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Page 8 TERRACE BAY NEWS June 29, 196' AUDITOR*S REPORT 109 Cuthbertson Blodk Fort William, Ontario, April 20, 1967. THE REEVE AND MEMBERS OF COUNCIL, THE TOWNSHIP OF TERRACE BAY, TERRACE BAY, ONTARIO. We have examined the books and records of the Township of Terrace Bay for the year ended fesasted 31, 1966, and statements relative thereto are attached. Revenue Fund Requests for verification of tex errears were sent to all taxpayers shown on the roll as being in arrears as at April 14, 1967, It is our understanding that receipts from swimming pool donations and memberships ere to be taken into the Township revenue fund until such time as the amounts expended by the Township in past years on the construction end maintenance of the pool and changehouse have been fully recovered. Subsequent receipts from these sources would then be paid directly to the Recreation Committee to finance operating expenses. The unrecovered balance of the pool and change-house costs at December 31, 1966, was $21,075.58 as follows: Balence, December 31, 1965 $25,034.87 Donations and memberships e2 Balance, December 31, 1966 $21,075.58 We were not able to determine if the division of recreation memberships was properly made between those for the use of the pool, which are receivable by the township as shown above, and those receivable by the Recreation Committee for general recreation purposes. An amovnt of $38,080.00 was paid to the Thunder Bay District Home for The Aged during the year. This amount represented the Township's share of the capitel cost of a new home for the aged, based on its proportion of the total equalized assessment of the participating municipalities. However, the proportionate amount payable by each munici- pality hes been appealed and, while the appeal is not yet settled, the latest available information indicates that an additionel amount of approximetely $29,000.00 may have to be provided by the Township out of future years! levies. The development of @ park as a centennial project was commenced during 1966, but was not completed by the end of the year. Only the expenditures made, and the interim grants applicable to these expenditures, have been reflec- ted in 1966 revenue and expenditure. It is estimated that further costs ef approximately $2,800.00 will be required to complete this project in 1967 and that approximately $1,800.00 in grants will be forthcoming in that year. Terrace Bay Hydro-Electric Utility As in past years, neither the expenditure on power purchased during the lest month in the year nor the revenue de- rived from sales of power during an approximately equal period are included in the ettached operating stetement. Publio School Board Expenditure for teachers! salaries in the attached statement includes the gross salaries earned by teachers during the year. Since the teaching staff are paid on a twelve-month basis from September to August inclusive, whereas the seryiées are rendered over a ten-month period from September to June, there is a resultant liability to teachers for deferred salary peyments as at December 31, 1966. This accrued liability is included in the attached statements. R. C. Seperate School Board The expenditure for teachers! salaries and the liability for accrued salaries heave been determined in the seme manner ag was explained ebove for the Public School Board. A residence is held in the name of the School Boerd, as an accommodation measure only, on behalf of the Perish. A mortgage in the amount of $14,300.00, without interest, payable on demand, was given by the Board to the Parish to indicate effective ownership by the Parish of this dwelling. Neither the asset nor the liability for the demand mortgage are included in the attached statement. High School Board Capitel expenditures from revenue funds emounted to $22,606.48 and were in excess of the two mills expenditure Continued on Page 12...e. Tabs cel in asia ncaa ola oS Naat Oa Sets: a a ee ee