Loading...
HomeMy WebLinkAboutFIN 09-14 Ciar Report to Executive Committee PICKERING Report Number: FIN 09-14 Date: May 12, 2014 From: Paul Bigioni Director, Corporate Services & City Solicitor Subject: Cash Position Report as at December 31, 2013 Recommendation: That Report FIN 09-14 from the Division Head, Finance & Treasurer be received for information. Executive Summary: The attached schedules 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, 2013. The City's overall performance in 2013 shows a positive outlook based on the following key indicators: • The City share of development charges collected is up by about 5.4% as compared to 2012. This is the fourth highest collection in the last 22 years. • Total number of building permits of 861 issued in 2013 is the most number of permits issued in a year in the last 13 years. • Total tax arrears are down by about 7% or $1.3M from $17.6M in 2012 to $16.3M in 2013. The reduction in tax arrears reflects the successful efforts of taxation staff to collect outstanding taxes. The City's investment portfolio remains well balanced. Yield is comparatively flat however, in both short and long term investments from 2012. Financial Implications: The financial position of the Corporation for the six months ended December 31, 2013 was a net decrease in cash of$5,396,640, from $14,412,553 to $9,015,913. Sources of Funds totaled $114,378,922 and Uses of Funds totaled $119,775,562. Discussion: This report presents a six-month period of activity ending December 31, 2013. The discussion below describes the purpose of each schedule with a summary review of pertinent information. 83 Report FIN 09-14 May 12, 2014 Subject: Cash Position Report as at December 31, 2013 Page 2 Statement of Cash Position: Attachment 1 reflects the City's sources and uses of funds for the second half of 2013. Subcategories have been identified to emphasize those cash transactions that are material in nature or with large dollar values. This schedule summarizes the decrease in cash of $5,396,640 over the last six months of the year. It is important to note that periodic comparison may not be useful in this case due to timing differences of receipts and disbursements throughout each reporting year. Therefore, this decrease does not imply that the City was in a better cash position six months ago as compared to the end of 2013. Continuity of Taxes Receivable: Attachment 2 summarizes all tax related transactions from July 1 to December 31, 2013. It also provides the outstanding taxes receivable as at December 31, 2013. The total receivable includes all three levels of taxes billed for the City, Region and School Boards. Note that periodic totals vary because of the timing differences in due dates and amounts of supplementary billings issued in the reporting year. The current year's taxes receivable of about $13.1M is approximately 7.1% (2012 - 3.7%, 2011 - 7.9%, 2010 - 3.9%, 2009 -4.8%, 2008.-4.4%) of the $185.5M total taxes billed in 2013 and about 80.4%..(2012 37.5%, 2011 - 74.3%, 2010 - 38.8%, 2009 -45.6%, 2008 -47.6%) of the $16.3M total receivable at the end of 2013. Outstanding Investments: Attachment 3 presents the short- and long-term investments for both Current and Reserve Funds outstanding as at December 31, 2013. The total investment portfolio as at December 31, 2013 is $87.1M with $3.0M from internal loans and $84.1 M from general investments. This shows an increase of about $7.2M or 9.0% from prior year's $79.9M total portfolio. Total investments vary from year to year depending on the timing of collection and remittance of development charges and supplementary taxes. Interest rates in general on both short- and long-term investments in 2013 are relatively flat from prior 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 2012, 2013 collection is up by about 13.1% or $0.3M from $2.7M to $3.0M. Note that the total collection for the Region and School Boards do not match the remittance amounts under the Uses of Funds indicated in Attachment 1. This variance is a result of the 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 2013. Multi Year Receipts: The balance of the Attachments shows multiyear receipts of the City's portion of development charges presented on a bar chart. Total collection for the first and second halves of 2013 was $2.20M and $1.40M respectively for a total of 84 $3.60M. This is the fourth highest annual collection in the last 22 years. Total collection Report FIN 09-14 May 12, 2014 Subject: Cash Position Report as at December 31, 2013 Page 3 in 2011 of $4.29M remains to be the most on record followed by $3.71M in 2004 and $3.65M in 1994. Total building permits of 861 issued in 2013 is the highest ever recorded since 2000, 19 permits or 2.3% better than the 842 issued in 2012. 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 1991-2013 7. Building Permits Issued 2000 - 2013 Prepared By: Approved/Endorsed By: &az__ Dennis P. Arboleda, CPA, CMA Stan Karwowski, MBA;eft;C;MA Supervisor, Accounting Services Division He.• Finance & Treasurer Paul Bigioni Director, Cor•• - - -rvices & City Solicitor _ DA:da Recommended for the consideration . of Pickering Ci Council 1 / //, 3aed z2 Zo t+ Tony Prevedel, P.Eng. Chief Administrative Officer 85 ATTACHMENT# TO REPORT k ci'14 City of Pickering Statement of Cash Position for six months ending December 31, 2013 Sources of Funds: Accounts Receivable collected $ 2,196,764 Development charges collected * • 3,012,197 Operating 27,586,608 Grants-in-lieu: • Federal 1,226,410 Provincial 960,420 Ontario enterprises 4,076,935 Municipal enterprises 277,134 Linear Properties 451,516 Federal specific grants 18,492 Ontario specific grants 211,605 Interest Income 218,351 Sale of land 58,911 Tax payments received 73,987,611 POA Revenue 95,968 Total $ 114,378,922 Use of Funds: Operating and Capital Expenditures $ 43,461,227 Payroll 19,437,732 Region Levy 32,061,067 Regional portion of Dev. Charges 1,622,790 School Board Levies 20,884,901 School Board portion of Dev. Charges 300,492 Debenture payment to Region 2,007,353 • Total $ 119,775,562 Net Cash Increase (Decrease) $ (5,396,640) FINANCIAL POSITION Bank Balance Net Cash Bank Balance July 1, 2013 Provided (Used) December 31, 2013 Current Fund $ 14,412,553 $ (5,396,640) $ 9,015,913 TOTAL $ 14,412,553 $ (5,396,640) $ 9,015,913 Includes City,Region and School Boards 86 i TACHMENT# 0 TO REPORT#L11.1-11 s a) G) M rn CO CO CO N- rn C) e- CO a) C Z. r O N C) Cr O CC) 'Cr O N- •L 0 0) re) N- CO - O CC) cc) r CO I- h G) > N 2 33 ' N C; •V' r- (O C C-13 C3) CC) O CO CO ct x Cr CO CO N CO N cr V w r M > N- CO Cf) �t Ch C') N N C) V C", a) ch Co a d .. C.) T. O .0 0 d re CO X d V I- d CO' N co ,— O e— CO M CCi C.S. CO C7 O CO 00 co . a) ti V-. • r d CO N- C) O e- N CO cc) O t0 C r CO N Cfl N- N- N 'ct v- d CO CO CO N- CO T- ct Cf) CO N- ti a.+ C — (x) C a+ CO pj v M CO.0 c E = C) C U) a• Q . O t -' -a U C C c CO rn CO ti co co E o co cs) co ° co C K O X e- co � v st O O no co V C) N N E •N r to in' L c N a Q In L'` C 7 C 7 CO CO r I CIS d CO N N N N O CO E• m 64 CM O co = N co d N CV- , CI .a ` CO U Q. X O O O 7 O. CO E N 0 v.)• ~ O Q -O w C a) Q) N as to to O N a) O O O .N 0) ' O Q U 0) to 0.S C a) N X = B � co m N � a) U (s ' . E (1) E co O a) 0 - N .. CD co O CO 6O) LC) 0 a)X 0 00 co O N C � Ca 'C C) C) - N- CO CCU a) a9 CA O Q 0) N- CO O) N CD - C C N- O C .rte+ ({} CO N ,- M CO = _ Cr CO a) C y E m m co E d 0 O C_Ca CU C r- C) w a) - C LC_ LL 63 ea ch Q Cr N CO CO CO CO O CO v- co O U) O 0 N N CO CO U) CO = C) 0) V CO N O V' 0 0 C O CO h C e- c- .0 Cf) ti 0 OD- C`) ti O N CO co N a) O 8 CC N- C)) - O r- N- N OD N I- O E o CO) 6� Cn - LO O co I` N CO CO v a) N C r '. U 0 tt) tD (n Q 0 5 Q. N • U - g N-6 - a) N N a) O C M C O 0 Q) a) a) a) N •C 00 C C C C C E- N O I- co a L "a •a 'a - - is •C co w 0.'S a) co as as Cs CA (s C) C 10 • Ot� a) a) a) >- > >. T Ca > X = 0 a)) co a) is mu) is • •aa) is aa)) is a) as H L a) X C X C X C X C X C Q Cl) �j O 4 to N as a) as a) is Q) `O co N I— co X X U 7 ~ d O ~ n O ~ O' O f CL ` a 0 O C6 O CCI a) U N N N d S- N F- F- F- U) 87 ATTACHMENT#, '? TO REPORT#rill ol-Iti • O o 0 0 0 0 0 0 0 r r co CO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CO C 0 0 0 0 0 0 0 0 0 W (O 4 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ' •, Co 000000000 N r O O 6 0 0 0 O o 0 0 0 0 0 0 0 0 O 0 O-O U) U) N N 600000000mm r r 000000000000000000 m m Y c RP, O o o O O O o O o 'ctN r r 000000000000000 O CO o ,f.. d'C O)c) 0 (0 M CO(C m U) m CO f`') C'') <t aD N O 0) U) N CO U) (0 O M N O O) < m 0m = = O 0 CO m U) U) et CO N < C) et O) m CO et 0) 0 O) CO r 0 CO N CO 0 e- a ` O r N M N O O 'd' 0 0 0 N U) 4 r r r N m M r U) e W r 'Cr Nr Cl W N w ' U) (O U)M <t W U) U)- N N ' 'd' r N N N N r N N N r r r N N r r- r M - oCM. Zs cDE C d O .-'0 N va 69-c p 69 v co Y O N y O N h N O N CO . = U) j r N i-. 1-- 0- 0_ 0- > O ,CO 0 - O W C U U W w W p O CO CO Nr (OrUO) 0 030-3 CO O 0 U Z 0 W ACDmmmmm W M d 0 0 o W ° d 4 a o It ( Ow ` wwow . WNW o_ nn ( c4 ,- Nr . UO ((OQoa COQ °� 0s0 °5a 0-‹ *" Q vN- (00VN- (N r CO N ' 0 -) COc �CCO OOQQ2m22 L N o ,- N <t CO.CO 0 r CO C0 ' CD Q aO Q Q O Q Q Q Q z Q Q Q Q Z Q Q Q oivn r ao (rwmr a ci O a) w 0 c') 4 .- c, CO O CO m a' r W (D (� 2_ (n 2 2-2 W (� (n v U W (n >'. N CD C) WOr <t rN et m Q ETD (o .- W OMNN (DrUn N CO Q 2 H Q ' a W < Q Q Q W W W Q W W W o .d. rrr rrrrm r N { ( QO W 0 ( 0 ( CA (nW000 W 000 c oz m m z D H a z z z z m M o_ z m a a E O F' W O O O W 0 0 0 0 w w w O w W W m ? o m o z o m m m m o 0 o m•o o p (9 (O M et 0 CO M CO CD CD 0 0 0 0 CD m CD 0 r CD r UO U) O) N 0 r m m <t CO M 0 CD 0 r 0) CO CO U) CO CO CA CO 0 0 0 0 CO 0) et CO 0 CO C) 0 O N 0) O) CO 0 CO r <t r CO m r 0 . . CD U) N CO N W r 0 I 0 0 0 0 r W W m 0 M N '0 O r (`') m W N (`') W O W O W m OU) NCOMM 0 U)O O O O CO UO (O (O N W 1) M U) CA (n r W U() N O m N (D '0 N m = O O O W r r m W u) M O O M W U) (O W O CO (A m N W CO r r r U) N N UA a N E Q N- CON U) m U) MN r OOr - m U) U) r r UO W N r V (O O r aO v U) (O N m m r '0C) m U) aO C) '0 m m 0 0 0 0 m Cr UO CA 0 r r r r m W M '7 '0 W CO CT N 4 et N • NE O CO r 010400 <t 0 0 0 0 0 0 U) U) r CA CO N O) U) r U) '0 m r 4 4 <t M O) m 0 0 0 Q U)(O U) M <t CO U) UU) N N N CD a N N N N r N N N r r N N r r r M -,,r Ch 64 64 dJ 64 0 0.,, 0( -..e.. .: 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . y CO m N N N ..0.7 ..c, U) 0 0 0 O 0 O O W ' W M W CO W N V' (N 0 02 CO W m m 0 m m m 40-)N r N O et r N r M r r m 0 CO CO N N N 0 0 0 0 0 0 0 0 < W t M M VM 0 d 0 _ Ni '0 '0 '0 '0 V '0 0 <t m4 > . . V W '0 O <t '0 O r ) O ) U) r r O W W ) N • Q C C C M .D 0. C Q O C1 Q U T cr 0 N m N R N m N O N N o (6 m o N o o N a) N o. O O N m N N l0 D C+) m r <1' M C m m Uf) to 6 aD O01) 00 CD O OS (O US CO r W W r N OS 'O 2 0000001- A- N N r O N 0 r O r 0 0 r O N `- N O O N O N M M M M M M M M M M M 00000 r r r r N N N N M M M M M of r r r r r r r r r r r i i U d LL-4-4. > 666 > (T C U C. 0 U T > .7 C C N a) ' V O CU C U N 0 0 7 7 0 0 0 N N W W W d Q N O O (O 7 7 = .y (0 (OOOZ000 ZQQ -) 00002 (no05 .< 2z L22 -� -) 0 M W N N 7 N M 0 M N O r N N N N M 0 0 0 O N N O r r N p N N N N r 0 • z co W w w w w w w w F- Or 0 H o F- F- F- F- F-F-F- F- WD 0 U Z 00000000 ZZZZZZZZ � Z 0U aU o (OFF c F- F- F- F- F- F- F-F- v W W U W ‹ _ WOO Z Z Y R o ZZZZZZZZ () m [01- 001- w000001- ., u '5•- »» »» Q zwOEcTOccEEzEwz o z ~ 1= 0 c « 000000000 �, W 2D11- HFHz1- � ? H ,LF- o LOO a` U. C = U U U U U U U U U_U_ > z = Z - Z Z Z O Z Z Z WO U d d W 000000000 m W 0 ° 0W00000 ° 000 o O W W Z w zZZZZZzz E w d U LL LL w LU. w w W a •E 0- 00 W m Cl) m o 0 0 o 0 0 0 o c c c F N Q O W O O O p 0 0 Q O x w 0 w e m 0 F. > mmmmmmmm 000 Cl) Cl) > Q > 0 > > > > > Q > U U U F- 0 z =co Ci)0vo (nv)cou) m m m W F- cZ00000z 00 Z 000000 co co co w W ZZZZZZZZ 0 0 0 > z Q CC m CC II CC Q W IY Q IY 2 m m m m Z Z W � mmmmmmwm F- F- F ? W � UawaaamaaUdmUmwUmm Z w 3 H z m w " W (i LL E N 0 a) W W 7) Z_ L- 00000000 r > N N N N N N N N N N N N N N N N N N W 2 0 O C C C C C C C C F- Z 0 E E E E E E E E E E E E E E E E E E F- ~ C. d •7 'noon 7 7 3 7 3 0 7 3 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 0 W C N0 C) Q' (2 m m m m m m m m _se C C 0 e ce m m m m m m m m m m m m m m m m m m z > m Z N F.. *5._ ._._._ .-._ ._ ._ R N N y W „, Z Z 9 9 d 1] ..O s d B d d 9 d 9 0 z = 9 1] d Q m m m F- N CO CO N CO CO CO N N N CO CO N N N CO N N W 0 N N N N N N CC N J = J J e0+ 0 (u 0 0 0 a) ro 0 0 000 Q Cg 0 (0 0 0 0 0 (u 0 0 0 0 0 m 0 0 0 0 0 Q Q c 0 ` ZZZZZZZZ HHF- F Z � ZZZZZZZZZZZZZZZZZZ F- F N U O O 0 0 0 88 . • ATTACHMENT# 4 TO REPORT#F--( tir 0LI —1 `, 01 -0 Cl C a) T—' 6 N co ti CD � * O ti � 0)N O M w rn ui co- r c� r E U M co co a c O d .0 r M Z% Ca E • CD d U.t V d U p o ._ a=) c ..c c E O co r— co ti N tO Q C U m co N CO rn w co O d E O - N N O r- co CD N co O r M r r co r N. t C3 0 a O X L .y to O N 67 r c0 CO cs) r M LA co O m co co N I . N.-- I- r U7 4. N .-- n LS C6 O M M o0 d- C L V N 0 E t N r .-- r CT N- LO r Ln r N d CO G 6q N Cif CO CO to a) 4 c (0 O CO 0) CA N C Lo N ti r N- r M O_ S 0) d • . W C O N ti N co am C O IC) co 'a' rn co to c a N co N co- O N r I� NI- N • co U o c. co (- 0 - c W °- U 0 W U J J N O L N U (U I N J Oa) Z I � E E Q 0) o o. p O z o H Q • 89 ATTACHMENT# .5 TO REPORT# 'q -/Li a) V) M o 0 • C d tt •� o o Y N V .Q e» is �- C a) o o . U = CD a) E 0 Q. 0) o = a) 'a > _ CD a) a) 0 N f _ O�+ O LL • V_ O J _k° � 0 J o cs 0 d co m U Z o H U 90 ATTACHMENT# ' TO REPORT# _oq- 1 Li- co 1 M in O cc M �O CV CD _. .-..--.._...1.... ., `°& • h i V ... °C, .. `°& Oc, .. °° 1... °e ... `°°3 CD to s I... U N , o 0 1111111.1.11 • °& U �' o F .... °°c O va N. .. -°°c' N 0' U . 0) V .. °� � crn ® ,. .. . °°� o_ 6 CD ...E.. X66 . ...I X66` 0,2 I..... - • .. 66,` .. & 6z • 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o u) 0 Lo o LO 0 LO 0 LO L0. V c') co- N N x-- $ lunowy 91 • . ATTACHMENT# "7 ,TO REPORT# rid.o - it . • _� a __z N N N- oo N O - N O . CI O o ., N LI, rn vo " O N CO 73 Lo 1 O N N D N Cn O U) O E `D _ N CB N °5 I m CI. N I O 6 N EL O O O o O � N © co � - - 7r- < N 73 D co O CO N CO N O te — N - • N O to co I------ - - _ 0 N T- 49 L CD N O - wr . O �, r I O I N O O O O O O O O O O O O O O O O O O O 07 00 f"- C) L0 d' M N • 92