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HomeMy WebLinkAboutCS 29-04PICKBRING REPORT TO EXECUT]VE COI IM TTE E Report Number: CS 29-04 Date: August 26, 2004 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at June 30, 2004 Recommendation: It is recommended that report CS 29-04 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, 2004. Financial Implications: The cash poSition of the Corporation for three months ended June 30, 2004 was a net increase in cash of $919,549 to $6,174,624. Sources of Funds totalled $51,198,193 and Use of Funds totalled $50,278,644. 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 2004, 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, 2004 and provides the outstanding taxes receivable as at June 30, 2004. This balance represents all three levels of taxes billed, such as City, Region and School Boards. Date: -*-,ugust 26, 2004 P,acie 2 Outstanding 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, 2004. Development Charges 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 $2,252,056 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: 2. 3. 4. 5. 6. 7. 8. Statement of Cash Position Continuity of Taxes Receivable Outstanding Investments Statement of Development Charges Collected Other Development Contributions City Portion of Development Charges Collected 2002-2004 Building Permits Issued 2000-2004, 2nd Quarter City Portion of Development Charges Collected 1991-2003 Prepared By: Approved / Endorsed By: Audit Analyst '"-~iilis A. Paterson Director, Corporate Services & Treasurer Attachments Copy: Chief Administrative Officer Recommended for the consideration of Pickering City Co[ Thomas J. Quinn, Chief AdministratiV~'~.f~cer ~,as~ =ositior~ $~a~eme~t for ~hree months ending June 30, ,2004 Sources of Funds: Accounts Receivable collected $ 484,954 Development charges collected 2,252,056 Operating Giants_in~_!ieu: . o,, Federal 297,536 Provincial Ontario enterprises 1,728,830 Municipal enterprises 10,903 Linear Properties 78,962 Federal specific grants _ Ontario specific grants 13,215 Interest Income 213,567 Sale of land 145,400 Tax payments received 27,832,883 POA Revenue Total $ 51,198,193 Use of Funds: Operating and Capital Expenditures $ 19,105,144 Payroll 5,786,113 Region Levy 13,916,209 Regional portion of Dev. Charges 279,457 School Board Levies 9,682,134 School Board portion of Dev. Charges 531,900 Debenture payment to Region 102,893 APTA Funding 874,794 Total $ 50,278,644 Net Cash Increase (Decrease) $ 919,549 FINANCIAL POSITION Bank Balance Net Cash Bank Balance April 1, 2004 Provided (Used) June 30, 2004 Current Fund $ 5,255,075 $ 919,549 $ 6,174,624 [, TOTAL $ 5,255,075 $ 919,549 $ 6,174,624I Note: includes City, Region and School Boards Cash Position second quarter 2004.xlsNET ,CHANGES o o o r- ._o 0~ o I- z I.U z .-I Z ~Z~ ZS~ZZZZ w<<zwwww 00000000 000~000 000~000 ~00~000 ~00~~ ~0~~ 00000000 ~~66~ w ~ZO~o< <~ z< O0 oo~qzzz EEEEEEEE zzzzzzzz I- z ILl Z z 0 © °1 ..~ c- O 0 0 0 e-- 0 City of Pickeriing Other ~eve~opment Contributions For three months ending June 30, 2004 iCONTRIBUTIONS: Cash - ~n - Lieu of Parkland TOTAL CASH-IN-LIEU OF PARKLAND $73,852 $73,852 Cash Position second quarter 2004.xlsOther Dev. Contrbtns