HomeMy WebLinkAboutCS 37-03
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REPORT TO FINANCE &
OPERATIONS COMMITTEE
Report Number: CS 37-03
Date: September 9,2003
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Cash Position Report as at June 30, 2003
Recommendation:
It is recommended that Report CS 37-03 from the Director, Corporate Services &
Treasurer be received for information.
Executive Summary: 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
June 30, 2003.
Financial Implications: The cash position of the Corporation for three months
ended June 30, 2003 was a net decrease in cash of $3,570,120 to $4,007,763.
Sources of Funds totalled $37,594,377 and Use of Funds totalled $41,164,497.
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 second 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
from April 1 to June 30, 2003 and provides the outstanding taxes receivable as at June
30, 2003. This balance represents all three levels of taxes billed, such as City, Region
and School Boards.
Outstandinq Investments: Attachment 3 reflects the short-term and long-term
investments for both the Current Fund and the Reserve Funds outstanding as at June
30,2003.
Report CS 37-03
Date: September 9, 2003
Subject: Cash Position Report as at June 30,2003
Page 2
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 $1,502,025 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 Receivable.
Outstanding Investments
Statement of Development Charges Collected
Other Development Contributions
Prepared By:
Approved I Endorsed By:
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. Avril pay~e' . .
Audit Analyst
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- Gillis A. Paterson
Director, Corporate Services & Treasurer
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
ATTACHMENT#L... TO REPORT#Q..37 .oj City of Pickering
Cash Position Statement
for the three months ending June 30, 2003
June, 2003
Sources of Funds:
Accounts Receivable collected $ 344,924
Development charges collected 1,502,025
Operating 6,973,971
Grants-in-lieu:
Federal 302,244
Provincial -
Ontario enterprises 1 ,348,461
Municipal enterprises 617,678
Linear Properties 27,054
Federal specific grants -
Ontario specific grants 20,105
Interest Income 332,144
Sale of land 5,000
Tax payments received 26,060,339
POA Revenue 60,433
Total $ 37,594,377
Use of Funds:
Operating and Capital Expenditures $ 10,289,261
Payroll 6,213,719
Region levy 13,494,811
Regional portion of Dev. Charges 427,521
School Board levies 9,598,162
School Board portion of Dev. Charges 84,064
APT A Funding 1,056,958
Total $ 41,164,497
Net Cash Increase (Decrease) $ (3,570,120)
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
April 1, 2003 Provided (Used) June 30, 2003
Current Fund $ 7,577,882 $ (3,570,120) $ 4,007,763
TOTAL $ 7,577,882 $ (3,570,120) $ 4,007,763
Note: Includes City, Region and School Boards
Cash Position 2nd quarter 2003.xlsNET CHANGES
City of Pickering
Continuity of Taxes Receivable
for three months ending June 30, 2003
01-Apr-03 Penalty and Taxes Tax Payments and 30-Jun-03
Receivable Interest Added Billed Write Ofts Balance Adjustments Receivable
$ $ $ $ $ $ $
Current Year
Taxes 25,694,477 25,694,477 24,554,462 1,140,015
Penalty and Interest 22,113 139,352 161,466 75,124 86,342
2002
Taxes 3,331,222 (126,896) 3,204,327 619,670 2,584,657
Penalty and Interest 312,478 122,390 434,868 153,559 281,309
2001
Taxes 2,030,489 (44,387) 1,986,102 260,578 1,725,525
Penalty and Interest 289,047 56,072 345,119 109,212 235,907
Prior Years
Taxes 1,411,979 (88) 1,411,891 147,073 1,264,818
Penalty and Interest 269,700 33,578 303,278 68,154 235,124
TOTAL 33,361,505 351,392 - (171,371) 33,541,527 25,987,831 7,553,696
TOTAL TAXES LEVIED (including Region and School Boards) as atJune 30,2003 55,551,672
PERCENT OF CURRENT TAXES OUTSTANDING 13.60%
2003 Interim Tax instalment due dates:
Residential:
Commercial:
Residential:
Commercial:
February 26 and April 28
February 26 and April 28
August 15 and September 26
October 15 (tentative)
2003 Final Tax instalment due dates:
Cash Position 2nd quarter 2003.xlsTAXES RECVBL
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City of Pickering
Outstanding Investments
as at June 30, 2003
Name ot Financial Purchase Maturity Interest Principal Interest #ot Days Value at
Security Institution Date Date Rate Amount Payable OIS Maturity
SHORT TERM INVESTMENTS
Current & Reserve Fund Investments
Nesbitt Burns Firstbank BA 11-Apr-03 10-Jul-03 3.17% $ 2,529,219.76 $ 19,780.24 90 $ 2,549,000.00
Nesbitt Burns Firstbank BA 14-Apr-03 10-Jul-03 3.18% 1,999,867.35 15,132.65 87 2,015,000.00
Nesbitt Burns CIBC BA 01-May-03 01-Aug-03 3.21% 2,558,316.42 20,683.58 92 2,579,000.00
Nesbitt Burns BNS BA 02-May-03 01-Aug-03 3.19% 2,486,202.60 19,797.40 91 2,506,000.00
Nesbitt Burns CIBC BA 08-May-03 08-Aug-03 3.22% 2,436,204.64 19,795.36 92 2,456,000.00
Nesbitt Burns CIBC BA 28-May-03 22-Aug-03 3.13% 1,003,589.37 7,410.63 86 1,011,000.00
Nesbitt Burns BNS BA 23-Jun-03 29-Aug-03 3.02% 2,999,593.08 14,406.92 67 3,014,000.00
Nesbitt Burns BNS BA 13-Jun-03 03-Sep-03 3.11% 1,550,166.66 10,833.34 82 1,561,000.00
Nesbitt Burns CIBC BA 23-Jun-03 15-Sep-03 3.00% 3,074,761.44 21,238.56 84 3,096,000.00
Nesbitt Burns CIBC BA 30-Jun-03 26-Sep-03 3.05% 2,012,223.17 14,776.83 88 2,027,000.00
TOTAL SHORT TERM INVESTMENTS $ 22,650,144.49 $ 163,855.51 $ 22,814,000.00
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 $ 2,000,000.00
Nesbitt Burns Farm Credit Corp. 27-Jun-03 27-Jun-13 3.70% 250,000.00 Jun. 27 & Dec. 27 250,000.00
Nesbitt Burns Export Development Corp. 26-0ct-01 22-0ct-09 4.25% 400,000.00 Oct. 22 & Apr. 22 400,000.00
Nesbitt Burns Province of Ontario Note 06-May-02 06-May-09 4.62% 100,000.00 6th of each month 100,000.00
TOTAL LONG TERM INVESTMENTS $ 2,751,693.15 $ 2,750,000.00
TOTAL INVESTMENTS $ 25,401,837.64 $ 25,564,000.00
Internal Investments to Capital Projects Term: 5 - 10 years Yield: 5.3 - 5.8% $ 7,672,074.00
Cash Position 2nd quarter 2003.xlsSECURITIES
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City of Pickering
Development Charges Collected
for three months ending June 30, 2003
Durham District Durham Catholic
City's Portion Region of Durham School Board School Board Total
$ $ $ $ $
AMOUNT COLLECTED
April 139,715 194,380 17,693 16,355 368,144
May 50,771 70,063 9,527 5,061 135,422
June 380,222 545,451 17,693 55,093 998,459
TOTAL 570,708 809,895 44,913 76,509 1,502,025
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ATTACHMENT#~ TO REPORT # C!' .3? -OJ
City of Pickering
Other Development Contributions
For three months ending June 30, 2003
CONTRIBUTIONS:
Cash - In - Lieu of Parkland $134,479
TOTAL CASH-IN-LiEU OF PARKLAND $134,479
Cash Position 2nd quarter 2003.xlsOther Dev.Contrbtns