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HomeMy WebLinkAboutCS 86-05PICKERING REPORT TO EXECUTIVE COMMITTEE Report Number: CS 86-05 Date:: November 21,2005 Fro m: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at September 30, 2005 Recommendation: It is recommended that Report CS 86-05 from the Director, Corporate Services & 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, 2005. Financial Implications: The cash position of the Corporation for three months ended September 30, 2005 was a net increase in cash of $14,352,679 to $15,684,476. Sources of Funds totalled $58,947,718 and Use of Funds totalled $44,595,039. 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 2005. Subcategories have been identified to highlight those cash transactions that are significant in nature or large dollar value transactions for the City of Pickering. Year to year periodical comparisons may not be useful due to timing. Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions from July 1 to September 30, 2005 and provides the outstanding taxes receivable as at September 30, 2005. This balance represents all three levels of taxes billed, such as City, Region and School Boards. This amount has steadily increased for the same period over the past several years but may vary where due dates and amounts for supplementary billings change from year to year. Report CS 86-05 Subject: Cash Position Report as at September 30, 2005 Date: November 21,2005 Page 2 Outstandinq Investments: Attachment 3 reflects the short-term and long-term investments for both the Current Fund and the Reserve Funds outstanding as at September 30, 2005. Both short-term and long-term investments have steadily increased for the same period over the last few years. 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 $1,999,756 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. Development charges collected for the same period are Iow when compared to 2004 ($3,377,132), but measure up to collections in 2002 and 2003. Year to year periodical comparisons may not be useful due to level of development activity and the timing of issuance of building permits. Other Development Contributions: Attachment 5 is provided to show other significant development contributions that have been received. Attachments: 2. 3. 4. 5. 6. 7. 8. Statement of Cash Position Continuity of Taxes Receivable Outstanding Investments Statement of Development Charges Collected Other Development Contributions City Portion of Development Charges Collected 2003 - Sept. 30, 2005 Building Permits Issued 2000 - Sept. 30, 2005 City Portion of Development Charges Collected 1991-2004 Report CS 86-05 Subject: Cash Position Report as at September 30, 2005 Date: November 21,2005 Page 3 Prepared By: Approved / Endorsed By: Avril Pay~"~ Audit Analyst Gillis A. Paterson Director, Corporate Services & Treasurer Attachments Copy: Chief Administrative Officer Recommended for the consideration of Pickering C~.,. Council Th, d'rr~s J-. Q~, Chi~dminist~Officer ATTACHMENT# ! TO REPO;~ ~ (;~; ~'~,, ~)5;"' City of Pickering Cash Position Statement for three months ending September 30, 2005 Sources of Funds: Accounts Receivable collected $ 609,662 Development charges collected 1,999,756 Operating 11,548,620 Grants-in-lieu: Federal 314,968 Provincial 1,025,610 Ontario enterprises Municipal enterprises 37,043 Linear Properties 512,692 Federal specific grants Ontario specific grants 137,488 Interest Income 363,909 Sale of land Tax payments received 42,397,970 POA Revenue Total $ 58,947,718 Use of Funds: Operating and Capital Expenditures $ 11,033,254 Payroll 6,746,771 Region Levy 14,654,935 Regional portion of Dev. Charges 267,921 School Board Levies 10,354,525 School Board portion of Dev. Charges 20,720 Debenture payment to Region 429,912 APTA Funding 1,087,001 Total $ 44,595,039 Net Cash Increase (Decrease) $ 14,352,679 FINANCIAL POSITION Bank Balance Net Cash Bank Balance July 1, 2005 Provided (Used) Sept. 30, 2005 Current Fund $ 1,331,797 $ 14,352,679 $ 15,684,476 TOTAL $ 1,331,797 $ 14,352,679 $ 15,684,476 Note: Includes City, Region and School Boards Cash Position third quarter 2005.xlsNET CHANGES 0 ~ ~J'TACHHENT# ~ . 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