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Home My WebLink AboutCS 44-03 Ciú/ {J~ REPORT TO COUNCIL Report Number: CS 44-03 Date: December 3, 2003 From: Gillis A. Paterson Director, Corporate SeNices & Treasurer Subject: Cash Position Report as at September 30,2003 Recommendation: It is recommended that Report CS 44-03 from the Director, Corporate SeNices & 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 September 30,2003. Financial Implications: The cash position of the Corporation for three months ended September 30, 2003 was a net increase in cash of $2,356,253 to $6,364,016. Sources of Funds totalled $58,778,941 and Use of Funds totalled $56,422,688. 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 third 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 July 1 to September 30, 2003 and provides the outstanding taxes receivable as at September 30, 2003 with the exception of Commercial taxes billed in September, but not due until October 15. 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 ReseNe Funds outstanding as at September 30, 2003. Report CS 44-03 Date: December 3, 2003 Subject: Cash Position Report as at September 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 $1,958,508 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 1 Endorsed By: ;v-:!£:6 0 Audit Analyst ~ -'=> Gillis A. Paterson Director, Corporate Services & Treasurer Attachments Copy: Chief Administrative Officer Recommended for the consideration of Pickering City Council I' /-,TTACHMENT #.i- TO REPORT #Q.!j<f""'() 3 City of Pickering Cash Position Statement for the three months ending September 30, 2003 September, 2003 Sources of Funds: Accounts Receivable collected $ 142,529 Development charges collected 1,958,508 Operating 17,260,260 Grants-in-lieu: Federal 303,667 Provincial - Ontario enterprises - Municipal enterprises 67,635 Linear Properties - Federal specific grants 1,460 Ontario specific grants 27,258 Interest Income 278,921 Sale of land - Tax payments received 38,738,702 POA Revenue - Total $ 58,778,941 Use of Funds: Operating and Capital Expenditures $ 12,050,927 Payroll 6,904,569 Region Levy 24,278,944 Regional portion of Dev. Charges 1,228,037 School Board Levies 9,598,162 School Board portion of Dev. Charges 253,711 APT A Funding 2,108,338 Total $ 56,422,688 Net Cash Increase (Decrease) $ 2,356,253 FINANCIAL POSITION Bank Balance Net Cash Bank Balance July 1, 2003 Provided (Used) Sept. 30, 2003 Current Fund $ 4,007,763 $ 2,356,253 $ 6,364,016 TOTAL $ 4,007,763 $ 2,356,253 $ 6,364,016 Note: Includes City, Region and School Boards Cash Position 3rd quarter 2003.xlsNET CHANGES City of Pickering Continuity of Taxes Receivable for three months ending September 30, 2003 01-Jul-Q3 Penalty and Taxes Tax Payments and 30-Sep-O3 Receivable Interest Added Billed Write Offs Balance Adjustments Receivable $ $ $ $ $ $ $ Current Year Taxes 1,140,015 61,904,536 (159,719) 62,884,832 37,937,602 24,947,230 Penalty and Interest 86,342 168,065 254,406 95,317 159,089 2002 Taxes 2,584,657 (30,561) 2,554,096 344,757 2,209,339 Penalty and Interest 281,309 94,620 375,929 97,717 278,212 2001 Taxes 1,725,525 11,642 1,737,166 169,075 1,568,091 Penalty and Interest 235,907 44,123 280,030 58,231 221,798 Prior Years Taxes 1,264,818 - 1,264,818 87,719 1,177,098 Penalty and Interest 235,124 27,858 262,982 50,362 212,620 TOTAL 7,553,696 334,666 61,904,536 (178,638) 69,614,260 38,840,781 30,773,478 TOTAL TAXES LEVIED (including Region and School Boards) as at Sept 30,2003 61,904,536 PERCENT OF CURRENT TAXES OUTSTANDING 49.71% 2003 Interim Tax instalment due dates: Residential: Commercial: February 26 and April 28 February 26 and April 28 August 15 and September 26 October 15 (Billing is included in 3rd quarter figures) 2003 Final Tax instalment due dates: Residential: Commercial: Cash Position 3rd quarter 2003.xlsTAXES RECVBL ~ ~ :r: 3: m Z -I F d :::c m -0 0 :::¡ :t:t: ~ ~ \ C Lv City of Pickering Outstanding Investments as at September 30, 2003 Name of Financial Purchase Maturity Interest Principal Interest #of Days Value at Security Institution Date Date Rate Amount Payable OIS Maturity SHORT TERM INVESTMENTS Current & Reserve Fund Investments Nesbitt Burns CIBC BA 03-Sep-03 01-Dec-03 2.65% $ 1,561,923.48 $ 10,076.52 89 $ 1,572,000.00 Nesbitt Burns FIRSTBANK BA 15-Sep-03 15-Dec-03 2.62% 3,096,739.50 20,260.50 91 3,117,000.00 Nesbitt Burns TDBA 01-Aug-03 31-0ct-03 2.83% 2,578,821.00 18,179.00 91 2,597,000.00 Nesbitt Burns FIRSTBANK BA 22-Aug-03 17 -Nov-03 2.69% 1,010,531.88 6,468.12 87 1,017,000.00 Nesbitt Burns CIBC BA 29-Aug-03 24-Nov-03 2.73% 2,460,005.04 15,994.96 87 2,476,000.00 Nesbitt Burns BNS BA 29-Sep-03 15-Dec-03 2.54% 3,019,848.48 16,151.52 77 3,036,000.00 TOTAL SHORT TERM INVESTMENTS $ 13,727,869.38 $ 87,130.62 $ 13,815,000.00 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 26-0ct-09 4.25% 400,000.00 Oct. 26 & Apr. 26 400,000.00 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 $ 16,479,562.53 $ 16,565,000.00 Internal Investments to Capital Projects Term: 5 - 10 years Yield: 5.3 - 5.8% $ 7,672,074.00 Cash Position 3rd quarter 2003.xlsSECURITIES ~ ~ ::J: 3: m Z -I ~ d ::;tI m -c 0 ~ =It ¡~ I~ ~ 6- IN City of Pickering Development Charges Collected for three months ending September 30, 2003 Durham District Durham Catholic City's Portion Region of Durham School Board School Board Total $ $ $ $ $ AMOUNT COLLECTED July 341,237 545,368 78,938 64,251 1,029,794 August 162,442 137,218 19,054 18,682 337,395 September 212,150 292,162 55,801 31,206 591,319 TOTAL 715,828 974,748 153,793 114,139 1,958,508 ~ » n :t: 3: m Z -1 F -I 0 ;C m -u """ '-' q :J:!: Icr L..t: ~ \ I:;) I..u (#~ TO REPORT # C!..:s iLl-a_::? City of Pickering Other Development Contributions For three months ending September 30, 2003 CONTRIBUTIONS: Cash - In - Lieu of Parkland $71 700 TOTAL CASH-IN-LiEU OF PARKLAND $71,700 Cash Position 3rd quarter 2003.xlsOther Dev.Contrbtns