HomeMy WebLinkAboutCS 31-05PICKERING
REPORT TO
EXECUTIVE COMMITTEE
Report Number: CS 31-05
Date: May 3, 2005
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Development Charges Reserve Fund - Statement of the Treasurer for
2004
Recommendation:
That Report CS 31-05 of the Director, Corporate Services & Treasurer respecting the
Development Charges Reserve Fund be received and forwarded to Council for
information.
Executive Summary: Not applicable
Financial Implications:
statement.
There are no financial implications to the receipt of this
Background: Section 43 of the Development Charges Act requires that the
Treasurer furnish to Council a Statement in respect of each Reserve Fund (i.e. for each
Development Charge) established under Section 33 of the Act. Accordingly, the
attached Schedules 1 to 5 details the activity in the Development Charges Reserve
Fund for the year ended December 31, 2004 in the manner as prescribed by the
Development Charges Act.
Funds are not transferred out of the Reserve Fund for projects until the funds are
actually needed as required under accounting rules which ensures that the Reserve
Fund continues to earn interest income on these unspent monies until such time that
the actual expense is incurred. Attachment 1 presents the total Reserve Fund balance,
before unspent commitments of $19,496,777. Taking into account the unspent
commitments at December 31, 2004 of $2,672,169 the uncommitted fund balance
available for future expenditures is $16,824,608.
The development charges collected in 2004 were $3,709,465 an increase of 30% from
amounts collected in 2003. The increase in building activities was due in part to the
economic condition of Iow interest rates and the booming building industry.
Report CS 31-05
Subject: Development Charges Reserve Fund-Statement
of the Treasurer for 2004
Date: May 3, 2005
Page 2
The 2004 budgeted funding from this Reserve Fund was $1,293,025 as detailed on
Attachment 2.
The capital and current expenditures actually incurred in 2004 that were funded from
this Reserve Fund amounted to $778,446. These expenditures pertained to capital
projects and studies approved in 2001 to 2004. Attachment 3 provides a summary by
projects of these capital expenditures funded by development charges and other
sources as prescribed by O. Reg. 82/98 Section 12(3).
In 2004, the City undertook additional internal loans of $267,000 from this Reserve
Fund, bringing the combined 2001 to 2004 outstanding internal loans at $5,756,900 as
of December 31, 2004. Attachment 4 provides detailed information on the 2004
internal borrowings and the purpose for which it was borrowed as prescribed by O. Reg.
82/98 Section 12(2)3. Interest and principal repayments on 2004 internal loans will
commence in 2005.
Please note that the principal and interest of $1,160,726 paid in 2004 and as indicated
in Attachment 5 are related to 2001 to 2003 internal loans. This amount was funded
from the general tax levy. Schedule 5 also provides a summary of amount and source
of any money used by the municipality to repay money borrowed from the fund and
interest on such money as required by O. Reg. 82/98 Section 12(2)4,5.
Though the fund balance has increased significantly due to increase in building
activities, caution has to be used when budgeting for draws for capital projects as this
trend may not continue in the future due to the limited availability of land in Pickering
and the uncertainty of economic times ahead of us.
Attachments:
2004 Annual Statement of Development Charges Reserve Fund
Projects Approved in 2004 Capital Budget Funded from Development Charges
Reserve Fund
2004 Actual Capital Expenditures Summarized by Projects
2004 Internal Loans from Development Charges Reserve Fund New Loans
Undertaken During the Year
Total Development Charges Reserve Fund Total Internal Loans - Annual
Repayment for the Year Ended December 31,2004
Report CS 31-05
Subject: Development Charges Reserve Fund-Statement
of the Treasurer for 2004
Date: May 3, 2005
Page 3
Prepared By:
Caryn Kong
Senior Financial Analyst
GP:ck
Attachments
Copy: Chief Administrative Officer
Approved / Endorsed By:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Recommended for the consideration of
Pickering Cit~ Council
Thdm~s J. OuCn, Chef Admin~"~ati. t~ Off1'cer
cO 0
0 O4
°si°
Source of Funding Dev. Charges D.C-City's Total
Reserve Fund Share Reserve
Projects:
External Subdivision (Road Construction)
Rosebank Rd. Bridge 04-001-02
Clements Road-east Church 04-001-22
Church St-Bayly to Clements 04-001-23
External Subdivision ( Sidewalks )
Kingston Rd-Steeple Hill to Whites
Brock Rd-Bayly to 401
$300,000 $900,000 $1,200,000
65,560 65,560 131,120
598,785 598,785 1,197,570
$964,345 $1,564,345 2,528,690
04-002-03 58,500 58,400 116,900
04-002-07 25,250 25,250 50,500
External Subdivision ( Traffic Signals )
Pickering Pkwy @ Valley Farm Rd. 04-003~02
Brock Rd @ Clements 04-003-03
External Subdivision ( Storm Water Management )
Storm Water Mgmt Works 04-004-00
83,750 83,650 167,400
56,250 66,250 122,500
56,250 26,250 82,500
112,500 92,500 205,000
132,430 23,370 155,800
132,430 23,370 155,800
Total $1,293,025 $1,763,865 $3,056,890
ATTACHMEN'~ ~,.._~ ...... TO REPORT #_C...,? 3/-,) s'
Corporate Services
2003 & 2004 budgeted project
Development Charges Background Study
Total Corporate Services
External Subdivision
2003 and prior budgeted projects
Road Construction:
Southview Drive-reconstruction ES 1996 06B
Squires Beach Rd-Bayly to 750 m south 03-001-15
Traffic Signal:
Twyn Rivers Dr @ Woodview Av. ES 2000 RO-4
Sidewalks & Streetlights:
North side of Finch/Altona to Rosebank 03-002-16
Total Ext. Subdivision Works-2003 & prior
2004 budgeted projects
Road Construction:
Rosebank Rd Bridge 04-001~02
Traffic Signal:
Pickering Pkwy @ Valley Farm Rd 04-003-02
Total Ext. Subdivision Works- 2004
Total Spent
Dev. Charges Com. Facilities D.C-City's Share Internal
Reserve Fund Reserve Fund Reserve Loans
Total
$ 78,673 $ 78,673
$ 78,673 - $ 78,673
$ 21,420 6,197 $ 27,617
338,006 338,006
56,250 18,000 74,250
7,800 4,069 11,869
$ 423,476 $ 6,197 $ 4,069 $ 18,000 $ 451,742
230,047 230,047
56,250 40,050 96,300
$ 286,297 $ - $ 40,050 $ $ 326,347
$ 788,446 $ 6,197 $ 44,119 $ 18,000 $ 856,762
Budget Amount
Year Project Number Terms Description of Loans
Parks
2003 03-2718-001-01 10-Year David Farr Park 100,ooo.00
5.09%
2004 04-2718-001-00 10-Year Progress Frenchman's Bay Park 75,000.00
5.09%
Roads
2004 04-2320-001-02 5-Year 3/4 Ton Pick-Up Truck 35,0o0.00
5.00% Res. 103/04 OES 22-04
2004 04-2320-004-02 5-Year Replacement Culvert Steamer 25,000.00
5.00% High Pressure Hot Water
Streetli,qht
2004 04-2325-007-01 lO-Year Traffic Control Project 32,ooo,o0
5.09% Twin Rivers/Woodview
Total Internal Loans for 2004 267,000.00
ATTACHMENT ~ TO REPORT #~.3/'
Development Charges
Booked in 2001
Rosebank
Eastshore Community Ctr
Fire Tanker
Dispatch Ctr
1999 Roads Projects
1999 Streetlights
2000 Roads Projects
Specialized Transit
Aerial Truck
Waterfront Trail
Western Branch
Outstanding Principal Outstanding
Principal Repayment Principal Interest
(Jan 1) 2004 2004 2004
Jan. 1,2004 Dec. 31,2004
$ $ $ $
680,897 (81,615) 599,282
590,868 (70,824) 520,044
120,292 (14,419) 105,873
132,397 (15,870) 116,527
707,378 (84,789) 622,589
431,991 (51,780) 380,211
630,207 (75,539) 554,668
36,648 (36,648)
302,621 (36,273) 266,348
97,331 (58,074) 39,257
1,069,765 (128,226) 941,539
4,800,395 (654,057) 4,146,338
(39,492)
(34,270)
(6,977)
(7,679)
(41,028)
(25,056)
(36,552)
(17,552)
(21,413)
(62,046)
(292,065)
Booked in 2002
Fire Hall & Communication
Parks
Sidewalks
Storm Water Management
Streetlight
Arena & Recreation
Roads
35,265 (8,145) 27,120
143,130 (12,558) 130,572
72,026 (6,320) 65,706
147,747 (12,964) 134,783
36,937 (3,241) 33,696
50,788 (4,456) 46,332
639,928 (56,151) 583,777
1,125,821 (103,835) 1,021,986
(1,869)
(8,302)
(4,178)
(8,569)
(2,142)
(2,946)
(37,116)
(65,122)
Booked in 2003
Roads
Library
Rec. Complex-Core
100,476 (7,914) 92,562
241,071 (18,988) 222,083
7,524 (593) 6,931
349,071 (27,495) 321,576
(5,225)
(12,536)
(391)
(18,152)
Booked in 2004
Parks 175,000 175,000
Roads 60,000 60,000
Streetlights 32,000 32,000
267,000 267,000
Total
Source of Funding
6,542,287 (785,387) 5,756,900
Gen. Tax Levy
(375,339)
Gen. Tax Levy
Annual Charges (Principal & Interest) (1,160,726)