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HomeMy WebLinkAboutCST 09-12 it 1 2 r ~ - City Report to Executive Committee PICKERING Report Number: CST 09-12 Date: May 14, 2012 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at December 31, 2011 Recommendation: It is recommended that report CST 09-12 regarding the 2011 year end cash position from the Director, Corporate Services & Treasurer be received for information. Executive Summary: The attached schedules summarize the City of Pickering's cash position, continuity of taxes receivable, outstanding investments, development charges collected and other development contribution information for the six months ended December 31, 2011. Overall, movement of key indicators in 2011 had been relatively positive compared to 2010 as reflected in the following: • Development charges collected are up by 102% over the same period in 2010. • Total collection in 2011 of $4.3M for the City portion of Development Charges is the highest in 20 years exceeding the 2004 collection of $3.7M. • Building permits issued in 2011 of 782 matched the 2004 record with the most number of permits issued in the past 11 Years. • Tax arrears increased by 7.8% over 2010. The City's investment portfolio remains well balanced posting almost the same yield in both short and long term investments. Financial Implications: The financial position of the Corporation for six months ended December 31, 2011 was a net increase in cash of $16,059,162 to $23,835,345. Sources of Funds totaled $130,995,637 and Uses of Funds totaled $114,936,475. Discussion: This report presents a six-month period of activity ending December 31, 2011. The discussion below describes the purpose and provides summary information in each of the attached schedule. Report CST 09-12 May 14, 2012 125 Subject: Cash Position Report as at December 31, 2011 Page 2 Statement of Cash Position: Attachment 1 reflects the City's sources and uses of funds for the second half of 2011. Subcategories have been identified to highlight those cash transactions that are material in nature or with large dollar values for the City. This schedule summarizes the increase in cash of $16,059,162 over the last six months of the year which was required to meet obligations in early 2012. However, it is important to note that periodic comparison may not be useful due the timing differences of receipts and disbursements in the year. Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions from July 1 to December 31, 2011 and provides the outstanding taxes receivable as at December 31, 2011. This balance represents all three levels of taxes billed for the City, Region and School Boards. Periodic totals vary because of timing differences in due dates and amounts of supplementary billings. Pickering's portion of taxes receivable for the 2011 billings only is approximately $13.6M or 7.9% (2010 - 3.9%, 2009 - 4.8%, 2008 - 4.4%, 2007 - 4.3%, 2006 - 4.2%) of the $172.7M total taxes billed as at December 31, 2011 and 74.2% (2010 - 38.8%, 2009 - 45.6%, 2008 - 47.6%, 2007 - 49.6%, 2006 - 50.9%) of the $18.3M total receivable. Outstanding Investments: Attachment 3 reflects the short and long term investments for both Current and Reserve Funds outstanding as at December 31, 2011. Total investment portfolio as at December 31, 2011 is $58.OM with $0.8M from internal loans and $57.2M from general investments, a decrease of about $11.OM or 15.6% from 2010. Total investments vary from year to year depending on the timing of collection and remittance of development charges and supplementary taxes and cash required to meet financial obligations. Interest rates in general on both short and long term investments in 2011 are relatively the same as 2010. Development Charges Collected: Attachment 4 shows the total amounts collected for the City, Region and School Boards. The City is responsible for the collection of development charges on behalf of all levels of government. Compared to the same period in 2010, 2011 collection is up by 102% or $2,688,862 from $2,639,253 to $5,328,115. The total collected as reported under the Sources of Funds on Attachment 1 does not match the remittance amounts to the Region and School Boards indicated under the Use of Funds also in Attachment 1. This variance is a result of timing differences in payments to the Region and School Boards as monies become due 25 days following the month of collection. A separate report discusses the 2011 City development charges. Other Development Contributions: Attachment 5 is provided to show other significant development contributions received in 2011 which are mainly cash-in-lieu payments for parkland development. 1 2 (port CST 09-12 May 14, 2012 Subject: Cash Position Report as at December 31, 2011 Page 3 Multi Year Receipts: Attachment 6 shows multiyear receipts of the City's portion of development charges as presented on a linear chart. Collection for the first and second halves of 2011 was $1,247,778 and $3,045,704 respectively for a total of $4,293,482. This is now the highest annual collection on record in the last 20 years. It exceeded the former collection record of $3,709,465 set in 2004 by about 16% or $584,017. Compared to 2010, the total City portion collected in 2011 is up by $2,640,419 or 160% from $1,653,063 to $4,293,482.This increase reflects the amount of positive economic activity around the City. Building Permits Issued: Similarly, Attachment 7, building permits issued in 2011 increased by 39% or 218 from 564 in 2010 to 782 in 2011. This annual total matched the 2004 record as the highest number of building permits issued in the past 11 years. Again, a positive indicator of economic growth in the City. Attachments: 1. Statement of Cash Position 2. Continuity of Taxes Receivable 3. Outstanding Investments 4. Development Charges Collected 5. Other Development Contributions 6. City Portion of Development Charges Collected 1991-2011 7. Building Permits Issued 2000 - 2011 Prepared By: Approved/Endorsed By: Dennis P. Arboleda Gillis A. Paterson, CMA Supervisor, Accounting Services Director, Corporate Services & Treasurer Recommended for the consideration of Pickering C' Council W.- 2, Zn Tony Prevedel, P.Eng. Chief Administrative Officer ATTACHMENT #-L-TO REPORT #t" o q-1 2 128 City of Pickering Statement of Cash Position for six months ending December 31, 2011 Sources of Funds: Accounts Receivable collected $ 1,032,606 Development charges collected' 5,328,115 Operating - 50,006,529 Grants-in-lieu: Federal 1,172,110 Provincial 1,216,366 Ontario enterprises 4,122,533 Municipal enterprises 757,143 Linear Properties 504,875 Federal specific grants 18,113 Ontario specific grants 209,306 Interest Income 281,293 Sale of land - Tax payments received 66,148,989 POA Revenue 197,659 Total $ 130,995,637 Use of Funds: Operating and Capital Expenditures $ 23,804,625 Payroll 18,778,318 Region Levy 47,365,859 Regional portion of Dev. Charges 1,393,623 School Board Levies 20,474,258 School Board portion of Dev. Charges 617,578 Debenture payment to Region 2,502,214 Total $ 114;936,475 Net Cash Increase (Decrease) $ 16,059,162 FINANCIAL POSITION Bank Balance Net Cash Bank Balance Jul 1, 2011 Provided Used December 31, 2011 Current Fund $ 7,776,183 $ 16,059,162 $ 23,835,345 TOTAL $ 7,776,183 $ 16,059,162 $ 23,835,345 Includes City, Region and School Boards A. A.CW14D IT, d TO REPORT #~f OV- r2 r (D N O O co N co (D O) N r _ M O r O w co 00 N (o co co ~ ~ M O - O N M d N n Q uS o ~ oS (n U') (D (o w to Y i . 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