HomeMy WebLinkAboutFIN 14-15 00 Report to.
Executive Committee
PICKERING
Report Number: FIN 14-15
Date: May 11, 2015
From: Paul Bigioni
Director, Corporate Services & City Solicitor
Subject: Cash Position Report as at December 31, 2014
Recommendation:
That Report FIN 14-15 from the Director, Corporate Services & City Solicitor be
received for information.
Executive Summary: The attached schedules present 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, 2014.
The 2014 "cashflow" key indicators are presented below:
• The City share of development charges collected is down by about 19% or $0.7M
from $3.6M to $2.9M, but still ranks as one of the top eight highest collections.in 23
years.
• The total number of building permits issued is down by about 15% or 128 from 861
in 2013 to 733 in 2014.
• Total tax arrears is likewise down by about 10% or$1.6M from $16.3M in 2013 to
$14.7M in 2014.
Financial Implications: The financial position of the Corporation for the six months
ended December 31, 2014 was a net increase in cash of$4,511,857 from $6,463,115 to
$10,974,972. Sources of Funds totaled $122,081,290 and Uses of Funds totaled
$117,569,433.,
•
106
FIN 14-15 May 11, 2015
Subject: Cash Position Report as at December 31, 2014 Page 2
Discussion: This report presents a six-month period of activity ending in December
31, 2014 with some annual comparison of performance between 2014 and 2013.
Statement of Cash Position: Attachment 1 reflects the City's sources and uses of funds
for the second half of 2014. Subcategories have been identified to emphasize those
cash transactions that are material in nature. This schedule summarizes the increase in
cash of$4,511,857 over the last six months of the year. It is important to note that
periodic comparison may not be useful in this case due to timing differences of receipts
and disbursements throughout each reporting year. Therefore, this increase does not
imply that the City was in a better cash position at the end of 2014 compared to six
months ago.
Continuity of Taxes.Receivable: Attachment 2 summarizes all tax related transactions
from July 1 to December 31, 2014. It also provides the outstanding taxes receivable as
at December 31, 2014. The total receivable includes all three levels of taxes billed for
the City, Region and School Boards. Note that periodic totals vary because of the
timing differences in due dates and amounts of supplementary billings issued in the
reporting year.
The current year's taxes receivable of about $5.6M is approximately 2.9% (2013 -
7.1%, 2012- 3.7%, 2011 -7.9%, 2010 -3.9%, 2009-4.8%) of the $193.2M total
taxes billed in 2014 and about 38.1% (2013-80.4%, 2012-37.5%, 2011 -74.3%,
2010 -38.8%, 2009 -45.6%) of the $14.7M total receivable at the end of 2014..
Outstanding Investments: Attachment 3 presents the short- and long-term investments
for both Current and Reserve Funds outstanding as at December 31, 2014. The total
investment portfolio as at December 31, 2014 is $103.4M with $4.0M from internal loans
and.$99.4M from general investments. This shows an increase of about$16.3M or
18.7% from prior year's $87.1 M total portfolio. Total investments vary from year to year
depending on the timing of collection and remittance of development charges and •
supplementary taxes. Interest rates in general on both short- and long-term
investments show slight increases in 2014 relative to prior years.
Development Charges Collected: 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 2013,
2014 collection is down by about$0.7M or 19.4%from $3.6M to $2.9M.
Note that the total collection for the Region and School Boards do not match the
remittance amounts under the Uses of Funds indicated in Attachment 1. This variance
is a result of the timing differences in payments to the Region and School Boards as
monies become due 25 days following the month of collection. .
Other Development Contributions: Attachment 5 is provided to show other significant
development contributions received in 2014.
107
FIN 14-15 May 11, 2015
Subject: Cash Position Report as at December 31, 2014 Page 3
Multi Year Receipts: The balance of the Attachments shows multiyear receipts of the
City's portion of development charges presented on a bar chart. Total collection for the
first and second halves of 2014 was $1.3M and $1.6M respectively for a total of$2.9M.
This is the eight highest annual collection in the last 23 years. Total collection in 2011
of$4.3M.remains the highest on record followed by $3.7M in 2004 and $3.6M in 1994.
Total building permits of 733 issued in 2014 is lower by 128 or about 15% from 2013's
861. The total building permit issued in 2013 is the highest ever recorded since 2000.
Attachments:
1. Statement of Cash Position
2. Continuity of Taxes Receivable
3. Outstanding Investments
4. Development Charges Collected •
5. Other Development Contributions
6. City's Portion of Development Charges Collected
7. Building Permits Issued
Prepared By: Approved/Endorsed By:
7' "?? ? f -
Dennis P. Arboleda, CPA, CMA Stan Karwowski, CPA, CMA, MBA
Supervisor, Accounting Services Division Head, Finance &Treasurer
IP 4`
Paul Bigi•'.
Direct. , C u rip.rate Services & City Solicitor
Recommended for the consideration
of Pickering City Council
cgie0e 27, 20(,S
Tony Prevedel, P.Eng.
Chief Administrative Officer
108
ATTACHMENT# / TO REPORT#. .J+ i
City of Pickering
Statement of Cash Position
•
for six months ending December 31, 2014
Sources of Funds:
Accounts Receivable collected $ 807,432
Development charges collected* 3,562,001
Operating 34,323,743
Grants-in-lieu:
Federal 1,222,143
Provincial 1,174,514
Ontario enterprises 4,036,155
Municipal enterprises 1,762,053
Linear Properties 451,516
Federal specific grants 19,205
Ontario specific grants 202,712
Interest Income 282,267
Sale of land -
Tax payments received 74,095,466 •
POA Revenue 142,083
Total $ 122,081,290
Use of Funds:
Operating and Capital Expenditures $ 38,600,442
Payroll 20,019,314
Region Levy 33,244,888
Regional portion of Dev. Charges 2,357,759
School Board Levies 20,761,967
School Board portion of Dev. Charges 325,465
Debenture payment to Region S 2,259,598
Total $ 117,569,433
Net Cash Increase(Decrease) $ - 4,511,857
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
July 1,2014 Provided (Used) December 31,2014
Current Fund $ 6,463,115 $ 4,511,857 $ 10,974,972
TOTAL $ ' 6,463,115 $ 4,511,857 $ 10,974,972
Includes City,Region and School Boards
109
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