HomeMy WebLinkAboutCS 11-10
City n0
Report To
PICKERING Executive Committee
' Report Number: CS 11710
Date: May 10, 20,10 32
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: Cash Position Report as at December 31, 2009
Recommendation:
It is recommended that report CS 11-10 from the Director, Corporate Services &
Treasurer regarding cash position as at December 31, 2009 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 six months ended
December 31, 2009.
In summary, the global economic downturn has had adverse effects on our operations
in 2009. Tax arrears are slightly up over 2008. Development charges collected are up
over the same period in 2008 but total 2009 collections are down by almost 150% .
compared to the total collections in 2008. Building permits issued in 2009 are likewise
down by about 62% compared to 2008 making this the year with the fewest permits
issued in the last 9 years. The City's investment portfolio remains well balanced
although yields dropped considerably in the last year, especially for the short term
investments (Current Operating Fund).
Financial Implications: The cash position of the Corporation for six months ended
December 31, 2009 was a net increase in cash of $4,758,648 to $8,030,555. Sources
of Funds totalled $110,900,119 and Uses of Funds totalled $106,141,471.
Sustainability Implications: This report does not contain any sustainability
implications.
n
Report CS 11-10 Date: May 10, 2010
Subject: Cash Position Report as at December 31,2009 Page 2
33
Background: This report presents a six-month period of activity ending December
31, 2009. The discussion below describes the purpose and the information contained in
each of the attached schedules.
Statement of Cash Position: Attachment 1 reflects the City's sources and uses of funds
for the second half of 2009. Subcategories have been identified to highlight those cash
transactions that are material in nature or with large dollar values for the City. Over the
last six months, the schedule summarizes the increase in cash of $4,758,648 from
$3,271,907 to $8,030,555. Although the 2009 year end balance is approximately $3.6
million more than the 2008 balance, year to year periodical comparison may not be
useful due to the timing differences of receipts and disbursements which is typical in
any government or business.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions
from July 1 to December 31, 2009 and provides the outstanding taxes receivable as at
December 31, 2009. The total balance represents all three levels of taxes billed which
include the City, Region and School Boards. This total has increased over the past
several years but differences may vary where due dates and amounts for
supplementary billings change from year to year.
Current year's taxes receivable of about $7.8 million is approximately 4.8% (2008 -
4.4%, 2007 - 4.3%, 2006 - 4.2%) of the $163.0 million total faxes billed as at
December 31, 2009. The total outstanding balance of $17.1 million is approximately
10.5% (2008 - 9.2%, 2007 - 8.7%, 2006 - 8.2%) of the $163.0 million total taxes billed
in 2009.
Outstandinq Investments: Attachment 3 reflects the short- and long-term investments
for both Current and Reserve Funds outstanding as at December 31, 2009. Total
investments vary from year to year depending on the timing of the collection and
remittance of development charges and supplementary taxes. Total investment portfolio
as at December 31, 2009 is $62.0 million with $2.3 million coming from internal loans
and $59.7 million from general investments. Note that interest rates in general on both
short- and long-term investments are down vis-a-vis prior year.
Development Charges Collected: As the City is responsible for the collection of
development charges on behalf of all levels of government, Attachment 4 shows the
total amounts collected for the City, Region and School Boards. The total collection
amount of $2,094,665 as reported under the Sources of Funds on Attachment 1 does
not match the remittance amounts to the Region and School Boards indicated under
the Use of Funds also in Attachment 1. This variance is a result of timing differences in
payments to the Region and School Boards as monies become due 25 days following
the month of collection.
Report CS 11-10 Date: May 10, 2010
Subject: Cash Position Report as at December 31, 2009 Page 3
34
Other Development Contributions: Attachment 5 is provided to show other significant
development contributions received in 2009.
Multi Year Receipts: The balance of the Attachments shows multi year receipts of the
City's portion of development charges. The collections for 2009 have decreased by
54.4% or $1,317,412 from $2,422,276 in 2008 to $1,104,861 in 2009. Note that this
year's collection shows the lowest City portion of development charges in the last 18
years.
Similarly, building permits issued during 2009 have decreased by 38.1 % or 249 from
653 in 2008 to 404 in 2009. Again, total permits issued in 2009 was the fewest in the
last nine years.
Attachments:
1. Statement of Cash Position
2. Continuity of Taxes Receivable
3. Outstanding Investments
4. Statement of Development Charges Collected
5. Other Development Contributions
6. Building Permits Issued 2000 - 2009
7. City Portion of Development Charges Collected 1991-2009
Prepared By: Approved / Endorsed By:
Dennis P. Arboleda Gillis A. Paterson
Supervisor, Accounting Services Director, Corporate Services & Treasurer
:da
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City C u cil
T ma J. Quin DM , CMM III
Chief Administra ve Officer
ATTACHMENT#,L.TO REPORT#-Lj! - io
City of Pickering
Cash Position Statement
35 for six months ending December 31, 2009
Sources of Funds:
Accounts Receivable collected $ 709,709
Development charges collected 2,094,665
Operating 32,520,347
Grants-in-lieu:
Federal 1,199,874
Provincial 1,259,162
Ontario enterprises 7,513,777
Municipal enterprises 1,502,923
Linear Properties 2,011,235
Federal specific grants 28,364
Ontario specific grants 282,651
Interest Income 422,511
Sale of land 175,000
Tax payments received 61,042,240
POA Revenue - 137,661
Total $ 110,900,119
Use of Funds:
Operating and Capital Expenditures $ 36,490,524
Payroll 17,957,741
Region Levy 28,238,445
Regional portion of Dev. Charges 729,854
School Board Levies 20,880,978
School Board portion of Dev. Charges 68,697
Debenture payment to Region 1,775,232
Total $ 106,141,471
Net Cash Increase (Decrease) $ 4,758,648
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
Jul 1, 2009 Provided Used December 31, 2009
Current Fund $ 3,271,907 $ 4,758,648 $ 8,030;555
TOTAL $ 3,271,907 $ 4,758,648 $ 8,030,555
Note: Includes City, Region and School Boards
Cash Position Dec 2009NET CHANGES
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