253 4,484,455 2,236,390 1,506,056” 2,983,304 2,242,469 1,945,304 895,492 23,037 2,732,224 232,351 608,543 14,667,587 7,540, we 336,091 3,594,959 $503.7! 1971 $880,193 868,039 1,736,870 “”357 664,976 626,687 38, 289 664,976 Current liabilities Temporary loans Accounts payable and accrued liabilities Other current liabilities liabilities Net long term liabilities (Note 3) Reserves and reserve funds Accumulated net revenue (deficit) and unapplied capital receipts STATEMENT OF CAPITAL FUND OPERATIONS Unlinanced capital outlay (Unexpended capital Financing) at the beginning of the year Capital outlay ' General government Protection to persons and property Public works Sanitation and waste removal Conservation of health Social and family services Recreation and community services Community planning and development Other Transfers to others Capital financing Long term liabilities incurred Contributions from other governments Contributions from the revenue fund Contributions from reserve tunds and reserves Other Unfinanced capital outlay (Unexpended capital financing) at the end of the year Capital expenditure 5. Liability tor vested sick leave ttettefits 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 M, 1972 to a total of $2,060,477 for the Borough and its local boards (other than The Board of Education for the Borough of York), made up as follows: . Borough of York V $1,677,191 The Borough of York Public Library Board 17,412 Borough of York Planning Board t - Borough of York Hydro System use” No provision has been made Mr this liability, other than a Reserve tor Sick Pay Credits in the Waterworks of $27,000 (Statement A-5) which was increased by $5,000 from the previous year. " is the policy to pay the at cumulated sick leave benefits at retiring or terminating employees from the revenue of the year in which the liability becomes payable. Provision tor reserves m the Analysis of Expenditure (Statement l-3) there is an amount of $98,000 shown as Provision tor Reserves. This is made up of two items: It) An addition to the Reserve tor Working Funds of $33,000, which was provided by a transfer through Other Revenue trom the Allowance for Uncollectible Taxes. (Statesments 3-4 and HA). frtt A -a-.-t_...".-- Anna, MAL. A. _ _ -- _ - -"e _ V-. ._._ . '7‘...“ TBr.')....-".)"'.. a" III“ I' IN]. (2) A contribution of $15,000 to the Reserve Fund for Parking Purposes. (Statement 4), Provision tor allowances m the Analysis of Expenditure (Statement 13) there is an amount of $35,000 shown as Provision for which was provided tor the Allowance tor Uncttltectittte Taxes to replace the former amount of $83,000 to the Reserve for Working Funds as explained in Note 6. poration of the Borough of York and its local boards as at December 31, 1972, and the results of their operations for the year then ended, in accordance with accounting principles generally accepted for Ontario municipalities applied on a basis consistent with that of the preceding year. C Toronto, Ontario May 18, 1973 Licence Number 4334 BOROUGH OF YORK s an amount of $35,000 shown as Provision for Allowances Taxes to replace the former amount of $83,000 transferred BOROUGH OF YORK Municipality I. Municipality BOROUGH OF YORK (1,980,992) Riddel, Stead & Co. 14,779,479 56,575 48,951 739,690 1,163,019 2,536,758 “08.038 1,060,143 282,664! 432.425 191,297 IA 463 l , 363 ' 304 9,185,864 1,476,128 1,633,766 1,667,382 523,929 E5. 211.12tt 3,495 1972 Municipality 1e 13,9t3,668 (1,92d,972) 9279.035) FLm 9,509,012 1,308,351 1,507,260 24,069 SLNO. 3,012(045 105,246 83,873 768,305 1,329,697 1,235,504 171,782 237,485 176,084 104,117 664,976 710,460 808,038 hasten " This WN ALL