HomeMy WebLinkAboutFIN 20-14 C;ty Report to
-_ Executive Committee
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1 KERI G Report Number: FIN 20-14
Date: September 8, 2014
From: Paul Bigioni
Director, Corporate Services & City Solicitor
Subject Cash Position Report as at June 30, 2014
Recommendation: That Report FIN 20-14 from the Director, Corporate Services &
City Solicitor be received for information.
Executive Summary: This report presents the City of Pickering's cash position,
continuity of taxes receivable, outstanding investments, development charges collected,
other development contribution information and building permits issued for the six •
months ended June 30, 2014.
The City's overall performance for the first half of 2014 is meeting staff's expectations.
The 2014 building permit budget reflects an anticipated lower level of activity and this
lower level of activity is now reflected in development charge collections. Total property
tax arrears are at the same level as last year.
The City's investment portfolio remains diversified with a higher volume on short term
than long term investments but at lower interest rates.
Financial Implications: The financial position of the Corporation for the six months
ended June 30, 2014 is a net decrease in cash of$2,552,798 to $6,463,115. Sources
of Funds totaled $141,586,614 and Uses of Funds totaled $144,139,412.
Discussion: This report covers a six-month period of activity ending June 30, 2014.
Statement of Cash Position: Attachment 1 reflects the City's sources and uses of funds
for the first half of 2014. Subcategories have been identified to highlight those cash
transactions that are material in nature or have large dollar values. This schedule
summarizes the decrease in cash of$2,552,798 over the first six months of the year.
As at June month end, the City had just completed payment of its interim levy and
payment-in-lieu of taxes to the Region of Durham and to the respective school boards.
Note that comparison of the net increase/(decrease) of cash over the same reporting
period in prior years may not be relevant due to timing differences of receipts and
disbursements in each respective year according to the tax payment due dates.
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Report FIN 20-14 September 8, 2014
Subject: Cash Position Report as at June 30, 2014 Page 2
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions
from January 1 to June 30, 2014 and provides the outstanding taxes receivable as at
June 30, 2014. The total amount represents all three levels of taxes billed for the City,
Region and School Boards. It includes amounts owing for the September 26th
residential due date but not the commercial final billing as this will come out later in the
year.
The following is the summary of taxes receivable:
Current year as at June 30, 2014:
• Taxes billed to date: $163.9M (excludes commercial final billing)
• Tax adjustments and payments: $115.6M
• Taxes receivable at Jun 30/14: $48.4M
" All years as at June 30, 2014:
• Taxes billed to date: $163.9M (excludes commercial final billing)
• Tax adjustments and payments: $120.5M
• Taxes receivable at Jun 30/14: $59.9M
Outstanding Investments: Attachment 3 presents the short- and long-term investments
for both Current and Reserve Funds outstanding as at June 30, 2014. The total
investment portfolio as at June 30, 2014 is about $88.0M, with $3.0M from internal
loans and $85.0M from general investments. This represents an increase of about
$6.6M or 8.1% on total investments from the same period last year. This variation is
expected as total investments differ from year to year depending on the timing of
collection and remittance of development charges and supplementary taxes.
Development Charges Collected: The City is responsible for the collection of
development charges on behalf of the City, Region and School Boards. Attachment 4
shows a total collection of$3.1 M for the first half of 2014 with $1.3M for the City, $1.5M
for the Region and $0.3M for the School Boards.
Note that the development charges collected, 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: (a) timing differences in payments to the Region and School Boards as monies
become due 25 days following the month of collection; and (b) the fact that the City
portion of development charges is not reported as a line item under the Use of Funds.
Other Development Contributions: Attachment 5 is provided to show other development
contributions received in the first half 2014.
Multi-Year Receipts: The balance of the Attachments shows the 10-year, semi-annual
receipts of the City's portion of development charges presented as a bar chart. The
$1.3M total amount collected for the six months ending June 30, 2014 is the fourth
highest collection for a first half year in the past 10 years. In comparison with June
2013 results, June 2014 is lower. However, this lower level of activity and
72
Report FIN 20-14 September 8, 2014
Subject: Cash Position Report as at June 30, 2014 Page 3
corresponding revenues was captured in the development of the 2014 budget. In other
words, actual 2014 building permit revenues should meet budget estimates.
During the first half of 2014, 357 permits were issued as compared to 466 during the
same period last year. A decrease of about 109 permits or 23.4%.
Attachments:
1. Statement of Cash Position
2. Continuity of Taxes Receivable
3. Outstanding Investments
4. Development Charges Collected
5. Other Development Contributions
6. City Portion of Development Charges Collected 2004 —2014 (semi-annual)
7. Building Permits Issued 2000—2014 (semi-annual from 2007)
Prepared By: Approved/Endorsed By:
AtfitdA.
Dennis P. Arboleda, CPA, CMA Stan Karwowski, MBA, CPA, CMA
Supervisor, Accounting Services Division Head, Finance &Treasurer
Paul Bigion'
Director, Corporate bervices & City Solicitor
DA:da
Recommended for the consideration
of Pickering City Council
Tony Prevedel, P.Eng.
Chief Administrative Officer
73
•
ATTACHMENT#_±__TO REPORT#'
City of Pickering
Statement of Cash Position
for six months ending June 30, 2014
Sources of Funds:
Accounts Receivable collected 1 $ 1,883,178
Development charges collected 2 3,127,872
Operating 8,251,776
Grants-in-lieu:
Federal 878,747
Provincial 415,527
Ontario enterprises 4,109,050
Municipal enterprises 1,057,681
Linear Properties -
Federal specific grants 49,335
Ontario specific grants 38,100
Interest Income 326,624
Tax payments received 121,448,724
Total $ 141,586,614
Use of Funds: •
Operating and Capital Expenditures $ 29,827,912
Payroll 18,183,301
Region Levy 71,229,093
Regional portion of Dev. Charges 880,417
School Board Levies 22,455,822
School Board portion of Dev. Charges 310,312
Debenture payment to Region 1,252,555
Total $ 144,139,412
Net Cash Increase(Decrease) $ (2,552,798)
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
January 1, 2014 Provided (Used) June 30, 2014
Current Fund $ 9,015,913 $ (2,552,798) $ 6,463,115
TOTAL $ 9,015,913 $ (2,552,798) $ 6,463,115
1 Includes DRT fuel recovery from Region
2 Includes City,Region and School Boards
74
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