HomeMy WebLinkAboutCS 25-06
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REPORT TO
EXECUTIVE COMMITTEE
Report Number: CS 25-06
Date: May 23, 2006
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Development Charges Reserve Fund - Statement of the Treasurer for
2005
Recommendation:
That Report CS 25-06 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: There are no financial implications to the receipt of this
statement.
Background: Section 43 of the Development Charges Act (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
enclosed Attachments 1 to 6 details the activity in the Development Charges Reserve
Fund for the year ended December 31, 2005 in the manner as prescribed by the
Development Charges Act. As required under Section 43(3) of the Act, the Treasurer
will be forwarding a copy of this same Statement to the Minister of Municipal Affairs and
Housing within 60 days upon furnishing the Statement to the Council.
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 $21,135,306. Taking into account the unspent
commitments at December 31, 2005 of $3,583,520 the uncommitted fund balance
available for future expenditures is $17,551,786.
The development charges collected in 2005 were $1,672,209 a decrease of 54% from
amounts collected in 2004. Despite an economic condition of low interest rates and a
booming building industry, there is a decrease in the amount collected due to a
064
Report CS 25-06
Date: May 23, 2006
Subject: Development Charges Reserve Fund-Statement
of the Treasurer for 2005
Page 2
decrease in building activities. The decrease in building activities was in part due to the
limited land available for development in Pickering. Attachment 2 provides a chart
showing the 10-year historical pattern of the development charges collected, notably
the sharp decline in 2005 from those collected in 2004 due to the point mentioned
above. The cumulative total collected for this 1 O-year period was $27,183,780.
The 2005 budgeted funding from this Reserve Fund was $1,623,260 as detailed on
Attachment 3.
The capital and current expenditures actually incurred in 2005 that were funded from
this Reserve Fund amounted to $687,308 (see Attachment 4). These expenditures
pertained to capital projects and studies approved in 2003 to 2005. Attachment 4
provides a summary by projects of these capital expenditures funded by development
charges and other sources as prescribed by a.Reg. 82/98 Section 12(3).
In 2005, the City undertook additional internal loans of $287,000 from this Reserve
Fund. Attachment 5 provides detailed information on the 2005 internal borrowings and
the purpose for which it was borrowed as prescribed by a.Reg. 82/98 Section 12(2)3.
Interest and principal repayments on 2005 internal loans will commence in 2006. As of
December 31, 2005, the combined total outstanding internal loans undertaken from
2001 to 2005 are $5,071,734 (see Attachment 6).
Please note that the principal and interest of $1,187,814 paid in 2005 and as indicated
in Attachment 6 are related to 2001 to 2004 internal loans. This amount was funded
from the general tax levy. This Attachment 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 a.Reg. 82/98 Section 12(2)4,5.
Caution has to be used when budgeting for draws for capital projects due to the limited
availability of land in Pickering and the uncertainty of economic times ahead of us.
Attachments:
1 . 2005 Annual Statement of Development Charges Reserve Fund
2. Development Charges Collected 1995 -2005
3. Projects Approved in 2005 Capital Budget to be Funded from Development
Charges Reserve Fund
4. 2005 Actual Capital Expenditures Summarized by Projects
5. 2005 Internal Loans from Development Charges Reserve Fund-New Loans
Undertaken During the Year
6. Total Development Charges Reserve Fund Internal Loans - Annual Repayment
for the Year Ended December 31,2005
Report CS 25-06
Date: May 23,2006
065
Subject: Development Charges Reserve Fund-Statement
of the Treasurer for 2005
Page 3
Prepared By:
Approved I Endorsed By:
Caryn Kong
Senior Financial Analyst
-=-o~~;
~~ - ---,.~
~lIis A. Paterson
Director, Corporate Services & Treasurer
-~~~-
GP:ck
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
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068
ATTACHMEN"T if"3~M~ TO REPORT#£?_~Ç'O"
Source of Funding Dev. Charge Gen. D.C~City·s Other Total
Reserve Fund Fund Share Reserve Revenue
Projects:
External Subdivision (Road Construction)
Finch Ave-Brock Road 5321.0501. $146,810 $440,440 $ 587,250
Finch Ave-East Petticoat Cree 5321.0502. 75,000 75,000 150,000
Sideline 4 adj. 18T-88059 5321.0503. 12,500 37,500 54,590 104,590
Various Infill Developments 5321.0504 50,000 50,000 100,000
Woodview Ave-Hdyro Corridor 5321.0505 97,875 97,875 195,750
Woodview Ave-Finch Av 5321.0506 476,325 476,325 952,650
Rosebank Road Bridge 5321.0507 87,500 262,500 350,000
$946,010 $0 $1,439,640 $54,590 $ 2,440,240
External Subdivision ( Sidewalks & Streetlights)
Brock/Kingston Rd-Hwy 401 5321.0508 $ 58,500 $ 175,500 $ 234,000
Brock/Pickering Pkwy-Hwy 40' 5321.0509 58,500 58,500 117,000
Kingston/Fairport-CNR tracks 5321.0510 81,900 81,900 163,800
Kingston/Dixie-CNR tracks 5321.0511 40,950 40,950 81,900
Kingston/Bainbridge-Notion Rc 5321.0512 55,250 55,250 110,500
Kingston/Glendale-Walnut Lar 5321.0513 64,350 64,350 128,700
Finch Ave/Rosebank-18T-870! 5321.0514 52,650 52,650 105,300
Finch Ave/Royal Rd-Guild Roa 5321.0515 11 ,700 35,100 46,800
Sidewalk
401 Pedestrian Bridge 5323.0501 30,000 270,000 300,000
$ 453,800 $ 834,200 $ 1,288,000
External Subdivision ( Storm Water Management)
Storm Water Mgmt Works 5321.0516 136,000 24,000 160,000
$ 136,000 $ 24,000 $ 160,000
Culture & Recreation
Senior Centre 5701.0503 87,450 187,550 275,000
$ 87,450 $ 187,550 $ 275,000
Total $1,623,260 $0 $2,485,390 $54,590 $4,163,240
ATTACHMEf\~
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f¡EPORT #_(5,;)';; - Ù,
116 ','1
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Dev. Charges D.C-City's Share
Reserve Fund Reserve Total
Corporate Services
2003 & 2004 budaeted proiect
Development Charges Background Study $ 3,979 $ 3,979
Total Corporate Services $ 3,979 $ 3,979
External Subdivision
2004 budQeted projects
Road Construction:
Rosebank Rd. Bridge with CNR $ 69,953 $ 729,023 $ 798,976
Clements Rd east limit Church St 36,834 36,834 73,668
Church St/Bayly to Clements Road 332,608 332,608 665,216
Traffic SiQnal:
Brock Rd at Clements Road 56,250 26,250.00 82,500
Storm Water Manaaement
Finch Ave.! East of Brock 929 164 1,093
Total Ext. Subdivision Works-2004 $ 496,574 $ 1,124,879 $1,621,453
2005 budQeted projects
Road Construction:
Finch Ave/Brock Road to 450m East $ 93,378 $ 280,140 $ 373,518
Rosebank Rd Bridge with CNR tracks 81,687 245,062 326,750
Sidewalks & Streetliahts
Finch Ave.!Royal Rd west to Guild Road 5,254 15,762 21,015
Total Ext. Subdivision Works- 2005 $ 180,319 $ 540,964 $ 721,283
Sidewalks
401 Pedestrian Bridge-GO Station $ 2,814 $ 25,326 28,140
Culture & Recreation
Senior Centre-2nd Floor Design 3,622 7,767 11,389
Total-Sidewalk & Culture & Recreation-2005 $ 6,436 $ 33,093 39,529
Total Spent $ 687,308 $ 1,698,936 $ 2,386,244
Ü70
ATTACHMENT #_S
REPOR1 J:; C5 .,J S-- 0'
Budget Amount
Year Project Number Terms Description of Loans
Roads
2004 04-2320-004-00 5-yr Telescopic Boom Excavator $ 50,000
5320.0401.0000 3.73% Gradall Model 4100
Also Ext. Debt $288,000
Library
2005 05-2745-005-01 5-yr Upgrade to library automation system 172,000
5800.0518.0000 3.73%
Parks
2005 05-2718-002-01 5-yr Two One-ton Dump Trucks 65,000
05-2718-002-02 3.73%
5780.0501/0502
Total Internal Loans for 2005 $ 287,000
Internal loans to be funded by Development Charges Reserve Fund, repayment commencing
in 2006.
¡ ff_..t,., TO REPORT # ~J.<; ~ÙG
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Outstanding Principal Outstanding
Principal Repayment Principal Interest
(Jan 1) 2005 2005 2005
Jan.1, 2005 Dec. 31, 2005
$ $ $ $
Development Charges
Booked in 2001
Rosebank Road 599,282 (91,151) 508,131 (21,933)
Eastshore Community Ctr 520,044 (79,099) 440,945 (19.033)
Fire Tanker 105,873 (16,103) 89,770 (3,875)
Dispatch Ctr 116,527 ( 116,527) 0 0
1999 Roads Projects 622,589 (94,695) 527,894 (22,786)
1999 Streetlights 380,211 (71,202) 309,009 (13,916)
2000 Roads Projects 554,668 (84,365) 470,303 (20,301 )
Aerial Truck 266,348 (40,511 ) 225,837 (9,748)
Waterfront Trail 39,257 (39,257) 0 0
Library-Western Branch 941 ,539 (143,208) 798,331 (34,460)
4,146,338 (776,118) 3,370,220 (146,052)
Booked in 2002
Fire Hall & Communication 27,120 (8,718) 18,402 (993)
Parks 130,572 (13,998) 116,573 (5,690)
Sidewalks 65,706 (7,044) 58,662 (2,864 )
Storm Water Management 134,783 (37,035) 97,748 (5,890)
Streetlight 33,696 (3,612) 30,084 (1,468)
Arena & Recreation 46,332 (4,967) 41 ,365 (2,019)
Roads 583,777 (62,585) 521,192 (25,441 )
1,021,985 (137,959) 884,026 (44,365)
Booked in 2003
Roads 92,562 (8,624) 83,938 (4,034)
Library 222,083 (20,693) 201,390 (9,678)
Rec.Complex-Core 6,931 (646) 6,285 (302)
321,576 (29,963) 291,613 (14,014)
Booked in 2004
Parks 175,000 (14,346) 160,654 (7,627)
Roads 60,000 (11,156) 48,844 (2,196)
Streetlights 32,000 (2,623) 29,377 (1,395)
267,000 (28,125) 238,875 (11,218)
Booked in 2005
Roads 50,000 50,000
Library 172,000 172,000
Parks 65,000 65,000
287,000 287,000
Total 6,043,899 (972,165) 5,071,734 (215,649)
. ..
Source of Funding Gen. Tax Levy Gen. Tax Levy
Annual Charges (Principal & Interest) (1,187,814)