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
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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
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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