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Home My WebLink AboutCS 20-02 88 Ciú/ o~ REPORT TO THE FINANCE & OPERATIONS COMMITTEE Report Number: CS 20-02 Date: September 11, 2002 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at June 30, 2002 Recommendation: It is recommended that Report CS 20-02 from the Director, Corporate Services & Treasurer be received for information. Executive Summary: Section 81 of the Municipal Act provides that semi-annual cash position statements be prepared by the Treasurer for the information of Council. The attached schedules provide 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 30,2002. Financial Implications: The cash position of the corporation for six months ended June 30, 2002 was a net increase in cash of $183,833. Sources of Funds totalled $71,414,104 and Use of Funds totalled $71,230,271. Background: The discussion below describes the purpose and the information contained in each of the attached schedules. Statement of Cash Position: Attachment 1 reflects the sources and uses of funds for the first six months of 2002. Subcategories have been identified to highlight those cash transactions that are significant in nature or large dollar value transactions for the City of Pickering. Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions to June 30, 2002 and provides the outstanding taxes receivable as at June 30, 2002. This balance represents all three levels of taxes billed, such as City, Region and School Boards. The significant outstanding balance arises due to the timing of billing and tax due dates. For example, the final Residential billing was issued June 21,2002 with tax due dates of July 15 and September 16. Therefore, since the taxes billed for June and September are reflected on this schedule the taxes receivable appear grossly disproportionate. This same anomaly will arise in the next quarter report for September Report CS 20-02 Date: September 11 2002 89 Subject: Cash Position Report as at June 30,2002 Page 2 30, 2002 as final Commercial billing is expected in September with a tax due date tentatively set for October 29. Outstandinq Investments: Attachment 3 reflects the short-term and long-term investments for both the Current Fund and the Reserve Funds outstanding as at June 30, 2002. Development Charqes Collected: Attachment 4 indicates the total development charges for the City, Region and School Boards, as the City is responsible for collecting development charges on behalf of all levels of government. The total amount collected of $1,719,340 agrees with the balance indicated under Sources of Funds on Attachment 1. However the remittance of development charges to the Region and School Boards indicated under the Use of Funds is different than the total collected on Attachment 4. This variance is a result of timing differences because payments to the Region and School Boards are due 25 days following the month collected. Other Development Contributions: Attachment 5 is provided to show other significant development contributions that have been received. This report was done in accordance with the provisions of Section 81 of the Municipal Act, RS.O. (1990). Attachments: 1. 2. 3. 4. 5. Statement of Cash Position Continuity of Taxes Receivables Outstanding Investments Statement of Development Charges Collected Other Development Contributions Prepared By: -~~ Approved I Endorsed By: Æ~/<: ~~ ---G1ííis A. Paterson Director, Corporate Services & Treasurer ristine Senior Manager, Accounting Services Attachments Co : Chief Administrative Officer Recommended for th~.~sideration of Picke~~~f - .\, , " -J.. i,?, ? , c"- I'-'f'\ Thomas J. Quinn, Chief Administrative O~er ' 90 ATTACHMENT#..L. TO REPORT#E-Jo~O.l City of Pickering Cash Position Statement for the six months ending June 30, 2002 June, 2002 Sources of Funds: Accounts Receivable collected $ 561,779 Development charges collected 1,719,340 Operating 5,577,411 Grants-in-lieu: Federal 695,542 Provincial 117,501 Ontario enterprises 4,487,520 Municipal enterprises 578,706 Linear Properties 191,133 Federal specific grants 3,260 Ontario specific grants 63,732 Interest Income 377,085 Sale of land 185,410 Tax payments received 56,350,830 POA Revenue 504,855 Total $ 71,414,104 Use of Funds: Operating and Capital Expenditures $ 12,164,935 Payroll 12,051,219 Region Levy 25,259,007 Regional portion of Dev. Charges 406,486 School Board Levies 19,828,764 School Board portion of Dev. Charges 242,025 APT A Funding 1,277,835 Total $ 71,230,271 Net Cash Increase (Decrease) $ 183,833 FINANCIAL POSITION Bank Balance Net Cash Bank Balance Dec. 31, 2002 Provided (Used) June 30, 2002 Current Fund $ 3,483,961 $ 183,833 $ 3,667,794 TOTAL $ 3,483,961 $ 183,833 $ 3,667,794 Note: Includes City, Region and School Boards CF June 20021 NET CHANGES City of Pickering Continuity of Taxes Receivable for the six months ending June 30, 2002 31-Dec-O1 Penalty and Taxes Tax Payments and 30-Jun-02 Receivable Interest Added Billed Write Ofts Balance Adjustments Receivable $ $ $ $ $ $ $ Current Year Taxes 0 94,676,385 (27,237) 94,649,148 52,254,534 42,394,614 Penalty and Interest 0 200,687 200,687 97,237 103,450 2001 Taxes 6,347,309 (163,167) 6,184,142 2,891,576 3,292,566 Penalty and Interest 261,402 305,201 566,603 234,187 332,416 2000 Taxes 2,329,109 (61,422) 2,267,687 587,725 1,679,962 Penalty and Interest 325,170 112,042 437,212 161,033 276,179 Prior Years Taxes 1,000,397 1,000,397 462,842 537,555 Penalty and Interest 270,364 59,549 329,913 158,564 171,349 TOTAL 10,533,751 677,479 94,676,385 (251,826) 105,635,789 56,847,698 48,788,091 TOTAL TAXES LEVIED (including Region and School Boards) as at June 30,2002 94,676,385 PERCENT OF CURRENT TAXES OUTSTANDING 51.53% Tax instalment due dates: Residential: Commercial: Feb27, Apr26, Ju115, Sept 16 Feb 27, Apr 26, Oct 29 (tentative) (1) This amount includes $41.2 million for final residential taxes billed on June 21,2002 but not due until July 15 and September 16, 2002. (1 ) Þ -t ~ () :r: ~ m Z o-f =It I~ -I 0 ;D m -0 0 ~ I~ ~ I C> ~ C,!:J CF June 20021TAXES RECVBL¡""¡' Name of Financial Purchase Maturity Interest Principal Interest Value at Security Institution Date Date Rate Amount Payable Yield Maturity SHORT TERM INVESTMENTS General & R.F.lnvestments Nesbitt Burns CIBC BA 25-Apr-02 26-Jul-02 2.40% 3,193,657.74 19,342.26 2.40% 3,213,000.00 Nesbitt Burns TDBA 8-May-02 6-Aug-02 2.45% 4,692,674.00 28,326.00 2.45% 4,721,000.00 Nesbitt Burns TDBA 6-Jun-02 6-Sep-02 2.63% 3,352,792.50 22,207.50 2.63% 3,375,000.00 Nesbitt Burns Firstbank Discount Note 17 -Jun-02 16-Sep-02 2.71% 3,284,843.10 22,156.90 2.71% 3,307,000.00 Nesbitt Burns CIBC BA 20-Jun-02 20-Sep-02 2.76% 2,506,584.40 17,415.60 2.76% 2,524,000.00 Nesbitt Burns CIBC BA 25-Jun-02 20-Sep-02 2.72% 3,010,517.10 19,482.90 2.72% 3,030,000.00 TOTAL SHORT TERM INVESTMENTS 20,041,068.84 128,931.16 20,170,000.00 LONG TERM INVESTMENTS General & R.F.lnvestments Nesbitt Burns Export Development Corp. 7-May-01 1-May-08 5.15% 2,001,693.15 May 1 & Nov. 1 5.15% 2,000,000.00 Nesbitt Burns Farm Credit Corp. 22-Jun-01 22-Jun-11 5.25% 250,000.00 Jun. 22 & Dec. 22 5.25% 250,000.00 Nesbitt Burns Export Development Corp. 26-0ct-01 22-0ct-09 4.25% 400,000.00 Oct. 22 & Apr. 22 4.25% 400,000.00 Nesbitt Burns Province of Ontario Note 6-May-02 6-May-09 4.62% 100,000.00 6th of each month 4.62% 100,000.00 SUB TOTAL 2,751,693.15 2,750,000.00 Gananoque,Town of Wood Gundy Safekeeping Dec-10-92 Dec-10-02 8.750% 166,000.00 Jun.10 Dec.10 8.75% 166,000.00 Kempville, Town of Wood Gundy Safekeeping Feb-1-93 Feb-O 1-03 8.875% 35,000.00 Feb.01 Aug.01 8.875% 35,000.00 Tay, Township of Wood Gundy Safekeeping Dec-15-92 Dec-15-02 8.875% 96,000.00 Jun.15 Dec.15 8.875% 96,000.00 SUB TOTAL 297,000.00 96,000.00 TOTAL LONG TERM INVESTMENTS 3,048,693.15 2,846,000.00 TOTAL INVESTMENTS 23,089,761.99 23,016,000.00 Internal Investments to Capital Projects Term: 5 - 10 years Yield: 5.3 - 5.8% $7,072,163.00 City of Pickering Outstanding Investments for the month of June, 2002 CJ:) rv ," :; .-1 » n :r: 3 m Z -I F d ::c m ~ ~ ~ f/..; a , 0 }J CF June 2002SECURITIES City of Pickering Development Charges Collected for six months ending June 30, 2002 Durham District Durham Catholic City's Portion Region of Durham School Board School Board Total $ $ $ $ $ AMOUNT COLLECTED January 136,887 42,136 8,166 19,036 206,226 February 14,236 20,284 2,722 1 ,446 38,688 March 163,714 142,294 31 ,303 16,629 353,940 April 417,667 79,094 85,743 45,965 628,469 May 42,515 33,393 6,805 3,615 86,328 June 198,548 154,367 29,942 22,833 405,690 TOTAL 973,567 471,568 164,681 109,524 1,719,340 ~ f; :r: 3 m Z -f F d ~ ë3 ~ Þ 15 \ a }t- í..l:') W ATTACHMENT#...á:.. TO REPORT#~..) 0 -().À 91 City of Pickering Other Development Contributions For six months ending June 30, 2002 CONTRIBUTIONS: Cash - In - Lieu of Parkland $70,427 TOTAL CASH-IN-LiEU OF PARKLAND $70,427 CF June 200210ther Dev.Contrbtns