HomeMy WebLinkAboutCS 44-03
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REPORT TO COUNCIL
Report Number: CS 44-03
Date: December 3, 2003
From:
Gillis A. Paterson
Director, Corporate SeNices & Treasurer
Subject:
Cash Position Report as at September 30,2003
Recommendation:
It is recommended that Report CS 44-03 from the Director, Corporate SeNices &
Treasurer be received for information.
Executive Summary: The attached schedules provide the City of Pickering's cash
position, continuity of taxes receivable, outstanding investments, development charges
collected and other development contribution information for the three months ended
September 30,2003.
Financial Implications: The cash position of the Corporation for three months
ended September 30, 2003 was a net increase in cash of $2,356,253 to $6,364,016.
Sources of Funds totalled $58,778,941 and Use of Funds totalled $56,422,688.
Background: The discussion below describes the purpose and the information
contained in each of the attached schedules.
Statement of Cash Position: Attachment 1 reflects the sources and uses of funds for
the third quarter of 2003. Subcategories have been identified to highlight those cash
transactions that are significant in nature or large dollar value transactions for the City
of Pickering.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions
from July 1 to September 30, 2003 and provides the outstanding taxes receivable as at
September 30, 2003 with the exception of Commercial taxes billed in September, but
not due until October 15. This balance represents all three levels of taxes billed, such
as City, Region and School Boards.
Outstandinq Investments: Attachment 3 reflects the short-term and long-term
investments for both the Current Fund and the ReseNe Funds outstanding as at
September 30, 2003.
Report CS 44-03
Date: December 3, 2003
Subject: Cash Position Report as at September 30, 2003
Page 2
Development Charqes Collected: Attachment 4 indicates the total development
charges for the City, Region and School Boards, as the City is responsible for collecting
development charges on behalf of all levels of government. The total amount collected
of $1,958,508 agrees with the balance indicated under Sources of Funds on
Attachment 1. However the remittance of development charges to the Region and
School Boards indicated under the Use of Funds is different than the total collected on
Attachment 4. This variance is a result of timing differences because payments to the
Region and School Boards are due 25 days following the month collected.
Other Development Contributions: Attachment 5 is provided to show other significant
development contributions that have been received.
Attachments:
1.
2.
3.
4.
5.
Statement of Cash Position
Continuity of Taxes Receivable
Outstanding Investments
Statement of Development Charges Collected
Other Development Contributions
Prepared By:
Approved 1 Endorsed By:
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Audit Analyst
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Gillis A. Paterson
Director, Corporate Services & Treasurer
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
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/-,TTACHMENT #.i- TO REPORT #Q.!j<f""'() 3
City of Pickering
Cash Position Statement
for the three months ending September 30, 2003
September, 2003
Sources of Funds:
Accounts Receivable collected $ 142,529
Development charges collected 1,958,508
Operating 17,260,260
Grants-in-lieu:
Federal 303,667
Provincial -
Ontario enterprises -
Municipal enterprises 67,635
Linear Properties -
Federal specific grants 1,460
Ontario specific grants 27,258
Interest Income 278,921
Sale of land -
Tax payments received 38,738,702
POA Revenue -
Total $ 58,778,941
Use of Funds:
Operating and Capital Expenditures $ 12,050,927
Payroll 6,904,569
Region Levy 24,278,944
Regional portion of Dev. Charges 1,228,037
School Board Levies 9,598,162
School Board portion of Dev. Charges 253,711
APT A Funding 2,108,338
Total $ 56,422,688
Net Cash Increase (Decrease) $ 2,356,253
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
July 1, 2003 Provided (Used) Sept. 30, 2003
Current Fund $ 4,007,763 $ 2,356,253 $ 6,364,016
TOTAL $ 4,007,763 $ 2,356,253 $ 6,364,016
Note: Includes City, Region and School Boards
Cash Position 3rd quarter 2003.xlsNET CHANGES
City of Pickering
Continuity of Taxes Receivable
for three months ending September 30, 2003
01-Jul-Q3 Penalty and Taxes Tax Payments and 30-Sep-O3
Receivable Interest Added Billed Write Offs Balance Adjustments Receivable
$ $ $ $ $ $ $
Current Year
Taxes 1,140,015 61,904,536 (159,719) 62,884,832 37,937,602 24,947,230
Penalty and Interest 86,342 168,065 254,406 95,317 159,089
2002
Taxes 2,584,657 (30,561) 2,554,096 344,757 2,209,339
Penalty and Interest 281,309 94,620 375,929 97,717 278,212
2001
Taxes 1,725,525 11,642 1,737,166 169,075 1,568,091
Penalty and Interest 235,907 44,123 280,030 58,231 221,798
Prior Years
Taxes 1,264,818 - 1,264,818 87,719 1,177,098
Penalty and Interest 235,124 27,858 262,982 50,362 212,620
TOTAL 7,553,696 334,666 61,904,536 (178,638) 69,614,260 38,840,781 30,773,478
TOTAL TAXES LEVIED (including Region and School Boards) as at Sept 30,2003 61,904,536
PERCENT OF CURRENT TAXES OUTSTANDING 49.71%
2003 Interim Tax instalment due dates:
Residential:
Commercial:
February 26 and April 28
February 26 and April 28
August 15 and September 26
October 15 (Billing is included in 3rd quarter figures)
2003 Final Tax instalment due dates:
Residential:
Commercial:
Cash Position 3rd quarter 2003.xlsTAXES RECVBL
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City of Pickering
Outstanding Investments
as at September 30, 2003
Name of Financial Purchase Maturity Interest Principal Interest #of Days Value at
Security Institution Date Date Rate Amount Payable OIS Maturity
SHORT TERM INVESTMENTS
Current & Reserve Fund Investments
Nesbitt Burns CIBC BA 03-Sep-03 01-Dec-03 2.65% $ 1,561,923.48 $ 10,076.52 89 $ 1,572,000.00
Nesbitt Burns FIRSTBANK BA 15-Sep-03 15-Dec-03 2.62% 3,096,739.50 20,260.50 91 3,117,000.00
Nesbitt Burns TDBA 01-Aug-03 31-0ct-03 2.83% 2,578,821.00 18,179.00 91 2,597,000.00
Nesbitt Burns FIRSTBANK BA 22-Aug-03 17 -Nov-03 2.69% 1,010,531.88 6,468.12 87 1,017,000.00
Nesbitt Burns CIBC BA 29-Aug-03 24-Nov-03 2.73% 2,460,005.04 15,994.96 87 2,476,000.00
Nesbitt Burns BNS BA 29-Sep-03 15-Dec-03 2.54% 3,019,848.48 16,151.52 77 3,036,000.00
TOTAL SHORT TERM INVESTMENTS $ 13,727,869.38 $ 87,130.62 $ 13,815,000.00
LONG TERM INVESTMENTS
Current & Reserve Fund Investments
Nesbitt Burns Export Development Corp. 07-May-01 01-May-08 5.15% $ 2,001,693.15 May 1 & Nov. 1 $ 2,000,000.00
Nesbitt Burns Farm Credit Corp. 27-Jun-03 27-Jun-13 3.70% 250,000.00 Jun. 27 & Dec. 27 250,000.00
Nesbitt Burns Export Development Corp. 26-0ct-01 26-0ct-09 4.25% 400,000.00 Oct. 26 & Apr. 26 400,000.00
Nesbitt Burns Province of Ontario Note 06-May-02 06-May-09 4.62% 100,000.00 6th of each month 100,000.00
TOTAL LONG TERM INVESTMENTS $ 2,751,693.15 $ 2,750,000.00
TOTAL INVESTMENTS $ 16,479,562.53 $ 16,565,000.00
Internal Investments to Capital Projects Term: 5 - 10 years Yield: 5.3 - 5.8% $ 7,672,074.00
Cash Position 3rd quarter 2003.xlsSECURITIES
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IN
City of Pickering
Development Charges Collected
for three months ending September 30, 2003
Durham District Durham Catholic
City's Portion Region of Durham School Board School Board Total
$ $ $ $ $
AMOUNT COLLECTED
July 341,237 545,368 78,938 64,251 1,029,794
August 162,442 137,218 19,054 18,682 337,395
September 212,150 292,162 55,801 31,206 591,319
TOTAL 715,828 974,748 153,793 114,139 1,958,508
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City of Pickering
Other Development Contributions
For three months ending September 30, 2003
CONTRIBUTIONS:
Cash - In - Lieu of Parkland $71 700
TOTAL CASH-IN-LiEU OF PARKLAND $71,700
Cash Position 3rd quarter 2003.xlsOther Dev.Contrbtns