HomeMy WebLinkAboutCS 23-03
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REPORT TO FINANCE &
OPERATIONS COMMITTEE
Report Number: CS 23-03
Date: May 12, 2003
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Cash Position Report as at March 31 , 2003
Recommendation:
It is recommended that Report CS 23-03 from the Director, Corporate Services &
Treasurer be received for information.
Executive Summary: Section 286(1) of the Municipal Act, 2001 provides that cash
position statements may 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 March 31 , 2003.
Financial Implications: The cash position of the corporation for three months
ended March 31, 2003 was a net increase in cash of $6,169,201. Sources of Funds
totalled $44,256,083 and Use of Funds totalled $38,086,882.
The large bank balance at March 31, 2003 arose as a result of timing differences
between the receipt and disbursement of funds, particularly in regards to the first
quarter payment of PIL revenues to the Region and taxation revenue to the School
Boards. Approximately $5 million of this was invested in short-term investments in early
April.
Background: 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 first quarter of 2003. 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 March 31, 2003 and provides the outstanding taxes receivable as at March 31 2003.
This balance represents all three levels of taxes billed, such as City, Region and School
Report CS 23-03
Date: May 12, 2003
Subject: Cash Position Report as at March 31, 2003
Page 2
Boards. The significant outstanding balance arises due to timing between the billing
date and tax installment dates. The interim billing was issued February and 50% of this
amount is not due until April 28.
Outstandinq Investments: Attachment 3 reflects the short-term and long-term
investments for both the Current Fund and the Reserve Funds outstanding as at March
31,2003.
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 $1,556,506 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.
Attachments:
1.
2.
3.
4.
5.
Statement of Cash Position
Continuity of Taxes Receivables
Outstanding Investments
Statement of Development Charges Collected
Other Development Contributions
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Audit Analyst
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APprov~orsed By:
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Gillis A. Paterson
Director, Corporate Services & Treasurer
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
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ATTACHMENT#L-. TO REPORT#.£5.;)3-03 City of Pickering
Cash Position Statement
for the three months ending March 31, 2003
March, 2003
Sources of Funds:
Accounts Receivable collected $ 308,700
Development charges collected 1,556,506
Operating 5,137,172
Grants-in-lieu:
Federal 335,182
Provincial 359,962
Ontario enterprises 3,696,813
Municipal enterprises 102,124
Linear Properties 176,274
Federal specific grants -
Ontario specific grants 9,648
Interest Income 140,656
Sale of land 90,170
Tax payments received 32,113,876
POA Revenue 229,000
Total $ 44,256,083
Use of Funds:
Operating and Capital Expenditures $ 7,015,121
Payroll 6,745,455
Region levy 13,263,450
Regional portion of Dev. Charges 797,181
School Board levies 10,027,906
School Board portion of Dev. Charges 173,643
APT A Funding 64,128
Total $ 38,086,882
Net Cash Increase (Decrease) $ 6,169,201
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
Jan. 1,2003 Provided (Used) Mar. 31,2003
Current Fund $ 1,408,681 $ 6,169,201 $ 7,577,882
TOTAL $ 1,408,681 $ 6,169,201 $ 7,577,882
Note: Includes City, Region and School Boards
Cash Position 1st quarter 2003.xlsNET CHANGES
City of Pickering
Continuity of Taxes Receivable
for three months ending March 31, 2003
01-Jan-03 Penalty and Taxes Tax Payments and 31-Mar-03
Receivable Interest Added Billed Write Ofts Balance Adjustments Receivable
$ $ $ $ $ $ $
Current Year
Taxes - 55,551,672 - 55,551,672 29,857,194 25,694,477
Penalty and Interest - 54,401 54,401 32,288 22,113
2002
Taxes 4,611,899 (186,952) 4,424,947 1,093,725 3,331,222
Penalty and Interest 320,070 163,297 483,367 170,890 312,478
2001
Taxes 2,488,195 (87,793) 2,400,402 369,913 2,030,489
Penalty and Interest 330,046 68,764 398,810 109,763 289,047
Prior Years
Taxes 1,636,759 118 1,636,877 224,899 1,411,979
Penalty and Interest 362,260 41,640 403,900 134,200 269,700
TOTAL 9,749,229 328,102 55,551,672 (274,626) 65,354,376 31,992,871 33,361,505
TOTAL TAXES LEVIED (including Region and School Boards) as at March 31, 2003 55,551,672
PERCENT OF CURRENT TAXES OUTSTANDING 60.05%
Interim Tax instalment due dates:
Residential:
Commercial:
February 26 and April 28
February 26 and April 28
(1) This amount includes $15.6 million for interim residential taxes billed on Jan 29,2003 but 50% not due until Apr 28,2003,
and $40.0 million for interim commercial taxes billed on Feb 4, 2003 but 50% not due until Apr 28, 2003.
Cash Position 1 st quarter 2003.xlsT AXES RECVBL
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City of Pickering
Outstanding Investments
as at March 31, 2003
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 CIBC BA 8-Jan-03 11-Apr-03 2.75% $ 2,510,405.12 $ 17,594.88 2.77% $ 2,528,000.00
Nesbitt Burns BNS BA 3-Feb-03 30-Apr-03 2.83% 2,534,086.87 16,913.13 2.71% 2,551,000.00
Nesbitt Burns BNS BA 6-Feb-03 2-May-03 2.77% 2,418,398.06 15,601.94 2.76% 2,434,000.00
Nesbitt Burns Firstbank BA 6-Feb-03 7-May-03 2.79% 2,419,337.76 16,662.24 2.78% 2,436,000.00
Nesbitt Burns CIBC BA 14-Mar-03 13-Jun-03 3.03% 1,529,442.50 11,557.50 2.79% 1,541,000.00
Nesbitt Burns Firstbank BA 6-Mar-03 25-Jun-03 3.06% 1,999,414.22 18,585.78 2.80% 2,018,000.00
Nesbitt Burns TO BA 25-Mar-03 23-Jun-03 3.14% 6,028,404.75 46,595.25 2.41% 6,075,000.00
Nesbitt Burns CIBC BA 28-Mar-03 27-Jun-03 3.10% 2,036,240.64 15,759.36 2.69% 2,052,000.00
TOTAL SHORT TERM INVESTMENTS $ 21,475,729.92 $ 159,270.08 $ 21,635,000.00
LONG TERM INVESTMENTS
Current & Reserve Fund Investments
Nesbitt Burns Export Development Corp. 7-May-01 1-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 6-May-02 6-May-09 4.62% 100,000.00 6th of each month 4.62% 100,000.00
TOTAL LONG TERM INVESTMENTS $ 2,751,693.15 $ 2,750,000.00
TOTAL INVESTMENTS $ 24,227,423.07 $ 24,385,000.00
Internal Investments to Capital Projects Term: 5 - 10 years Yield: 5.3 - 5.8% $ 7,672,074.00
Cash Position 1st quarter 2003SECURITIES
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City of Pickering
Development Charges Collected
for three months ending March 31, 2003
Durham District Durham Catholic
City's Portion Region of Durham School Board School Board Total
$ $ $ $ $
AMOUNT COLLECTED
January 184,392 283,590 38,108 22,999 529,089
February 268,457 363,130 53,079 28,197 712,863
March 116,048 163,078 23,137 12,291 314,554
TOTAL 568,897 809,798 114,324 63,487 1,556,506
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ATTACHMENT#..Æ.- TO REPOR.T#~3" 03
City of Pickering
Other Development Contributions
For three months ending March 31, 2003
CONTRIBUTIONS:
Cash - In - Lieu of Parkland $58,400
TOTAL CASH-IN-LiEU OF PARKLAND $58,400
Cash Position 1st quarter 2003.xlsOther Dev.Contrbtns