HomeMy WebLinkAboutCS 39-05 REPORT TO
EXECUTIVE COMMITTEE
Report Number: CS 39-05
Date: May 18, 2005
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: Cash Position Report as at March 31,2005
Recommendation:
It is recommended that Report CS 39-05 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
March 31,2005.
Financial Implications: The cash position of the Corporation for three months
ended March 31, 2005 was a net decrease in cash of $4,077,864 to $3,935,643.
Sources of Funds totalled $59,218,802 and Use of Funds totalled $63,296,666.
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 2005. 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 January 1 to March 31, 2005 and provides the outstanding taxes receivable as at
March 31, 2005. This balance represents all three levels of taxes billed, such as City,
Region and School Boards.
Outstandinq Investments: Attachment
investments for both the Current Fund
March 31,2005.
3 reflects the short-term and long-term
and the Reserve Funds outstanding as at
Report CS 39-05
Subject: Cash Position Report as at March 31,2005
Date: May 18, 2005
Page 2
Development Charges 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 $168,211 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 - Mar. 31,2005
Building Permits Issued 2000 - Mar. 31,2005
City Portion of Development Charges Collected 1991-2004
Prepared By:
Approved / Endorsed By:
.... Avril Paine
Audit Analyst
Gillis A. Paterson
Director, Corporate Services & Treasurer
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City qouncil
Thorfla-s'0. ouinn:~(~ief~j~inistratk;~-(A~ij~r ~'
ATTACHHENT# r~ TO REPOP, T,~.;.~i'. o~-
City of Pickering
Cash Position Statement
for three months ending March 31, 2005
Sources of Funds:
Accounts Receivable collected $ 1,168,390
Development charges collected 168,211
Operating 16,342,773
Grants-in-lieu:
Federal 371,255
Provincial 360,217
Ontario enterprises 3,193,544
Municipal enterprises 322,683
Linear Properties -
Federal specific grants -
Ontario specific grants 24,376
Interest Income 288,139
Sale of land -
Tax payments received 36,979,214
POA Revenue -
Total $ 59,218,802
Use of Funds:
Operating and Capital Expenditures $ 29,222,662
Payroll 5,997,316
Region Levy 16,203,548
Regional portion of Dev. Charges 135,068
School Board Levies 9,756,197
School Board portion of Dev. Charges 16,835
Debenture payment to Region 78,912
APTA Funding 1,886,127
Total $ 63,296,666
Net Cash Increase (Decrease) $ (4,077,864)
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
Jan 1, 2005 Provided (Used) Mar 31, 2005
Current Fund $ 8,013,507 $ (4,077,864) $ 3,935,643
TOTAL $ 8,013,507 $ (4,077,864) $ 3,935,643
Note: Includes City, Region and School Boards
Cash Position first quarter 2005.xIsNET CHANGES
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City of Pickering
Other Development Contributions
For three months ending March 31, 2005
CONTRIBUTIONS:
Cash - In - Lieu of Parkland
TOTAL CASH-IN-LIEU OF PARKLAND
$1,400
$1,400
Cash Position first quarter 2005.xlsOther Dev. Contrbtns