Loading...
HomeMy WebLinkAboutFIN 14-16 �L 00 is Report to Executive Committee I KERIN Report Number: FIN 14-16 Date: June 20, 2016 • From: Paul Bigioni Director, Corporate Services & City Solicitor Subject: Development Charges Reserve Fund — Statement of the Treasurer for the Year Ended December 31, 2015 Recommendation: That Report FIN 14-16 of the Director, Corporate Services & City Solicitor respecting the Development Charges Reserve Fund be received for information. Executive Summary: Section 43 of the Development Charges Act, 1997 (the "Act") requires that the Treasurer provides Council with a financial statement relating to the development charges by-law and reserve fund established for each service as established under Section 33 of the Act. On December 3, 2015, the Province passed Bill 73 which amended the Act to add additional reporting requirements. The Treasurer's Statement attached to this report has been expanded to comply with the new reporting requirements. Attachment 1 provides details of the activity of the Development Charges Reserve Fund for the year ended December 31, 2015 in the manner prescribed by section 43(2)(a) of the Act. Attachment 2 provides details on information related to assets funded by the development charges by-law as stipulated by section 43(2)(b) of the amended Act. The amended Act introduced a new section: 43(2.1), which now requires Council to ensure that the Statement is made available to the public. The Statement will be posted on the City's website to facilitate compliance with the amendment. Financial Implications: Starting from 2011, and continuing into 2015, new development in the Duffin Heights neighbourhood has resulted in a spike in development charges revenues. The Reserve Fund remains at a healthy balance of approximately $40.9 million pending future use of funds for qualified projects. The funds are well managed with investment returns consistently exceeding market indicators. Investment income is added to the balance of each fund as such income is earned. • FIN 14-16 June 20, 2016 Subject: Development Charges Reserve Fund Statement of the Page 2 Treasurer for the Year Ended December 31, 2015 Discussion: Funds are not transferred out of the Development Charges Reserve Fund for projects until the funds are actually needed, as required by applicable accounting rules. This ensures that the Reserve Fund continues to earn interest income on the unspent monies until such time as actual expenses are incurred. The total Reserve Fund balance of $40.9 million represented in Attachment 1 represents the unspent monies as at December 31, 2015. Please note that there are approximately $11.9 million of committed capital projects that have been approved in prior years, but have not proceeded or are still ongoing as at December 31, 2015. Taking into account these commitments, the net fund balance available for future expenditures is approximately $29 million. In order to meet the new requirement under section 43(2.1) of the amended Act, it is recommended that the Statement be placed on the City's website upon approval by Council. Attachments: 1. 2015 Statement of the Treasurer -Development Charges Reserve Fund 2. Amount Transferred to Assets — Capital Fund Transactions Prepared By: Approved/Endorsed By: Caryn Kong, CPA, CGA Stan Karwowski, CPA, CMA, MBA Senior Financial Analyst — Capital & Divi- • Head, Finance & Treasurer Debt Management .d Paul Biel: Directo , ••rp•rate Services & City Solicitor Recommended for the consideration of Pickering City Council Vez,id SO, ZD/ Tony Prevedel, P.Eng. Chief Administrative Officer ATTACHMENT# I TO REPORT#f I iv 14 It OD 1.0 O 'Cr C) a) ' co C) O O 10 O) LO LO CO CO r O Fi CO LO f` a- V LA LC) CO N C1 v O C) O LA LA 0) CD CO � C) O co O N c" O C) Q M N U O O UO) N- LA C. ' ' ' N. ' N. CO Cd O 01 N- O T 'O N N CO N a- N N d �`�; L O N N N c C co F d N N N N V R E V J LL d w _ 'C 0 co co a co CO CO) co 1.0 a) , co N O) N N C C N 40 ,— C') N N N N N C1 0 p C w ( o 0o Lr! r` N 01 0_ ao v .d CYJ N N a) a) O O CO N M L '� _ 'a 7 _ N v N CO c -a (1 (.1 C LL0 ce LL a) o C d > 0) O) lA st O N ' N CO 'cr a o d CO M O CO O O 4 q O Tu d ce co c .. CO C� - LC) CO `-' O O C) d Ce w 4S _ co V N LO CO a w d \ Y LA o d O R ~ 0 01 a ,— n. OS o a 0 n O) ' ' O) ' ' ' N O CD CS • V C CCOO LC) LO 00)) V CO E Q E to • d to N r v 0 L • C. o O O C E N U) C d O > o 41 d N C'�) O N- O CO' ' CO 01 m O O y CO CO a) a LA LO N N >. U W N CO N- LC) CO N N CO 'c)' N U Q O O CO O) CO O O CO LA r 7) aQ w r» L N W N T N NN.. CO C') 5 II tT L •, O d C) E N N — m O = L .0 s O C) o d U w 3 C CD v) _ C gyp+ N N E O co a (M � C) CO CO C N 01 a) E - w O CV N- a0 CO CD a) O N N. O m C3 d U w CD a- CO CD a) Co N CA N "O O d V w CO) N CO 'd' 'Si Co ao co- N CO •dO .wC j Z G d .. M N CO N N M a) a) U o ..... d C, �a o V co � N a- ------ a) >. G U) O d O .0 N . Cb Z O, d a)3 a+ O N C d c d co CO CO O N- ' N- N V' CO a) U C) d > N- N- CO N O O C) LA CO > CC i CO N- NI' A- CO C) O) O LO) CO CO d d d ad O '[f U) _N N CA O CD .0 y_ -8 . M N- LA N LLB CO LO) a•- 7 co N O CC d a) _ N V N N ' CO CC1 .0 co C1 LA a D lC CA O) •C N Z, n— O (C N tea) C.) co O O d > p, O N r- R: ce ° aa)) m co) LA N- CO ct O ' O C) CO) CO Q E X Cd.1 N O CCOO N 'a '- � LOA CO 0)C1 >` a •:' d V CO CO C) 01 O Q co.' d o. " C LL u) O N U O LC1 Q) f-0 N h O r C to C a C O O. of E C N N Lo E Ln C d E 7 •ti '— — "—cc w _O - To N co o E w co w co co N a) •U y a) To C a. i c.) .0 > ✓ a) Q a_ .0 d N� � G U) 3 'Q C �' O C — m 7 E E C E d 'm ? E S O ns 0 _ a O O d _ a) d E a) C CC •O +' C to C O O V E E v _ -0 - n m .a a) a`� X -a v p E C E o E ) V CC C W d `7 O E N d C) d 0 L d m di .8 C) oi V O V p C , v CJ �, co C 4) U C1 E = To E U U co co (C 'O C) (C C4 C 0 a ti CO d C C N F- F- (C m U CO 'a C6 U 'C3 t6 co C C O N Z FO C C O d CO C n < 0) 7 `a) a) - w 7 7 h w C- di 0 (n O w d d p m N t m Q N o O n. 0 5 2 v) J < < Cn U .a J O co . r. t— U ATTACHMENT# c TO REPORT#F 1+-/C 0 Sr O O Lo CD CO I` r LO CD Cr) CO CO CD LC) CO O O CD 0 CD I- N CD CO LO Sr CO O N- CO CD O O A C O CO O O I- Cr) CD CD N CO A- O LO CO N- O CO o0 CO co- Op b CD CO CO O O O:a O O O N <M h N O CO r N N CO sr sr LO V CO C y) I- N- N .- N- CO V e- N s- C) N 0 7 LL N N- 16 r m a O N ~ M O CD O CD CD CD CD CD CD O CD CD CD O O CD CD 0 CD O O (1) O 0 O O o ci CD Q C m CO N- O o s- c') LO O -I 0 CD CD O CD CD CO O O CD CD CO 0 CD 0 CD CD s- CO IN- L C rN- ° CD y) N n O. 0) 00 CO M CO o m CI- F d v d m d d d d d d C d d Q) c d c c`a `m as m to m m as m as (0 m j as 7 .c .0 L L L L L L ca C C C as L t y u., u) a) co co co co co co N Cr) Cn CO N (n y a N C y d y La y CO y y y y 0, y y y C /,• y y U U U U U U U U cn U U U In U d .]C O d d y y CO y y y y y d y CO y a) y C1 Ca d dCtX 0 0 0 0 0 0 0 ca0 0 mU 0 a A all 111 O O 0 0 0 0 0 0 CC 0 0 0 X LL LL d F Q;G' 2' 2' 2' 2' fY 2' Q' d' 2 d' d' d' i C > O CO CD O CO CO 0 N CO I- I- CD CO CO O CD O O 0 U a) CD 00 CD CD M CD N CO CO to R LO CO N- CD CO CO d O 0 LC) to CO CD LC) CO CO N CO N CO CO h LO O Q' lO CO LO O N O O f— CO V N I- C') y C+) Ch N- LO CO CO LO N LO N 1- N CO N co C.) C) Cfl N v rn 0 c 0 Z g C 1L0 d d LL F c t y d c z° Or 7 O CD CO CO O LC) O LC) CD CD CD CD I-CD CO 00 C7 C7 LO N- CD LL f Sr CO I-_ N LO N CO CD V CO 0 _R >31 1 ` C CD O CO A- N O CO M a . Y O V N CD I- O Ca 7 C L() O O "') 7 7 LL LL y N CO • CD CO CO V CO N- Sr O_ N LO O N O CO V CO O V M LO CO CO CO t- N O V CO N w C • 0 CD r r- LO O L!) t- M CO r CO CO O N O ca as .— Ch c0 co N Ln I- . 0 co" O M N N I— co - <• y 1- d os to co st M LO •- N CO 1- N CD CD CO N s- in CC "13 C in G U O d 7 V LL N -o O) N d CO 0 0 O 0 CO V I- 0 0 CD CD 0 0 0 CD N C N d d co LO N CA CD W LO L[) 1I- C d ` N O O N LU o0 CD CA m U d 7 d LO N CO O m F > d _ 0 LL >n e» ch y C d LL O c 0. w E• U U — 0 U < o o C c m (0 •7 O O V LO CD CO I- N- LC) CD CD CO C'O CD LO CO L CD CD O CD I- N O 0) Lo V CO CD I- CO O O CD N. 3 N 0 CO 0 O I- Cr) O CD N CD r- 0 LO CO t- O CD St. •a 0 O V I- N CO LU I— CO C70 CD O O C) V O (fl O m m N- I- N o CD CO C I- N sr O N s- Cr) N LO V O Cal m U EOL N r Lei n to — = co +• § O C LL a 0 U 0 U o d d' N- CO CO Sr N N- N LO 00 LO LO LO CO V CD A- CO A- . 0 O O CD O O CO O O O CD O 0 CD O O O O O O ✓ Sr LO LC) CO CO CO N CO LO LO O N V Ln N LO LO V m o U O O O O O C d d � � � •- �- •- O r (t) Ln O (A a c •p C V V N N N N N N N N N N N N CO o 2 co co CO CO co CO co co) co C`') CO CO CO CO CO CO M f- I- m a▪ 0 LO LO LO LO LO LO LO LC) Ln LU LO LO LO LO CO LO LO if) Lif) U CD d it m -0 m o LL'o a t o O 3 E c °n > C o oa c'13 U o vd a x °o d m O ° c .c c c CO O co m > T.5 CO 7 C 2 :0 y 0 t 0 0 c U E C ` L O O d m y o m d m 0 m 3 F 0 o O y y m L C O C V C C d Y w m C ¢ Cr) O. U d n ° U U L p) L d a m C F d 0 CS 7 y O C O Q'o c Z` d .0 0 C CO) 0 -O d Cl) • O 0 CO 0 0 < 0 0 d C R . '2 U O d - - c Y m E L 7 F X O n - m as � Y — ._ U O d 5 (r oX � ' o C E w o u g0) od) 0 a d c a) m d 8 2 cf U o m -0 c -o f- >3)-Y w Z m e c LL Li a U O 7 - CO Ca .d y j add o m E a c c CO E « U a) y al o '6 U ad a U o o m 17,Q' r y co !- m L d d m c d C ch co m C d d Q) d m 0 co• m U) U O c c•d c a� Q CO 3o m yj Cx yU oo > m .n > a - y al O cn m - o- O a) cn 2 ° mac to fn O n y 3 v 3 m 0 N y 0 m 0 7 ° m a) 7 E a`) c R 3 N 2 y a`) p N a~°i cu co d a0) E :a_ a m0 3 -0 0 0 a`) ni Q O Li-) Lc -0 0 O C 0�° > -co O E `O a U CO N E -°OC O O ei ") 0 LL O F Cn � x (n v O 0 cn � - Y � F m 1— ..c5.. � CO ¢.Y 0 cn v) 0 o a¢ C� F