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Home My WebLink AboutCS 15-03 REPORT TO FINANCE & OPERATIONS COMMITTEE Report Number: CS 15-03 Date: February 10, 2003 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at December 31,2002 Recom mendation: It is recommended that Report CS 15-03 from the Director, Corporate Services & Treasurer be received for information. Executive Summary: Section 81 of the Municipal Act RS.O. 1990 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 December 31,2002. Financial Implications: The cash position of the corporation for three months ended December 31, 2002 was a net decrease in cash of $2,023,217. Sources of Funds totalled $44,542,529 and Use of Funds totalled $46,565,746. 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 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 final 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 December 31, 2002 and provides the outstanding taxes receivable as at December 31, 2002. This balance represents all three levels of taxes billed, such as City, Region and School Boards. Report CS 15-03 Date: February 10,2003 Subject: Cash Position Report as at December 31, 2002 Page 2 Outstandinq Investments: Attachment 3 reflects the short-term and long-term investments for both the Current Fund and the Reserve Funds outstanding as at December 31,2002. 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 $797,373 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: .,..,.? ..-"") ...C,',.. ~, /' " '., / . /P / 'A~ril Pa~Þ'~ ,.- -'- -_._-- ~ Audit Analy~ Approved I Endorsed By: ~: ~ 0,,- Gillis A. Paterson Director, Corporate Services & Treasurer Attachments Co : Chief Administrative Officer Recommended for the consideration of Pickering City Council ~:::. ATTACHMENT tl ../.. i ¡Œ?O;U # c:..S. 1'5"- D 3 City of Pickering Cash Position Statement for the three months ending December 31,2002 December, 2002 Sources of Funds: Accounts Receivable collected $ 108,374 Development charges collected 797,373 Operating 19,172,705 Grants-in-lieu: Federal 255,011 Provincial 1 ,229,545 Ontario enterprises 2,703,147 Municipal enterprises 613,134 Linear Properties - Federal specific grants 5,330 Ontario specific grants 125,244 Interest Income 262,207 Sale of land - Tax payments received 19,270,459 POA Revenue - Total $ 44,542,529 Use of Funds: Operating and Capital Expenditures $ 23,958,211 Payroll 5,624,701 Region Levy 6,074,688 Regional portion of Dev. Charges 659,282 School Board Levies 9,194,585 School Board portion of Dev. Charges 139,139 APT A Funding (includes $612,835 first instalment of 2003 funding) 915,141 Total $ 46,565,746 Net Cash Increase (Decrease) $ (2,023,217) FINANCIAL POSITION Bank Balance Net Cash Bank Balance Sept. 30, 2002 Provided (Used) Dec. 31,2002 Current Fund $ 3,431,898 $ (2,023,217) $ 1,408,681 TOTAL $ 3,431,898 $ (2,023,217) $ 1,408,681 Note: Includes City, Region and School Boards CF Oct - Dee 2002.xlsNET CHANGES City of Pickering Continuity of Taxes Receivable for three months ending December 31, 2002 01-0ct-02 Penalty and Taxes Tax Payments and 31-Dec-02 Receivable Interest Added Billed (1) Write Ofts Balance Adjustments Receivable $ $ $ $ $ $ $ Current Year Taxes 23,707,449 1,153,431 (1,368,803) 23,492,077 18,880,178 4,611,899 Penalty and Interest 233,189 246,049 479,238 159,168 320,070 2001 Taxes 2,691,211 279,886 2,971,097 482,902 2,488,195 Penalty and Interest 336,251 81 ,423 417,674 87,628 330,046 2000 Taxes 1,444,178 35,578 1,479,756 196,569 1,283,186 Penalty and Interest 241,461 33,462 274,923 65,674 209,249 Prior Years Taxes 422,687 4,919 427,606 74,033 353,573 Penalty and Interest 158,985 14,367 173,352 20,341 153,011 TOTAL 29,235,411 375,301 1,153,431 (1,048,420) 29,715,723 19,966,495 9,749,228 TOTAL TAXES LEVIED (including Region and School Boards) as at December 31, 2002 112,275,350 PERCENT OF CURRENT TAXES OUTSTANDING 8.68% Tax instalment due dates: Residential: Commercial: Feb 27, Apr 26, Ju115, Sept 16 Feb 27, Apr 26, Oct 29 (1) Represents billing for supplementary taxes CF Oet - Dee 2002.xlsTAXES RECVBL ~ ~ n :I: 3 m Z -f I';; -I 0 :::0 m "'C 0 ~ ~ 'q "- fI'¡ \ t:; G; City of Pickering Outstanding Investments as at December 31, 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 04-Nov-02 06-Feb-03 2.77% $ 4,803,698.58 $ 34,301.42 2.77% $ 4,838,000.00 Nesbitt Burns Firstbank BA 07-Nov-02 08-Jan-03 2.71% 2,499,499.62 11,500.38 2.71% 2,511,000.00 Nesbitt Burns TO BA 07-Nov-02 03-Feb-03 2.76% 2,518,218.30 16,781.70 2.76% 2,535,000.00 Nesbitt Burns TO Discount Note 07-Nov-02 18-Feb-03 2.78% 3,999,679.13 31,320.87 2.78% 4,031,000.00 Nesbitt Burns Firstbank BA 07-Nov-02 05-Mar-03 2.79% 1,982,100.00 17,900.00 2.79% 2,000,000.00 Nesbitt Burns Firstbank BA 07-Nov-02 24-Mar-03 2.79% 989,650.00 10,350.00 2.79% 1,000,000.00 Nesbitt Burns Firstbank BA 07-Nov-02 25-Mar-03 2.80% 1,499,107.65 15,892.35 2.80% 1,515,000.00 Nesbitt Burns Firstbank BA 16-Dec-02 15-Jan-03 2.41% 1,505,014.16 2,985.84 2.41% 1,508,000.00 Nesbitt Burns CIBC BA 16-Dec-02 14-Mar-03 2.69% 1,517,150.85 9,849.15 2.69% 1,527,000.00 Nesbitt Burns BNS BA 23-Dec-02 24-Mar-03 2.68% 1,499,973.60 10,026.40 2.68% 1,510,000,00 TOTAL SHORT TERM INVESTMENTS $ 22,814,091.89 $ 160,908.11 $ 22,975,000.00 LONG TERM INVESTMENTS Current & Reserve Fund Investments Nesbitt Burns Export Development Corp. 07-May-01 01-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 06-May-02 06-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 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 SUB TOTAL $ 35,000.00 $ 35,000.00 TOTAL LONG TERM INVESTMENTS $ 2,786,693.15 $ 2,785,000.00 TOTAL INVESTMENTS $ 25,600,785.04 $ 25,760,000.00 Internal Investments to Capital Projects Term: 5 - 10 years Yield: 5.3 - 5.8% $ 7,072,163.00 CF Oct. Dee 2002.xlsSECURITIES ~ :-i » () :r: 3: m L-, :tf- Iw ; ;:M m -r: ,"', '-' ~ :t1: b - CJ\ I 0 tAl City of Pickering Development Charges Collected for three months ending December 31, 2002 Durham District Durham Catholic City's Portion Region of Durham School Board School Board Total $ $ $ $ $ AMOUNT COLLECTED October 84,820 115,143 8,166 10,662 218,791 November 111,567 149,617 20,415 11,707 293,306 December 103,555 150,461 20,415 10,845 285,276 TOTAL 299,943 415,221 48,996 33,213 797,373 ~ ~ :I: ~ m Z -f =It ,~ d ;0 m -c 0 ~ =It tv " lI>¡ I ~ lo\ ATTACHMENT#~ TO REPORT#~ /S--o3 City of Pickering Other Development Contributions For three months ending December 31,2002 CONTRIBUTIONS: Cash - In - Lieu of Parkland $98,300 TOTAL CASH-IN-LiEU OF PARKLAND $98,300 CONTRIBUTIONS: Public Works Services $6,000 TOTAL CASH-IN-LiEU OF PARKLAND $6,000 CF Oct - Dee 2002.xlsOther Dev.Contrbtns