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HomeMy WebLinkAboutFIN 13-15 City °0 Report to > =; .ai - —1-== Executive Committee y )..�_:c�a: ,—, — x`3.71=i PICKERING Report Number: FIN 13-15 Date: May 1.1, 2015 From: Paul Bigioni Director, Corporate Services & City Solicitor Subject: Development Charges Reserve Fund — Statement of the Treasurer for the Year Ended December 31, 2014 • Recommendation: That Report FIN 13-15 of the Director, Corporate Services & City Solicitor respecting the Development Charges Reserve Fund be received for information. Executive Summary: Section 43 of the Development Charges Act, 1997 (the "Act") requires that the Treasurer provides Council with a financial statement relating to the development charges,by-law and reserve fund established for each service as established under Section 33 of the Act. The enclosed Attachments 1 to 5 provide details of the activity of the Development Charges Reserve Fund for the year ended December 31, 2014 in the manner prescribed by the Act. Section 43(3) of the Act requires that the Treasurer forward a copy of this same statement to the Minister of the Municipal Affairs and Housing (MMAH) within 60 days of 1 • 'providing the statement to Council. Effective 2012, the Treasurer's Statement is submitted to the MMAH through the annual Financial Information Return submission process. Financial Implications: Starting from 2011, and continuing into 2014, the new development in the Duffin Heights neighbourhood has resulted in a spike in development charges revenues. The 10-year chart presented on Attachment 2 shows the spike from 2011-2014. Development charges revenues collected in 2014 were $2,894,922. This represents a 20% decrease from the amount collected in 2013 ($3,601,539), an indication that Duffin Heights development has peaked, and will gradually decline. The Reserve Fund remains at a healthy balance of approximately $39 million pending future use of funds for qualified projects. The funds are well managed with investment returns consistently exceeding market indicators. Investment income is added to the balance of each fund as such income is earned. • 98 FIN 13-15 May 11, 2015 Subject: Development Charges Reserve Fund —Statement of the Page 2 Treasurer for the Year Ended December 31, 2014 Discussion: Funds are not transferred out of the Development Charges Reserve Fund for projects until the funds are actually needed, as required by applicable accounting rules. This ensures that the Reserve Fund continues to earn interest income on the unspent monies until such time as actual expenses are incurred. Attachment 1 shows the total Reserve Fund balance of$39,024,698 prior to "Budget Commitments". Taking into account the "Budget Commitments" as at December 31, 2014 of$22,085,408 the fund balance available for future expenditures is $16,939,290. The development charges collected in 2014 were $2,894,922. Starting from 2011 and continuing into 2014, the new development in the Duffin Heights neighbourhood has resulted in a spike in development charges revenues with an average annual receipts of $3.5 million compared to the average annual receipts of$1.6 million for the 5-year period leading up to 2010. Attachment 2 provides a chart showing the 10-year historical pattern of development charges collected. The cumulative total collected for this 10-year period was approximately $24 million. Attachment 3 provides information on 2014 Budget approved capital and current projects. • Attachment 4 provides a summary of the project expenditures funded by development charges and other sources as prescribed by Ontario Regulation 82/98,Section 12(3). The "Total Funds" presented on Attachment 4 is related to total actual expenditures incurred in 2014. The expenditures incurred in 2014 that were funded from development charges reserve fund's share were $3,943,368. These projects were approved from 2000 to 2014. Attachment 5 provides detailed information on repayments pertaining to outstanding internal loans undertaken as required by O.Reg. 82/98, Section 12(2) 3, 4 and 5. The principal and interest paid in 2014 pertaining to loans undertaken from the period of 2007 to 2013 was $802,818, and was funded from.property taxes. Two internal loans were undertaken in 2014 from the Development Charge Reserve Fund in the total amount of$1,710,000. These two loans are related to Amberlea Creek • Storm Water Management and Museum-Oddfellows Hall. Repayment of the 2014 internal loan will commence in 2015. As of December 31, 2014, the amount owing to the Development Charges Reserve Fund for outstanding internal loans is $4,015,538. 99 • • FIN 13-15 May 11, 2015 Subject: Development Charges Reserve Fund — Statement of the Page 3 Treasurer for the Year Ended December 31, 2014 Attachments: • 1. 2014 Annual Statement of Development Charges Reserve Fund 2. Development Charges Collected 2005 —2014 3. Projects Approved in 2014 to be Funded from Development Charges Reserve Fund 4. 2014 Actual Capital and Current Expenditures Summarized by Project 5. Development Charges Reserve Fund Internal Loans - Annual Repayment for the • year ended December 31, 2014 Prepared By: Approved/Endorsed By: Caryn Kong, CPA, CGA Stan Karwowski, CPA, CMA, MBA Senior Financial Analyst— Capital & Division Head, Finance &Treasurer Debt Management • , Pau Big'. i Dire tor, e s rp irate Services & City Solicitor Recommended for the consideration of Pickering City Council Aid Cad,(1 3rz©l Tony Prevedel, P.Eng. Chief Administrative Officer 100 ATTACHMENT# I TO REPORT#-t'---f IJ 1 'I S N Cn w c0 N n 0) CO A CO CO CD O • V' N N CO s- N CO O 0 0) m O O O) c0 •V N CO CO [T N ' `r ~ N CO 0) CO A '0 Ns:. X' N 0) co am V CO LO O W ••••°W O 0 O�� 0 0) N Vi c) (4 0) N c0 to tv) () r EA ER EA m L 05 y 0 CD U y lC 00) 000O) C CO CO m CO CO a. 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YYdY ; =0. ,1; ❑ ❑ WF- NV)o_ :3 — I IJ. c-0M . 103 ATTACHMENT# .21 TO REPORT# rnll3-IS 2014 Actual Capital and Current Expenditures Summarized by Project O.Reg.82/98 Section 12(3). • D.C.-City's GL Dev Charges Share • Fed Gas Property Description Account Reserve Fund Reserve Tax Taxes Other Total Funds Capital Budget Operations Centre Consulting&Design-new Operations Centre 5315.1201 $811 $40,001 a $40,812 Total Operations Centre $811 $40,001 $40,812 External Subdivision Works 0 ES 2000 WO-2 SS 5321.0019 $117 $0 $188 b $306 W-6(Partial)Amberlea Creek. Erosion Control EA, Design, and Construction 5321.1005 23,357 171,286 0 194,643 D-5 Welrus St-Sprucehill Rd to Fairport Rd. Reconstruct to urban standard including sidewalk and storm sewer 5321.1103 4,025 12,074 0 16,099 Rougemount Dr to Rosebank Rd Reconstruction and urbanization 5321.1305 44,717 134,152 0 178,869 V-4 Kingston Rd.-North Side. Brock Rd to Bainbridge Drive. 5321.1308 4,673 4,673 0 9,346 • Total Ext Subdivision $76,889 $322,184 $0. $0 $188 $399,262 Fire Services • 0 Regional Radio Project-Phs Il 5340.1404 $542,398 $28,547 $570,945 Total Fire Services $542,398 $28,547 $0 $0 $0 $570,945 • Storm Water Mgmt(SWM) 0 Pine Creek Sanitary Sewer 5410.0906 $9,285 $68,089 • $77,374 Total SWM $9,285 $0 $68,089 $0 $0 $77,374 Recreation Facilities 0 . Indoor Soccer Facility- Architecture Fees 5719.1307 $14,019 $16,946 $30,965 Indoor Soccer Facility and -Land-Design&Construction 5719.1401 3,166,551 0 3,430,430 ° 6,596,981 Total Recreation Facilities $3,180,570 $16,946 $0 $0 $3,430,430 $6,627,946 Parks-Duffins Heights(DH) 0 DH-(Mattamy)New Park Construction 5780.1211 $76,775 $256,823 $333,598 DH-Village Green(Mattamy) 5780.1220 35,470 . 133,434 168,904 DH-Village Green(East) 5780.1420 2,149 293° 2,442 Total Parks $114,394 $390,257 $0 $0 $293 $504,944 Total-Capital Budget $3,924,347 $757,934 $68,089 $0 $3,470,912 $8,221,283 Current Budget-Studies 0 Library Strategic Plan 1920.2745 $19,021 $9,158 $28,179 Total-Current Budget $19,021 . $0 $0 $9,158 $0 $28,179 Grand Total-Capital &Current $3,943,368 $757,934 $68,089 . $9,158 $3,470,912 $8,249,462 Proceeds from sale of Duffins Height lands b Internal Loan Debt °Paridand Reserve Fund • 104 • • ATTACHMENT# S TORE ORT# 13— IC C N w N NNN Mel (A � M - 00 V- , rn Q p �_ Oa) 0 tt) N N N • M f6 U " [A� COO (A N CO � � O .CO tT O U C C f CL, I- a • • o (n .+ 0 0 h a0 MOW 00000 C` ' T , CON-t.-co O ' h tO C) 0 N . `1 O v O M N. 0) 0) N- - CC) CO O N 69 N N N r- C•) C') N CO c C co ER a) C) nt 000,(0 OC` 0 Nr- 0000 W C d 0 EA ()) CO 7 cc00 .- 0 0 M p. 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