HomeMy WebLinkAboutCST 34-11
i
Cry Report To
Executive Committee
PICKERING Report Number: CST 34-11
102 Date: September 12, 2011
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: Cash Position Report as at June 30, 2011
Recommendation: That Report CST 34-11 of the Director, Corporate Services &
Treasurer 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, building permits issued and other development contribution information for
the six months ended June 30, 2011. In summary, our mid-year 2011 operational
results are relatively the same compared to the same period results last year.
Local economic activity appears to be slightly and slowly improving from the recent
world wide slowdown. However, not all indicators are positive as shown below for the
first six months of 2011.
• Cash available increased from $7.3M to $7.8M.
• Property taxes receivable increased over the same period in 2010 from $53.3M
to $57.3M partly reflecting increases in taxes billed for the City and.the Region
(approximately 7.5%).
• Development charges collected for the City, Region and School Boards
increased over the same period.in 2010 from $2.4M to $4.2M (approximately
75%).
• Building permits issued decreased over the same period in 2010 from 308 to 200
(approximately 35%).
• Investment portfolio returns continue at historically low levels.
Financial Implications: The cash position of the Corporation for the six months
ended June 30, 2011 was a net increase in cash of $493,215 to $7,776,184. Sources
of Funds totalled $139,783,895 and Uses of Funds totalled $139,290,680. The net
cash balance together with the total current short term investments show that the City is
in a sound financial position to meet the requirements for the remainder of 2011.
Report CST 34-11 Date: September 12, 2011
Subject: Cash Position Report as at June 30, 2011 Page 21 03
Sustainability Implications: The maintenance of a healthy cash position contributes to
sustainable financial management, as one of the City's Corporate Priorities.
Background: This report presents a summary of activity for the six months ending
June 30; 2011. The discussion below describes the purpose and the information
contained in each of the attached schedules.
Statement of Cash Position:
Attachment 1 reflects the sources and uses of funds for,the first half of 2011.
Subcategories have been identified to highlight those cash transactions that are
significant in nature or large dollar value transactions for the City. This schedule
summarizes the increase in cash of $493,215 over the first six months of 2011. Year to
year periodical comparisons however may not be useful due to differences in timing of
receipts and disbursements.
Continuity of Taxes Receivable:
Attachment 2 summarizes the tax related transactions from January 1 to June 30, 2011
and provides the outstanding taxes receivable as at June 30, 2011. This balance
represents all three levels of taxes billed for the City, Region and School Boards. The
June balance is not indicative of the true outstanding taxes for the City due to the timing
of billing,and receipts. The outstanding balance includes the amounts owing for the
September 29th residential due date of approximately $31.OM. The commercial final
billing has not been billed hence not included in the total. Furthermore, with the City's
pre-authorized payment plan, payment of taxes are spread over 10 months and
artificially overstate outstanding taxes at June.
Summary of taxes receivables are as follows:
Current Year as at June 30, 2011:
• Taxes billed to date: $146.OM (excludes final commercial biling)
• Taxes receivable at Jun 30/11: $50.8M
• Taxes paid: $102.OM
All years as at June 30, 2011:
• Total taxes outstanding: $57.3M
• Current year outstanding: $51.1M
• Prior years outstanding: $6.2M
The year to date's taxes receivable is up by approximately $4.0 million or 7.5% as
compared to the same period last year. This increase is mainly due to the fact that the
City and the Region increase the amount billed each year due to budgetary levy
increases.
Report CST 34-11 Date: September 12, 2011
Subject: Cash Position Report as at June 30, 2011 Page 3
U
Outstanding Investments:
Attachment 3 reflects the short-term and long-term investments for both the Current
and Reserve Funds as at June 30, 2011. Investments vary year over year depending
on the timing of the collection and remittance of development charges and
supplementary taxes. Total investment portfolio as at June 30, 2011 is $67.9 million
with $1.1 million coming from internal loans and $66.8 million from general investments.
Development Charges Collected:
The City is responsible for collecting development charges on behalf of all levels of
government. Attachment 4 indicates the total development charges collected for the
City, Region and School Boards. The total amount collected of $4,202,361 agrees with
the balance indicated under Sources of Funds on Attachment 1. However, the
remittance of development charges to the Region and School Boards indicated under
the Use of Funds is different than the total collected on Attachment 4. This variance is
a result of timing differences because payments to the Region and School Boards are
due 25 days following the month collected.
The total development charges collected in the first six months of 2011 increased
75.0% from the same period in 2010 from $2.4M to $4.2M.
Other Development Contributions:
Attachment 5 is provided to show other significant development contributions that have
been received.
Multi year Receipts:
The balance of the tables shows multi year receipts. The first half of 2011 total
collection for the City's portion of development charges is up by almost 66.2% over the
same period last year. Building permits issued is down by about 35.1% to 200 permits
issued during the first half of this year compared to 308 issued in same period last year.
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. City Portion of Development Charges Collected 2003 - 2011 (Semi-annual)
7. Building Permits Issued 2000 - 2011
Report CST 34-11 Date: September 12, 2011
Subject: Cash Position Report as at June 30, 2011 Page 4
Prepared By: Approved / Endorsed By:
Dennis P. Arboleda Gillis A. Paterson, CMA
Supervisor, Accounting Services Director, Corporate Services & Treasurer
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering Citv- Council
Y46e~ I , -
Tony Prevedel, P.Eng.
Chief Administrative Officer
ATTACHMENT # I TO REPORT # Cs73-
106 City of Pickering
Cash Position Statement
for six months ending June 30, 2011
Sources of Funds:
Accounts Receivable collected $ 871,755
Development charges collected* 4,202,361
Operating 19,597,344
Grants-in-lieu:
Federal 948,027
Provincial 373,285
Ontario enterprises 3,975,044
Municipal enterprises 1,313,152
Federal specific grants 41,182
Ontario specific grants 63,968
Interest Income 192,250
Sale of land 500
Tax payments received" 108,129,662
POA Revenue 75,365
Total $ 139,783,895
Use of Funds:
Operating and Capital Expenditures $ 33,374,550
Payroll 18,233,731
Region Levy 62,452,961
Regional portion of Dev. Charges 2,783,390
School Board Levies 20,911,551
School Board portion of Dev. Charges 508,676
Debenture payment to Region 1,025,821
Total $ 139,290,680
Net Cash Increase (Decrease) $ 493,215
Financial Position
Bank Balance Net Cash Bank Balance
January 1, 2011 Provided Used June 30, 2011
Current Fund $ 7,282,969 $ 493,215 $ 7,776,184
TOTAL $ 7,282,969 $ 493,215 $ 7,776,184
Note: Includes City, Region and School Boards
ATTACHMENT # TO REPORT #.C5-73C(-
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