HomeMy WebLinkAboutCS 14-10
Report To
Executive Committee
TAT
1 ICKERI G Report Number: CS 14-10
Date: May 10; 2010
46
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: Development Charges Reserve Fund - Statement of the Treasurer for
2009
Recommendation:
That Report CS 14-10 of the Director, Corporate Services & Treasurer respecting the
Development Charges Reserve Fund be received for information.
Executive Summary: Section 43 of the Development Charges Act, 1997 (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 enclosed Attachments 1 to 5 details the activity in the Development
Charges Reserve Fund for the year ended December 31, 2009 in the manner as
prescribed by the Act. As required under Section 43(3) of the Act, the Treasurer will be
forwarding a copy of this same.Statement to the Minister of Municipal Affairs and
Housing within 60 days upon furnishing the Statement to the Council.
Financial Implications: There are no financial implications associated with this
report.
Sustainability Implications: The availability of funding from Development Charges
Reserve Funds assists in sustaining infrastructure related to growth.
Background: Funds are not transferred out of the Development Charges Reserve
Fund for projects until the funds are actually needed, as required under accounting
rules, which ensures that the Reserve Fund continues to earn interest income on these
unspent monies until such time that the actual expenses are incurred. Attachment 1
presents the total Reserve Fund balance under "Fund Balance - Prior to Budget
Commitments" of $27,714,332. Taking into account the "Budget Commitments" as at
December 31, 2009 of $3,442,897 the "Fund Balance - After Budget Commitments"
available for future expenditures is $24,271,435.
Report CS 14-10 Date: May 10, 2010
Subject: Development Charges Reserve Fund - Statement Page 2
of the Treasurer for 2009
47
The development charges collected in 2009 were $1,104,861 a decrease of 54% from
amounts collected in 2008 ($2,422,276). This significant decrease is a reflection of the
economic times that we had experienced in 2009. Attachment 2 provides a chart
showing the 10-year historical pattern of the development charges collected, notably
the sharp decline starting from 2005 and continuing in 2009 compared to those
collected in 2003 and 2004 due to the limited land available for development in
Pickering. The cumulative total collected for this 10-year period was $22,378,969.
The 2009 budgeted and additional funding as approved by Council from this Reserve
Fund was $1,376,300 as detailed on Attachment 3.
The capital and current expenditures actually incurred in 2009 that were funded from
this Reserve Fund amounted to $798,614 (see Attachment 4). These expenditures
pertained to capital and current projects approved in 2005 to 2009. Attachment 4
provides a summary by projects of these expenditures funded by development charges
and other sources as prescribed by O.Reg. 82/98 Section 12(3).
In 2009, the City undertook a 10-year internal loan from this Reserve Fund in the
amount of $500,000 for the Associated Tools & Equipment related to the Fire Heavy
Rescue Vehicle. Attachment 5 provides detailed information on repayments pertaining
to internal loans undertaken from 2001 to 2009. As of December 31, 2009, the total
outstanding internal loans undertaken from 2001 to 2009 are $2,244,209 (see
Attachment 5).
The principal and interest of $1,179,958 paid in 2009 as indicated on Attachment 5 are
related to 2001 to 2007 internal loans. This amount was funded from the general tax
levy. This Attachment 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)3,4,5.
Caution has to be used when budgeting for draws for capital projects due to the limited
availability of land in Pickering and the uncertainty of economic times ahead of us.
Attachments:
1. 2009 Annual Statement of Development Charges Reserve Fund
2. Development Charges Collected 1999 - 2009
3. Projects Approved in 2009 to be Funded from Development Charges Reserve
Fund
4. 2009 Actual Capital and Current Expenditures Summarized by Projects
5. Development Charges Reserve Fund Internal Loans - Annual Repayment for the
Year Ended December 31, 2009
Date: May 10, 2010
Report CS 14-10
Subject: Development Charges Reserve Fund - Statement Page 3
of the'Treasurer for 2009 48
Prepared By: Approved / Endorsed By:
Caryn Kong Gillis A. Paterson
Senior Financial Analyst -Capital & Director, Corporate Services & Treasurer
Debt Management
GP:ck
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering Cit nc
~2
T as J. ' n,, D C
Chief Administrati Ve-Officer
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Projects Approved in 2009 to be Funded from
Development Charges Reserve Fund
Source of Funding GL Dev. Charge D.C-City's Debt Other Total
Account Res. Fund Share Res.
Capital Budget
External Subdivision( Roads )
RU-3 Sideline #4 to 1200m South 5321.0901 $190,000 $0 $680,000 $150,000 a $1,020,000
DH-5 De_rsan St-Tillings Rd to 200m E 5321.0902 92,600 17,000 0 109,600
DH-6 Dersan St-Brock Rd to 210m W 5321.0903 117,000 21,390 0 138,390
DH10 William Jackson Dr-Old Taunton to
300m S :5321.0904 236,800 43,275 280,075
Woodview Ave Urbanization Finch Av to
Hydro Corridor 5321.0911 142,000 178,000 320,000
Total-Ext Subdivision (Roads) $778,400 $259,665 $680,000 $150,000 $1,868,065
External Subdivision ( Sidewalks & Streetlights )
BR-3 Brock Rd-3rd Conc to Dellbrock E side
+ Median 5321.0905 $177,500 $56,500 $165,000 $399,000
BR-5 Brock Rd-3rd Conc to Centennial Prk-
W side 5321.0906 72,900 90,900 - 163,800
RO 8 Altona Rd-Kingston Rd to Sheppard
Av-E side 5321.0907 54,000 77,300 131,300
RO-6 Altona Rd-Sidewalk in bridge 5321.0908 80,000 100,000 180,000
RO-6 Altona Rd-Sheppard Av to Strouds
lane 5321.0909 105,000 130,000 235,000
Total-ExtSubdivision (Sidewalks&Streetlights) $489,400 $454,700 $165,000 $0 $1,109,100
External Subdivision ( Storm Water) )
BI-20 Krosno Creek Stormwater Facility K25 5321.0910 $0 $1,034,000 $716,000 b $1,750,000
Storm Water Management 0
Pine Creek S.__..~_ __._...w...•.~ m._._._
anitary Sewer 5410.0906 46,000 304,000 ° 350,000
Total-Storm Water $46,000 $0 $1,034,000 $1,020,000 $2,100,000
Parks
Duffins Trails. As approved OES 46-09 5780.0504 15,000 90,000 d 105,000
Total-Parks $15,000 $0 $0 $90,000 $105,000
Total-Capital Budget $1,328,800 $714,365 $1,879,000 $1,260,0001 1 $5,182,165
Current Budget
DC Study-Appeal 2126.2392 $10,000 $10,000
Library Master Plan 2745.2392 37,500 12,500 e 50,000
Total-Current Budget $47,500 $12,500 $60,000
Grand Total-Capital & Current Budget $1,376,300 $714,365 $1,879,000 $1,272,500 $5,242,165
Notes
a Third Party Contribution. Approved under OES 34-09
b DC Funded Debt
C Federal Gas Tax Reserve Fund
d Parkland Reserve Fund
e Property Taxes
ATTACHMENT #--'~LTOREPORT #-.Li. lq-/a
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53
Development Charges Reserve Fund Internal Loans - O.Reg. 82/98
Annual Repayment for the Year Ended December 31, 2009 S 12(2)3,4,5 -
Outstanding Principal Outstanding
Principal Repayment Principal Interest
Loans Jan. 1, 2009 2009 Dec. 31, 2009 2009
Undertaken in 2001
Rosebank Road 214,300 (105,523) 108,777 (6,625)
Eastshore Community Ctr 185,964 (91,571) 94,393 (5,749)
Fire Tanker 37,859 (18,643) 19,216 (1,170)
1999 Roads Projects 222,636 (109,627) 113,009 (6,883)
2000 Roads Projects 198,345 (97,669) 100,676 (6,132)
Aerial Truck 95,245 (46,899) 48,346 (2,944)
Library-Western Branch 336,689 (165,789) 170,900 (10,409)
1,291,038 (635,721) 655,317 (39,912)
Undertaken in 2002
Parks 70,849 (35,923) 34,926 (2,756)
Sidewalks 35,653 (8,411) 27,242 (1,387)
Storm Water Management 50,544 (15,989) 34,555 (2,758)
Streetlight 15,906 (15,906) - (619)
Arena & Recreation 25,140 (5,931) 19,209 (978)
Roads 316,761 (74,730) 242,031 (12,320)
514,853 (156,890) 357,963 (20,816)
Undertaken in 2003
Roads 55,772 (10,261) 45,511 (2,336)
Rec.Complex-Core 4,176 (768) 3,408 (175)
59,948 (11,029) 48,919 (2,511)
Undertaken in 2004
Parks 113,810 (16,999) 96,811 (4,973)
Roads 12,879 (12,879) 0 (473)
Streetlights (0) (0) -
126,689 (29,878) 96,811 (5,446)
Undertaken in 2005
Roads 21,105 (10,392) 10,713 (652)
Library 72,599 (35,749) 36,850 (2,244)
Parks 27,435 (13,510) 13,925 (848)
121,139 (59,651) 61,488 (3,745)
Undertaken in 2006
Protctive Srvcs (Fire) 23,958 (11,797) 12,161 (741)
Protctive Srvcs (ByLaw) 41,664 (20,516) 21,148 (1,288)
Transportation-Roads 15,624 (7,693) 7,931 (483)
Parks 64,058 (31,543) 32,515 (1,980)
Recreation Facilities 45,712 (14,719) 30,993 (1,596)
191,016 (86,268) 104,748 (6,088)
Undertaken in 2007
Gen Govt(Civ Cmplx) 33,949 (4,233) 29,716 (1,528)
Protctive Srvcs (Fire) 122,526 (28,906) 93,620 (4,765)
Parks 193,445 (42,584) 150,861 (8,522)
Rec Facilities (Arena & Cmmty Ctr) 168,635 (23,869) 144,766 (7,595)
518,555 (99,592) 418,963 (22,411)
Undertaken in 2009
Fire(Tools & Equipment for Vehicle) 500,000 500,000
500,000 500,000
Total 3,323,238 (1,079,029) 2,244,209 (100,929)
Source of Funding Gen. Tax Levy
Annual Charges (Principal & Interest) (1,179,958)
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