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HomeMy WebLinkAboutFIN 17-16 Report to PiCKERING Executive Committee Report Number: FIN 17-16 Date: September 12, 2016 From: Paul Bigioni Director, Corporate Services & City Solicitor Subject: Cash Position Report as at June 30, 2016 Recommendation: That Report FIN 17-16 from the Director, Corporate Services & City Solicitor be received for information. Executive Summary: This report presents the City of Pickering's cash position, continuity of taxes receivable, outstanding investments, development charges collected, other development contribution information and building permits issued for the six months ended June 30, 2016. Significant factors that affect the overall cash position of the City in the first half of 2016 are as follows: • $1.7M - City portion of development charges collected from January to June 2016. This is the fourth highest amount collected over the same period in the last 10 years ($2.6M collection in 2012, $2.2M in 2013 and $1.9M in 2008). • 421 —total building permits issued in the first six months of 2016. This is the third highest number of permits issued over the same period in the last 10 years (503 permits issued in 2012 and 466 in 2013). Financial Implications: The financial position of the Corporation for the six months ended June 30, 2016 was a net increase in cash of$4,653,003 (from $6,823,254 to $11,476,257). Sources of funds during the period totaled $151,716,311 against total uses of funds of $147,063,308. Discussion: This report presents key operational indicators over a six-month period of activity ending June 30, 2016. Similar indicators from prior years are also presented, if applicable, for comparison purposes. Statement of Cash Position: Attachment 1 presents the City's relevant sources and uses of funds for the period January to June, 2016. Subcategories are listed are for those transactions with material values. At the end of the reporting period, the City accumulated a net increase in cash of $4.6M. Note that this net increase in cash may not be comparable over the same period from prior years due to timing differences in receipts and disbursements of cash due to variations in tax due dates. Report FIN 17-16 September 12, 2016 Subject: Cash Position Report as at June 30, 2016 Page 2 Continuity of Taxes Receivable: Attachment 2 summarizes all tax-related transactions from January to June, 2016 and provides the total outstanding taxes receivable as at June 30, 2016. The total amount comprises all taxes billed for the City, Region and School Boards including amounts owing for the September 28th residential and commercial final due date. The following is the summary of taxes receivable: • Current year as at June 30, 2016: o Taxes billed to date: $201.1M (includes final residential and commercial taxes due later in the year) o Tax payments and adjustments: $119.8M o Taxes receivable at June 30, 2016: $88.5M (includes final residential and commercial taxes due later in the year) Outstanding Investments: Attachment 3 lists the short and long term investments for both Current and Reserve Funds outstanding as at June 30, 2016. Total investment portfolio at the end of the period is $113.5M with $109.1M from general investments and $4.4M from internal loans. The portfolio varies year to year depending primarily 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 $4.6M for the period, with $1.7M for the City, $2.6M for the Region and $0.3M for the School Boards. Note that development charges collected as reported under the Sources of Funds on Attachment 1 does not match with the remittance amounts to the Region and School Boards under the Uses of Funds, also in Attachment 1. This discrepancy is a result of 1) timing differences in payments to the Region and School Boards, as monies become payable 25 days following the month of collection, and 2) 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 specifically from the cash-in-lieu of parkland received in the first half of 2016. Multi Year Receipts: The rest of the Attachments show multiyear receipts of the City's portion of development charges, as presented on a column chart. The total collection of$1.7M in the first half of 2016 is the 4th highest first half of the year collection in the last 10 years. Only collections during the first six months of 2008, 2012 and 2013 were higher than $1.7M. Similarly, the 421 building permits issued in the first half of 2016 represents the third highest number of permits issued in the last 10 years, behind the 503 permits issued during the same period in 2012 and the 466 issued in 2013. Report FIN 17-16 September 12, 2016 Subject: Cash Position Report as at June 30, 2016 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's Portion of Development Charges Collected 7. Building Permits Issued Prepared By: Approved/Endorsed By: p Dennis P. Arboleda, CPA, CMA Stan Karwowski, CPA, GMAT-MB; Supervisor, Accounting Services Divisio Head, Finance & Treasurer a l l Paul B' i • Direc •\• 'orate Services & City Solicitor Recommended for the consideration of Pickering City Council ,‘ , 22_1 Zo Tony Prevedel, P.Eng. Chief Administrative Officer ATTACHMENT# I TO REPORT# r ltJ (7— (id City of Pickering Statement of Cash Position for six months ending June,30, 2016 Sources of Funds: Accounts Receivable collected $ 678,055 Development charges collected * 4,616,342 Operating 45,359,729 Grants-in-lieu: Federal 915,698 Provincial 1,030,463 Ontario enterprises 4,049 602 Municipal enterprises 1,412,306 Linear Properties - Federal specific grants 48,036 Ontario specific grants 137,532 Interest Income 267,420 Sale of land - Tax payments received 93,148,635 POA Revenue 52,493 Total $ 151,716,311 - Use of Funds: Operating and Capital Expenditures $ 23,307,127 Payroll 21,576,709 Region Levy "" 76,340,730 Regional portion of Dev. Charges 2,420,355 School Board Levies 21,896,839 School Board portion of Dev. Charges 240,680 Debenture payment to Region 1,280,868 Total $ 147,063,308 Net Cash Increase (Decrease) $ 4,653,003 FINANCIAL POSITION Bank Balance Net Cash Bank Balance January 1, 2016 Provided (Used) June 30, 2016 Current Fund $ 6,823,254 $ 4,653,003 $ 11,476,257 TOTAL $ 6,823,254 $ 4,653,003 $ 11,476,257 Includes City,Region and School Boards ATTACHMRNT#4 OO REPORT#f'07/4 CM 0 CO o n q 0) CD 2 2 0 ■ % 2 \ & ? ■ > " r .0 (N- CO o o ce v k > m 7 Cr) % 7 CI. cu IX c k ix 0 C o % 2 e co / q $ ® ° co CD 'Cr CD C) •§ s © 2 — CV 2 .ioN E g o E a U x o co X k co- Co) — '- 2 \ < CC \ 2 m = c $ a § �2 co ® # / Co' k2k a-- k 2 \ / k k 4/* . CO- — ce � k $ _ ` 2 e k k 2 � ° . 2 E § m o7 [ -c # CO ¥ 0) N- CI 0 m o 2 0 2 % R 7 e 0 >1 2 in N- co 0 k ¢ ¢ n n CV m " e c ( m6 CD a � C / CD.:11 ■ / / co n k C t o . to \ _ q US k U 2 ƒ_ � / § co- co co _ c ■ m c ca o : o • 2 . 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