HomeMy WebLinkAboutCS 20-09
City °0 REPORT TO
EXECUTIVE COMMITTEE
PICKERING Report Number: CS 20-09
Date: June 8, 2009
162
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: Development Charges Reserve Fund - Statement of the Treasurer for
2008
Recommendation:
That Report CS 20-09 of the Director, Corporate Services & Treasurer respecting the
Development Charges Reserve Fund be received for information.
Executive Summary: Section 43 of the Development Charges Act, 1997 (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 5 details the activity in the Development
Charges Reserve Fund for the year ended December 31, 2008 in the manner as
prescribed by the 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.
Financial Implications: There are no financial implications associated with this
report.
Sustainability Implications: The availability of funding from Development Charges
Reserve Funds assists in sustaining infrastructure related to growth.
Background: Funds are not transferred out of the Development Charges 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 under "Fund Balance - Prior to Budget
Commitments" of $26,413,355. Taking into account the "Budget Commitments" as at
December 31, 2008 of $3,258,915 the "Fund Balance - After Budget Commitments"
available for future expenditures is $23,154,440.
Report CS 20-09 Date: June 8, 2009
Subject: Development Charges Reserve Fund - Statement Page 2
of the Treasurer for 2008 1 63
The development charges collected in 2008 were $2,422,276 an increase of 66% from
amounts collected in 2007 ($1,457,284). The low interest rates and booming building
industry during early 2008 have contributed to the 2008 increase compared to the 2007
collections. Attachment 2 provides a chart showing the 10-year historical pattern of the
development charges collected, notably the sharp decline starting from 2005 and
continuing in 2007 compared to those collected in 2003 and 2004 due to the limited
land available for development in Pickering. The cumulative total collected for this 10
year period was $25,247,433.
The 2008 budgeted funding from this Reserve Fund was $925,300 as detailed on
Attachment 3.
The capital and current expenditures actually incurred in 2008 that were funded from
this Reserve Fund amounted to $569,522 (see Attachment 4). These expenditures
pertained to capital and current projects approved in 2005 to 2008. Attachment 4
provides a summary by projects of these expenditures funded by development charges
and other sources as prescribed by O.Reg. 82198 Section 12(3).
In 2008, the City did not undertake any internal loan from this Reserve Fund.
Attachment 5 provides detailed information on repayments pertaining to loans
undertaken from 2001 to 2007. As of December 31, 2008, the total outstanding internal
loans undertaken from 2001 to 2007 are $2,823,238 (see Attachment 5).
The principal and interest of $1,230,910 paid in 2008 as indicated on Attachment 5 are
related to 2001 to 2007 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 O.Reg. 82198 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. 2008 Annual Statement of Development Charges Reserve Fund
2. Development Charges Collected 1998 - 2008
3. Projects Approved in 2008 Capital Budget to be Funded from Development
Charges Reserve Fund
4. 2008 Actual Capital and Current Expenditures Summarized by Projects
5. Development Charges Reserve Fund Internal Loans - Annual Repayment for the
Year Ended December 31, 2008
Report CS 20-09 Date: June 8, 2009
Subject: Development Charges Reserve Fund - Statement Page 3
164 of the Treasurer for 2008
Prepared By: Approved / Endorsed By:
Caryn Kong Gillis A. Paterson
Senior Financial Analyst Director, Corporate Services & Treasurer
GP:ck
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
Thomas J. uinn, R., CM I
Chief Admi istrative Officer
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Projects Approved in 2008 Capital Budget to be Funded from 167
Development Charges Reserve Fund
Source of Funding GL Dev. Charge D.C-City's Debt Total
Account Res. Fund Share Res.
Projects:
External Subdivision (Roads) -
Sideline 4, Concession 5 to Hwy 7 5321.0801 122,650 - 427,350 550,000
DH-16 Dersan St. to Brock Rd. 5321.0804 218,500 11,500 - 230,000
RO-2 & WO-6 Sheppard (Altona to Rosebank) 5321.0812 279,000 - 1,271,000 1,550,000
Various Construction Projects 5321.0813 50,000 50,000 100,000
$ 670,150 $ 61,500 $1,698,350 $2,430,000
External Subdivision ( Sidewalks & Streetlights) -
BR-6 Brock Rd. - Pedestrian Underpass 5321.0817 $ 60,000 $ 60,000 - $ 120,000
WO-9 Sheppard Ave 5321.0820 $ 15,150 $ 45,450 - $ 60,600
$ 75,150 105,450 - $ 180,600
External Subdivision (Traffic Signals)) -
BI-15 Squires Beach Rd. 5321.0832 180,000 60,000 - 240,000
180,000 $ 60,000 - $ 240,000
Total $925,300 $226,950 $1,698,350 $2,850,600
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Development Charges Reserve Fund Internal Loans - 169
Annual Repayment for the Year Ended December 31, 2008 O.Reg. 82/98 S_ 12(2)4,5.
Outstanding Principal Outstanding
Principal Repayment Principal Interest
(Jan 1) 2008 2008 2008
Loans Jan.1, 2008 Dec. 31, 2008
Undertaken in 2001
Rosebank Road 315,794 (101,494) 214,300 (11,590)
Eastshore Community Ctr 274,039 (88,075) 185,964 (10,057)
Fire Tanker 55,790 (17,931) 37,859 (2,048)
1999 Roads Projects 328,077 (105,441) 222,636 (12,040)
1999 Streetlights 52,640 (52,640) - (7,353)
2000 Roads Projects 292,284 (93,939) 198,345 (10,727)
Aerial Truck 140,354 (45,109) 95,245 (5,151)
Library-Western Branch 496,148 (159,459) 336,689 (18,209)
1,955,126 (664,088) 1,291,038 (77,175)
Undertaken in 2002
Parks 86,747 (15,898) 70,849 (3,791)
Sidewalks 43,653 (8,000) 35,653 (1,908)
Storm Water Management 66,956 (16,412) 50,544 (3,914)
Streetlight 22,387 (6,480) 15,907 (978)
Arena & Recreation 30,781 (5,641) 25,140 (1,345)
Roads 387,839 (71,078) 316,761 (16,949)
638,363 (123,509) 514,854 (28,885)
Undertaken in 2003
Roads 65,565 (9,793) 55,772 (2,865)
Rec.Complex-Core 4,909 (733) 4,176 (215)
70,474 (10,526) 59,948 (3,080)
Undertaken in 2004
Parks 130,097 (16,287) 113,810 (5,685)
Roads 25,302 (12,423) 12,879 (929)
Streetlights 23,789 (23,789) (0) (1,040)
179,188 (52,499) 126,689 (7,654)
Undertaken in 2005
Roads 31,092 (9,987) 21,105 (1,160)
Library 106,953 (34,354) 72,599 (3,989)
Parks 40,418 (12,983) 27,435 (1,508)
178,463 (57,324) 121,139 (6,657)
Undertaken in 2006
Protctive Srvcs (Fire) 35,208 (11,251) 23,957 (1,496)
Protctive Srvcs (Bylaw) 61,231 (19,567) 41,664 (2,602)
Transportation-Roads 22,962 (7,338) 15,624 (976)
Parks 94,142 (30,084) 64,058 (4,001)
Recreation Facilities 59,656 (13,944) 45,712 (2,685)
273,199 (82,184) 191,015 (11,760)
Undertaken in 2007
Gen Govt(Civ Cmplx) 38,000 (4,051) 33,949 (1,710)
Protctive Srvcs (Fire) 150,000 (27,474) 122,526 (6,600)
Parks 220,000 (26,555) 193,445 (10,082)
Rec Facilities (Arena & Cmmty 189,000 (20,365) 168,635 (8,733)
597,000 (78,445) 518,555 (27,125)
Total 3,891,812 (1,068,574) 2,823,238 (162,336)
Source of Funding Gen. Tax Levy Gen. Tax Levy
Annual Charges (Principal & Interest) (1,230,910)