The URL can be used to link to this page

Home My WebLink AboutCS 15-04PICKERING REPORT TO EXECUTIVE COMMITTEE Report Number: CS 15-04 Date: May 28, 2004 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Development Charges Reserve Fund - Statement of the Treasurer for 2003 Recommendation: That Report CS 15-04 of the Director, Corporate Services & Treasurer respecting the Development Charges Reserve Fund (G/L 4227 and 4229) be received by Council for information, Executive Summary: Not applicable Financial Implications: statement. There are no financial implications to the receipt of this Background: Section 43 of the Development Charges Act requires that the Treasurer furnish to Council a Statement in respect of each Reserve Fund,(i.e. for each Development Charge) established under Section 33 of the Act. Accordingly, the attached Schedules 1 to 5 details the activity in the Development Charges Reserve Fund for the year ended December 31, 2003 in the manner as prescribed by the Development Charges Act. As you are aware funds are not transferred out of the Reserve Fund for projects until the funds are actually required. This practice will ensure that the Reserve Fund continues to earn interest income on these unspent monies until such time that the actual expense is incurred. Schedule 1 presents the Reserve Fund balance, before unspent commitments of $15,804,668. Taking into account the unspent commitments at December 31, 2003 of $2,137,590 the uncommitted fund balance available for future expenditures is $13,667,078. The development charges collected in 2003 were $2,814,824 an increase of 20% from amounts collected in 2002. The increase in building activities was due in part to the economic condition of Iow interest rates and the booming housing market. Report CS 15-04 Subject: Development Charges Reserve Fund-Statement of the Treasurer for 2003 Date: May 28, 2004 Page 2 The 2003 budgeted fundin9 from this Reserve Fund was $1,053,735. Schedule 2 provides a detailed breakdown of the 2003 budgeted capital projects that were to be funded by this Reserve Fund. The capital expenditures incurred in 2003 that were funded from this Reserve Fund amounted to $541,155. These expenditures pertained to capital projects approved in 2001 to 2003. Schedule 3 provides a summary by projects of these capital expenditures funded by development charges and other sources as prescribed by O. Reg. 82/98 Section 12(3). In 2003, the City undertook additional internal loans of $349,071 from this Reserve Fund, bringing the combined 2001 to 2003 outstanding internal loans at $6,275,287 as of December 31, 2003. Schedule 4 provides detailed information on the 2003 internal borrowings and the purpose for which it was borrowed as prescribed by O. Reg. 82/98 Section 12(2)3. Interest and principal repayments on 2003 internal loans will commence in 2004. Please note that the principal and interest of $1,341,340 paid in 2003 and as indicated in Schedule 5 are related to 2001 and 2002 internal loans. This amount was funded from the general tax levy. Schedule 5 also provides a summary of amount and source of any money used by the municipality to repay money borrowed from the fund and interest on such money as required by O. Reg. 82/98 Section 12(2)4,5. Though the fund balance has increased-significantly due to increase in building activities, caution has to be used when budgeting for draws for capital projects as this trend may not continue in the future due to the limited availability of land in Pickering and the uncertainty of economic times ahead of us. Attachments: 2. 3. 4. 5. 2003 Annual Statement of Development Charges Reserve Fund Projects Approved in 2003 Funded from Development Charges Reserve Fund 2003 Capital Expenditures Summarized by Projects 2003 Internal Loans from Development Charges Reserve Fund Total Development Charges Reserve Fund Internal Loans & Annual Repayment Report CS 15-04 Subject: Development Charges Reserve Fund-Statement of the Treasurer for 2003 Date: May 28, 2004 Page 3 Prepared By: Approved / Endorsed By: Caryn Kong Senior Financial Analyst GP:vw Attachments Copy: Chief Administrative Officer Gillis A. Paterson Director, Corporate Services & Treasurer Recommended for the consideration of Pickering City Council ThoCT~ J. Quij~/n, Chi~ /Adm~n' tive officer Source of Funding Dev. Charge Gen. D.C-City's External Total Reserve Fund Fund Share Reserve Debt Projects: External Subdivision (Road Construction) Sheppard Ave/Whites R( 03-001-03 $12,600 Squires Beach/Bayly 03-001-15 429,750 Sheppard Av/OId Forest 03-001-17 5,160 Liverpool/Wharf St. 03-001-19 4,200 Valley Farm/Pick. Pkwy 03-001-20 43,875 Delta Blvd 03-001-21 12,500 Rosebank/CPRTracks 03-001-22 217,600 $725,685 External Subdivision ( Sidewalk & Streetlight) Brock/Bayly/H401 03-002-08 50,400 Finch/Altona/Rosebank 03-002-16 7,800 Bayly St./Church St. 03-002-17 14,250 Kingston Rd N/Walnut 03-002-20 19,500 $42840 492 250 16 340 14 280 20 475 12 500 261 120 55,440 922,000 21,500 18,480 64,350 25,000 478,720 $0 $859,805 1,585,490 5,000 55,400 163,800 171,600 14,250 28,500 23,400 42,900 91,950 206,450 298,400 External Subdivision ( Storm Water Management ) Storm Water Management Works 133,000 Subtotal Ext. Subdivision $950,635 Roads Champion Road Grader03-004-01 51,000 184,000 $1,117,255 $2,067,890 $53,100 Corporate Services Development Charges Study $50,000 $0 $0 $160,900 $214,000 50,000 Tota~ $1,053,735 $0 $1,117,255 $160,900 $2,331,890 Corporate Services 2003 & 2000 bud.qeted project Development Charges Study & Master Financing Plan External Subdivision 2002 and prior bud.qeted proiects Road Construction: Valley Farm Rd. East Side 02-001-03 Rosebank Rd. Bridge-Granite Crt & Toynedale 02-001 Stmuds Lane Ext.- Treetop Way to Altona 02-001-16 Strouds Lane Ext.- Culvert Oversizing 02-001-17 Squires Beach Road/Bayly 01-001-15 Roads 2003 & 2002 bud,qeted projects Freightliner 4-ton truck 02-001-00 Champion Road Grader 03-004-01 Dev. Charges D.C-City's Share External Reserve Fund Gen. Fund Reserve Debt Total $ 19,458 $ 19,458 $ 19,458 $ t9,458 $ 64.93 $ 64.93 235,140 94,121 504,462 833,723 92,057 92,057 30,354 30,354 18,583 18,583 $ 376,198 $ 94,121 $ 504,462 $ 974,781 $ 92,399 $ 61,580 $ 153,979 53,100 908 160,000 214,008 $ 145,499 $ 908 $ 61,580 $ 160,000 $ 367,987 Total Spent $ 541,155 $ 95,029 $ 566,042 $ 160,000 $ 1,362,226 Original Loan Development Charges -New By-Law Purpose of Loan: Road Pickering Parkway Amberlea Road Total Road $90,828 9,648 $100,476 Library- Central Library Checkpoint RFID System Lobby Redesign Flooring - Lobby redesign Total Library $130,000 73,371 37,700 $241,071 Culture & Recreation Rec. Comp-Parking Lot Imp. $7,524 Total $349,071 Note: Annual repayment for 2003 Internal Loans and interest thereon commences in 2004. Development Charges - 4227 Booked in 2001 Rosebank Eastshore Community Ctr Fire Tanker Dispatch Ctr 1999 Roads Projects 1999 Roads Projects 1999 Streetlights 2000 Roads Projects 2000 Roads Projects Booked in 2002 Fire Hall & Communication Parks Sidewalks Storm Water Management Streetlight Arena & Recreation Sub-total 4227 Development Charges - 4229 Booked in 2001 Specialized Transit Aerial Truck Waterfront Trail Western Branch Booked in 2002 Roads Booked in 2003 Roads Library Rec. Complex-Core Outstandin9 Principal Outstanding Principal Repayment Principal interest (Jan 1) 2003 2003 2003 Jan. 1,2003 Dec. 31,2003 $ $ $ $ 758,038 (77,141) 657,809 (66,941) 133,920 (13,628) 147,397 (15,000) 189,510 (19,285) 598,008 (60,855) 480,933 (48,942) 322,587 (32,828) 379,018 (38,570) 3,667,220 (373,190) 680 897 590 868 120 292 132 397 170 225 537 153 431 991 289 759 340 448 3,294,030 (43,966) (38,153) (7,767) (8,549) (10,992) (34,684) (27,894) (18,710) (21,983) (212,698) 43,000 (7,735) 35,265 155,000 (11,870) 143,130 78,000 (5,974) 72,026 160,000 (12,253) 147,747 40,000 (3,063) 36,937 55,000 (4,212) 50,788 531,000 (45,107) 485,893 (2,279) (8,990) (4,524) (9,280) (2,320) (3,190) (30,583) 4,198,220 (418,297) 3,779,923 (243,281) 53,600 (16,952) 36,648 336,906 (34,285) 302,621 411,026 (313,695) 97,331 1,190,962 (121,197) 1,069,765 1,992,494 (486,129) 1,506,365 693,000 (53,072) 639,928 (2,841) (19,541) (8,909) (69,076) (100,367) (40,194) (140,561) (383,842) Gen. Tax Levy (1,341,340) Sub-total 4229 Grand Total 100,476 100,476 241,071 241,071 7,524 - 7,524 349,071 349,071 3,034,565 (539,201) 2,495,364 7,232,785 (957,498) 6,275,287 Source of Funding Annual Charges (Principal & interesti Gen. Tax Levy resfr~dintloansO3.xis 2003 DC F',TC 28105/2004