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HomeMy WebLinkAboutFIN 25-15 °$? Report to =� Executive Committee PICKERING Report Number: FIN 25-15 Date: November 9, 2015 From: Paul Bigioni Director, Corporate Services & City Solicitor Subject: Cash Position Report as at September 30, 2015 Recommendation: That report FIN 25-15 from the Director, Corporate Services & City Solicitor be received for information. Executive Summary: This report presents the City of Pickering's cash position, continuity of taxes receivable, outstanding investments, development charges collected, other development contribution information and building permits issued for the nine months ended September 30, 2015. Key cash flow indicators during the first nine months of 2015 are summarized below with comparison to indicators from the same period last year: • The number of building permits issued from January to September this year is lower by about 6.3% from 571 last year to 535 this year. • The City portion of development charges collected is also down by 22% from $2.3 million last year to approximately $1.8 million this year. The City maintains a diversified investment portfolio with a balanced volume of short and long term investments. Financial Implications: The financial position of the Corporation for the nine months ending September 30, 2015 is a net increase in cash of$8,467,177 from $10,974,972 to $19,442,149. Sources of Funds for the period totaled $220,907,397 and Uses of Funds totaled $212,440,220. The large balance at the end of September arises from the commercial due date being moved from October to coincide with the September residential due date. These funds will be invested in short-term paper until the next quarterly levy payment on December 15th FIN 25-15 November 9, 2015 Subject: Cash Position Report as at September 30, 2015 Page 2 Discussion: This report presents the nine month period of activity ending September 30, 2015. Statement of Cash Position: Attachment 1 shows the City's sources and uses of funds for the first nine months of 2015. Subcategories are presented to highlight cash transactions that are material in nature or have large dollar values. The schedule summarizes the increase in cash of$8,467,177 over the first nine months of the year. Please note however, that comparison of the increase or decrease in cash over the same period in prior years may not be relevant due to the timing differences of receipts and disbursements each year depending on the tax payment due dates. It does not, in any way, imply that the City is in a worse or better cash position as compared to the same period in prior years. This period includes a $30.5 million post-dated payment for October to the Region issued in September to remit the commercial and residential levies collected. Most of the September 30th bank balance will be invested to meet the last quarter levy payments to the School Boards. Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions for the nine month period ending September 30, 2015 and shows the outstanding taxes receivable as at September 30, 2015. The total amount includes taxes billed for the City, Region and School Boards. It includes the amounts owing for the September 25th residential and commercial due date. Outstanding Investments: Attachment 3 reflects the short- and long-term investments for both Current and Reserve Funds outstanding as at September 30, 2015. Total investment portfolio is approximately $107.9 million with $4.0 million from internal loans and $103.9 million from general investments. Total investments differ year over 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 the City, Region and School Boards. Attachment 4 shows the total collection of$5.2 million from January to September 2015 with $1.8 million for the City, $2.5 million for the Region and $0.9 million for the School Boards. Note that development charges 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: (a) timing differences in payments to the Region and School Boards as monies become due 25 days following the month of collection; and (b) the City portion is not reported as a line item under the Use of Funds in Attachment 1. Other Development Contributions: Attachment 5 is provided to show other relevant development contributions received in the first three quarters of 2015. FIN 25-15 November 9, 2015 Subject: Cash Position Report as at September 30, 2015 Page 3 Multi-Year Receipts: The balance of the Attachments shows multi-year, quarterly receipts of the City's portion of development charges presented in a bar chart. The $1.8 million total amount collected in the first nine months of 2015 is the second lowest first nine months collection in the past five years. The same is true for the building permits. The 535 permits issued in the first nine months is the second lowest total issued in the past five years. Development Charge payments are due when the building permit is issued. The lower DC payments shown in Attachment 4 are directly related to the lower building permit activity. The 2015 building permit revenues are projected to be below budget. The building permit revenue shortfall may range from $100,000 to $400,000. Staff are monitoring the building permit revenue situation and have several options available to address the revenue shortfall and to maintain the 2015 budget plan. 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 (quarterly) 7. Building Permits issued (quarterly) Prepared By: Approved/Endorsed By: 427 Dennis P. Arboleda, CPA, CMA Stan arwowski, CPA, CMA, MBA Supervisor, Accounting Services Divisi. ead, Finance & Treasurer Paul r.igi • Direct,'r, •roorate Services & City Solicitor Recommended for the consideration . of Pickering City Council /4 z. , ZQ Lc Tony Prevedel, P.Eng. Chief Administrative Officer ATTACHMENT#_L_TO REPORT#..f1_L S �5 City of Pickering Statement of Cash Position • for nine months ending September 30, 2015 Sources of Funds: Accounts Receivable collected $ 4,451,959 Development charges collected * 5,477,578 Operating 106,961,893 Grants-in-lieu: Federal 1,865,826 Provincial 1,536,763 Ontario enterprises 7,419,992 Municipal enterprises 1,545,723 Linear Properties - Federal specific grants 50,349 Ontario specific grants 125,777 Interest Income 488,998 Sale of land 10,000 Tax payments received 90,886,232 POA Revenue 86,307 Total $ 220,907,397 Use of Funds: Operating and Capital Expenditures $ 38,272,110 Payroll 31,623,567 Region Levy** 104,020,158 Regional portion of Dev. Charges 2,759,584 School Board Levies 32,339,780 School Board portion of Dev. Charges 858,790 Debenture payment to Region 2,566,231 Total $ 212,440,220 Net Cash Increase (Decrease) $ 8,467,177 FINANCIAL POSITION Bank Balance Net Cash Bank Balance January 1, 2015 Provided (Used) September 30, 2015 Current Fund $ 10,974,972 $ 8,467,177 $ 19,442,149 TOTAL $ 10,974,972 $ 8,467,177 $ 19,442,149 • *Includes City, Region and School Boards **Includes$30.5M October 2015 post dated payment to Region for final Residential and Commercial levies ATTACHMENT#,- 70 REPORT#F -15 0) @ Lo 0 q _■ \ q CV \ (N \ co k \ / / 0 > — 3 % 7 $ / \ \ / ƒ \ Co qk / e m A n # v k R § © c0-4- J a) i N n o -0 ® ce eh 1 Zs U k - 0. a) (N CO V. r o w (N n 00 w c o o c w m a o a # + © 2 ■ q e t m e w o a c o 00 o e 2 N- U) (N o N- c c cc U) C) E \ / / k c0 ( In §44. _ CO 2 c CO � 2 ) E -0 - o 2 0 o , o e E & 7 / CO k @ § W. 7 - 7 ® c e m \ 4 . < ¢ \a) m f^ - § 0 0 $ \ / \ C ,_ n M / m2 % - co S \ 2 + 4 ± O 0 % q @ E / § = ® N- a -� R M / $ P - a ma \ E « a) 0 o \ / ¥ w m o ,- Do o@ 0 2 2 co \ co \ 7 6 W O ca f CV- \ / CO (N CO ¢ ¢ Et). o r (N q a e e C § EOD a 3 \ / C £ 3 E E c w c n o o (N w N- w . \ co p o w r w w r w N- _ _ m a) = m a a w r $ / « . - Tr k / 7 Q % \ 7 \ © % 7 p E = w a s r m e w \ 7 r a if) U) a ® er Cl re o $ / 2 2 o 0 o •a t w U a m . - a) e o m A as \ 200 \ / \ 7 ®_ n \ o z \ / \ \ ƒ _/ \ / s _ƒ _f _f f a) = k ® / .f _ _ o n / a _ C C C C C n § % § % 3 m % » 7 2 2 >- m $ m \ 3E \ / « e e m e e a e k y e n -I @ m > A % % # § n ( § A § E § E r k S B ± = R I 7 R & c) I \ R I R I 0 3 ) S k$ O a & a 2 I— t R < CO n ATTACHMENT# 3 ,TO REPORT#1.1_4,0)S-- /S Q) U) in 00000000 )- 1- V N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N c ,- 000000000) 0 M M 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O co .c d N O O O O O O O O t` O 6 O O O O O O O O O O O O O O O O O O O o vi Y a) T O O O O O O O O N N x- W 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CO r m O o 0 0 0 0 0 0 U0 0 (0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0 V y M , m V N O) UO N UO . 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