HomeMy WebLinkAboutCST 11-12
1 41
Call °0 Report To
_ AAR Executive Committee
P1CKERI G Report Number: CST 11-12
Date: May 14, 2012
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: Development Charges Reserve Fund- Statement of the Treasurer for the
Year Ended December, 2011
Recommendation:
That Report CST 11-12 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 Council with a statement in respect of each Reserve
Fund established for each Development Charge under Section 33 of the Act.
Accordingly, the enclosed Attachments 1 to 5 detail the activity in each component of
the Development Charges Reserve Fund for the year ended December 31, 2011 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 Council.
Financial Implications: In summary, development charge revenues increased by
approximately 250 percent to $4,293,482 over 2010 due mainly to the new development
in the Duffin Heights area.
The Reserve Fund remains at a healthy balance of approximately $34.1 million pending
inclusion of the projects for which the funds were collected being proposed in future
capital budgets. The funds are well managed with investment returns consistently
exceeding market indicators. Investment income becomes part of each fund.
Discussion: 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
shows the total Reserve Fund balance of $34,107,294. Taking into account the "Budget
Report CST 11-12 Date: May 14, 2012
142
Subject: Development Charges Reserve Fund - Statement Page 2
of the Treasurer for Year Ended December, 2011
Commitments" as at December 31, 2011 of $7,277,511, the Fund Balance available for
.future expenditures is $26,829,783.
The development charges collected in 2011 were $4,293,482, an increase of 250%
from amounts collected in 2010 ($1,653,053). This significant increase is largely due to
the new development in the Duffin Heights neighbourhood. Attachment 2 provides a
chart showing the 10 year historical pattern of the development charges collected. The
cumulative total collected for this 10-year period was $23,250,390.
The 2011 projects approved based on the 2009 Development Charges Background
Study from this Reserve Fund was $1,657,870. Attachment 3 provides detailed
information on these approved projects. However, the expenditures actually incurred in
2011 that were funded from this Reserve Fund amounted to $431,267 (see Attachment
4). These expenditures pertained to capital and current projects approved in 2000 to
2011. Attachment 4 provides a summary by projects of these expenditures funded by
development charges and other sources as prescribed by Ontario Regulation (O.Reg.)
82/98 Section 12(3)..
Attachment 5 provides detailed information on repayments pertaining to outstanding
internal loans undertaken from 2002 to 2009 as required by O.Reg. 82/98 Section
12(2)3,4,5. No internal loans were undertaken in both 2010 and 2011. The principal
and interest paid in 2011 was $365,281, funded from property taxes and as of
December 31, 2011, the total outstanding internal loans are $806,848.
Attachments.-
1 . 2011 Annual Statement of Development Charges Reserve Fund
2. Development Charges Collected 2002 - 2011
3. Projects Approved in 2011 to be Funded from Development Charges Reserve
Fund
4. 2011 Actual Capital and Current Expenditures Summarized by Projects
5. Development Charges Reserve Fund Internal Loans - Annual Repayment for the
Year Ended December 31, 2011
eport CST 11-12 Date: May 14, 2012
Subject: Development Charges Reserve Fund - Statement Page 3
of the Treasurer for Year Ended December, 2011
Prepared By: Approved / Endorsed By:
Caryn Kong, CGA Gillis A. Paterson, CMA
Senior Financial Analyst -Capital & Director, Corporate Services & Treasurer
Debt Management
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
ZO/Z
Tony Prevedel, P. Eng.
Chief Administrative Officer
ATTACHMENT# TTOREPORT #2.Ur-/r-12-
1 -4
W "I! O (Ot-- co a r-- F F3 i~
D v0. co (O co O N N ~ ~
0) a) It m O V Ch 00 _ 0 r- 04
O tog, 117 C IL M 0) I- In M O r- N
N CO
~ 0) M 1` N
N
V N_ O N O^ n
rv Z` h t0 O O COD N N N N
6) 00 V LO
to
t 0) d9 (A N N N O 'IT O
Q
m
LL
t
O O (D m
U
7ci rn a+ d O v O N 000
O (D -,t 1` 00
o~ ER n CO M 00 OD
O O
r
O
U. (A W
Q 0
E0) N 000 O O L0 N 0
' COD t00
C. 04 M O (OD M O ( t
rl- 0
O f- 3 O O O O O
a > M
to v v
0
1n 00 O Lo
w O N CO I- Ln M 0) 00 T
E 00 N cn N O O
C NT N
E CD r` O O M N
O
r
1f) O CD 1f) n ,
V' O O M 1f7 O N N
M O h (h O 0) 0
M Lo . O
CL N to t°n
O U
~ ~ O LO 7 0 N fZ IZ r-- O h
.O ~ f- 00 O co
O O co O M O O M U7 co
.a O r- N G 00 M M N O M
(6. O O N M v M Lo Lo co
O O to
0 N C \i (D 0
C t2
LL 06 Q N 0 0 r- co 0 ( D co 00 M
N W N O z O O 00 co
d N N N N
00 N N _
LL Efl CCO O cl)
0 M a'
~ 'tj CD t0
~ U. L ~ r CY) O N 00 O O O n to
Q~ d N L M LO 1- (M M ^O - r- It N
E d d I~ (D (D M O W (+o N rn t`7
O l9 M M Nt N (c) I- N 0) co
U > c N
W
E r
C1. o
p o N
J
> N N eh
~ M
r C C U d
w M N U E o 0
.c o E E
a=i m J E Q E
d o _'c 0
N > C X m y
W co)
N
_N (4. V (U N O (U W O c V
U -6 -6
w w = m
-0 0
N 106 O > > LL 'O w w d
CQ R W (U N 0 U C C N d d E
a a
C a> m (U a~ (U p X x (U
Q V to Z L "O E > Z W W Q 16 16
uj U c a~ (U w W w o0 U m
4) > -W 2 c: co x -Ft
0. LU Q) cu
N m, 0 1 5 2 1°- W U U 0 1i co 1i
ATTACHMENT# a TO REPORT# Cssr-I r2
v _
L
t
N
H
C
L
U
a
r.
i i O
~ E
3
N j
O
N
00
v 0
~ N
O
o
a
o
a, o
3
111 ~ O
_ ! N
O O O O O O O O O O
O O O O O O O O O O
O O C) 0 O O O O O O O O
O Ln O Ln O Lrn O Ln O Ln
Vl M M N N .--I r-I
i
ATTACHMENT# a TO REPORT # cs7_l1-~2-
Projects Approved in 2011 to be Funded from 46
Development Charges Reserve Fund
D.C-City's
Dev. Charges Share Property
Source of Funding GL Account Res Fund Reserve Debt Taxes Total
Capital Budget
External Subdivision ( Roads )
Third Concesion Road - BR-1 - Third Concession
Road - Brock Road to 425m East (T/L).
Reconstruction/Urbanization including sidewalk and
multi-use trail 5321.1101 $269,525 $0 $807,000 $0 $1,076,525
Valley Farm Road - TC-6 - Valley Farm Road (East
Side) Kingston Road to 100m South - Sidewalk/Blvd.
in conjunction with adjacent development. 5321.1102 $8,250 $24,750 $33,000
Welrus Street- D-5 - Welrus Street - Sprucehill Road
to Fairport Road. Reconstruct to urban standard
including sidewalk and storm sewer. Design 2011 +
Construction 2012 5321.1103 109,375 328,125 0 437,500
Old Taunton Road- DH-12 - Old Taunton Road
(William Jackson Drive) East of Brock road -
adjacent to SP2008-08, Urbanization/multi use trail. 5321.1104 332,100 36,900 369,000
Duffins Precinc- BR-11 - Duffins Precinct -
Oversizing for Future Collector Road. 5321.1105 339,120 37,680 0 376,800
Total-Ext Subdivision (Roads) $1,058,370 $427,455 $807,000 $0 $2,292,825
External Subdivision (Streetlights & Sidewalks) -
BROCK ROAD (BOTH SIDES) - DH-15 - Brock
Road (Both Sides) Third Concession road to CP
underpass sidewalk/multi-use trail, streetlights (City's
share of project funded by Debt). 5321.1106 534,500 0 535,000 1,069,500
Total-Ext Subdivision (Streetlights & Sidewalks)) $534,500 $0 $535,000 $0 $1,069,500
External Subdivision ( Storm Water) ) -
(4) OIL GRIT SEPARATORS (10-90) - (10-90) - Oil
Grit Separators - locations to be determined ($75,
000 each) Installation/Restoration. 5321.1107 30,000 270,000 0 300,000
Total-Ext Subdivision (Storm Water) 30,000 270,000 0 0 300,000
Total-Capital Budget $1,622,870 $697,455 $1,342,000 $0 $3,662,325
Current Budget
Library-Building Plan 2611.2392. 35,000 15,000 50,000
Total-Current Budget $35,000 $15,000 $50,000
Grand Total-Capital & Current Budget $1`,657,870 $697,455 $1,342,000 $15,000 $3,712,325
ATTACHMENT# 4 TO REPORT#_L5~r
147
a0 Ln tl1 N O U') N r- M W N to r (O M O
~ co V co ( ~ O O~ co co COD O co M N a
c f 00 Co Ln 0 cc~
(o N co 0 0 (O M M (O
c r ~ ~ co co N 69 (D M 00 d9 m a) cm CO co ~ (D
a) .0 69 69 H9 69 69 61, cy)
U
U)
C O O O O O O O O O
Q 69 M M M r 6R r
J M M
r T r r
69 69 64
C
L
d
669 669 Cl 669 O ~ ~ N N
61+ T O) M M M
L N
0') ~ T r
c. X 69
o w 60
a
r- M 0 69 69 69 69 O EA 69 O
M M
L C M 00 co C6 m M M
69 69 64? 69
0 j
IL c
m a
69 643Lf) 64). Lf) Ln 61+ Le)
Q M Lo Lo 01 C1 Qf
0) C Q1 O O O) O
7 Ln ao cl) cl) M cl)
y LL 69 69 e-
ER 69
U
O .
d O r_ O CO r _O LA - O It
OL N 69 v O M N (o ~ d (OD O O O 69 O
Q. N O M m M MO 69 0 T (7) O O
7 N~ 01 N 00 M ~ V N O O
It CD 04 U9, 69 m 04 04
m co)
64 69 fa
Q1 ~ .C
N N
L U) a 04 N v rn t• rn r- (o n
o) C r (M n O O O N O N M LA 1- COD N 00 VO co 0
rl-
0 Ce) O, O> N oc O c M r O N
L 000 N 0 O
Rf
E' L d N N C C \F E9 U')_ 'nil Ln M N M OD
V co O 69 69 669 ~ 69 E9
0 U)
> O
Q1
L.
t~+ C O
3 (O co m co Lf) O N N
_ 0 c O O N O O O O m O
O O M~ O M O M M
u 0), V O 0 0 0 0 0 0 O N N
Q Q N N N N N N N aU) N N V
J M M Ce) M M M M c~) m- M M r- (O
K y
x C7 to Lo Ln Lo Lo Lo Lo W) O) Lo Lo N N c
r d LL
N = w a)
L N "6 (O Yn N N
X a) a~ "O C Y N
N p ;O Y
OCT O N r
ID (D
O Q
m O N
C O J v O m O aZi a
to
M L? C 3: O :C N > ID N
O L 7 a)
-Z 9~ C O fn of O Cl m' O O to O _p .0 gym„ a1 O U
L2 a) c r !0 w W ^ U) N co .y U j C. a n cco a c
l6 U U c .o p> c o is > m w> M y n- a m O a
o CU - CY Fn 'E -0 :5 4i = 0) m
a) 7E 1~ 0 'D 'o x -2
.O c0 (n 6n _ co p a co 6) m O N L
a) a) co K U) Q. v m r- K y v Y k O F- m O 7 O m a
V V c a O a) W c6 -o -0 O (n W co co m w F- F-
r a) O 6n t; C w(r c a) (L 'Q Z c_ V
a m -0 2
O N R O O N in Y c c p m m w c (gyp m N w a
r' IC R 00 p C U O> rn O CD O O O O (n (n C Q ` L C N Q `
L 'o a o H 3 U) in a H p a) F- C~ a~
m> p a) a) u m O Y L
(j
N V 0 W W X In Y Y Q (n (L
ATTACHMENT #-.S:-TO REPORT# L5Ell-t 2-
148
Development Charges Reserve Fund Internal Loans- O.Reg. 82/08
Annual Repayment for the Year Ended December 31, 2011 s 12(2)3,4,5
Annual
Outstanding Principal Outstanding Charges
Year Original Principal Jan. Repayment Principal Dec. Interest (Principal &
Undertaken Projects By Function Loan 1, 2011 2011 31, 2011 2011 Interest) *
2002 Storm Water Management 160,000 23,475 11,513 11,962 916 12,428
Recreation Facilities (Delaney
2002 Rink) & Museum 55,000 13,048 13,048 - 509 13,557
2002 Parks 155,000 23,727 11,636 12,091 925 12,561
2002 Sidewalks 78,000 18,507 9,076 9,431 722 9,798
2002 Roads 693,000 140,384 80,638 59,746 6,412 87,050
2003 Rec.Complex-Core 7,524 2,608 834 1,774 110 943
2003 Roads 100,476 34,825 11,134 23,691 1,463 12,597
2004 Parks 175,000 79,069 18,517 60,552 3,455 21,972
2006 Recreation Facilities 73,000 15,763 15,763 - 552 16,315
2007 Gen Govt (Civic Complex) 38,000 25,292 4,623 20,669 1,138 5,761
2007 Protective Services (Fire) 150,000 61,868 31,191 30,677 2,480 33,671
2007 Rec Facilities (Arena) 50,000 3,551 3,551 - 827 4,378
2007 Rec Facilities (Community Ctr) 139,000 101,274 12,863 88,411 4,877 17,741
2007 Parks 134,000 85,342 12,400 72,942 4,702 17,102
2007 Parks 86,000 36,462 36,462 - 1,422 37,884
2009 Fire (Heavy Rescue Vehicle) 500,000 458,277 43,375 414,902 18,148 61,523
Total 2,594,000 1,123,472 316,624 806,848 48,657 365,281
* Source of Funding: Property Taxes