HomeMy WebLinkAboutCS 15-02
243
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REPORT TO COUNCIL
FROM:
Gillis A. Paterson
Director, Corporate Services & Treasurer
DATE: July 23,2002
REPORT NUMBER: CS 15-02
SUBJECT:
Development Charges Reserve Fund - Statement of the Treasurer for 2001
RECOMMENDATION:
. That Report CS 15-02 as the Statement of the Director, Corporate Services & Treasurer
respecting the Development Charges Fund (G/L 4227 and 4229) be received by Council for
information.
ORIGIN:
Director, Corporate Services & Treasurer
AUTHORITY:
Development Charges Act, RS.O, 1997 as amended, and Regulations thereunder.
FINANCIAL IMPLICATIONS:
There are no financial implications to the receipt of this statement.
EXECUTNE SUMMARY:
Not applicable
BACKGROUND:
Section 43 of the Development Charges Act requires that the Treasurer furnish to Council a
Statement in respect of each Reserve Fund established under Section 33 (i.e. for each
Development Charge). Accordingly, the attached Schedules 1 to 4 details the activity in the
Development Charges Reserve Fund for the year ended December 31, 2001 in the manner as
prescribed by the Development Charges Act.
It has always been our practice to account for committed unspent projects by transferring funds out
of the Reserve Funds at December 31. These committed capital projects are in essence earmarked
when the funds are transferred out. However, these same Reserve Funds must earn interest income
on these unspent funds until such time that the actual expense is incurred. Based on our auditor's
recommendation, we have re-instated unspent committed projects. The pre 2001 unspent
commitments ftom the Development Charges Reserve Fund is $2,458,429. The opening balance
of 2001 has been increased to reflect this retroactive adjustment. This change has no financial
effect on the City or the amounts available for future projects. It is simply a change in the timing
of reporting of transfers from the Reserve Fund. Schedule I presents the Reserve Fund balance,
before unspent commitments, of $10,393,616. Taking into account the unspent commitments at
244: Report to Council CS 15-02
Subject: Development Charges Reserve Fund
- Statement of the Treasurer for 2001
Date: July 23,2002
Page 2
December 31, 2001 of $1,343,165, the uncommitted fund balance available for future
expenditures is $9,050,451.
The development charges collected in 2001 were $1,308,741 a decline of 43% from amounts
collected in 2000. Based on budgetary constraints, the anticipated decline in receipts due to the
decrease in building activities and large draws in the past, funding from this Reserve Fund for
2001 capital projects was budgeted at only $313,432 (Schedule 2). The capital expenditures
incurred in 2001 that were funded from this Reserve Fund amounted to $1,428,696, Schedule 3
provides a summary by project of these capital expenditures funded by development charges and
other sources as prescribed by Regulation 12(3).
In addition, for 2001 the internal borrowings from the Reserve Funds for projects were fonnally set
up in the books of the City. The value of funds borrowed from the Development Charges Reserve
Fund is $6,741,000. The annual repayment of principal and interest was funded from the general tax
levy and totalled $926,172 for 2001. Schedule 4 provides infonnation on the internal borrowings as
prescribed by Regulation 12 (2).
With the decrease in building activity it is anticipated the collection of development charges will
continue to decline. Therefore, delaying projects may have to be considered in future budgets
until the development is sufficient to warrant the expenditure of funds and sufficient funds are
available, both from the developers and the City. Considering this economic environment the
balance in this Reserve Fund will be reviewed on an annual basis to ensure appropriate funds for
future projects, .
A TT ACHMENTS:
1.
2.
3.
4.
2001 Annual Statement of Development Charges Reserve Fund
Projects Approved in 2001 to be Funded from Development Charges Reserve Fund
2001 Capital Expenditures Summarized by Project
Internal Loans from Development Charges Reserve Fund
Prepared By:
Approved / Endorsed By:
~~
, ~W~
~ Gillis A. Paterson,
. U Director, Corporate Services & Treasurer
Caryn Kong,
Senior Financial Analyst
GAP:vw
Attachments
Recommended for the cons?' deration, f .PiCkering
City Council
.~
I omas J. Quinn, Chief Administrative Officer
CITY OF PICKERING
Date Printed 7/24/20029:05 AM
ATTACHMENT#-L- TO REPORT. f!.S (~-O Q.
ANNUAL STATEMENTOF DEVELOPMENT CHARGES RESERVE FUND Schedule 1
FORTHE y~ ENpED,DECEMBER 31. 2001 Sec. 43
Town 'Dei"ilopment" Fire ' Fire Stol1l1 Dr'aill$' & Roads" Sidewalks & Traffic ',Ston'riwater 'Works Dept. Transit Parkland 'Parkland Major Trail LIbrary Library Total
Offices ,'.' :;:',StU( és',' Facilities' Vehicles &:" Roads ,Street Llghhs. - "",signalll,',!'>'" ,Management Equipment &, Vehicles Acquisitions Development Recreation' DeWIoP,mel1t Facilities Materials
Eqi.dpri1en1 External Subel. Facilities Facilities
* (1) *
Open Balance as at Jan.1, 2001 632,168 244,058 85,628 192,024 388,425 1,390,346 55,044 4,861 (18,271) 1,054,812 39,826 1,590,279 162,871 1,597,738 16,645 85,718 64,379 7,586,551
Add Pre 2001 Unspent Commitments 0 40,000 0 400,000 607,405 81,600 184,280 56,250 247,500 0 64,600 0 776,794 0 0 0 0 2,458,429
Revised Open. Balance 632,168 284,058 85,628 592,024 995,830 1,471,946 239,324 61,111 229,229 1,054,812 104,426 1,590,279 939,665 1,597,738 16,645 85,718 64,379 10,044,980
REVENUE
Dev. Charges Collected-Net of Refunds (606) 15,221 9,001 14,832 (372) 646,199 94,541 24,128 43,000 10,253 33,249 (1,525) 170,469 188,235 6,800 30,100 25,216 1,308,741
Unexpended Capital Financing Returned 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Received- External/Gen Fund 9,183 2,974 905 2,235 5,642 0 0 0 0 14,907 0 23,100 0 16,452 0 128 0 75,526
Interest Received - Internal Loan 30,883 12,292 4,402 9,739 18,974 80,996 3,207 283 (1,064) 51,798 2,320 77,688 9,488 82,427 970 4,911 3,751 393,065
39,460 30,487 14,308 26,806 24,244 727,195 97,748 24,411 41,936 76,958 35,569 99,263 179,957 287,114 7,770 35,139 28,967 1,777,332
Sub-total 671,628 314,545 99,936 618,830 1,020,074 2,199,141 337,072 85,522 271,165 1,131,770 139,995 1,689,542 1,119,622 1,884,852 24,415 120,857 93,346 11,822,312
EXPENDITURES
Capital Expenditures 0 0 0 (400,000) (274,040) (81,600) (22,083) 0 (143,600) (56,787) 0 (386,474) 0 0 0 (64,112) (1,428,696)
Total Expenditures 0 0 0 (400,000) (274,040) (81,600) (22,083) 0 (143,600) 0 (56,787) 0 (386,474) 0 0 0 (64,112) (1,428,696)
Bal before commitments Dec.31,2001 671,628 314,545 99,936 218,830 746,034 2,117,541 314,989 85,522 127,565 1,131,770 83,208 1,689,542 733,148 1,884,852 24,415 120,857 29,234 10,393,616
Commitments Unpaid as at Dec. 31, 2001 0 (40,000) 0 0 (582,685) 0 (162,197) (56,250) (103,900) 0 (7,813) 0 (390,320) 0 0 0 0 (1,343,165)
Uncommitted balance as at Dec. 31,2001 671,628 274,545 99,936 218,830 163,349 2,117,541 152,792 29,272 23,665 1,131,770 75,395 1,689,542 342,828 1,884,852 24,415 120,857 29,234 9,050,451
* No longer collectible
(1) Under new By-law, this category now collected under 4 new sub-categories, which are Roads, Sidewalk & Streetlights, Traffic Signals, Storm Water Mangement.
D G Reserve Fund 543
RTG 2001 Final Basic Bold
Updated July 12,2002
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246
ATTACHMENT #.--L TO REPORT # e.S /S -[);.}
Projects Approved in 2UQ1to beFI,mdeti fr~mD:ev~loP"1ent ,Ch~rgøsRes~rveFund
, , " ",' " 'Schêdule2'"
Dev. Charge General
Source of Funding Reserve Fund Fund Total
$ $ $
Projects:
External Subdivision (Road Construction)
Rosebank Rd Bridge Granite Court/ToynevalE 15,000 45,000 60,000
Carey Agreement 18T -93018-Golden Ridge F 16,320 48,960 65,280
Pickering Pkwy Liverpool to Glenanna Picore 5,000 15,000 20,000
Pickering Pkwy Glenanna to HEPC Corridor 3,750 11 ,250 15,000
Rosebank Rd Granite Crt-Design Phase 5,000 15,000 20,000
Squires Beach Rd Bayly to 750m south 20,000 20,000
65,070 135,210 200,280
External Subdivjsion (Sjdewalk)
Brock Rd (east side) Kingston Rd to Hwy 401 29,250 87,500 116,750
External Subdjvjsion ( Traffic Sjgnal)
Altona Road @ Littleford/Rougemount 56,250 18,750 75,000
Rosebank Road @ Stroud's Lane 56,250 43,750 100,000
112,500 62,500 175,000
External Subdivision ( Storm Water Management)
Storm Water Management Works 42,500 7,500 50,000
Subtotal Ext. Subdivision 249,320 292,710 542,030
Library Materjals
Collection Materials 64,112 207,413 271,525
Total 313,432 500,123 813,555
DC Reserve Fund 2001
Projects
7/24/2002
2001 Capital Expenditures Summarized By Projects
Fire
Aerial Truck
External Subdivision
Storm Sewer -Frenchman's Bay Rehabilitation
1999 & prior years:
Road Construction
Rosebank Reconstruction ES 1995 01
Rosebank & Finch ES 1999 03
Sidewalk & Streetlight
Rosebank IStrouds Lane ES1996 01A
Finch Ave ES 199603
Urbanization & Sidewalk
Bonita Avenue ES 199801
Whiskey Gate ES 199803
Streetlight & Sidewalk
Finch & Whites Road ES 199902
Kingston Road ES 199905
Kingston Road ES 199907
2000 Projects:
Sandy Beach Road ES 2000 B-11
Kingston Rd ES 2000 RO-10
Rouge Park Neighbourhood ES 2000 01
2001 Projects:
Rosebank Rd Bridge Granite CourtlToynevale
Carey Agreement 18T-93018-Golden Ridge Rd
Pickering Pkwy Glenanna to HEPC Corridor
Traffic Signal- RosebanklStrouds Lane
Transit
Specialized vehicle
Parkland
Millennium Trail System
Petticoat Creek Bridge
Parks-Front Street Park
Library Materials
Total Capital Expenditures
* $90,638 of this amount is to be collected in 2002
Development
Charges
Reserve Fund
$
400,000
120,000
41,350
11,281
48,163
17,290
21,697
14,000
7,575
29,990
18,093
81,600
22,083
23,600
3,496
1,105
3,750
56,250
56,786
81,902
273,219
31,354
64,112
1,428,696
Community
Facilities
Reserve
$
24,000
6,000
22,500
7,410
4,818
4,070
2,277
71,075
Capital Equip
Replacement
Reserve
$
17,933
17,933
Deveioper
Contributions
$
106,570 *
20,570
127,140
General
Fund
$
30,000
10,670
31,354
278,990
351,014
Internal
Loans
$
49,365
21,219
70,584
Schedule 3
Regj2(3)
Total
$
400,000
150,000
221,285
38,500
91,233
24,700
26,515
18,070
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7,575
29,990
20,370
81,600
22,083
23,600
3,496
1,105
14,420
87,604
74,719
81,902
273,219
31,354
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343,102
2,066,442
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ATTACH"Ø\fr'~ TORB'ORT#S~)S-- D;)..
Internal Loans from pëvel?pmentCh~rges.Reserv.e FUnd Schedule 4
for the yearendeci DecelTibèf31 ,2.0.01
Reg. 12(2)
Original Principal
Loan Repayment Interest Total
$ $ $ $
Development Charges -4227 Old By-Law
Purpose of Loan:
Rosebank Road 900,000 68,975 52,589 121,564
Eastshore Community Centre 781,000 59,855 45,636 105,491
Fire Tanker 159,000 28,609 8,479 37,088
Dispatch Centre 175,000 13,412 10,150 23,562
1999 Roads Projects 225,000 17,244 13,147 30,391
1999 Roads Projects 710,000 54,473 41,067 95,540
1999 Streetlights 571,000 43,761 33,118 76,879
2000 Roads Projects 383,000 29,353 22,380 51 ,733
2000 Roads Projects 450,000 34,488 27,442 61,930
Sub-total 4227 4,354,000 350,170 254,008 604,178
Development Charges -4229 New By-Law
Purpose of Loan:
Specialized Transit 85,000 6,514 4,930 11,444
Aerial Truck 400,000 30,656 23,200 53,856
Waterfront Trail 488,000 37,400 28,304 65,704
Western Branch 1,414,000 108,367 , 82,623 190,990
Sub-total 4229 2,387,000 182,937 139,057 321,994
Total 6,741,000 533,107 393,065 926,172
DC Reserve Fund 2001
DC Loan