HomeMy WebLinkAboutFIN 07-16 Cliq °¢ Report to
Executive Committee
PI KERIN
Report Number: FIN 07-16
Date: May 9, 2016
From: Paul Bigioni
Director, Corporate Services & City Solicitor
Subject: Cash Position Report as at December 31, 2015
Recommendation: That report FIN 07-16 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 last
quarter of 2015.
The City's key "cash flow" indicators in 2015 is summarized below with comparison to
indicators from prior years:
• Building permits issued - down by about 6.8% to 683 in 2015 from 733 in 2014. The
year 2015 had the lowest number of building permits issued in the last five years
(2011 — 782, 2012 - 842, 2013 - 861)
• City portion of development charges collected — slightly up by 0.6% from $2.89M in
2014 to $2.91M in 2015. Collection total in 2015 is the second lowest in the last five
years (2011 - $4.3M, 2012 - $3.4M, 2013 - $3.6M).
The City continues to keep a diversified investment portfolio with volume of short term
investments slightly higher than long term investments.
Financial Implications: The financial position of the Corporation for the three
months ending December 31, 2015 is a net decrease in cash of $12,618,896 from
$19,442,150 to $6,823,254. Sources of Funds for the period totaled $32,953,229 and
Uses of Funds totaled $45,572,125.
Discussion: This report presents the three month period of activity ending December
31, 2015.
Statement of Cash Position: Attachment 1 shows the City's sources and uses of funds
for the last quarter of 2015. Subcategories are presented to highlight cash transactions
that are material in nature or have large dollar values. The schedule summarizes the
FIN 07-16 May 9, 2016
Subject: Cash Position Report as at December 31, 2015 Page 2
decrease in cash of $12,618,896 over the last three months of the year. Note however,
that comparison of the increase or decrease in cash over the same period in prior years
may not be relevant due to the timing differences of receipts and disbursements each
year depending on the tax payment due dates. Therefore, it does not, in any way, imply
that the City is in a worse or better cash position as compared to the same period in
prior years. The City implements prudent cash management strategies to ensure that
funds are always available to meet cash requirements.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions
from September to December 2015 and provides the outstanding taxes receivable as at
December 31, 2015. The total amount represents all three levels of taxes billed for the
City, Region and School Boards. It includes the total amounts owing for 2015 and prior
years.
Outstanding Investments: Attachment 3 reflects the short- and long-term investments
for both Current and Reserve Funds outstanding as at December 31, 2015. The total
investment portfolio is approximately $112.6M, with $4.5M,from internal loans and
$108.1M from general investments. Total investment amounts differ year over 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 $1,215,883 from September to December 2015, with
$1,097,273 for the City, $85,790 for the Region and $32,820 for the School Boards.
Note that development charges collected, as reported under Sources of Funds on
Attachment 1, does not match the remittance amounts to the Region and School Boards
indicated under 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 City portion not being
reported as a line item under the Use of Funds in Attachment 1.
Other Development Contributions: Attachment 5 is provided to show other relevant
development contributions received in the last quarter of 2015.
Multi-Year Receipts: The balance of the Attachments shows multi-year, annual receipts
of the City's portion of development charges presented in a bar chart from 2001. The
total collection of$2.9M in 2015 is the second lowest in the last five years (2011 —4.3M,
2012 — $3.4M, 2013 - $3.6M, 2014 - $2.9M). Similarly, the 683 building permits issued
in 2015 is the lowest in the last five years (2011 — 782, 2012 — 842, 2013 — 861, 2014 —
733).
FIN 07-16 May 9, 2016
Subject: Cash Position Report as at December 31, 2015 Page 3
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
7. Building Permits issued
Prepared By: Approved/Endorsed By:
•
Dennis P. Arboleda, CPA, CMA Stan K. owski, CPA, CMA, MBA
Supervisor, Accounting Services Divisi. ead, Finance & Treasurer
Q
Paul Bigi%
Director. C. por:te Services & City Solicitor
DA:da
Recommended for the consideration
of Pickering City Council
Cad/ Y/ Zo!6
Tony Prevedel, P.Eng.
Chief Administrative Officer
ATTACHMENT# 1 TO REPORT# F t 0/-1
City of Pickering
Statement of Cash Position
for three months ending December 31, 2015
Sources of Funds:
Accounts Receivable collected. $ 356,360
Development charges collected * 1,215,883
Operating 8,649,886
Grants-in-lieu:
Federal 303,823
Provincial 135,078
Ontario enterprises 285,851
Municipal enterprises 1,876
Linear Properties -
Federal specific grants 20,950
Ontario specific grants 170,513
Interest Income 197,298
Sale of land -
Tax payments received 21,483,160
POA Revenue 132,551
Total $ 32,953,229
Use of Funds:
Operating and Capital Expenditures $ 24,485,821
Payroll 10,446,159
Region Levy 1,649,528
Regional portion of Dev. Charges 49,584
School Board Levies 8,210,450
School Board portion of Dev. Charges 33,133
Debenture payment to Region 697,450
Total $ 45,572,125
Net Cash Increase (Decrease) $ (12,618,896)
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
September 30, 2015 Provided (Used) December 31, 2015
•
Current Fund $ 19,442,150 $ (12,618,896) $ 6,823,254
TOTAL $ 19,442,150 $ (12,618,896) $ 6,823,254
"Includes City, Region and School Boards
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