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PAGE 10 TERRACE BAY NEWS AUGUST 25, 1971 The Following are excerpts from the Township of Terrace Bay's I970 financial statements. Due to the large number of state- ments for the various boards, it was impractical to completely publish the financial statements, However, a copy of the com- plete 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, Ont, We have examined the I970 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 pro- cedures and such tests of accounting records and other supporting evidence as we considered necessary in the oir- cumstances, In our opinion these financial statements present fairly the financial position of the Corporation of the Town- ship of Terrace Bay and its local boards as at December 3I, I970 and the results of their operations for the year then ended, in accordance with eccounting principles generally accepted for Ontario municipalities applied on a basis consistent with that of the preceding year. GLENDINNING, JARRETT, GOULD & CO. THUNDER BAY, ONTARIO CHARTERED ACCOUNTANTS. June 4, 1971 License No. =3958 TOWNSHIP OF TERRACE BAY STATEMENT OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED DECEMBER 3I, 1970 i REVENUE 2° 1%9 5, Taxation 575,804 515,942 Contributions from other governments 61,826 54,632 Other 11,554 16,112 Total Revenue 649,184 586,686 EXPENDITURE General Government 23,751 31,504 Protection to persons and property 63,438 59,928 Public works 26,813 17,087 : Sanitation and waste removal 35,793 30,805 i Conservation of health 1,895 1,6 & Social and family services Te 15,824 u Recreation and community services 2715 66,779 Community planning and development 153 901 i Financial empenses I,047 5 i Education : 365,847 346,960 i Other 39,731 --22200 ¥ Total Expenditure (note I) _658,071 573,901 5 3 Excess of revenue over expenditure for the year 12,785 5 (Excess of expenditure over revenue for the year) (8,887) | Surplus(deficit) at the beginning of the year 22,702 Ih,017 Surplus (deficit) at the end of the year 18,815 27,702