HomeMy WebLinkAboutCS 15-03
REPORT TO FINANCE &
OPERATIONS COMMITTEE
Report Number: CS 15-03
Date: February 10, 2003
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Cash Position Report as at December 31,2002
Recom mendation:
It is recommended that Report CS 15-03 from the Director, Corporate Services &
Treasurer be received for information.
Executive Summary: Section 81 of the Municipal Act RS.O. 1990 provides that
semi-annual cash position statements be prepared by the Treasurer for the information
of Council. The attached schedules provide the City of Pickering's cash position,
continuity of taxes receivable, outstanding investments, development charges collected
and other development contribution information for the three months ended December
31,2002.
Financial Implications: The cash position of the corporation for three months
ended December 31, 2002 was a net decrease in cash of $2,023,217. Sources of
Funds totalled $44,542,529 and Use of Funds totalled $46,565,746.
Background: Although the Act provides that Cash Position statements be
prepared semi-annual, Corporate Services staff have opted to prepare this report on a
quarterly basis to provide more timely reporting. The discussion below describes the
purpose and the information contained in each of the attached schedules.
Statement of Cash Position: Attachment 1 reflects the sources and uses of funds for
the final quarter of 2002. Subcategories have been identified to highlight those cash
transactions that are significant in nature or large dollar value transactions for the City
of Pickering.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions
to December 31, 2002 and provides the outstanding taxes receivable as at December
31, 2002. This balance represents all three levels of taxes billed, such as City, Region
and School Boards.
Report CS 15-03
Date: February 10,2003
Subject: Cash Position Report as at December 31, 2002
Page 2
Outstandinq Investments: Attachment 3 reflects the short-term and long-term
investments for both the Current Fund and the Reserve Funds outstanding as at
December 31,2002.
Development Charqes Collected: Attachment 4 indicates the total development
charges for the City, Region and School Boards, as the City is responsible for collecting
development charges on behalf of all levels of government. The total amount collected
of $797,373 agrees with the balance indicated under Sources of Funds on Attachment
1. However the remittance of development charges to the Region and School Boards
indicated under the Use of Funds is different than the total collected on Attachment 4.
This variance is a result of timing differences because payments to the Region and
School Boards are due 25 days following the month collected.
Other Development Contributions: Attachment 5 is provided to show other significant
development contributions that have been received.
This report was done in accordance with the provisions of Section 81 of the Municipal
Act, RS.O. 1990.
Attachments:
1.
2.
3.
4.
5.
Statement of Cash Position
Continuity of Taxes Receivables
Outstanding Investments
Statement of Development Charges Collected
Other Development Contributions
Prepared By:
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'A~ril Pa~Þ'~ ,.- -'- -_._-- ~
Audit Analy~
Approved I Endorsed By:
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Gillis A. Paterson
Director, Corporate Services & Treasurer
Attachments
Co : Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
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ATTACHMENT tl ../.. i ¡Œ?O;U # c:..S. 1'5"- D 3 City of Pickering
Cash Position Statement
for the three months ending December 31,2002
December, 2002
Sources of Funds:
Accounts Receivable collected $ 108,374
Development charges collected 797,373
Operating 19,172,705
Grants-in-lieu:
Federal 255,011
Provincial 1 ,229,545
Ontario enterprises 2,703,147
Municipal enterprises 613,134
Linear Properties -
Federal specific grants 5,330
Ontario specific grants 125,244
Interest Income 262,207
Sale of land -
Tax payments received 19,270,459
POA Revenue -
Total $ 44,542,529
Use of Funds:
Operating and Capital Expenditures $ 23,958,211
Payroll 5,624,701
Region Levy 6,074,688
Regional portion of Dev. Charges 659,282
School Board Levies 9,194,585
School Board portion of Dev. Charges 139,139
APT A Funding (includes $612,835 first instalment of 2003 funding) 915,141
Total $ 46,565,746
Net Cash Increase (Decrease) $ (2,023,217)
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
Sept. 30, 2002 Provided (Used) Dec. 31,2002
Current Fund $ 3,431,898 $ (2,023,217) $ 1,408,681
TOTAL $ 3,431,898 $ (2,023,217) $ 1,408,681
Note: Includes City, Region and School Boards
CF Oct - Dee 2002.xlsNET CHANGES
City of Pickering
Continuity of Taxes Receivable
for three months ending December 31, 2002
01-0ct-02 Penalty and Taxes Tax Payments and 31-Dec-02
Receivable Interest Added Billed (1) Write Ofts Balance Adjustments Receivable
$ $ $ $ $ $ $
Current Year
Taxes 23,707,449 1,153,431 (1,368,803) 23,492,077 18,880,178 4,611,899
Penalty and Interest 233,189 246,049 479,238 159,168 320,070
2001
Taxes 2,691,211 279,886 2,971,097 482,902 2,488,195
Penalty and Interest 336,251 81 ,423 417,674 87,628 330,046
2000
Taxes 1,444,178 35,578 1,479,756 196,569 1,283,186
Penalty and Interest 241,461 33,462 274,923 65,674 209,249
Prior Years
Taxes 422,687 4,919 427,606 74,033 353,573
Penalty and Interest 158,985 14,367 173,352 20,341 153,011
TOTAL 29,235,411 375,301 1,153,431 (1,048,420) 29,715,723 19,966,495 9,749,228
TOTAL TAXES LEVIED (including Region and School Boards) as at December 31, 2002 112,275,350
PERCENT OF CURRENT TAXES OUTSTANDING 8.68%
Tax instalment due dates:
Residential:
Commercial:
Feb 27, Apr 26, Ju115, Sept 16
Feb 27, Apr 26, Oct 29
(1) Represents billing for supplementary taxes
CF Oet - Dee 2002.xlsTAXES RECVBL
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City of Pickering
Outstanding Investments
as at December 31, 2002
Name of Financial Purchase Maturity Interest Principal Interest Value at
Security Institution Date Date Rate Amount Payable Yield Maturity
SHORT TERM INVESTMENTS
Current & Reserve Fund Investments
Nesbitt Burns Firstbank BA 04-Nov-02 06-Feb-03 2.77% $ 4,803,698.58 $ 34,301.42 2.77% $ 4,838,000.00
Nesbitt Burns Firstbank BA 07-Nov-02 08-Jan-03 2.71% 2,499,499.62 11,500.38 2.71% 2,511,000.00
Nesbitt Burns TO BA 07-Nov-02 03-Feb-03 2.76% 2,518,218.30 16,781.70 2.76% 2,535,000.00
Nesbitt Burns TO Discount Note 07-Nov-02 18-Feb-03 2.78% 3,999,679.13 31,320.87 2.78% 4,031,000.00
Nesbitt Burns Firstbank BA 07-Nov-02 05-Mar-03 2.79% 1,982,100.00 17,900.00 2.79% 2,000,000.00
Nesbitt Burns Firstbank BA 07-Nov-02 24-Mar-03 2.79% 989,650.00 10,350.00 2.79% 1,000,000.00
Nesbitt Burns Firstbank BA 07-Nov-02 25-Mar-03 2.80% 1,499,107.65 15,892.35 2.80% 1,515,000.00
Nesbitt Burns Firstbank BA 16-Dec-02 15-Jan-03 2.41% 1,505,014.16 2,985.84 2.41% 1,508,000.00
Nesbitt Burns CIBC BA 16-Dec-02 14-Mar-03 2.69% 1,517,150.85 9,849.15 2.69% 1,527,000.00
Nesbitt Burns BNS BA 23-Dec-02 24-Mar-03 2.68% 1,499,973.60 10,026.40 2.68% 1,510,000,00
TOTAL SHORT TERM INVESTMENTS $ 22,814,091.89 $ 160,908.11 $ 22,975,000.00
LONG TERM INVESTMENTS
Current & Reserve Fund Investments
Nesbitt Burns Export Development Corp. 07-May-01 01-May-08 5.15% $ 2,001,693.15 May 1 & Nov. 1 5.15% $ 2,000,000.00
Nesbitt Burns Farm Credit Corp. 22-Jun-01 22-Jun-11 5.25% 250,000.00 Jun. 22 & Dec. 22 5.25% 250,000.00
Nesbitt Burns Export Development Corp. 26-0ct-01 22-0ct-09 4.25% 400,000.00 Oct. 22 & Apr. 22 4.25% 400,000.00
Nesbitt Burns Province of Ontario Note 06-May-02 06-May-09 4.62% 100,000.00 6th of each month 4.62% 100,000.00
SUB TOTAL $ 2,751,693.15 $ 2,750,000.00
Kempville, Town of Wood Gundy Safekeeping Feb-1-93 Feb-01-03 8.875% 35,000.00 Feb.01 Aug.01 8.875% 35,000.00
SUB TOTAL $ 35,000.00 $ 35,000.00
TOTAL LONG TERM INVESTMENTS $ 2,786,693.15 $ 2,785,000.00
TOTAL INVESTMENTS $ 25,600,785.04 $ 25,760,000.00
Internal Investments to Capital Projects Term: 5 - 10 years Yield: 5.3 - 5.8% $ 7,072,163.00
CF Oct. Dee 2002.xlsSECURITIES
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City of Pickering
Development Charges Collected
for three months ending December 31, 2002
Durham District Durham Catholic
City's Portion Region of Durham School Board School Board Total
$ $ $ $ $
AMOUNT COLLECTED
October 84,820 115,143 8,166 10,662 218,791
November 111,567 149,617 20,415 11,707 293,306
December 103,555 150,461 20,415 10,845 285,276
TOTAL 299,943 415,221 48,996 33,213 797,373
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ATTACHMENT#~ TO REPORT#~ /S--o3
City of Pickering
Other Development Contributions
For three months ending December 31,2002
CONTRIBUTIONS:
Cash - In - Lieu of Parkland $98,300
TOTAL CASH-IN-LiEU OF PARKLAND $98,300
CONTRIBUTIONS:
Public Works Services $6,000
TOTAL CASH-IN-LiEU OF PARKLAND $6,000
CF Oct - Dee 2002.xlsOther Dev.Contrbtns