HomeMy WebLinkAboutFIN 10-14 city o4 A Report to
Executive Committee
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1 CKERI G Report Number: FIN 10-14 •
Date: May 12, 2014
From: Paul Bigioni
Director, Corporate Services & City Solicitor
Subject: Development Charges Reserve Fund - Statement of the Treasurer for the
Year Ended December 31, 2013
Recommendation:
That Report FIN 10-14 of the Director, Corporate Services & City Solicitor respecting
the Development Charges Reserve Fund be received for information.
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Executive Summary: Section 43 of the Development Charges Act, 1997 (the "Act')
requires that the Treasurer furnish Council with a financial statement relating to the
development charges by-law and reserve funds established for each service as
established under Section 33 of the Act. Accordingly, the enclosed Attachments 1 to 5
detail the activity of the Development Charges Reserve Fund for the year ended
December 31, 2013 in the manner as prescribed by the Act. As required under Section
43(3) of the Act, the Treasurer will forward a copy of this same statement to the Minister
of Municipal Affairs and Housing within 60 days of providing the statement to Council.
Financial Implications: Starting from 2011, and continuing into 2013, the new
development in the Duffin Heights neighbourhood has resulted in a spike in
development charges revenues. Development charges revenues collected in 2013 were
$3,601,539. This represents a 5% increase from the amount collected in 2012
($3,417,020). Most of development charges revenues were related to the development
in the Duffin Heights area.
The Reserve Fund remains at a healthy balance of approximately $39.4 million pending
future use of funds for qualified projects. The funds are well managed with investment
returns consistently exceeding market indicators. Investment income is added to the
balance of each fund as such income is earned.
Discussion: Funds are not transferred out of the Development Charges Reserve
Fund for projects until the funds are actually needed, as required by applicable
accounting rules. This ensures that the Reserve Fund continues to earn interest
income on the unspent monies until such time as actual expenses are incurred.
Attachment 1 shows the total Reserve Fund balance of $39,412,848 prior to "Budget
Commitments". Taking into account the "Budget Commitments" as at December 31,
2013 of"$9,695,339, the fund balance available for future expenditures is $29,717,509.
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Report FIN 10-14 May 12, 2014
Subject: Development Charges Reserve Fund - Statement of the Page 2
Treasurer for the Year Ended December 31, 2013
The development charges collected in 2013 were $3,601,539. Starting from 2011 and
continuing into 2013, the new development in the Duffin Heights neighbourhood has
resulted in a spike in development charges revenues compared to the average annual
receipts of$1.6 million for the 5-year period leading up to 2010. Attachment 2 provides
a chart showing the 10-year historical pattern of development charges collected. The
cumulative total collected for this 10-year period was approximately $25 million
The 2013 projects approved based on the 2009 Development Charges Background
Study from this Reserve Fund was $4,199,397. The 2013 Seaton & City Development
Charges Background Study, further supported by Reports-to-Council FIN 20-13 and FIN
29-13 provided additional approvals in the amount of $1,029,420 for the Indoor Soccer
Facility— Purchase of Land and Architectural Fees, and Seaton FIS Consulting Fees.
Attachment 3 provides detailed-information on these approved projects.
The expenditures actually incurred in 2013 that were funded from the Reserve Fund
were $2,349,324 (see Attachment 4). These expenditures pertained to capital and
current projects approved in 1994, and 2000 to 2013. Attachment 4 provides a
summary of the project expenditures funded by development charges and other sources
as prescribed by Ontario Regulation 82/98, Section 12(3).
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Attachment 5 provides detailed information on repayments pertaining to outstanding
internal loans undertaken as required by O.Reg. 82/98, Section 12(2)3, 4 and 5. The
principal and interest paid in 2013 pertaining to loans undertaken from the period of
2003 to 2012 was $446,607 and was funded from property taxes.
An internal loan was undertaken in 2013 from the Development Charge Reserve Fund
in the amount of$275,000 for the Fire Services-Regional Radio Phase 1. Repayment
of the 2013 internal loan will commence in 2014. As of December 31, 2013, the total
outstanding amount of such internal loans is $3,027,529.
Attachments:
1. 2013 Annual Statement of Development Charges Reserve Fund
2. Development Charges Collected 2004 — 2013
3. Projects Approved in 2013 to be Funded from Development Charges Reserve
Fund
4. 2013 Actual Capital and Current Expenditures Summarized by Project
5. Development Charges Reserve Fund Internal Loans - Annual Repayment for the
year ended December 31, 2013
94
Report FIN 10-14 May 12, 2014
Subject: Development Charges Reserve Fund - Statement of the Page 3
Treasurer for the year ended December 31, 2013
Prepared By: Approved/Endorsed By:
Caryn Kong, CGA tan Karwowski, MBA, C 1 1110
Senior Financial Analyst-Capital & Division Head, Finance & Treasurer
Debt Management
ri
Paul Bigioni
Director, Corpara e Se ices & City Solicitor
CK
Recommended for the consideration
of Pickering Cit Council
flj/
Tony Prevedel, P.Eng.
Chief Administrative Officer
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ATTACHMENT#.1 TO REPORT#f J/O-i
Projects Approved in 2013 to be funded from Developement Charges Reserve Funds (DC RF)
Source of Funds
• D.C.-City's
Share
Description Project No. DC RF Reserve Taxes Total
William Jackson Drive-DH-14(Old Taunton) 5321.1301 2,700,000 300,000 3,000,000
Valley Farm Road-DH-4 Tillings Road to Brock Rd. •
Oversizing 5321.1302 240,210 26,690 266,900
Park Crescent(Sandcastle Court to Cliffview Rd.)-.W-
1 5321.1303 437,500 437,500 875,000
Cliffview Road(Park Cres.to North Limit)-W-2 5321.1304 153,125 153,125 306,250
Toynevale Road(Rougemount Dr.to Rosebank Rd.-
R-3 5321.1305 186,312 558,938 745,250
Kingston Road(Brock Rd.to Hydro Corridor)-V-1 5321.1306 99,000 99,000 198,000
Kingston Road(Brock Rd.to Southview Drive)-V-2 5321.1307 107,250 107,250 214,500
Kingston Road(Brock Rd.to Bainbridge Drive)-V-4 5321.1308 82,500 82,500 165,000
Brock Road(Finch Ave.to Duffins Creek)-V-13 5321.1309 24,750 24,750 • 49,500
Brock Road(Kingston Rd.to Finch Ave.)-V-15 5321.1310 41,250 41,250 82,500
Brock Road(Hwy.401 to Bayly St.)-BI-3 5321.1311 35,500 35,500 71,000
Oil Grit Separators-Installation of 2 Oil Grit Separators 5321.1312 30,000 270,000 ' 300,000
Total 2013 Capital Budget 4,137,397 2,136,503 - 6,273,900 ,
Consulting City&Seaton DC Study 1920.2127 62,000 - . 28,000 90,000
Total 2013 Current Budget 62,000 - 28,000 90,000
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Grand Total 2013 based on Approved Budgets 4,199,397 2,136,503 28,000 6,363,900
Revised Funding based on Report to Council
Indoor Soccer Facility-Purchase of Land 5315.1101 584,494 a 639,577 1,224,071
Indoor Soccer Facility-Architectural Fees 5719.1307 161,201 a 176,393 337,594
Consulting Seaton FIS 1920.2126 283,725 b - 16,275 300,000
Total Approved based on Reports to Council 1,029,420 815,970 16,275 1,861,665
Grand Total 2013 Projects Approved 5,228,817 2,952,473 44,275 8,225,565
a Approved based on Report-to-Council FIN 20-13
b Approved based on Report-to-Council FIN 29-13
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98 •
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ATTACHMENT# L TO REPORT#-INJ0 -/41
2013 Actual Capital and Current Expenditures Summarized by Project o.Reg.82/98
Section 12(3).
D.C.-City's
GL Dev Charges Share Property
Description Account Reserve Fund Reserve TRCA Taxes Other Total
Capital Budget
Operations Centre
Indoor Soccer Fac-Purchase of Land 5315.1101 584,494 639,577 a. 0 0 0 1,224,071
New Operations Ctr-Consulting& .
Design 5315.1201 14,403 0 0 0 14,403
Total Operations Centre 598,897 639,577 0 • 0 0 1,238,474
Recreation Facilities
Indoor Soccer Facility-Arch Fees 5719.1307. 147,182 176,393 a 0 0 0 323,575
Total Parks 147,182 176,393 • 0 0 0 323,575
External Subdivision Works
Road Construction: .
Old Orchard Ave Reconstruction 5321.9407. 10,540 0 0 0 0 10,540
Bayly N&S Brock to Alliance 5321.0604. 7,002 0 0 0 0 7,002
William Jackson Drive DH-16 600m
east 5321.0804. 76,893 0 0 0 0 76,893
Dersan St to Tillings Road 5321.0902. 29,096 0 0 0 0 29,096
Dersan St to Brock Road 5321.0903. 30,644 0 0 0 0 30,644
William Jackson Dr DH10(DH16) 5321.0904. 68,274 0 0 0 0 68,274
Woodview Urbanization 5321.0911 422 0 0 0 0 422
Welrus Street-Sprucehill Rd D-5 5321.1001. 134,570 0 0 0 0 134,570
North Collector to 250m east 5321.1002. 103,173 0 0 0 0 103,173
North Collector to 150m east 5321.1003. • 61,904 0 0 0 0 61,904
Welrus Street 5321.1103. 6,711 0 0 0 0 6,711
Old Taunton Road 5321.1104. 262,390 0 0 0 0 262,390
Kingston Rd(Liverpool Rd/Glenanna) 5321.1202. 10,914 0 0 0 0 10,914
Toyneval Rd 5321.1305. 177,939 722,167 100,000 0 12,495 b 1,012,601
Total Ext Subdivision-Roads 980,472 722,167 100,000 0 12,495 1,815,134
Sidewalks&Streetlights
Kingston Rd(Partial)ES 2000 WO-2 5321.0019 116 0 0 0 0 116
Altona Rd,Sheppard,Strouds RO-8,
RO-6,H-1 5321.0909. 17,155 0 0 0 0 17,155
Total Ext Subdiv-Sidewalks&Streetlights 17,271 0 0 0 0 17,271
Traffic Signals
Pickering Parkway-East of Liverpool R(5321.1006. 227,726 0 0 0 0 227,726
Total Ext Subdivision-Traffic Signals 227,726 0 0 0 0 227,726
Storm Water Mqmt(SWM)
WestShore Blvd-Storm Sewer 5320.1118. 1,141 0 0 1,680 0 2,821
Amberlea Creek Erosion Control 5321.1005. 38,574 - 0 0 0 0 38,574
Oil Grit Separators 5321.1107. 418 0 0 0 0 418
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Total SWM- 40,133 0 0 1,680 0 41,813
Grand Total-Ext Subdivision Works 1,265,602 722,167 100,000 1,680 12,495 2,101,944
Grand Total-Capital Budget 2,011,681 1,538,137 100,000 1,680 12,495 3,663,993
Current Budget-Studies
Finance-City&Seaton DC Study, 2127.2392. 52,980 0 0 23,803 0 76,783
Gen Gov-Seaton FIS 2126.2392. 283,725 0 0 16,275 0 300,000
Planning-Official Plan Review 2611.2392. 938 0 0 0 1,016 C - 1,954
Total-Current Budget 337,643 0 0 40,078 1,016 378,737
Grand Total-Capital&Current 2,349,324 1,538,137 100,000 41,758 13,511 4,042,730
"°'aa a Revised financing based on FIN 20-13 b 3rd Party Cont Res Fund C Cont Studies Res .
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