HomeMy WebLinkAboutFIN 18-13 Cl 00 Report to
Executive Committee
ER G Report Number: FIN 18-13
Date: September 9, 2013
•
From: Paul Bigioni
Director, Corporate Services & City Solicitor
Subject: Cash Position Report as at June 30, 2013
Recommendation: It is recommended that Report FIN 18-13 from the Director,
Corporate Services & City Solicitor be received for information.
Executive Summary: The schedules attached 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 June
30, 2013.
Key indicators in the first half of 2013 are summarized as follows:
• Total development charges collected during the first half of 2013 are slightly up by
4% from $7.2M to $7.5M compared to the same period in 2012.
• Building permits are down by 7% from 503 to 466 compared to the same period in
2012.
The City's investment portfolio remains relatively balanced with the total short term
investments slightly higher than the total long term investments but at lower interest
rates.
Financial Implications: The financial position of the Corporation for the six months
ended June 30, 2013 was a net increase in cash of$9,230,430 to $14,412,552.
Sources of Funds (as shown in Attachment 1) totaled $153,750,775 and Use of Funds
(also shown in Attachment 1) totaled $144,520,345.
Discussion: This report presents a six-month period of activity ending June 30,
2013. The discussion below describes the purpose of reporting the selected data with
summary information in each of the attached schedules.
Statement of Cash Position: Attachment 1 reflects the City's sources and uses of funds
for the first half of 2013. 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 $9,230,430 over the first six months of the
year. As at June month end, the City had just completed payment of its interim levy and
payment-in-lieu of taxes to the Region of Durham and to the respective school boards.
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Report FIN 18-13 September 9, 2013
Page 2
Note that comparison of the net increase/(decrease) of cash over the same reporting
period in prior years may not be useful due to the timing differences of receipts and
disbursements in each respective year.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions
from January 1 to June 30, 2013 and provides the outstanding taxes receivable as at
June 30, 2013. The total amount represents all three levels of taxes billed for the City,
Region and School Boards. It includes the amounts owing for the September 27th
residential due date of approximately $34.1 M. The commercial final billing is not
included in the total as this will be billed later in the year.
Outstanding Investments: Attachment 3 reflects the short-term and long-term
investments for both Current and Reserve Funds outstanding as at June 30, 2013.
Total investment portfolio as at June 30, 2013 is $81.4M with $3.1M from internal loans
and $78.3M from general investments. This represents an increase of about $6.6M or
8.8% on total investments from the same period last year. This variation is expected as
total investments differ from year to year depending on the timing of collection and
remittance of development charges and supplementary taxes.
Development Charges Collected: The City is responsible for the collection of
development charges on behalf of the City, Region and School Boards. Attachment 4
shows a total collection of$7.5M for the year as at June 30, 2013. $2.2M for the City,
$4.8M for the Region and $0.5M for the School Boards. Total collection slightly
increased by about 4.2% compared to the $7.2M collected over the same period in
2012.
Please note that the development charges collected 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: (a) timing differences in payments to the Region and School Boards, as
monies become due 25 days following the month of collection, and (b) the City portion is
not reported as a line item under the Use of Funds.
Other Development Contributions: Attachment 5 is provided to show other significant
development contributions received in the first half 2013.
Multi Year Receipts: Attachment 6 shows multiyear receipts of the City's share of
development charges as presented on a linear chart. The $2.2M total amount collected
for the six months ending June 30, 2013 was the fourth highest six-month collection in
the past 20 years.
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Report FIN 18-13 September 9, 2013
Page 3
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 2003—2013 (semi-annual)
Prepared By: Approved/Endorsed By:
C;1" CA-4.L1-1,Z_Loa-k ,------- -.----- -7--- __.--- -
10, Dennis Arboleda Stan Karwowski -
Supervisor, Accounting Services (Acting) D' '.'on Head, Finance & Treasurer
Paul Bigioni
Director, C. prat- Services & City Solicitor
Recommended for the consideration
of Pickering City -ouncil
/ ,, . ,z, 2013
Tony Pre edel, P.Eng.
Chief Administrative Officer
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ATTACHMENT it.j TO REPORT#:n I =? f 3
City of Pickering
Statement of Cash Position
for six months ending June 30, 2013
Sources of Funds:
Accounts Receivable collected' $ 1,175,791
Development charges collected 2 7,537,245
Operating 21,461,515
Grants-in-lieu:
Federal 867,220
Provincial 517,224
Ontario enterprises 4,110,890
Municipal enterprises 1,918,064
Linear Properties -
Federal specific grants 51,399
Ontario specific grants 137,788
Interest Income 242,004
Tax payments received 115,731,635
Total $ 153,750,775
Use of Funds:
Operating and Capital Expenditures $ 32,822,433
Payroll 18,109,295
Region Levy 67,359,677
Regional portion of Dev. Charges 4,335,823
School Board Levies 21,110,499
School Board portion of Dev. Charges 436,008
Debenture payment to Region 346,610
Total $ 144,520,345
Net Cash Increase (Decrease) $ 9,230,430
Financial Position
Bank Balance Net Cash Bank Balance
Jan 1, 2012 Provided (Used) June 30, 2012
Current Fund $ 5,182,122 $ 9,230,430 $ 14,412,552
Total $ 5,182,122 $ 9,230,430 $ 14,412,552
' Includes DRT fuel and recovery of 2012 levy adjustment due from Region
Y Includes City,Region and School Boards
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