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Home My WebLink AboutGrand Bend Holiday, 1964-07-31, Page 5A Financial Report to the Ratepayers Auditor's Report The Reeve, Councillors and Ratepayers The Corporation of the Village of Grand Bend Grand Bend, Ontario Dear Sirs: July 6, 1964 I have audited the accounts and records of the Village of Grand Bend for the year ended December 31, 1963, and have prepared therefrom the statements listed in the index accompanying this report. The operations for the year resulted in a surplus of $2,354.73 compared with a surplus of $6,496.28 for the year ended December 31, 1962. Presented herewith is a condensed, comparative Statement of Revenue and Ex- penditure for the three years ended December 31, 1963, 1962 and 1961. Revenue Taxation Debenture debt charges recoverable Province of Ontario — subsidies . . Licenses and permits Interest and tax penalties Other revenue . . Other municipalities Sundry revenue Year ended December 31, 1963 1962 1961 102,214.14 91,510.58 93,558.90 8,015.62 8,075.62 8,135.62 12,542.26 7,171.88 7,265.94 1,539.25 1,787.00 1,799.00 1,570.37 1,388.69 1,085.31 1,995.61 7,868.57 7,049.50 7,549.05 3,771.85 4,192.14 483.09 2,487.94 122.29 135,909.39 124,062.13 123,208.70 Expenditure General government Protection to persons & property Roads, highways and streets . . • • Sanitation and waste removal.. • • Conservation of health Social welfare Education Recreation and community service Debt charges County rates Discount for taxes Taxes refunded. . . Capital expenditure out of current revenue Year ended December 31, 1963 1962 1961 9,389.50 8,289.89 6,762.73 16,595.90 18,027.85 18,036.53 24,142.09 9,174.04 8,991.58 88.50 273.00 200.00 200.00 1,040.46 390.92 353.48 45,145.40 36,779.98 35,786.48 1,680.17 6,641.75 8,736.03 9,291.05 9,406.45 9,534.72 24,873.87 22,840.35 24,619.19 973.24 939.24 938.18 149.98 31.47 10.33 4,843.91 133,554.66 117,565.85 114,057.75 Surplus for year $ 2,354.73 $ 6,496.28 $ 9,150.95 The results of the operations of the other Boards and Commissions were as fol- lows for 1963. Public Utilities Commission - Hydro Grand Bend Public School Board Recreational Committee GENERAL surplus surplus surplus $ 3,704.67 $ 9,590.89 $ 47.38 It is brought to your attention, as I have in past years, that the taxes receivable listings do not agree with the general ledger control accounts. The listings are short of the control accounts, and it is recommended that the Council sitting as a Court of Revision write off these old uncollectable taxes. The residential taxpayers were given a tax benefit equal to the Unconditional Per Capita grant; however, the previous year's excess benefit was not taken into consid- eration. A gross error was made in calculating the residential and commercial tax rates with respect to those taxpayers whose rates are affected by Forest District High School. The variation between the residential and commercial rate was almost 50% whereas it should have been 10%, The commercial ratepayers were overtaxed by this error. Changes have been made in the assessment and collector's roll without apparent authorization by Court of Revision. There is also include d in the Assessment and Collector's Roll property that is not subject to real estate taxes. Although no additions under Section 53 of the Assessment Act were made in the Collector's Roll, it seems logical that some buildings were either altered, added to or erected and fit for occupancy between January 1, 1963 and November 30, 1963. This is a mandatory provision of the Assessment Act. The Assessment Act, Section 401, Subsection 16, provides that a Village may pass a by-law for licensing, regulating and governing tr an sie nt traders and other per sons whose names have not been entered on the assessment roll in respect of business assessment for the then current year. Since there are no prepaid licenses under this Section of the Assessment Act, it appears that Grand Bend is losing taxa- tion revenue it might otherwise receive. There is no method of properly auditing the mooring fees that should be receiv- ed. It is suggested that serially numbered by the printer duplicate receipts be issued, that sufficient detail be listed on the receipt so that receipts could be audited to com- ply with the by-law. By-law121, providing for such mooring fees, states that the sea- sonal rate will be $60.00 or less subject to the discretion of the dock master. It would seem reasonable that the fees be a definite amount and that the discretionary clause be eliminated. Auditor's Opinion Subject to the foregoing qualifications, I hereby report that in my opinion (1) The financial transactions which have come under my notice have been within the powers of the Municipality. (2) The audit has been conducted in accordance with the instructions of the Depart- ment of Municipal Affairs. (3) The financial statements present fairly the financial position of the municipality as at December 31, 1963, and the results of its operations for the year ended on that date. A, M. Harper Date of filing July 15, 1964. License number 2544 TO THE RATE PAYERS OF THE VILLAGE OF GRAND BEND Please take NOTE that in publishing this statementI am c o m plying with the pro- visions of SECTION 223a of the Municipal Act. And instructions received from Municipal Auditor A. M. Harper under date of July 16th, 1964. aao • <52 2 Clerk -Treasurer Village of Grand Bend Revenue Fund Balance Sheet December 31, 1963 ASSETS Cash on Hand Cash in Bank Accounts Receivable Sundry Due from Province of Ontario . Due from Schools Due from Other Funds (specify) Capital funds . . . Taxes Receivable (Schedule 5) . Less Allowance for uncollectible taxes (Schedule 8) Total Assets . . . • . . . . 4 LIABILITIES Accounts Payable Debentures and Coupons Due Principal Interest . . . . . Due to Province of Ontario Due to Other Municipalities Due to Schools .. Other Liabilities Deferred Revenue (Schedule 8) . Surplus (Form C) Total Liabilities and Surplus 6.43 4,434.52 279.09 35,705.73 3,500.00 1,895.00 4,440.95 279.09 2,116.75 50.76 1,694.85 35,705.73 44,288.13 3,203.58 5,395.00 700.00 13,547.14 9,807.50 294.16 11,340.75 44,288.13 Revenue Fund Surplus Account December 31, 1963 Balance at beginning of year. . . . Adjustments affecting operations of previous years: Settlement Re Taxes on Land Subject to Disputed Ownership . . Taxes refunded Re Prior Years . Surplus for the year (Form D) . . . . Totals of Debit and Credit Columns Balance of Surplus at year end (Form B) Debit 178.13 Credit 8,613.20 550.95 2,354.73 178.13 11,518.88 Balance 11,340.75 Capital Loan Fund Balance Sheet December 31, 1963 ASSETS General Fixed (as per Schedule 18) Due from Schools (for Debentures) Public Collegiate and High Due from Utilities and other Municipal Enterprises (for Debentures) Electric Light and Power. . . . Other Tangible Assets (specify) Test drilling & water survey fees LIABILITIES Schools Public Public Utilities and other Municipal Enterprises 'tectric Light rind Power . . . DUE ..;C) other municipalities (for debentures Assumed —Schedule 2) Accounts Payable (Schedule 17) . 0 „ Due to Other Funds — Revenue funds Investment in Capital Assets 67,500.00 26,965.64 67,500.00 59,154.90 33,538.50 94,465.64 59,154.90 15,056.28 202,215.32 126,654,90 26,965.64 13,361.43 1,694.85 33,538.50 202,215.32 Grand Bend Holiday, July 31, 1964 Page 5