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HomeMy WebLinkAboutFIN 11-13From: Paul Bigioni Director, Corporate Services & City Solicitor Report to Executive Committee Report Number: FIN 11 -13 Date: May 13, 2013 Subject: Cash Position Report as at December 31, 2012 Recommendation: It is recommended that Report FIN 11 -13 from the Director, Corporate Services & City Solicitor regarding the City's Cash Position as at December 31, 2012 be received for information. Executive Summary: The Attachments to this Report present the City of Pickering's cash position, continuity of taxes receivable, outstanding investments, development charges collected and other development contribution information for the six months ended December 31, 2012. Overall, movement of the key indicators for 2012 has been relatively positive compared to 2011 as reflected by the following: The City share of development charges collected in 2012 is down by 21 % as compared to 2011 from $4.3M to $14M. However, this is the fourth highest collection in the last 21 years. Total building permits issued are up by about 8% from 782 in 2011 to 842 in 2012. This is the highest number of permits issued in the past 12 years. Total tax arrears are down by about 4% from $18.3M in 2011 to $17.6M in 2012. This is the realization of renewed tax collection efforts initiated at the end of 2011 continuing throughout 2012. The City's investment portfolio remains well balanced but posting a lower yield in both short and long term investments. Financial Implications: The financial position of the Corporation for the six months ended December 31, 2012 was a net increase in cash of $4,101,022 to $5,182,122. Sources of Funds (as shown in Attachment 1) totaled $122,150,759 and Uses of Funds (also shown in Attachment 1) totaled $118,049,737. Report FIN 11 -13 May 13, 2013 Page 2 Discussion: This report presents a six -month period of activity ending December 31, 2012. Set out below is a description of the purpose of each Attachment with summary information. Statement of Cash Position: Attachment 1 reflects the City's sources and uses of funds for the second half of 2012. Subcategories have been identified to highlight those cash transactions that are material in nature or with large dollar values for the City. This schedule summarizes the increase in cash of $4,101,022 over the last six months of the year. It is important to note that periodic comparison may not be useful due to timing differences of receipts and disbursements in each reporting year. Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions from July 1 to December 31, 2012 and provides the outstanding taxes receivable as at December 31, 2012. This balance represents all three levels of taxes billed for the City, Region and School Boards. Periodic totals vary because of timing differences in due dates and amounts of supplementary billings issued in the year. Current year's taxes receivable of about $6.6M is approximately 3.7% (2011 - 7.9 %, 2010 - 3.9 %, 2009 - 4.8 %, 2008 - 4.4 %, 2007 - 4.3 %) of the $176.9M total taxes billed as at December 31, 2012 and about 37.5% (2011 - 74.3 %, 2010 - 38.8 %, 2009 - 45.6 %, 2008 - 47.6 %, 2007 - 49.6 %) of the $17.6M total receivable at the end of 2012. Outstanding Investments: Attachment 3 reflects the short- and long -term investments for both Current and Reserve Funds outstanding as at December 31, 2012. The total investment portfolio as at December 31, 2012 is $79.9M with $3.1 M from internal loans and $76.8M from general investments. This shows an increase of about $21.6M or 37.1 % from prior year's $58.3M total portfolio. Total investments vary from year to year depending on the timing of collection and remittance of development charges and supplementary taxes. Please also note that interest rates in general on both short- and long -term investments in 2012 are lower than in the previous year. Development Charges Collected: The City is responsible for the collection of development charges on behalf of all levels of government. Attachment 4 shows the total amounts collected for the City, Region and School Boards. Compared to the same period in 2011, 2012 collection is down by about 49.1 % or $2.6M from $5.3M to $2.7M. The total collection as reported under the Sources of Funds on Attachment 1 does not match the remittance amounts to the Region and School Boards indicated under the Use of Funds also in Attachment 1. This variance is a result of timing differences in payments to the Region and School Boards as monies become due 25 days following the month of collection. Other Development Contributions: Attachment 5 is provided to show other significant development contributions received in 2012. Multi Year Receipts: The balance of the Attachments shows multiyear receipts of the City's portion of development charges as presented on a linear chart. Collection for the first and second halves of 2012 was $2.6M and $0.8M respectively for a total of $3.4M. Although lower than the prior year's collection, this is the fourth highest annual Report FIN 11 -13 May 13, 2013 Page 3 collection in the last 21 years. This is a consequence of continued positive economic activity around the City. Similarly, building permits issued in 2012 increased by about 7.7% or 60 from 782 in 2011 to 842 in 2012. This total is now the highest number of permits issued in a year in the last 12 years. Again, this is a positive indicator of economic growth in the City. Attachments: 1. Statement of Cash Position 2. Continuity of Taxes Receivable 3. Outstanding Investments 4. Development Charges Collected 5. Other Development Contributions 6. City Portion of Development Charges Collected 1991 -2012 7. Building Permits Issued 2000 - 2012 Prepared By: Approved /Endorsed By: Dennis Arboleda, CMA Stan Karwowski, MBA, CMA Supervisor, Accounting Services (Acting) Divisi n d, Finance & Treasurer Paul Bigioni Director, Co Recommended for the consideration of Pickering Cityf puncil , j 30, Zo I Tony Preve &M, P: Cng. Chief Administrative Officer & City Solicitor Sources of Funds: Accounts Receivable collected' Development charges collected 2 Operating Grants -in -lieu: Federal Provincial Ontario enterprises Municipal enterprises Linear Properties Federal specific grants Ontario specific grants Interest Income Sale of land Tax payments received POA Revenue Total Use of Funds: Operating and Capital Expenditures Payroll Region Levy Regional portion of Dev. Charges School Board Levies School Board portion of Dev. Charges Debenture payment to Region Total Net Cash Increase (Decrease) Current Fund TOTAL ATTACHMENT #L_TO REPORT #-LJ. /(-)-3 City of Pickering Statement of Cash Position for six months ending December 31, 2012 FINANCIAL POSITION 1,218,222 2,662, 049 41,002,804 868,725 1,262,236 3,644,138 2,015,881 504,875 20,795 245,531 71,293 68,460,466 173,744 122,150, 759 I 41,542,764 20,151, 390 30,954,168 1,765,291 20,002,562 151,228 3,482, 334 118,049,737 4,101,022 Bank Balance Net Cash Bank Balance July 1, 2012 Provided Used December 31, 2012 $ 1,081,100 $ 4,101,022 $ 5,182,122 $ 1,081,100 101,022 $ Includes DRT fuel and OPG payment for Fire Protection and Community Emergency Mgmt services per MOU 2 Includes City, Region and School Boards 5,182,122 O C .4) Y U L• O M" m V LL N d X ec L- O C C O U N r O N r M L d .Q E d V d C N t c O E x .y L O HM ENT a TO REPORT # tl " 13 a� O a) N E r- N N :3 L c0 Q .0 Q a) N O `) O` �+ N Q (B m i N •U Q L C: LL -0 N_ :3 O O U N Q O () (N c6 U) N a)04� O w w O In U N co m 0 a) (0 O L L a) .� U co E a) E m 0 :q U a) ooN_.- 0W U o) U) N C 0 0 00 U) M C EMM((D00 E is co U) c c a) �iLU- 6,9, 6,3� y Q C � EO O O N y U U Q O N cn ,U a) cu C C c- C cn � O _ Q) .N- N U O a) E N O N uu, cn a3 � c6 X O a) 0 cu 1E a) .. 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