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HomeMy WebLinkAboutFIN 10-14 city o4 A Report to Executive Committee TAI �ciT.3� 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. • 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. 93 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). • 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. 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O O O O O O O O O O v} O O O tf) • O In O O O O 97 • 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 • 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 • 98 • • 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 • 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 . 99 ATTACHMENT# ,..TO REPORT#ri NI IQ-)4 To _ C') N- N O N N-O) co co CC) h 05 V' O) c0 0 V-N Cl CD 0) CO CO 0 co U 0) CO r h LC) V• O) CO O) C CD co c+i C m _ 0) , ,-.n- CD N e-L CO V' o) - m c) m V• ;g caC � . 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