HomeMy WebLinkAboutCS 44-06
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REPORT TO
EXECUTIVE COMMITTEE
Report Number: CS 44-06
Date: September 11, 2006
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Cash Position Report as at June 30, 2006
Recommendation:
It is recommended that report CS 44-06 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
June 30, 2006.
Financial Implications: The cash position of the Corporation for three months
ended June 30, 2006 was a net decrease in cash of $1,418,463 to $3,879,809.
Sources of Funds totalled $51,923,184 and Use of Funds totalled $53,341,647.
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 second quarter of 2006. Subcategories have been identified to highlight those cash
transactions that are significant in nature or large dollar value transactions for the City
of Pickering. This schedule summarizes the decrease in cash of $1,418,463 over last
quarter. Year to year periodical comparisons may not be useful due to timing.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions
from April 1 to June 30, 2006 and provides the outstanding taxes receivable as at June
30, 2006. This balance represents all three levels of taxes billed, such as City, Region
and School Boards. Taxes receivable are relatively high as taxes due on July ih are
reflected as a receivable 21 days before the actual due date. 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 44-06
Date: September 11 , 2006
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Subject: Cash Position Report as at June 30,2006
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 June
30, 2006. There has been a steady increase in investments over the past few years,
approximately $9 million higher than one year ago. This is primarily a result of using
funds that are on hand due to pending assessment appeal and timing of collection and
remittance of development charges.
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 $1,700,766 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 . Statement of Cash Position
2. Continuity of Taxes Receivable
3. Outstanding Investments
4. Statement of Development Charges Collected
5. Other Development Contributions
6. City Portion of Development Charges Collected 2003 - June 30,2006
7. Building Permits Issued 2000 - June 30, 2006
8. City Portion of Development Charges Collected 1991-2005
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Report CS 44-06
Date: September 11 , 2006
Subject: Cash Position Report as at June 30, 2006
Page 3
Prepared By:
Approved I Endorsed By:
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Avril Payne (_/'
Audit Analyst
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Gillis A. Paterson
Director, Corporate Services & Treasurer
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Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering CiW Council
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City of Pickering
Cash Position Statement
for three months ending June 30, 2006
Sources of Funds:
Accounts Receivable collected $ 206,843
Development charges collected 1,700,766
Operating 12,995,966
Grants-in-lieu:
Federal 358,014
Provincial -
Ontario enterprises 1,684,745
Municipal enterprises 320,653
Linear Properties -
Federal specific grants 3,173
Ontario specific grants 7,596
Interest Income 524,146
Sale of land -
Tax payments received 34,121,282
POA Revenue -
Total $ 51,923,184
Use of Funds:
Operating and Capital Expenditures $ 15,674,529
Payroll 8,186,402
Region Levy 17,430,260
Regional portion of Dev. Charges 1,432,222
School Board Levies 10,394,718
School Board portion of Dev. Charges 104,895
Debenture payment to Region 118,621
APTA Funding -
Total $ 53,341,647
Net Cash Increase (Decrease) $ (1,418,463)
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
April 1 , 2006 Provided (Used) June 30, 2006
Current Fund $ 5,298,272 $ (1,418,463) $ 3,879,809
TOTAL $ 5,298,272 $ (1,418,463) $ 3,879,809
Note: Includes City, Region and School Boards
Cash Position second quarter 2006.xlsNET CHANGES
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