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PAGE 8 TERRACE BAY NEWS SEPTEMBER 7, 1972 The following are excerpts from the Township of Terrace Bay's 1971 financial statements. Due to the large number of statements for the various boards, it was impractical to completely publish the financial statements. However, a copy of the complete set of financial statements will be available for review by anyone wishing further information. TOWNSHIP OF TERRACE BAY AUDITOR'S REPORT TO: The Members of Council, Inhabitants and Ratepayers of the Corporation of the Township of Terrace Bay, Terrace Bay, Ontario. We have examined the 1971 financial statements of the Corporation of the Township of Terrace Bay and its local boards, which are listed in the attached index. Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we considered necessary in the circumstances. In our opinion these financial statements present feirly the financial position of the Corporation of the Township of Terrace Bay and its local boards as at December 31, 1971 and the results of their operations for the year then ended, in accordance with accounting principles generally accepted for Ontario municipalities, which, except for the change in accounting procedure in the presentation of the urban service area surplus mentioned in note 6, have been applied on a basis consistent with that of the preceding year. THUNDER BAY, ONTARIO GLENDINNING, JARRETT, GOULD & CO., May 24, 1972 CHARTERED ACCOUNTANTS. Licence No. fai. TOWNSHIP OF TERRACE BAY STATEMENT OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED DECEMBER 31, 1971 1971 1970 REVENUE $ $ Taxation 571,417 575, 804 Contributions from other governments 62,962 61,826 Other 34,667 11,554 Total Revenue 669,016 6L9,184 EXPENDITURE General government 33,501 33,551 Protection to persons and property d 55,845 63,438 Public works 68,121 24,515 Sanitation and waste removal 26, 260 38,091 Conservation of health 2,097 1,895 Social and family services 16,646 15,088 Recreation and community services 84,797 74,715 Community planning and development 153 Financial expenses 345 1,047 Education 385,644 365,847 Region or county - share of expenditure Other 39,731 Total expenditure (notes 1 & 2) 673,256 658,071 Excess of revenue over expenditure for the year (excess of expenditue over revenue for the year) (4,210) (8,887) Surplus (deficit) at the beginning of the year 18,815 27,702 Surplus (deficit) at the end of the year (note 6) 14,605 18,815