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Home My WebLink AboutCS 37-03 CitJ¡ ,,~ REPORT TO FINANCE & OPERATIONS COMMITTEE Report Number: CS 37-03 Date: September 9,2003 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at June 30, 2003 Recommendation: It is recommended that Report CS 37-03 from the Director, Corporate Services & Treasurer be received for information. Executive Summary: 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 June 30, 2003. Financial Implications: The cash position of the Corporation for three months ended June 30, 2003 was a net decrease in cash of $3,570,120 to $4,007,763. Sources of Funds totalled $37,594,377 and Use of Funds totalled $41,164,497. 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 second quarter of 2003. 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 from April 1 to June 30, 2003 and provides the outstanding taxes receivable as at June 30, 2003. This balance represents all three levels of taxes billed, such as City, Region and School Boards. 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 30,2003. Report CS 37-03 Date: September 9, 2003 Subject: Cash Position Report as at June 30,2003 Page 2 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 $1,502,025 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. Attachments: 1. 2. 3. 4. 5. Statement of Cash Position Continuity of Taxes Receivable. Outstanding Investments Statement of Development Charges Collected Other Development Contributions Prepared By: Approved I Endorsed By: ~ .' ...--) . Avril pay~e' . . Audit Analyst ,g~~ - Gillis A. Paterson Director, Corporate Services & Treasurer Attachments Copy: Chief Administrative Officer Recommended for the consideration of Pickering City Council ATTACHMENT#L... TO REPORT#Q..37 .oj City of Pickering Cash Position Statement for the three months ending June 30, 2003 June, 2003 Sources of Funds: Accounts Receivable collected $ 344,924 Development charges collected 1,502,025 Operating 6,973,971 Grants-in-lieu: Federal 302,244 Provincial - Ontario enterprises 1 ,348,461 Municipal enterprises 617,678 Linear Properties 27,054 Federal specific grants - Ontario specific grants 20,105 Interest Income 332,144 Sale of land 5,000 Tax payments received 26,060,339 POA Revenue 60,433 Total $ 37,594,377 Use of Funds: Operating and Capital Expenditures $ 10,289,261 Payroll 6,213,719 Region levy 13,494,811 Regional portion of Dev. Charges 427,521 School Board levies 9,598,162 School Board portion of Dev. Charges 84,064 APT A Funding 1,056,958 Total $ 41,164,497 Net Cash Increase (Decrease) $ (3,570,120) FINANCIAL POSITION Bank Balance Net Cash Bank Balance April 1, 2003 Provided (Used) June 30, 2003 Current Fund $ 7,577,882 $ (3,570,120) $ 4,007,763 TOTAL $ 7,577,882 $ (3,570,120) $ 4,007,763 Note: Includes City, Region and School Boards Cash Position 2nd quarter 2003.xlsNET CHANGES City of Pickering Continuity of Taxes Receivable for three months ending June 30, 2003 01-Apr-03 Penalty and Taxes Tax Payments and 30-Jun-03 Receivable Interest Added Billed Write Ofts Balance Adjustments Receivable $ $ $ $ $ $ $ Current Year Taxes 25,694,477 25,694,477 24,554,462 1,140,015 Penalty and Interest 22,113 139,352 161,466 75,124 86,342 2002 Taxes 3,331,222 (126,896) 3,204,327 619,670 2,584,657 Penalty and Interest 312,478 122,390 434,868 153,559 281,309 2001 Taxes 2,030,489 (44,387) 1,986,102 260,578 1,725,525 Penalty and Interest 289,047 56,072 345,119 109,212 235,907 Prior Years Taxes 1,411,979 (88) 1,411,891 147,073 1,264,818 Penalty and Interest 269,700 33,578 303,278 68,154 235,124 TOTAL 33,361,505 351,392 - (171,371) 33,541,527 25,987,831 7,553,696 TOTAL TAXES LEVIED (including Region and School Boards) as atJune 30,2003 55,551,672 PERCENT OF CURRENT TAXES OUTSTANDING 13.60% 2003 Interim Tax instalment due dates: Residential: Commercial: Residential: Commercial: February 26 and April 28 February 26 and April 28 August 15 and September 26 October 15 (tentative) 2003 Final Tax instalment due dates: Cash Position 2nd quarter 2003.xlsTAXES RECVBL ~ ~ :I: 3 m Z ..... ~ a ::0 m ~ ~ ê .....; ¿ <.J.J City of Pickering Outstanding Investments as at June 30, 2003 Name ot Financial Purchase Maturity Interest Principal Interest #ot Days Value at Security Institution Date Date Rate Amount Payable OIS Maturity SHORT TERM INVESTMENTS Current & Reserve Fund Investments Nesbitt Burns Firstbank BA 11-Apr-03 10-Jul-03 3.17% $ 2,529,219.76 $ 19,780.24 90 $ 2,549,000.00 Nesbitt Burns Firstbank BA 14-Apr-03 10-Jul-03 3.18% 1,999,867.35 15,132.65 87 2,015,000.00 Nesbitt Burns CIBC BA 01-May-03 01-Aug-03 3.21% 2,558,316.42 20,683.58 92 2,579,000.00 Nesbitt Burns BNS BA 02-May-03 01-Aug-03 3.19% 2,486,202.60 19,797.40 91 2,506,000.00 Nesbitt Burns CIBC BA 08-May-03 08-Aug-03 3.22% 2,436,204.64 19,795.36 92 2,456,000.00 Nesbitt Burns CIBC BA 28-May-03 22-Aug-03 3.13% 1,003,589.37 7,410.63 86 1,011,000.00 Nesbitt Burns BNS BA 23-Jun-03 29-Aug-03 3.02% 2,999,593.08 14,406.92 67 3,014,000.00 Nesbitt Burns BNS BA 13-Jun-03 03-Sep-03 3.11% 1,550,166.66 10,833.34 82 1,561,000.00 Nesbitt Burns CIBC BA 23-Jun-03 15-Sep-03 3.00% 3,074,761.44 21,238.56 84 3,096,000.00 Nesbitt Burns CIBC BA 30-Jun-03 26-Sep-03 3.05% 2,012,223.17 14,776.83 88 2,027,000.00 TOTAL SHORT TERM INVESTMENTS $ 22,650,144.49 $ 163,855.51 $ 22,814,000.00 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 $ 2,000,000.00 Nesbitt Burns Farm Credit Corp. 27-Jun-03 27-Jun-13 3.70% 250,000.00 Jun. 27 & Dec. 27 250,000.00 Nesbitt Burns Export Development Corp. 26-0ct-01 22-0ct-09 4.25% 400,000.00 Oct. 22 & Apr. 22 400,000.00 Nesbitt Burns Province of Ontario Note 06-May-02 06-May-09 4.62% 100,000.00 6th of each month 100,000.00 TOTAL LONG TERM INVESTMENTS $ 2,751,693.15 $ 2,750,000.00 TOTAL INVESTMENTS $ 25,401,837.64 $ 25,564,000.00 Internal Investments to Capital Projects Term: 5 - 10 years Yield: 5.3 - 5.8% $ 7,672,074.00 Cash Position 2nd quarter 2003.xlsSECURITIES :I 3: m Z -I F d ~ ~ ~ @ .....,¡ cl '4J City of Pickering Development Charges Collected for three months ending June 30, 2003 Durham District Durham Catholic City's Portion Region of Durham School Board School Board Total $ $ $ $ $ AMOUNT COLLECTED April 139,715 194,380 17,693 16,355 368,144 May 50,771 70,063 9,527 5,061 135,422 June 380,222 545,451 17,693 55,093 998,459 TOTAL 570,708 809,895 44,913 76,509 1,502,025 ~ ~ :I: 3: m Z -f F d ::0 m "'tJ 0 ~ :t:I: Iq tv ~ cl fJ;¡ ATTACHMENT#~ TO REPORT # C!' .3? -OJ City of Pickering Other Development Contributions For three months ending June 30, 2003 CONTRIBUTIONS: Cash - In - Lieu of Parkland $134,479 TOTAL CASH-IN-LiEU OF PARKLAND $134,479 Cash Position 2nd quarter 2003.xlsOther Dev.Contrbtns