HomeMy WebLinkAboutFIN 11-21Report to Council
Report Number: FIN 11-21 Date: June 28, 2021
From: Stan Karwowski
Director, Finance & Treasurer
Subject: Annual Treasurer’s Statement Report – Summary of Activity for the Year
Ended December 31, 2020
Recommendation:
1.That Report FIN 11-21 of the Director, Finance & Treasurer entitled “AnnualTreasurer’s Statement Report: Summary of Activity for the Year Ended December31, 2020” as required by the Development Charges Act and Planning Act bereceived for information; and
2.That the City of Pickering’s “Annual Treasurer’s Statement Report” be made
available to the public on the City of Pickering’s website.
Executive Summary: Development Charges (DC) are collected by the City for the
sole purpose of funding necessary infrastructure for new residents and businesses. All
DC funds collected can be used only for the purpose in accordance with the
Development Charges Act, 1997 (DCA). These funds are collected so that existing property owners are not unduly burdened by the cost of growth related infrastructure. The attached DC Statements are being provided for information in accordance with
requirements of the DCA. The purpose of this report and associated statements is to
ensure that all transactions related to development charges have been correctly accounted for and reported, as stipulated under the DCA.
Section 43 of the DCA 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 DCA.
Attachment 1 provides pre-audit details of the activity of the Development Charges Reserve Fund (DCRF) for the year ended December 31, 2020 in the manner prescribed by section 43(2)(a) of the DCA. Attachment 2 provides pre-audit details on information related to assets funded by the development charges by-law as stipulated by section
43(2)(b) of the amended DCA.
Section 42 under the Planning Act requires the Treasurer of the municipality to provide Council with a statement relating to the status of the cash-in-lieu of parkland reserve fund. This requirement is a result of the passage of Bill 73, Smart Growth for our
Communities Act.
FIN 11-21 June 28, 2021
Subject: Annual Treasurer’s Statement Report – Summary of Activity Page 2
for the Year Ended December 31, 2020
_____________________________________________________________________
Section 37 under the Planning Act requires the Treasurer of the municipality to provide Council with a statement relating to the increases in height and density of development. Under City’s By-law No. 7590/17, this reserve fund was established as the Public
Benefits Reserve Fund.
The change in legislation now requires Council to ensure that these statements are made available to the public. These statements will be posted on the City’s website to facilitate compliance with the amendment.
Financial Implications: During the 3-year period from 2018 to 2020, development charges collected were approximately $13 million in 2018, $7.3 million in 2019, and $12.49 million in 2020. There was an increase of 71 percent in the 2020 development charges collected compared to the 2019 collections. This increase was largely from the
condominium developments in south Pickering. In addition, the City increased its DC fees for the new City Centre project effective December 17, 2019. The reserve fund remains at a healthy balance of approximately $69.3 million pending future use of funds for qualified projects.
Attachment 1 provides a breakdown of the various DC service categories. Two of the
service categories are in a negative position due to DC funding for the new Operations Centre and the new financial system. Negative balances will be addressed through DC fees collected from current growth related activity and through the next DC study. For the next DC study, negative balances are treated as a cost that will be recovered through higher DC rates. The future work plan is to start the next Development Charge
and Community Benefit Charge (CBC) Studies in the fall of this year with Council adopting the new DC and CBC By-laws by the end of the second quarter in 2022.
The overall positions of the Development Charges Reserve Fund for the period of 2015 to 2020 is presented below.
Development Charges Reserve Fund Summary – 2015 to 2020 ($)
2015 2016 2017 2018 2019 2020
Opening Balance 39,024,698 40,941,619 43,318,105 48,100,585 58,789,415 62,598,255
Collections 2,913,555 3,567,372 5,311,744 13,033,850 7,386,544 12,492,201
Net Transactions
Incl. Use of Funds (996,634) (1,190,886) (529,264) (2,345,021) (3,577,704) (5,714,209)
Ending Balance 40,941,619 43,318,105 48,100,585 58,789,415 62,598,255 69,376,247
Budget
Commitments (11,901,710) (13,722,103) (18,392,441) (19,089,535) (27,144,954) (36,469,498)
End Bal After Budget Commitments 29,039,909 29,596,002 29,708,144 39,699,880 35,453,301 32,906,749 *
FIN 11-21 June 28, 2021
Subject: Annual Treasurer’s Statement Report – Summary of Activity Page 3
for the Year Ended December 31, 2020
_____________________________________________________________________
*If you include the City Centre project (approved in 2020), the ending balancecommitment is in a deficit position ($56,332,175).
As indicated in the above table, funds balances have been positive from 2015 to 2019.
The attached “2020 Statement of the Treasurer - DCRF” includes the City Centre
project, however, it should be noted that it does not reflect the current City Centre costing exercise that is being undertaken.
The Treasurer’s Statement for the Parkland and Public Benefits Reserve Funds as required under the Planning Act is as follows:
Public Parkland ($) Benefits ($)
Open Balance January 1, 2020 7,385,482 0
Revenues
Developer/Third Party Contributions 1,196,510 300,300
Interest Income 129,443 909
Total Revenue 1,325,953 301,209
Expenses
Transfers to Capital Fund (390,213) 0
Net Change for the Current Year 935,740 301,209
GL Bal. Before Commitments December 31, 2020 8,321,222 301,209
Budget Commitments 2020 & Prior (670,025) 0 Funds Balance after Budget Commitments 7,651,197 301,209
Amendments were made to the Planning Act in 2017 with the passage into law of Bill 73 –the Smart Growth for Our Communities Act. The legislation requires that funds that
have been collected under Section 37 (increased density allocations) of the Planning
Act and Section 42 (cash-in-lieu of parkland) must now be reported annually to Council
by the Treasurer.
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.
The total pre-audit reserve fund balance of $69.4 million represented in Attachment 1
represents the unspent monies as at December 31, 2020. Please note that there are approximately $125.7 million of committed capital projects, ongoing studies, and financial obligation that have been approved in prior years, but have not proceeded or
FIN 11-21 June 28, 2021
Subject: Annual Treasurer’s Statement Report – Summary of Activity Page 4
for the Year Ended December 31, 2020
_____________________________________________________________________
are still ongoing as at December 31, 2020. Of the $125.7 million in commitments, approximately 71 percent or $89.2 million are related to the Civic Centre projects. However, when you consider the 401 Bridge & Road Crossing project and its estimated
projected cost, sometime in the near future, there is a possibility that all of the DC
components will be in a deficit position. Having various DC components in a deficit position is not unusual when you consider that the City is now transitioning from a moderate to a higher growth scenario due to Seaton and downtown area intensification.
The financial obligation is related to the development charges debenture financing
undertaken for the construction of the new Operations Centre, which includes both the
principle and interest payments. The amount of financial obligation outstanding for the remaining period of 2021-2037 is $11.5 million. This amount represents approximately 9 percent of the total commitments.
The total projected net deficit position after all budget expenditures was approximately
$56.3 million for the year-ended December 31, 2020.
In order to meet the new requirement under section 43(2.1) of the amended DCA and section 37 and 42 of the Planning Act, it is recommended that these statements be placed on the City’s website upon approval by Council.
Attachments:
1. 2020 Statement of the Treasurer – Development Charges Reserve Fund (Pre-Audit)
2.Amount Transferred to Assets – Capital & Current Funds Transactions (Pre-Audit)
Prepared By:
Original Signed By:
Caryn Kong, CPA, CGA Senior Financial Analyst – Capital & Debt Management
Approved/Endorsed By:
Original Signed By:
Stan Karwowski, CPA, CMA, MBADirector, Finance & Treasurer
Recommended for the consideration of Pickering City Council
Marisa Carpino, M.A.
Chief Administrative Officer
Attachment #1 to Report #FIN 11-21
City of Pickering
2020 Statement of the Treasurer - Development Charges Reserve Fund - (Pre Audit)DC Act S 43 (2)(a)
For the year ended December 31, 2020
Account
Services to which the Development Charges Relates
100% Recovery (Non-Discounted)10% Statutory Deduction (Discounted)
7605 7610 7615 7611 7601 7622 7630
Description
Protective
Services Transportation Other Services Related to a Highway (Deficit)
Storm Water
Mgmt Studies (Deficit)Parks & Recreation
Library:
Facilities &
Materials
Total
$ $$$$$$$
Opening Balance, January 1, 2020 2,150,240 29,442,394 (370,535)3,459,209 (1,055,633)24,428,981 4,543,599 62,598,255
Plus:
Development Charges Collections 845,812 4,691,778 417,438 273,368 268,070 5,030,476 965,259 12,492,201
Interest Income-Internal Investment 1,302 17,832 - 2,095 - 14,795 - 2,752 38,776
Interest Income-Negative Balance 373 5,114 (3,583) 601 (7,537) 4,243 789 0
Interest Income -External Investment 36,316 497,257 - 58,423 - 412,585 - 76,738 1,081,319
Less Admin Fee (2,152) (29,460) -(3,461) -(24,444) - (4,546) (64,063)
Sub-Total 881,651 5,182,521 413,855 331,026 260,533 5,437,655 1,040,992 13,548,233
Less:
12020 Transfer to Capital Funds (359,380) (2,228,102) (458,539)(8,939) (506,053)(1,909,273) (461,000) (5,931,286)
2020 Transfer to Current Funds 1 - - (412,195)3 - (163,226)(263,534) 3 - (838,955)
Sub-Total 2020 (359,380) (2,228,102) (870,734) (8,939) (669,279)(2,172,807) - (461,000) (6,770,241)
Closing Balance, December 31, 2020 before Budget Commitments 2,672,511 32,396,812 (827,415)3,781,297 (1,464,379)27,693,829 5,123,592 69,376,247
2Less Budget Commitments (9,225,494) (6,350,300) (482,262) (3,624,038) (1,099,327)(71,648,769)- (21,794,312) (114,224,502)
Less Operations Ctr Debt Chrgs
Commitments 2021-2037 - - (7,044,856)4 - -(4,464,261) 4 - (11,509,117)
Sub-Total Budget Commitments (9,225,494) (6,350,300) (7,527,118) (3,624,038) (1,099,327) (76,113,030) (21,794,312) (125,733,619)Closing Balance, December 31, 2020 after Budget Commitments-(Deficit) (6,552,983) 26,046,512 (8,354,533) 157,259 (2,563,706) (48,419,200.63) (16,670,720) (56,357,372)
Notes
1. See Attachment 2 for detailed breakdown.
2.Budget commitments include capital projects previously approved, but have not proceeded or still ongoing. 2020 & Prior Commitments.
3. Annual principal & interest payment related to the New Operations Centre debenture financing, at a funding ratio of 61% from "Other Services Related to a Highway" and 39% from "Parks & Recreation"
4. Includes outstanding principal & interest payments related to the 20-year development charges debenture financing for the new Operations Centre. Total owing from 2021- 2037. Original principal & interest payment of $13.5m
The Municipality is compliant with s.s.59.1(1) of the Development Charges Act,whereby charges are not directly or indirectly imposed on development nor has a requirement to
construct a service related to development been imposed, except as permitted by the Development Charges Act or another Act.
1 of 4
Attachment #2 to Report #FIN 11-21
City of Pickering
Amount Transferred to Assets - Capital & Current Fund Transactions (Pre-Audit)DC Act S 43 (2)(b)
For the year ended December 31, 2020
DC Recoverable Cost Share Non - DC Recoverable Cost Share
Description
Project
Code
Gross Capital
Costs
DC RF 6: Funded in
prior year
DC RF 6: Funded in
2020
DC RF 6:
Future
Funding 1
Other Reserves/Reserve
Funds
Type of Funds (R=Reserve,
RF=Reserve Fund)
Property
Taxes
Other
Sources Type Total Funding
Development Related Studies
Integrated Transportation Master Plan 2290.2392 376,892 282,144 27,150 32,706 34,892 376,892Beachfront Park Rehab & Needs Assessment 2290.2392 69,940 7,233 18,970 21,007 22,730 69,940
New Financial System 5203.1801.5,000,000 817,627 506,053 632,820 1,743,500 R-Rate Stabilization 1,300,000 R-Financial Syste 5,000,000
HR System -Success Factors 5139.2001.7 480,000 0 0 187,000 293,000 R-Rate Stabilization 480,000
Infill & Replacement Housing in Estab2611.2392 117,471 34,171 18,691 0 64,609 117,471
Comprehensive Zoning By-law Review2611.2392 131,123 0 74,481 14,027 42,615 131,123
Wayfinding Study for Civic Complex, 2711.2392.46,003 13,914 4,027 0 28,062 46,003
2020 Development Charges Update S2127.2392.18,473 0 18,473 0 0 18,473
City Centre Storm Water Mgmt Strate 2613.2392.249,156 11,039 1,434 211,767 24,915.60 R-DC City's Share 249,156
Sub-total Studies 6,489,057 1,166,128 669,279 1,099,327 2,061,416 - 192,908 1,300,000 0 6,489,057
Protective Services 0
Seaton- New Fire Hall-Site Preparatio5340.1601.430,000 76,781 223,216 119,253 10,750 R-DC City's Share 430,000
Seaton FS#3-Bunker Gear & Breathin5340.1901.126,209 60,491 19,523 46,195 126,209
Aerial Ladder Truck (Seaton Fire Stat 5340.1903.7 1,510,641 0 0 1,473,128 37,513 RF - Seaton Land Grp FIA 1,510,641
Seaton FS#3- New Fire Station & H.Q5340.1907.445,000 106,240 78,685 248,950 11,125 R-DC City's Share 445,000
FS #1 New Fire Station & HQ (Seaton5340.2007.7 8,982,000 0 0 6,214,820 2,767,180 Debt 20-Yr 8,982,000
Seaton North FS - Land 5340.2018.7 1,878,304 0 0 1,098,000 21,000 RF - Seaton Land Grp FIA 1,304 758,000 Debt 10-Yr 1,878,304
Seaton FS#1-Bunker Gear & Breathin5340.2008.63,104 0 37,956 25,148 63,104
Sub-total Fire Services 13,435,258 243,512 359,380 9,225,494 80,388 1,304 3,525,180 13,435,258
Transportation
BI-3 Brock Road-Sidewalks & Streetli
5321.9305,5321.0308,5321.0407.175,900 102,947 0 22,500 RF-Community Facilities 50,453 R-DC City's Shar 175,900
B1-3 Brock Road (Hwy. 401 to Bayly S5321.1311, 5321.1602 99,749 0 49,874 0 49,874 R-DC City's Share 99,748
Brock Rd, Kingston-Highway 401 Eas 5321.0105.117,000 29,250 0 87,750 117,000
V-17 Brock Road (east side) Pickering 5321.0509.117,000 36,743 21,757 0 58,500 R-DC City's Share 117,000
DH-10 William Jackson Dr-Old Taunto5321.0904.263,652 68,274 155,830 0 39,548 R-DC City's Share 263,652
BR-1 Third Concession Road - Brock 5321.1101.1,576,525 117,844 0 276,931 374,750 C tys S a e & RF-FGT 1,000 806,000 Debt 15-Yr 1,576,525
BR-4 Brock Rd. East Side Dellbrook T5321.1203.239,314 73,149 34,428 12,080 119,657 R-DC City's Share 239,314
DH-11 Duffin Heights - North Collecto 5321.1201.125,600 29,460 0 83,580 12,560 R-DC City's Share 125,600
B-29 Sandy Beach Road - EA, Desig 5321.1609.675,000 148,773 14,545 174,182 37,500 R-AIP 300,000 Loan 10-Yr 675,000
Walnut Lane Extension Study & EA an5321.1703.461,226 164,564 49,515 131,839 115,307 R-DC City's Share 461,226
DH-4 Valley Farm Road - Road Overs5321.1804.7 288,000 0 48,768 210,432 28,800 R-DC City's Share 288,000
B-29 Sandy Beach Rd. - Road Recons5321.1904.7 2,000,000 0 0 1,000,000 1,000,000 R-DC City's Share 2,000,000
Purchase of Part Lot 21, Concession 5203.2001.7 831,761 0 604,966 18,855 0 207,940 Third Party Contr 831,761
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Attachment #2 to Report #FIN 11-21
City of Pickering
Amount Transferred to Assets - Capital & Current Fund Transactions (Pre-Audit)DC Act S 43 (2)(b)
For the year ended December 31, 2020
DC Recoverable Cost Share Non - DC Recoverable Cost Share
Description
Project
Code
Gross Capital
Costs
DC RF 6: Funded in
prior year
DC RF 6: Funded in
2020
DC RF 6:
Future
Funding 1
Other Reserves/Reserve
Funds
Type of Funds (R=Reserve,
RF=Reserve Fund)
Property
Taxes
Other
Sources Type Total Funding
B-26B A-11 (Plummer Street)5321.2001.7 364,045 0 0 273,033 91,012 R-DC City's Share 364,045
Highway 401 Road Crossing Design 5321.2002.7 3,478,460 0 0 1,600,092 1,391,384 Third Party Contribution 486,984 Loan 2-Yr 3,478,460
Land Acquisition-Hghwy 401/Notion R5321.2004.7 5,000,000 0 1,116,222 133,778 1,250,000 RF- Roads & Bridges 2,500,000 Third Party Contr 5,000,000
City Centre Relocation of Services 5740.2006.7 7,489,000 0 0 600,000 0 0 6,889,000 Debt-25 Yr 7,489,000
City Dev Projects-DCRF committed 5321.0000.1,499,939 55,772 1,444,167 5 0 0 1,499,939
Sidewalks W0-2,WO-10 Kingston Rd 5323.1603,1 782,660 0 0 391,330 391,330 R-DC City's Share 0 782,660
Sub-total Transportation 25,584,831 694,580 2,228,102 6,350,300 4,982,722 88,750 11,240,377 25,584,831
Stormwater Management
B-20 D Krosno Creek SWM Facility Desig 5321.1802.965,400 0 0 463,392 502,008 R-DC City's Share 965,400
B-20 C Krosno Creek SWM Facility Const5321.1901.7 1,315,000 0 0 631,200 683,800 R-DC City's Share 1,315,000
Breezy Drive/Sunrise Ave. Storm Sewer O5321.1902.596,300 0 8,939 140,136 447,225 R-DC City's Share 596,300
Installation of Oil Grit Separators - Installa 5321.1903.7 300,900 0 0 85,310 215,590 R-DC City's Share 300,900
Krosno Creek Culvert Replacements & Er 5321.1910.7 4,800,000 0 0 2,304,000 2,496,000 R-DC City's Share 4,800,000
Sub-total Stormwater Management 7,977,600 0 8,939 3,624,038 4,344,623 7,977,600
Other Services Related to a Highway
Sidewalk Plow with Attachments - Ne5311.2004.7 175,000 0 0 175,000 0 175,000
4 Ton Dump Truck with Snow Plow - N5319.1805 248,188 248,188 0 0 0 248,188
Street Sweeper (Seaton) - New 5319.1809 288,403 288,403 0 0 0 288,403
Garbage Packer - New 5780.1813 145,835 131,251 0 0 14,583 R-DC City's Share 145,835
4 Ton Dump Truck with Plow and Win5319.1910.268,933 0 268,933 0 0 268,933
(1 unit) 1 Ton Dump Truck with Alumin5319.1912.56,370 0 56,370 0 0 56,370
5 Ton Dump Truck with Plow and Win5319.2006.7 307,262 0 0 307,262 0 307,262
(2 units) 1 Ton Dump Truck with Alum 5780.1935.133,235 133,235 0 0 133,235New Operations Centre-Debt
Charges 61% of total debt charges 1920.7600.2 8,279,301 822,251 412,195 7,044,856 2 0 8,279,301
Sub-total 9,902,528 1,490,093 870,734 7,527,118 14,583 9,902,528
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Attachment #2 to Report #FIN 11-21
City of Pickering
Amount Transferred to Assets - Capital & Current Fund Transactions (Pre-Audit)DC Act S 43 (2)(b)
For the year ended December 31, 2020
DC Recoverable Cost Share Non - DC Recoverable Cost Share
Description
Project
Code
Gross Capital
Costs
DC RF 6: Funded in
prior year
DC RF 6: Funded in
2020
DC RF 6:
Future
Funding 1
Other Reserves/Reserve
Funds
Type of Funds (R=Reserve,
RF=Reserve Fund)
Property
Taxes
Other
Sources Type Total Funding
Parks & Recreation Services
Indoor Soccer Facility and Land - Des5719.1401.7,296,605 3,369,586 0 114,543 78,375 R-DC City's Share 101 3,734,000 Debt 15-Yr 7,296,605
Duffin Heights Village Green (East)-N 5780.1708.190,000 0 0 166,725 23,275 190,000
Duffin Heights Neighbourhood Park C 5780.1808.600,000 18,350 0 508,150 73,500 R-DC City's Share 600,000
Rotary Frenchman’s Bay West Park P5780.1822.2,012,401 842,535 46 0 1,029,821 R-DC City's Share 140,000 Other Agency-Sw 2,012,401
Seaton (P103) Village Green Construc5780.1816.210,000 0 0 184,275 25,725 RF-FIA 210,000
Seaton (P104) Village Green Construc5780.1817.285,000 0 0 250,087 34,913 RF-FIA 285,000
Seaton (P-102) Neighbourhood Park C5780.1819.950,000 0 804,723 28,902 116,375 RF-FIA 950,000Pickering Heritage & Community Ctr (Design)-Community Ctr component 5719.1806.891,814 98,592 5,471 94,721 3 693,030 R-Rate Stabilization 891,814
PHCC Project Management 5719.2010.7 450,000 0 0 42,630 76,500 R-DC City's Share 330,870
Grant-Fed $300kRF-DC Library Facilities $30,870 450,000
Village Green Seaton P-114 (88/12)5780.1909.7 222,000 0 0 194,805 27,195 RF-Parkland 222,000Design-Rotary Frenchmans Bay
West Park-Change/Washrooms & 5780.1913.50,000 0 14,954 7,546 27,500 50,000Seaton Community Centre - Preliminary Planning & 5720.2001.7 80,000 0 0 70,200 9,800 RF-Seaton FIA 80,000
Design-New Performing Arts Centre a5740.2001.64,640,000 0 284,524 12,404,476 51,951,000 Debt-25 Year 64,640,000Landscaping Costs-New Senior & Youth Centre 5740.2003.41,290,000 0 679,818 35,552,182 5,058,000 Debt-25 Year 41,290,000Enclosed Pedestrian Brdg- New
Central Library and Senior & Youth 5740.2004.5,671,000 0 11,109 1,826,891 1,844,000 DCRF-Library Facilities 1,989,000 Debt-25 Year 5,671,000
Wide Area Mower New-Seaton 5780.2010.119,833 0 108,628 0 11,204.35 R-DC City's Share 119,833
Seaton Parks P-123,P-112,P-113 5780.2023-2025 3,216,632 0 0 2,830,636 385,996.00 RF-Seaton FIA 3,216,632New Operations Centre - DC Debt Charges. 39% of total debt charges-1920.7600.5,253,497 525,701 263,534 4,464,261 2 - 5,253,497City Centre Underground Parking Garage 5740.2005.7 28,337,000 0 0 17,372,000 3,328,000 RF-DC Library Facilities 7,637,000 Debt-25 Year 28,337,000
Sub-total 161,765,781 4,854,764 2,172,807 76,113,030 7,757,709 27,601 70,839,870 161,765,781
Library Facilites & MaterialsPickering Heritage & Community Ctr
(Design)-Archive Facility component 5719.1806.611,965 280,609 15,571 254,872 3 60,914 R-DCs City's Share 611,965
PHCC Project Management 5719.2010.7 30,870 0 0 30,870 4 (30,870)4 RF-DC Library Facilities 0New Central Library-Consulting, Construction & Landscaping costs 5740.2002.39,884,000 0 434,283 16,347,718 23,102,000 Debt-25 Year 39,884,000Enclosed Pedestrian Brdg- New Central Library and Senior & Youth 5740.2004.0 0 11,147 1,832,853 4 (1,844,000)4 RF-DC Library
Faciliites 0City Centre Underground Parking
Garage 5740.2005.7 0 0 0 3,328,000 4 (3,328,000)4 RF-DC Library Faciliites 0
Sub-total 40,526,835 280,609 461,000 21,794,313 (5,141,956)23,102,000 40,495,966
Grand Total 265,681,890 8,729,685 6,770,241 125,733,619 14,099,485 310,563 110,007,427 265,651,020
Notes
1 Projects ongoing. Future funding for incomplete component. DC RF will be drawn when expenses are incurred.
4 of 4
Attachment #2 to Report #FIN 11-21
City of Pickering
Amount Transferred to Assets - Capital & Current Fund Transactions (Pre-Audit)DC Act S 43 (2)(b)
For the year ended December 31, 2020
DC Recoverable Cost Share Non - DC Recoverable Cost Share
Description
Project
Code
Gross Capital
Costs
DC RF 6: Funded in
prior year
DC RF 6: Funded in
2020
DC RF 6:
Future
Funding 1
Other Reserves/Reserve
Funds
Type of Funds (R=Reserve,
RF=Reserve Fund)
Property
Taxes
Other
Sources Type Total Funding
2 New Operations Ctr 20-year DC debt-principal & interest of $13,532,799. Allocation: 61% to 7615-"Other Services Related to a Highway" & 39% to 7622- "Parks & Recreation". Total amount outstanding from 2021- 2037 $11,509,118
3 Pickering Heritage & Community Centre-Design project is treated as one capital project. In order to show the two DCs service categories, the components related to the Community Centre and Library are presented separately. 4 Presented as in/out to show funding from "Library Facilities". Total costs and sources of funds presented in "Parks & Recreation".
5 Amount presented relates to DC RF budget commitments only, combined 8 projects. No expenses in 2020.
6 Development Charges Reserve Fund (DC RF)