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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 ATTACHMENT#_ 2- TO REPORT #-LS-j 16 d Q~ M~ ~ O Lo (D r` N 0 f` J _ OC co co O O O N M O N OD O co 36 O ~ (O O V L1~ 0 111i d: ~ ~ > N C co r- Lo Lo O N (D (D v d M U r` OD 0 V) (D N 00 (D r` ~ r c) ; r- N• ti IT 00 M 00 N O x E 0) V 'C N M (D C M O O V O O C) 1A O C Lo 0 L(') M 0 L(') - N N N w N Ri "a, m O O W ti (D 0 a- ~ r- O U 0 d O(-VLr Ln I~i (D O L c r; N (D (D 00 r` P Lo L(7 O r 0 _ N fA r` M 00 N N v 04 ^ O C) O O E to to C) c r 04 =3 (L (L C N C 0 +S+ (p N O O E (ten V C co ce r- O m r Ln 00 N U 0 E (S E K 0 O 00 0) Ln 00 U N O ,N Q 06 > O Q r` o N Q 0 ((D O O 000 O 00 N (Q * c7 Il- (D co N N cl~ (6 0) O N 0-0 C .0- C Ln co a N O d m 64 ` E (n r r L L) -0 > U Q X t9 a) Z N C) N M 0O N N (O N U pl- (D ccO O Q t6 06 d d ~ ti -=3 O p X EA 0 01 N m m M M ` -O O N N N m 0 E c: E N O N M a (D r` Lo Lo co co U v p d M - (D Lo - co Z' v p 00 N N r O m co +R C r N C: 0) Q O 0) VO ti (O ti = C) N N t` N N m= E O E a) 0) _ r E m a co N 4) (a Q~ (n a r+ +J _C =3 w = C LL U) EA Q I- V Lo O Ln N (D rn 00 r. 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