Loading...
HomeMy WebLinkAboutCST 25-12 city Report to ____t_ete, Executive Committee PICKERING Report Number: CST 25-12 Date: September 10, 2012 I 5 Li • From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at June 30, 2012 Recommendation: It is recommended that Report CST 25-12 from the Director, Corporate Services & Treasurer be received for information. Executive Summary: The schedules provided presents 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, 2012. Overall, movement of key indicators in 2011 had been relatively positive compared to 2010 as reflected through the following: • Development charges collected are up by 102% over the same period in 2010 to $4.3M for the City portion which 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 are up by 7.8% over 2010 partially due to the increase in taxation by the Region and City. 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 June 30, 2012 was a net decrease in cash of $22,754,245 to $1,081,100. Sources of Funds totaled $133,163,288 and Uses of Funds totaled $155,917,533. The decrease was mainly due to the timing of receipts and payments to the Region and School Boards as compared to year-end. Discussion: This report presents a six-month period of activity ending June 30, 2012. The discussion below describes the purpose and provides summary information in each of the attached schedules. Report CST 25-12 September 10, 2012 ,Syybject: Cash Position Report as at June 30, 2012 Page 2 ; .. I .) Statement of Cash Position: Attachment 1 reflects the City's sources and uses of funds for the first half of 2012. 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 decrease in cash of $22,754,245 over the first six months of the year. As at June month end, the City had just completed its interim levy and payment-in-lieu of taxes payments to the Region of Durham and to the respective district school boards. Note that comparison of the net increase/(decrease) of cash over the same reporting period in prior years may not be useful due to the timing differences of receipts and disbursements in each respective year. Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions from January 1 to June 30, 2012 and provides the outstanding taxes receivable as at June 30, 2012. This balance represents all three levels of taxes billed for the City, Region and School Boards. However, the June balance is not indicative of the true outstanding taxes for the City due to the timing of billings and receipts. The outstanding balance includes the amounts owing for the September 27th residential due date of approximately $31.4M. The commercial final billing has not been billed hence not included in the total. The following is the summary of taxes receivable: Current year as at June 30,2012: • Taxes receivable at Jan 1/12: $13.6M • Taxes billed to date: $149.4M (excludes final commercial final billing) • Taxes paid: $105.7M • Taxes receivable at Jun 30/12: $57.3M All years as at June 30, 2012: • Total taxes receivable at Jan 1/12: $18.3M • Taxes billed to date: $149.4M (excludes final commercial final billing) • Taxes paid: $109.4M • Taxes receivable at Jun 30/12: $57.7M Outstanding Investments: Attachment 3 reflects the short- and long-term investments for both Current and Reserve Funds outstanding as at June 30, 2012. Total investment portfolio as at June 30, 2012 is $74.8M with $0.8M from internal loans and $74.0M from general investments. This represents an increase of about $4.9M or 7.0% on total investments from the same period last year. Total investments vary from year to year depending on the timing of collection and remittance of development charges and supplementary taxes. Development Charges Collected: The City is responsible for the collection of development charges on behalf of all levels of government. Attachment 4 shows the total amounts collected for the City, Region and School Boards. Total charges collected for the year as at June 30, 2012 was $7.3M. This was up by 73.8% as compared to the $4.2M development charges collected over the same period in 2011. Report CST 25-12 September 10, 2012 Subject: Cash Position Report as at June 30, 2012 Page 3 I Note that the total collection 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. Other Development Contributions: Attachment 5 is provided to show other significant development contributions received in 2012. Multi Year Receipts: The balance of the Attachments shows multiyear receipts of the City's portion of development charges as presented on a linear chart. Total amount collected for the year as at June 30, 2012 was $2.6M. This was the highest first half of the year collection surpassing the previous high of $2.4M recorded in the first half of 2004. Together with the record high second half of the year collection of $3.0M in December 2011, the economic activity around the City is on the upswing. Similarly, the 503 building permits issued in the first half of 2012 was the highest issuance during the same period in the last five 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 2003 — 2012 (semi-annual) 7. Building Permits Issued 2000 — 2012 (semi-annual) Prepared By: Approved/Endorsed By: OPP r _ • "`_ �lll �, Dennis P. Arboleda Gillis A. Paterson,CM Supervisor, Accounting Services Director, Corporate Services & Treasurer !.-.1Re3 port CST 25-12 September 10, 2012 Subject: Cash Position Report as at June 30, 2012 Page 4 Recommended for the consideration of Pickering City Council /446, 27, 101,.. • Tony Prevedel, P.Eng. Chief Administrative Officer • ATTACHMENT#_1.._TO REPORT# ! City of Pickering Statement of Cash Position for six months ending June 30, 2012 1 4 Sources of Funds: Accounts Receivable collected $ 732,151 Development charges collected 1 7,252,147 Operating 7,887,716 Grants-in-lieu: Federal 1,234,553 Provincial 344,686 Ontario enterprises 4,545,061 Municipal enterprises 165,316 Linear Properties Federal specific grants 61,456. Ontario specific grants 41,256 Interest Income 151,012 Tax payments received 110,747,934 Total $ 133,163,288 Use of Funds: Operating and Capital Expenditures $ 47,932,184 • Payroll 18,029,086' Region Levy 64,223,486 Regional portion of Dev. Charges 4,508,727 School Board Levies 20,219,416 School Board portion of Dev. Charges 381,016 Debenture payment to Region 623,618 Total $ 155,917,533 Net Cash Increase(Decrease) $ (22,754,245) FINANCIAL POSITION Bank Balance Net Cash Bank Balance July 1,2011 Provided (Used) December 31,2011 Current Fund $ 23,835,345 $ (22,754,245) $ 1,081,100 TOTAL $ 23,835,345 $ (22,754,245) $ 1,081,100 1 Includes City, Region and School Boards 01 @ N CO CD # CO m # # N # CD n' C q a) / / 7 / \ % CD C \ 2 g > N r _ N n o •f U) o CO n # � U) v ° k 2 & $ / 2 $ 7 / 03 7 q R NI § 2 ? N ~ U) 4- re c t >. § n U CO £ N ¥ o \ CO r @ N N ¥ CO � • c a o N ¥ 7 r N q q = ' 0 C e c A- 6 0 o r o - co CD a © & - co CO N CD N VI CI ■ c $ / . E U) C 0 0 > C 2 o E 0 . & U x 7 _ D 0 / $ / N q 7 N C cc / c C CD C) N E a D B _ TS « / Z" 2 N / / § - 7Nƒ CD m ) § / § u_a ~ R 2 R / \ \ U fr ,7 ■ ) \ / q £ 69' CO k § / % as E 0) 772 / / - 2 = m / 2 % E E m 2 7 CO 2 E N 2 % 6 0 .$ g 6 0 U > Z < \ ? \ 2 2 G / / c e g w- § = = E CD 0. a c c 2 � / 3 $ co o co r # CD # N CO Cl.) S CD CD N E \ \ ? CO k N 2 / % ~ © 7 / $ E / > _ ¥ co OD n G G r CO CO a) § CD N N t k - n \ % � ) k % / kk § / k k 2 17)' E. / y e k a) m E k / - - £. f f - / uk 7 C C C C § R \ d @ @ ar (a L - ._ / >- G \ G as $ g $ 5 / $ 2 / 2 e § § •- A E o A % o A § § E I- N k : \ R a 7 R a 7 R a 8@ a •C w a Q \ $as 0 N N N 0- 1- N R CO ATTACHMENT#-3 TO REPORT#L.. 5--i an U) N 0 O o 0 0 0 0 0 o 0 O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O pm O O O O O O O O O CO O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 O O C 0 0 0 0 0 0 0 0 0 0 O CD (7 0 0 0 0 0 0 u) 0 0 0 0 0 0 0 0 r a. 4) 0 0 0 0 0 0 0 0 0 0 V 0 0 0 0 0 0 0 0) 0 0 0 0 0 0 0 0 'Ct et N N R r 0 0 0 0 0 0 0 0 0 O N O O O O O O O O O O O O O O O O Ch C7 W N't CO 7 n CO M 7 Nr of M V V O V o V CD N O O of u N CO to O of ✓ / M ao n CO 0 rn CO v m CD C) LO co W v C) rn co 0 v o) v o o) v 0 d ; r 0 CO O-u) LA O N O u1 TD r r CO v v n n n N O O7 co n u) V a0 0) O C C > r C0 CO n Ci O n r N N N N N 4' r N N N r u N ca ca 7 > C) CO cn Eft -CO te C co r (D o N N ow 0 } T c7 N Ea 0 O DO N N NOnoWOOW � c7 a. j N ,� 0,5 d W Q a W U a Q Z ❑ r a N U) otf r CO °a ❑ Co N • � ad mwZ WCCMI 03 • 0?) IX 00 c0 I- 00 u) N WOW ,- 00 . - 0 "" O N u o!1 n 00 ❑ CC 0 2 cc' CC N CD Q N N N CO n Cr) u) CO N C �' Q Q Z Q O Q Q J Q Z a Q < Z Q Q a)al co coaoono (tONttOC`no c., ❑ 2��(nm (A2O -uaicnM Via " y d V NCI CO O r V N O Z Q . Q 0 w Q W c0 00 ui o(o v n N C7 ui 4- O Q Q Q F- F- a z Cn a Q th Q Q F" •c c� c? t.l rr rr .� p ❑ ❑ ❑ zQZ ❑ dwdZ ❑ 000Z E CL iozzzamazDF- wazzzza - Q mmmo ? om00zcnammmmo ~ E9 00 (D O N .7 CA N 01 n N 0 O N CO I, N O N to CO .1 V 0 N N O 01 N CO 01 0 V Ch n u) •- 00 W V d' r n O C7 W to 0 r C') V (D N O C') .O•fA CC) D) (D O N n Ni oi n O O r W C i O CO O) C) 6 E co 00 0 N C) V CD CO o CO to n 0 O W CO u N N 0 N 0 CO n CO N V 0 CI) CO r V n CO V' u) O CO 0 V 0 (C W C) CO r v r' CO C CO n V CA O CA W W CU Cn O N u) r O CO CD r u) O V N V n ai O 0 CO E 7 O CO O n O n A N n CP O O N R O u n O 00 A N CD C) V 01 0 rIl 0 N r co o) u V' O r O Cn V to r C') to CD CI) 0 to CO O 0 CD 00 CD V: CO. V O 00 Q .- - N CO n o c n c r r N oi N C7 N N' N N N N r r M n C CO 69 CO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . 0 0 •0 0 0 0 0 0 0 0 o 0 0 0 0 0 o 0 0 0 o o o 0 O V V O U) D) O n CO N u) 7 N Cn O O O O u) O O O u) u) N C) d O O r Ui CD W W W O CD CO n r I,- W N 0 V r N 0 r CO r V r co 0 To D) tCl u) 0 0 0 0 0 0 to N u) V '7 V u) .! N M N C) Q CM N M of n •. C C N N N N N N N N N CO V N C9 CO CO 'V' CO .cf V to CO n Cn (C) LO CD 0 in Z7 Ch p_ > a- m tT Q fl. C a > C a C a O. a U a O O O O -O. 7 7 O O 7 O 0 7 O O O C0 N O O O CO O O O Q CO CO • (n z ? u. 2 7 2 2 co to 2 2 (n ❑ w Iii 0 O CO Z CO CA O N M O Q o N (O o p) N 6 00 O 00 00 CA CO O 00 C70 in 00 N N N r 0 0 O O N O O O O O >- N N N N.N N N N N 0 0 0 0 0 0 0 0 0 N N N N C C a >.. >. T C C U c a >. U U U U fa C N d a a O (0 O O CO O as CU CU 7 7 O O a% N O) D O W v ` N o 0 .-7 1-- r•- O CO cv 0 0 0 N N o N O 0. cn U) F- W W W 0 H CC a I- 0 0 Z 00 D F - -p p a CL Z Z ❑ CC W W 0 W J J CC w y To w o zZ 00 OwtF- 001- w W00o0 0 C = 0 w ❑ ❑ - mz CCF- wOm QOCCCC CCQ zQF- . tcor z F- QOOQQ _, En QO ❑ Z Q Q ZF- F- < < cc e c wa ¢ mmmmm H cD0 ZFZF5ZZZ00ZZ pZ CO n' U. do ❑ Z ❑ ❑ ZZ w y00= 0 0Q0002200y 0 ° 1.- Ti E `lw QZZQQ EtoQYw0wau_ U U U_ U U U L1 X w a ymZ ?< Qmppmm awpz OaOw000000000 LL 2 co II a)us 0 us Z > Om00u)) mmccncn U) F-- cOZC 0000000Z Z OO Z OO F- o W c° 0 2 cp m Z CC m > Z - CO Q ❑ CC ❑ m m CC CC CC Q Q CC CC Q CC 2 Ili .. n 5 1- mQwmmLLL z w � M0E- aF- aCC aaammaa Uam Z N c In N LL ¢ U) LL 2 Z E al r Z O w w > CC w .'O O N C N N N N rC C o C > N N N N N N N y cn Cn N N Co co N co W Z ac c c c c c c c c c c c c c c c c F- O > d > > > > > > > > > [C y ur > > > > > > > > > > > > > > > > > 0 CO c .- a ¢ mmmmmmmmmm p a prmmmmmmmmmmmmmmmmm z w z ZN m o = = = z z = z S =H aaaB15 aro � N H _ aa .o =a .n .5 :5 s a .5 a a a a .= a c cc d C0NN NN N N d CIN N N d N N N N d d C CD O) N O 0 Q a ` CO ) N N Q .. Z Z Z Z Z Z Z Z Z f z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Q 7 0 0 (_/) 0 0-I O ATTACHMENT#. 4 TO REPORT# Z aS-/a 1 h 7 a1 '0 N a O �% d a) N w 03 . w O a- 00 N 0 N UM o � O r v ui F- O CO CO N N. 0 N 7 N N N n - 7 V s c U -0 c 0 d) o E us E t o N O 00 co c7 a) Q- -1 0mE CO p r rn CO m tt Q^, O ci O r . T - r 0 ci in ,X^ 0 N N L O m co r O O co O O O N N- E O N T co n co t r r N 3 V 0 Cl) E c4 E. r O O r 0 N co co co QM)„ O 64 00 0 O) C CO 6 7r C N Nt. ■() N_ o r r r a) a) IL M C O co co c`) N 00 U) N a 4)o O co 0 ID (0 CI °' CI) N N r N C) 0 W I- C) W J J 0 ' C.) ?, I- a J Q = - i C >` C 1-2 u _2 Q 2 -3 Oi o_ as as a) as a ATTACHMENT#,__TO REPORT# -;S 1 ' s v TM CO N 0 Lo C C o M••o N 0 ta V g v� o o 0 U c E a c TD • 0 0 tx O 0 D - c 0 0 J co i > J U) >U , Z O c 7 F. C1 a- � a ' m U F Q Z f' O 0 U ATTACHMENT TO REPORT S/ I \ 9 co tti * / _ A / r"= k / '" 0 . \ N2k . a _CZL 3 7ƒ / / A = 2� $ } \ N_ / /& =m/ A \ %\ k . r£ A .1- \ 2 7 cy @ . ~. . . . i- _ CO o r e" \ _ 0 • ~C-J 220 o ■ oi / _ ®_ c c @ ,v- + ¥ o ° (/)I-, . = k O.• 0 C / = 2 22 \ k q _ _ 5 a\ / o c, . - > 2 k • . \ ®_ � \ 7/ ƒ \ . ~Sr �k � \ _ . / : _� q / - � m c • \ / N 2 2\ 2 r= a \ E \ S E S 2 E OR 0 o d d 0 d e o 0 0 0 E 0 0 09 in 0 k k e r4 t . ATTACHMENT#,7TO REPORT#.0 T,S-1 c2 14 n • • 0 _ CDC a; N C c/ N`- .1= r n p _ �} t 1 n o V C d w M_ O CD Y n c"> 0 CU O m N . z n-D - O C‘.1_ .. i \ T - O c,J I O C •-;,) o - ate+ T Nom = N o _ o 05 N 1 °N = do r- t.- �° N - d'in ru � N _ ://),,,,,,,71.3. CD N m a N g CA • r cn ti o) Fc C- 6 CF)p- O cJ N N O 0 • o ca 0 0 o a o o a CI 0 0 C'l rn ° ° on t o N a m C •