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Home My WebLink AboutCS 28-02 189 Ciú/ o~ REPORT TO THE FINANCE & OPERATIONS COMMITTEE Report Number: CS 28-02 Date: October 29,2002 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at September 30,2002 Recommendation: It is recommended that Report CS 28-02 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 three months ended September 30, 2002. Financial Implications: The cash position of the corporation for three months ended September 30, 2002 was a net decrease in cash of $235,896. Sources of Funds totalled $55,166,312 and Use of Funds totalled $55,402,208. Background: Although the Act provides that Cash Position statements be prepared semi-annual, Corporate Services staff have opted to prepare this report on a quarterly basis commencing tl=1e end of the second quarter to provide more timely reporting. 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 third quarter 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 September 30, 2002 and provides the outstanding taxes receivable as at September 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. The final Commercial billing was issued September 30, 2002 with a tax due date of October 29. Therefore, since the taxes billed for June and Report CS 28-02 190 Subject: Cash Position Report as at September 30,2002 Date: October 29, 2002 Page 2 September are reflected on this schedule the taxes receivable appear grossly disproportionate. Outstandinq Investments: Attachment 3 reflects the short-term and long-term investments for both the Current Fund and the Reserve Funds outstanding as at September 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 $2,226,090 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: A~~.. Audit Anal ~. .dors:d By: ~ c::;> ~ . Gillis A. Paterson -- Director, Corporate Services & Treasurer Attachments Co : Chief Administrative Officer Recommended for the consideration of Pickering City unci! ", ATTACHMENT#-l- TO REPORT#~~-o~ q City of Pickering Cash Position Statement for the three months ending September 30, 2002 191 September, 2002 Sources of Funds: Accounts Receivable collected $ 195,422 Development charges collected 2,226,090 Operating 13,090,807 Grants-in-lieu: Federal 302,877 Provincial - Ontario enterprises 986,149 Municipal enterprises 6,419 Linear Properties - Federal specific grants 1,467 Ontario specific grants 23,132 Interest Income 193,294 Sale of land - Tax payments received 36,506,009 POA Revenue 5,046 GO Transit Allocation from Region 1,629,600 Total $ 55,166,312 Use of Funds: Operating and Capital Expenditures $ 15,878,465 Payroll 6,754,385 Region Levy 21,347,613 Regional portion of Dev. Charges 575,971 School Board Levies 9,312,826 School Board portion of Dev. Charges 307,278 APT A Funding 1,225,670 Total $ 55,402,208 Net Cash Increase (Decrease) $ (235,896) FINANCIAL POSITION Bank Balance Net Cash Bank Balance June 30, 2002 Provided (Used) Sept. 30,2002 Current Fund $ 3,667,794 $ (235,896) $ 3,431,898 TOTAL $ 3,667,794 $ (235,896) $ 3,431,898 Note: Includes City, Region and School Boards CF Sept 2002NET CHANGES ~ » n :J: 3: m Z -f I';, d ;;:0 m " 0 ~ ~ I[? R; cq \ ~ CF Sept 2002T AXES RECVBL P City of Pickering Continuity of Taxes Receivable for three months ending September 30, 2002 1-Jul-02 Penalty and Taxes Tax Payments and 30-Sep-02 Receivable Interest Added Billed Write Offs Balance Adjustments Receivable $ $ $ $ $ $ $ Current Year Taxes 42,394,614 16,445,534 (6,206) 58,833,942 35,126,493 23,707,449 Penalty and Interest 103,450 242,887 346,337 113,148 233,189 2001 Taxes 3,292,566 (16,186) 3,276,380 585,169 2,691,211 Penalty and Interest 332,416 100,130 432,546 96,295 336,251 2000 Taxes 1,679,962 1,679,962 235,784 1,444,178 Penalty and Interest 276,179 41,221 317,400 75,939 241,461 Prior Years Taxes 537,555 537,555 114,868 422,687 Penalty and Interest 171,349 17,844 189,193 30,208 158,985 TOTAL 48,788,091 402,082 16,445,534 (22,392) 65,613,315 36,377,904 29,235,411 TOTAL TAXES LEVIED (including Region and School Boards) as at September 30,2002 111,121,919 PERCENT OF CURRENT TAXES OUTSTANDING 26.31 % Tax instalment due dates: Residential: Commercial: Feb 27, Apr 26, Ju115, Sept 16 Feb 27, Apr 26, Oct 29 (1) This amount includes $16.4 million for final commercial taxes billed on September 30, 2002 but not due until October 29, 2002. ~ -:D t'\.~ (1 ) City of Pickering Outstanding Investments as at September 30, 2002 Name of Financial Purchase Maturity Interest Principal Interest Value at Security Institution Date Date Rate Amount Payable Yield Maturity SHORT TERM INVESTMENTS Current & Reserve Fund Investments Nesbitt Burns Firstbank BA 26-Jul-02 28-0ct-02 2.76% $ 3,212,160.90 $ 22,839.10 2.76% $ 3,235,000.00 Nesbitt Burns Royal Bank BA 31-Jul-02 30-0ct-02 2.76% 1,999,251.21 13,748.79 2.76% 2,013,000.00 Nesbitt Burns TO BA 31-Jul-02 7 -Nov-02 2.81% 1,209,784.36 9,215.64 2.81% 1,219,000.00 Nesbitt Burns BNS BA Jluly 31 7-Nov-02 2.81% 1,290,159.00 9,841.00 2.81% 1,300,000.00 Nesbitt Burns Ontario T-Bill 31-Jul-02 28-Dec-02 2.89% 1,482,990.00 17,010.00 2.89% 1,500,000.00 Nesbitt Burns TO BA 6-Aug-02 4-Nov-02 2.79% 4,720,489.48 32,510.52 2.79% 4,753,000.00 Nesbitt Burns TO BA 6-Sep-02 6-Dec-02 2.81% 3,374,383.90 23,616.10 2.81% 3,398,000.00 TOTAL SHORT TERM INVESTMENTS $ 17,289,218.85 $ 128,781.15 $ 17,418,000.00 LONG TERM INVESTMENTS Current & Reserve Fund Investments 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-01-03 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 $ 297,000.00 TOTAL LONG TERM INVESTMENTS $ 3,048,693.15 $ 3,047,000.00 TOTAL INVESTMENTS $ 20,337,912.00 $ 20,465,000.00 Internal Investments to Capital Projects Term: 5 - 10 years Yield: 5.3 - 5.8% $ 7,072,163.00 ,.... CO W CF Sept 2002SECURITIES ~ ~ :E: 3 ! F d ~ a ~ r ~ ""J , c:. ~ City of Pickering Development Charges Collected for three months ending September 30, 2002 Durham District Durham Catholic City's Portion Region of Durham School Board School Board Total $ $ $ $ $ AMOUNT COLLECTED July 635,243 349,073 140,183 74,469 1,198,968 August 124,825 72,531 25,859 13,993 237,208 September 307,202 394,522 57,162 31,027 789,914 TOTAL 1,067,271 816,126 223,204 119,489 2,226,090 ........ '.0 ~ ~ ~ :I: 3: m Z -f F d :;:c m ""C 0 ~ þ ~ c;» ~ ~ "'--f"-"HM'EN1"# ;:- 1?5 ""d IA,", -'-1- TO REPORT#Æ...~ð'::()~ City of Pickering Other Development Contributions For three months ending September 30, 2002 CONTRIBUTIONS: Cash - In - Lieu of Parkland $9,800 TOTAL CASH-iN-LIEU OF PARKLAND $9,800 CF Sept 20020ther Oev.Contrbtns