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HomeMy WebLinkAboutCS 17-055'4 REPORT TO EXECUTIVE COMMITTEE Report Number: CS 17-05 Date: February 14, 2005 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at December 31,2004 Recommendation: It is recommended that report CS 17-05 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 December 31,2004. Financial Implications: The cash position of the Corporation for three months ended December 31, 2004 was a net decrease in cash of $4,773,522 to $8,013,507. Sources of Funds totalled $59,050,301 and Use of Funds totalled $63,823,823. 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 final quarter of 2004. 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 October 1 to December 31,2004 and provides the outstanding taxes receivable as at December 31, 2004. This balance represents all three levels of taxes billed, such as City, Region and School Boards. Report CS 17-05 Subject: Cash Position Report as at December 31,2004 Date: February 14, 2005 Page 2 57 Outstanding Investments: Attachment 3 reflects the short-term and long-term investments for both the Current Fund and the Reserve Funds outstanding as at December 31,2004. 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 $2,040,738 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: 2. 3. 4. 5. 6. 7. 8. Statement of Cash Position Continuity of Taxes Receivable Outstanding Investments Statement of Development Charges Collected Other Development Contributions City Portion of Development Charges Collected 2002-2004 Building Permits Issued 2000-2004 City Portion of Development Charges Collected 1991-2004 Prepared By: "'Avril Payne ~_..// Audit Analyst Approved / Endorsed By: Gillis A. Paterson Director, Corporate Services & Treasurer Attachments Copy: Chief Administrative Officer Recommended for the consideration of Pickering City CotLl~il ~- · ~ / ~'"/ I .,~.-"'""-'/ $,"'"'! .,,..,,..-...-- ml~CmTa~ J. Q ' ' ' 5~ /~-,F":~ "-.",~FNT# ! TOi~EPOP, T# ~.'r~' i7 '~-- City ofPickering Cash Position Statement for three months ending December 31, 2004 Sources of Funds: Accounts Receivable collected $ 161,126 Development charges collected 2,040,738 Operating 21,898,054 Grants-in-lieu: Federal 213,983 Provincial 849 Ontario enterprises 4,780,894 Municipal enterprises 698,550 Linear Properties 360,165 Federal specific grants Ontario specific grants 18,054 interest Income 286,557 Sale of land Tax payments received 28,591,330 POA Revenue Total $ 59,050,301 Use of Funds: Operating and Capital Expenditures $ 24,130,027 Payroll 7,239,504 Region Levy 20,086,181 Regional portion of Dev. Charges 1,295,175 School Board Levies 9,939,705 School Board portion of Dev. Charges 108,780 Debenture payment to Region 368,893 APTA Funding 655,558 Total $ 63,823,823 Net Cash Increase (Decrease) $ (4,773,522)i FINANCIAL POSITION Bank Balance Net Cash Bank Balance Oct 1, 2004 Provided (Used) Dec 31, 2004 Current Fund $ 12,787,030 $ (4,773,522) $ 8,013,507 TOTAL $ 12,787,030 $ (4,773,522) $ 8,013,507 Note: Includes City, Region and School Boards Cash Position final quarter 2004.xlsNET CHANGES 5~ 000000 000000 0~0~ ~zz~z e=EEEEE 000000000 000000000 ~00~0000 zz 000000000 000~00000 000~0000 000~0000 ~00~0000 ~00~~ I11 EEEEEEEEE ~Z Z Z Z Z Z Z Z Z I- z uJ z z 0 .=1 -J 0 °I ~ E U U.,I I-- LLI .~ E E .~ o >~ ~ ~ ~ o · 0 0 z ~ I- 6 ~ ATTA¢i~. 5' '"O REPORT #_E~' ~'] '~ f City of Pickering Other Development Contributions For three months ending December 31, 2004 CONTRIBUTIONS: Cash - In - Lieu of Parkland TOTAL CASH-IN-LIEU OF PARKLAND $587,497 $587,497 Cash Position final quarter 2004.xlsOther Dev. Contrbtns