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Home My WebLink AboutCS 21-06 Report CS 21-06 Date: April 1 0, 2006 Subject: Cash Position Report as at December 31, 2005 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, 2005. There has been a steady increase in investments over the past few years primarily a result of use of funds on hand due to pending assessment appeal and timing of collection and remittance of development charges. 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 $889,387 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 . Statement of Cash Position 2. Continuity of Taxes Receivable 3. Outstanding Investments 4. Statement of Development Charges Collected 5. Other Development Contributions 6. City Portion of Development Charges Collected 2003-2005 7. Building Permits Issued 2000-2005 8. City Portion of Development Charges Collected 1991-2005 Prepared By: Approved I Endorsed By: ~-{? Avril Payne Audit Analyst ~~ '13IIIis A. Paterson Director, Corporate Services & Treasurer Attachments Copy: Chief Administrative Officer Recommended for the consideration of Pickering City ouncil ,/ J 4/ () t ATTACHMEI\!T# "_.Te) REPORT#~.)I "'ok City of Pickering Cash Position Statement for three months ending December 31, 2005 Sources of Funds: Accounts Receivable collected $ 266,710 Development charges collected 889,387 Operating 21,448,004 Grants-in-lieu: Federal 456,428 Provincial 60,746 Ontario enterprises 4,725,861 Municipal enterprises 638,286 Linear Properties - Federal specific grants 15,135 Ontario specific grants 18,585 Interest Income 156,697 Sale of land - Tax payments received 28,582,248 POA Revenue - Total $ 57,258,087 Use of Funds: Operating and Capital Expenditures $ 29,868,605 Payroll 7,152,392 Region Levy 20,403,370 Regional portion of Dev. Charges 1,295,799 School Board Levies 10,843,147 School Board portion of Dev. Charges 155,400 Debenture payment to Region 582,781 APTA Funding 97,134 Total $ 70,398,628 Net Cash Increase (Decrease) $ (13,140,541) FINANCIAL POSITION Bank Balance Net Cash Bank Balance October 1, 2005 Provided (Used) December 31,2005 Current Fund $ 15,684,476 $ (13,140,541) $ 2,543,935 TOTAL $ 15,684,476 $ (13,140,541) $ 2,543,935 Note: Includes City, Region and School Boards Cash Position final quarter 2005.xlsNET CHANGES REPORT TO EXECUTIVE COMMITTEE Report Number: CS 21-06 Date: April 1 0, 2006 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at December 31,2005 Recommendation: It is recommended that report CS 21-06 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 December 31 2005. Financial Implications: The cash position of the Corporation for three months ended December 31,2005 was a net decrease in cash of $13,140,541 to $2,543,935. Sources of Funds totalled $57,258,087 and Use of Funds totalled $70,398,628. 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 final quarter of 2005. Subcategories have been identified to highlight those cash transactions that are significant in nature or large dollar value transactions for the City of Pickering. Year to year periodical comparisons may not be useful due to timing. Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions from October 1 to December 31,2005 and provides the outstanding taxes receivable as at December 31, 2005. This balance represents all three levels of taxes billed, such as City, Region and School Boards. This amount has steadily increased for the same period over the past several years but may vary where due dates and amounts for supplementary billings change from year to year. C'I a> r:: :ë :g liS 0 .::= N a> o 0r- a> ('I') 0:: (/) a> >< liS I- 'Þ- o ~ ::: .¡: a> ~ o ~ 'Þ- o ~ ..... LO o - """ M Ö 0> o ~ Q) ..0 E a> o Q) C C'I ::I .: r:: "C :.;:; r:: r:: a> o (/) () ..r:: ..... r:: o E Q) Q) ~ ..r:: ..... ~ .E >< I'G I- () "'0 If) I: .. I'G I: If) 0> .. E I: .. 0> If) E ::::s >. :0 ~ « ~ "'0 1: ~ 0> m ~ If) c. ~ 0.. I'G ::::s I- (j) If) 0> >< I'G I- "'0 I: I'G >. .. ïã I: Q) a. LO o - o M .... 0.. 0> (j) 0> .D I'G > 'Q) U 0> 0:: If) :::: o 0> .. '¡: ~ "'0 ~ m "'0 0> "'0 "'0 « .. If) 0> I- 0> .. 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