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Home My WebLink AboutCS 09/00\,�y OF P/C� � y � � �� REPORT TO COUNCIL FROM: Gillis A. Paterson DATE: May 4, 2000 Director, Corporatc Services & Trea urcr REPORT NUMBER: CS 09•00 SUBJECT: 1999 Audited Financial Statements For the City of Pickering RECOMMENDATION: Tliat the Audit Committee recommend to Council that: I, This report of thc Director, Corporate Services and Treasurer be received and refertcd to Council for infortnation; 2. The 1999 Audited Financial Statements for the Ciry of Pickering be received and fonvnrded to Council for information; and, 3. The Mnnagemcnt Ietter from the AuJitor he referreJ to the Director, Corporate Serviccs and Treasurcr for any furthcr action deemed necessary, and fonvarJed to Council for infortnation. ORIGIN: Director, Corporate Services & Treasurer AUTHORITY: The Municipal Act, R.S.O. 1990 as amended, Scctions 8G, 87, 88, 89 and 90. FINANCIAL IMPLICATIONS: Not Applicable EXECU'fIVE SUMMARY: Each year the Auditor of thc City of Pickering, Hurten, Flett, Sinclair, Chartercd Accountants, audits the books, uccounts and unnual financial statements, as prepnred by the Corporate Services Department, oP thc Corporation. This information is then fonvarded to Council und made Available to the public, Accompanying thesc statcments is the Auditor's Letter of Opiniun and Managemcnt L.etter. BACKGROUND: As mcntioned above, each year the uudited Financinl Statemcnts nre presenttti to Council. 5 6 Report to Council CS 09-00 Aatc: May 4, 2000 � 3ubject: 1999 Audited Financial Statements for thc City of Pickcrin� Pagc 2 I am pleased to ndvisa the Committea that thcrc were no probiems or items of a questionable nnture that either i or the Auditor have to report to you nt this timc. I believc the items mentioned in the Auditor's Munngement Letter nre both posilive nnd aclf explanatory, In summary, total assets increased by approximately $3 million ovcr 1998 primarily duc to thc rcceipt of the first insinlment of prepaid interest from Veridia�. While tax arrcars increased by npproximately $1 million, primarily due to the Inteness of the final induslriaUcommercial tax duc dnte, under Bill 79, every effort is being made to reduce the amount outstanding during 2000. [n spite of heavy financial demands on reserves and reserve funds for the 2000 Budget, thc total balance incrensed by approximately $1.6 million. I would be pleased to answer any qucstions thc me,mbers of the Committee or Councii may have. ATTACHMENTS: Not Applicnble PrepazecllApproved / Endorsed By: ��--� Gillis A. Palerson, Director, Corporate Services & Treasurer GP;vw Copy: Councillor Mauricc Brcnncr, Chair, Audit Committec tdayor Waymc Arthurs, Mcmbcr, Audit Commiucc Councillor Mark Holland, Mcmbcr, Audit Commiltcc Thomas J. Quinn, Chicf Administrative Officcr Recammended fur the consideration of Pickering City Co�!ncil .► d �� , '��l �/.� U(% , ;�; . • ',, � �' ; ;: � THE CORPORATTON OF THE CITY OF PICKERING BY-GAW N0. 5683/00 Being a by lnw to ndopt the cstimates of all sums required to bc mised by tnzation for the yenr 2000 nnd to estnblish the Tux Rates necessary to mise such sums. WHEREAS it is necessary for lhe Council of The Cocpomtion of the City of Pickering, pursuant to ihe Municipul Act, R.S.O. 1990, ch.M.45, us amended, to pass a by-law to levy n sepamte t�uc rute on the assessment in each property class; und, WHEREAS thc property classcs havc bcen prescribed by the Mir.ister of Finance under the Assessmenc Act, R.S.O. 1990, ch.A.31, ns umendeJ and its Rcgulations; and, WHEREAS it is necessary for the Council of The Corporntion oF ihc City of Pickering, pursunnt to the Municip. � Act, to levy on the wholc ratable property nccorcling to the las; rcvised usscsament roll lor The Comorntion oF thc City of Pickcring the �ums set foKh for various purposes in Schcdule "A", for the curtent ycar; and, WHEREAS the Regional Municipulity of llurham has passed By-Is�w No. 30-2000 to udopt cstimutcs of nll sums rcquired by The Regional Municipality of Durhum for the purposes of the Regionnl Corporation and By-laws No. 31-2000 an:l No. 32-2000 to providc a Icvy und act Inx rutcs on Arcu Municipnlitics; and, WHEREAS the Regionul Municipaliry of Dufii�m has proviJeJ thc 2�0 cducution tux rates for thc vnrious reaity classcs; and, WHEREAS thc Rcgionnl Municipality of Durhnm !ias passcd Dylaw No. 71-98 to direct tha Council of thc City of Pickcring to phasc-in asscssmcnt relnted inc�euses or decreases for thc �esidcntiol property class dctcrtnincd in occordunce wilh Section 312 (1) of the Municipal Act, R.S.O. 1990, ns amcndcJ; and, WHEREtiS sub section 392(4) and (5) of thc Municipul Act, as amcndcJ, permits thc issuance of scpurute twc bills for scpurnte classes of renl property for 2000; nnd, WHEREAS nn intcrim lcvy was made by the Council of Thc Corporation of the City of Pickering (pursunnt to By-law No. 56(0/00) before the udoption ot the estimntcs for the carrcnt year. NOW THEREFORE THE COUNCQ, OF THE CQRPORAT'ION OF THE C1TY UF PICKERING HEREBY ENACTS AS FOLLOWS: For the yenr 7.000, The Corporadon of 1he City of Pickering (the "City") shnll levy upon the Property Classes set out in Schedule "A", the rutes of taaution ns sct out in Schedule "A", for the City �f Pickering, the Region of Durham und for EducnQon purposes on the cument vulue assessment ns ulso sct out in Schedulr. ��A�, 2. The levy providcd for in Schedulc "A" shnll bc rcduced by thc amoun� of thc interim levy for 2000. 3. The Tux I.evy duc dntea for tne Finnl Dilling be Junc 29, 2000, und Septemtxr 27, 2000 for nll clossea cxcluding rcalty twc closscs nffected by Bill 79 unless u clasa of prcperties is cxcludcd from thc 10-5-5 cnpping culculntions. � •$ 4. If any acctton or portion of thta By-luw or of Schedule "A" is found by a court of competent judadlcUon to be lnvnlid, it ls thc intcnt of Counc3l for Tha Corporation of the Ci:y of Pickedng that all romaining sectiona nnd podions of thls By-luw and of Schcdules "A" condnuc in force and offect. 5. This By-law comes into force on the dnte of its finn! paesing. BY-LAW read a first, second und third dme nnd finally passed lhis 5th day of June, 2000. Wuync Arihurs, Mnyor H�vcc Taylor, Clerk � . w+-w. «a. 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