HomeMy WebLinkAboutCST 18-11PICKERING
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Report To
Executive Committee
Report Number: CST 18-11
Date: May 9, 2011
Subject: Cash Position Report as.at December 31, 2010
Recommendation:
That report CST 18-11 from the Director, Corporate Services & Treasurer regarding
Cash Position as at December 31, 2010 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, 2010.
The cash position of the Corporation for six months ended December 31, 2010 was a
net increase in cash of $9,519,792 resulting in a bank balance of $7,198,973. Sources
'of Funds totalled $121,787,941 and Uses of Funds totalled $112,268,149.
In summary, 2010 has shown moderate improvements in most of the key indicators:
• Tax arrears decreased slightly by 0.36% over 2009 to $6.6 million.
• Development charges collected are up by 26% over the same period in 2009.
• Building permits issued in 2010 are likewise up by 40% compared to 2009 but
remain below previous years.
The City's investment portfolio remains well balanced with a slight increase in interest
rates on both short and long term investments over 2009.
In summary, the City's cash position remains strongly positive as it has been in previous
years reflecting sound financial management practices.
Financial Implications: This report does not contain any financial implications.
Report CST 18-11
Date: May 9, 2011
Subject: Cash Position Report as at December 31, 2010 Page 2
5
Sustainability Implications: This report does not contain any sustainability
implications.
Background: This reportpresents a six-month period of activity ending December
31, 2010. The discussion below describes the purpose and provides summary
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 2010. Subcategories have been identified to highlight those cash
transactions that are material in nature or with large dollar values for the City. This
schedule summarizes the increase in cash of $9,519,792 over the last six months of the
year. Although the 2010 year end balance of $7,198,973 is approximately $831,582
less than the 2009 year end balance, year to year periodical comparison may not be
useful due to the timing differences of receipts and disbursements.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions
from July 1 to December 31, 2010 and provides the outstanding taxes receivable as at
December 31, 2010. This balance represents all three levels of taxes billed for the City,
Region and School Boards. Year to year totals vary because of timing differences in
due dates and amounts of supplementary billings.
Current year's taxes receivable of about $6.6 million is approximately 3.9% (2009 -
4.8%, 2008 - 4.4%, 2007 - 4.3%, 2006 - 4.2%) of the $168.1 million total taxes billed
as at December 31, 2010 and 38.8% (2009 - 45.6%, 2008 - 47.6%, 2007 - 49.6%,
2006 - 50.9%) of the $17.-OM total receivable.
Outstanding Investments: Attachment 3 reflects the short- and long-term investments
for both Current and Reserve Funds outstanding as at December 31, 2010. Total
investments vary from year to year depending on the timing of collection and remittance
of development charges and supplementary taxes. Total investment portfolio as at
December 31, 2010 increased approximately $7.2M or 11.6% from 2009. This is
primarily a result of the receipt of Gas Tax and debenture proceeds in the fall of 2010.
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. Compared to 2009,
2010 collection is up by 26% or $544,588 from $2,094,665 to $2,639,253.The total
collection 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 payable to these bodies 25 days
following the month of collection by the City.
Report CST 18-11 Date: May 9, 2011
Subject: Cash Position Report as at December 31, 2010 Page 3 5
Other Development Contributions: Attachment 5 is provided to show other significant
development contributions received in 2010.
Multi Year Receipts: The balance of the Attachments shows multi year receipts of the
City's portion of development charges as presented on a linear chart. Collections in
2010 increased by 49.6% or $548,202 from $1,104,861 in 2009 to $1,653,063 in 2010.
This increase shows a positive indicator of recovery following the recent economic
downturn.
Similarly, building permits issued in 2010 increased by 40% or 160 from 404 in 2009 to
564 in 2010. Again, a positive indicator of economic growth in the City.
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- 2010
7. City Portion of Development Charges Collected 1991-2010
Prepared By:
Dennis P. Arboleda
Supervisor, Accounting Services
DA:da
Copy: Chief Administrative Officer
Approved / Endorsed By:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Recommended for the consideration of
Pickering Cou it
~f 201l
Tony P edel, P.Eng
Chief Administrative Officer
ATTACHMENT #-t-TO REPORT # "S'r If-))
57 City of Pickering
Cash Position Statement
for six months ending December 31, 2010
Accounts Receivable collected
Development charges collected '
Operating
Grants-in-lieu:
Federal
Provincial
Ontario enterprises
Municipal enterprises
Linear Properties
Federal specific grants
Ontario specific grants
Interest Income
Sale of land
Tax payments received
POA Revenue
$
796,520
2,639,253
49,636,099
Total
)t Funds:
Operating and Capital Expenditures
Payroll
Region Levy
Regional portion of Dev. Charges
School Board Levies
School Board portion of Dev. Charges
Debenture payment to Region
Total
Net Cash Increase (Decrease)
FINANCIAL POSITION
991,230
60,636
2,471,366
719,664
504,875
14,919
255,153
187,525
63,416.,123
94,578
$ 121,787,941
$ 40,194,912
18,535,919
28,820,192
2,351,212
20,871,383
117,840
1,376,691
$ 112,268,149
$ 9,519,792
Bank Balance Net Cash Bank Balance
July 1, 2010 2 Provided (Used) December 31, 2010
Current Fund $ (2,320,819) $ 9,519,792 $ 7,198,973
I TOTAL Is (2,320,819) $ 9,519,792 $ 7,198,973
Includes City, Region and School Boards
2 Adjusted to include levy and debenture payments to the Region
issued in June 2010 but post dated to July 2010 in the amounts
of $16,531,253.17 and $631,179.48 respectively.
Report CST 18-11
Date: May 9, 2011
Subject: Cash Position Report as at December 31, 2010 Page 2
5
Sustainability Implications: This report does not contain any sustainability
implications.
Background: This reportpresents a six-month period of activity ending December
31, 2010. The discussion below describes the purpose and provides summary
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 2010. Subcategories have been identified to highlight those cash
transactions that are material in nature or with large dollar values for the City. This
schedule summarizes the increase in cash of $9,519,792 over the last six months of the
year. Although the 2010 year end balance of $7,198,973 is approximately $831,582
less than the 2009 year end balance, year to year periodical comparison may not be
useful due to the timing differences of receipts and disbursements.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions
from July 1 to December 31, 2010 and provides the outstanding taxes receivable as at
December 31, 2010. This balance represents all three levels of taxes billed for the City,
Region and School Boards. Year to year totals vary because of timing differences in
due dates and amounts of supplementary billings.
Current year's taxes receivable of about $6.6 million is approximately 3.9% (2009 -
4.8%, 2008 - 4.4%, 2007 - 4.3%, 2006 - 4.2%) of the $168.1 million total taxes billed
as at December 31, 2010 and 38.8% (2009 - 45.6%, 2008 - 47.6%, 2007 - 49.6%,
2006 - 50.9%) of the $17.-OM total receivable.
Outstanding Investments: Attachment 3 reflects the short- and long-term investments
for both Current and Reserve Funds outstanding as at December 31, 2010. Total
investments vary from year to year depending on the timing of collection and remittance
of development charges and supplementary taxes. Total investment portfolio as at
December 31, 2010 increased approximately $7.2M or 11.6% from 2009. This is
primarily a result of the receipt of Gas Tax and debenture proceeds in the fall of 2010.
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. Compared to 2009,
2010 collection is up by 26% or $544,588 from $2,094,665 to $2,639,253.The total
collection 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 payable to these bodies 25 days
following the month of collection by the City.
Report CST 18-11 Date: May 9, 2011
Subject: Cash Position Report as at December 31, 2010 Page 3 5
Other Development Contributions: Attachment 5 is provided to show other significant
development contributions received in 2010.
Multi Year Receipts: The balance of the Attachments shows multi year receipts of the
City's portion of development charges as presented on a linear chart. Collections in
2010 increased by 49.6% or $548,202 from $1,104,861 in 2009 to $1,653,063 in 2010.
This increase shows a positive indicator of recovery following the recent economic
downturn.
Similarly, building permits issued in 2010 increased by 40% or 160 from 404 in 2009 to
564 in 2010. Again, a positive indicator of economic growth in the City.
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- 2010
7. City Portion of Development Charges Collected 1991-2010
Prepared By:
Dennis P. Arboleda
Supervisor, Accounting Services
DA:da
Copy: Chief Administrative Officer
Approved / Endorsed By:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Recommended for the consideration of
Pickering Cou it
~f 201l
Tony P edel, P.Eng
Chief Administrative Officer
ATTACHMENT #-t-TO REPORT # "S'r If-))
57 City of Pickering
Cash Position Statement
for six months ending December 31, 2010
Accounts Receivable collected
Development charges collected '
Operating
Grants-in-lieu:
Federal
Provincial
Ontario enterprises
Municipal enterprises
Linear Properties
Federal specific grants
Ontario specific grants
Interest Income
Sale of land
Tax payments received
POA Revenue
$
796,520
2,639,253
49,636,099
Total
)t Funds:
Operating and Capital Expenditures
Payroll
Region Levy
Regional portion of Dev. Charges
School Board Levies
School Board portion of Dev. Charges
Debenture payment to Region
Total
Net Cash Increase (Decrease)
FINANCIAL POSITION
991,230
60,636
2,471,366
719,664
504,875
14,919
255,153
187,525
63,416.,123
94,578
$ 121,787,941
$ 40,194,912
18,535,919
28,820,192
2,351,212
20,871,383
117,840
1,376,691
$ 112,268,149
$ 9,519,792
Bank Balance Net Cash Bank Balance
July 1, 2010 2 Provided (Used) December 31, 2010
Current Fund $ (2,320,819) $ 9,519,792 $ 7,198,973
I TOTAL Is (2,320,819) $ 9,519,792 $ 7,198,973
Includes City, Region and School Boards
2 Adjusted to include levy and debenture payments to the Region
issued in June 2010 but post dated to July 2010 in the amounts
of $16,531,253.17 and $631,179.48 respectively.
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