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

JUNE 26, 1969 TERRACE BAY NEWS PAGE 9 The following are excerpts from the Township of Terrace Bay's 1968 financial statements. Due to the large number of statements for the various boards it was impractical to completely publish the financial statements. Howevery, a sopy of the complete set of financial statements will be aveileble for review by anyone wishing further information. AUDITOR tS REPORT 109 Cuthbertson Block, Fort William, Ontario, : April 3, 1969 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 December 31, 1968 and statements relative thereto are attached. TERRACE BAY HYDRO-ELECTRIC UTILITY / f The method of accounting for sales and purchases of power was changed during the year. Formerly the power purehased for the month of December in each year was not included in expenditure and December power sales were exoluded from revenue. In 1968, December power revenue and cost of purchas¢ were incorporated in the financial statements through adjustments to the surplus account. Ze / / f R.C. SEPARATE SCHOOL BOARD / : An amount $3,500. was paid to the Parish to assist in the renovation of a residence, owned by the Parish, which was rented to teachers commencing in September, 1968. While we/have not-yet examined the vouchers supporting the renovation expenditure, the Parish has agreed to make them available to us. i f HIGH SCHOOL BOARD / f j/ We were not able to confirm revemes from the sale of locks and instructional supplies. / f j AUDITOR'S OPINION / Be yet yO tS / We report that, in our opinion, subject to the applicable comments above, the financial transactions which have sea come under our notice have been within the powers of the municipality, the audit has been conducted in accordance wtih the instructions of the Department of Municipal Affairs, and the attached statements present fairly the financial position of the Municipality and its related boards and commissions as at December 31, 1968, and the results of their operations for the year ended on that date. / / Licence Number - 3558 / -- (Stgned) Crawford, Reedhead & Ca. Date of Filing - April 2I, 1969 Chartered Accountants. / BL OF TERRACE BAY / / CAPITAL FUND BALANCE SHEET AS AT DECEMBER 8I, 1968 ASSETS / 1968 LIABILITIES fF Future recoveries from levies or rates / Net long term liabilities Municipal enterprises i / 30,000 General municipal activities School boards ( See Note 2 ) / 684,700 Municipal enterprises / 714,700 School boards (See Note 2) } / Fixed Assets 50, 143 764,843 6 The accompanying notes are an integral part of this financial statement.