The URL can be used to link to this page

Home My WebLink AboutCS 25-06 063 C¡ú/ o~ REPORT TO EXECUTIVE COMMITTEE Report Number: CS 25-06 Date: May 23, 2006 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Development Charges Reserve Fund - Statement of the Treasurer for 2005 Recommendation: That Report CS 25-06 of the Director, Corporate Services & Treasurer respecting the Development Charges Reserve Fund be received and forwarded to Council for information. Executive Summary: Not applicable Financial Implications: There are no financial implications to the receipt of this statement. Background: Section 43 of the Development Charges Act (Act) requires that the Treasurer furnish to Council a Statement in respect of each Reserve Fund (i.e. for each Development Charge) established under Section 33 of the Act. Accordingly, the enclosed Attachments 1 to 6 details the activity in the Development Charges Reserve Fund for the year ended December 31, 2005 in the manner as prescribed by the Development Charges Act. As required under Section 43(3) of the Act, the Treasurer will be forwarding a copy of this same Statement to the Minister of Municipal Affairs and Housing within 60 days upon furnishing the Statement to the Council. Funds are not transferred out of the Reserve Fund for projects until the funds are actually needed, as required under accounting rules which ensures that the Reserve Fund continues to earn interest income on these unspent monies until such time that the actual expense is incurred. Attachment 1 presents the total Reserve Fund balance, before unspent commitments of $21,135,306. Taking into account the unspent commitments at December 31, 2005 of $3,583,520 the uncommitted fund balance available for future expenditures is $17,551,786. The development charges collected in 2005 were $1,672,209 a decrease of 54% from amounts collected in 2004. Despite an economic condition of low interest rates and a booming building industry, there is a decrease in the amount collected due to a 064 Report CS 25-06 Date: May 23, 2006 Subject: Development Charges Reserve Fund-Statement of the Treasurer for 2005 Page 2 decrease in building activities. The decrease in building activities was in part due to the limited land available for development in Pickering. Attachment 2 provides a chart showing the 10-year historical pattern of the development charges collected, notably the sharp decline in 2005 from those collected in 2004 due to the point mentioned above. The cumulative total collected for this 1 O-year period was $27,183,780. The 2005 budgeted funding from this Reserve Fund was $1,623,260 as detailed on Attachment 3. The capital and current expenditures actually incurred in 2005 that were funded from this Reserve Fund amounted to $687,308 (see Attachment 4). These expenditures pertained to capital projects and studies approved in 2003 to 2005. Attachment 4 provides a summary by projects of these capital expenditures funded by development charges and other sources as prescribed by a.Reg. 82/98 Section 12(3). In 2005, the City undertook additional internal loans of $287,000 from this Reserve Fund. Attachment 5 provides detailed information on the 2005 internal borrowings and the purpose for which it was borrowed as prescribed by a.Reg. 82/98 Section 12(2)3. Interest and principal repayments on 2005 internal loans will commence in 2006. As of December 31, 2005, the combined total outstanding internal loans undertaken from 2001 to 2005 are $5,071,734 (see Attachment 6). Please note that the principal and interest of $1,187,814 paid in 2005 and as indicated in Attachment 6 are related to 2001 to 2004 internal loans. This amount was funded from the general tax levy. This Attachment also provides a summary of amount and source of any money used by the municipality to repay money borrowed from the fund and interest on such money as required by a.Reg. 82/98 Section 12(2)4,5. Caution has to be used when budgeting for draws for capital projects due to the limited availability of land in Pickering and the uncertainty of economic times ahead of us. Attachments: 1 . 2005 Annual Statement of Development Charges Reserve Fund 2. Development Charges Collected 1995 -2005 3. Projects Approved in 2005 Capital Budget to be Funded from Development Charges Reserve Fund 4. 2005 Actual Capital Expenditures Summarized by Projects 5. 2005 Internal Loans from Development Charges Reserve Fund-New Loans Undertaken During the Year 6. Total Development Charges Reserve Fund Internal Loans - Annual Repayment for the Year Ended December 31,2005 Report CS 25-06 Date: May 23,2006 065 Subject: Development Charges Reserve Fund-Statement of the Treasurer for 2005 Page 3 Prepared By: Approved I Endorsed By: Caryn Kong Senior Financial Analyst -=-o~~; ~~ - ---,.~ ~lIis A. Paterson Director, Corporate Services & Treasurer -~~~- GP:ck Attachments Copy: Chief Administrative Officer Recommended for the consideration of Pickering City Council ~ ' " 06G ëã - o I- cð ~g¡ m:¡:; ... .- J:J.: .- CJ ..I III u.. c UI o CÞ :æª II! ëj CJ III &!u.. - c -g ~ .- ~g.~~ ;ãicð 0.. &; Q _ UI "¡¡¡ CÞ C~ I!.c I-~ ...- CÞ C - CÞ ~ ~ E g' ,g :¡¡ UJ:=E '0 UI CÞ -g!i ~&! cð Q. 'S C" cðW Ulcð i!! :! g¡ .-.- - ~ u..:CJ CJ .- 1II.c u..~ - C CÞ E'O Q.J!! o III ãiãi >11:: CÞ Q ~ UI ëã .¡¡¡ ~ - III :=E ~ ~ ~ ~ UI CÞ =g~ - UJ ..... ..... ..... cD 0> -q- m ..... ..... ..... q ..... N LO 0> 0> N rxS o ..... cD o N ~ ..... ~ M 00 0> M o M -q- ..... 0> M 0> M o -q- ..... IÔ ..... to rxS 0> to 0> ..f M LO. a; o rxS o -q- an o o N ..: ¿ III ~ 10 UI III CÞ CJ C III ëã aI ¿ CÞ Q. o UJ w ::) z w > w a:: O>tOoo-q-..... OtO-q-.....M NNtO.....oo Ñ"":IÔOIÔ ...............NN to N-q-M . Ñ .....0 o 0> Ñ ..... LOO to ..... ..f ..... N to tON O-q- MtON.....O> .....Noo.....O> ..f"":"":..fM CO'r'''I''''"('W')1{) ..... N .....ONOO> LO tOtO..... to MLOLO IÔ McDlÔ to ..... dSO ..... ..f M ..... 0 N ..... M ..... 0> M 0 0> ..... o LO to 0 -q- o cD ..... "C Q) > "~ ~ Q) .... 0::: :> en 0 Q) en ~.s ro"C .r:.Q)ù)ü) U E ~ ~ ~~$Q) 00:::£:£ M-q--q- to-q-..... .....NO> Ili~m .....00 NO>tO tOOM LOoo..... ....: '..f tOM..... .....-q- .....0..... LOO-q- MLOtO ..frxS"": -q- O>MM 000..... NO>O> 1Ô1Ô..f O>OOLO .....N,. O>N-q- .....NO> O>.....N cDMO .....MO ..... -q-tOtO .....oto LOOOM ..frxSm N J! r:: Q) U E r::U; III Q) o > ...J.E roro E r:: .m-m .EttJ -c-c Q) Q) > > "~ "~ Q) Q) 0:::0::: .,TTACHMENT#-LTOREPORT# CS~· D~ - êõ'oro o 0 M M ....: ....: 00 00 ~ ~ 000 NON N N to to £f ~ 000 000 mom N N S S oooêõ ..... ..... ..... ..... rxS rxS ..... ..... ~ ~ 000 mom ..... ..... 0> 0> £i £i f3 ~ a::.a ::)'5 I- æ õ~ zw w19 D. "õ. >< ro wu en ~ .a '5 r:: Q) Co X w ro Õ I- to o M IÔ M ..... ..... N LO 00 0> o (õ M ..... 00 rxS ..... LO cD -q- ..... M IÔ to 00. N to LO m ..... M to N to o -q- -q- LO ..... N,. ì:ñ ..... m M to N IÔ M to. 00 to -q- M M -q- ::J ~ UI - C CÞ E - Ë§ E o o '0 ëii Q. c ::) II! .E CÞ J:J. ëã aI '0 C :::I U. Ô N LO M 00 LO ~ to 00 ...... ..... LO LO ....: ..... o LO 00 0> o ..... to Cõ N 00 M ~ LO 00 0> èf, -q- cD o -q- ..... M IÔ to ~ o N to LO m ..... M ~ ..... o N rxS 00 ::!:. íõ ..... LO ....: ::!:. Ô N to m 0> 0> ~ LO LO t'!. ..... 0> ..... cD o M to N IÔ M t'!. ~ ..... ..... ~ ..... ..... ~ ..... 0> ¡q, N -q- LO o o N an o o N ..... CO') u CÞ Q ..... M o Q) o ¡¡; en ro J! r:: Q) .5 "Ë E o U "C ëõ Co r:: :J - III UI III CÞ CJ C III ëã aI '0 CÞ :t: 'Ë E o CJ r:: ::) 06'; ATTACHMENT#L TO REPORT#..tf ,:>$""- ù ~ ~ Q) ~ U Q) ,.......¡ ,.......¡ o U rFlt.n Q)O ~O ~N ,.QI Ut.n ~O\ ~O\ (])~ S ~ o ,.......¡ Q) > (]) Q QJ :. = ~ 00. rIJ .. ~ ~ ..... U ~ c c c c c c ... ... C C C C C If) ... ... ~ ~ f.F7 C C C C C C C C C C C C C C C ~ ~ ~ ~ ~ C C C C C C C C C C C If) C If) C ..... ..... .... .... .... ~ ~ ~ ~ ~ C C C ... C C If) If) C C ~ ~ C C ~ ~ C C ~ C 0'\ 0'\ 0'\ ~ ;.. ~ QJ ~ t"-- 0'\ 0'\ ~ Ir) 0'\ 0'\ ~ 068 ATTACHMEN"T if"3~M~ TO REPORT#£?_~Ç'O" Source of Funding Dev. Charge Gen. D.C~City·s Other Total Reserve Fund Fund Share Reserve Revenue Projects: External Subdivision (Road Construction) Finch Ave-Brock Road 5321.0501. $146,810 $440,440 $ 587,250 Finch Ave-East Petticoat Cree 5321.0502. 75,000 75,000 150,000 Sideline 4 adj. 18T-88059 5321.0503. 12,500 37,500 54,590 104,590 Various Infill Developments 5321.0504 50,000 50,000 100,000 Woodview Ave-Hdyro Corridor 5321.0505 97,875 97,875 195,750 Woodview Ave-Finch Av 5321.0506 476,325 476,325 952,650 Rosebank Road Bridge 5321.0507 87,500 262,500 350,000 $946,010 $0 $1,439,640 $54,590 $ 2,440,240 External Subdivision ( Sidewalks & Streetlights) Brock/Kingston Rd-Hwy 401 5321.0508 $ 58,500 $ 175,500 $ 234,000 Brock/Pickering Pkwy-Hwy 40' 5321.0509 58,500 58,500 117,000 Kingston/Fairport-CNR tracks 5321.0510 81,900 81,900 163,800 Kingston/Dixie-CNR tracks 5321.0511 40,950 40,950 81,900 Kingston/Bainbridge-Notion Rc 5321.0512 55,250 55,250 110,500 Kingston/Glendale-Walnut Lar 5321.0513 64,350 64,350 128,700 Finch Ave/Rosebank-18T-870! 5321.0514 52,650 52,650 105,300 Finch Ave/Royal Rd-Guild Roa 5321.0515 11 ,700 35,100 46,800 Sidewalk 401 Pedestrian Bridge 5323.0501 30,000 270,000 300,000 $ 453,800 $ 834,200 $ 1,288,000 External Subdivision ( Storm Water Management) Storm Water Mgmt Works 5321.0516 136,000 24,000 160,000 $ 136,000 $ 24,000 $ 160,000 Culture & Recreation Senior Centre 5701.0503 87,450 187,550 275,000 $ 87,450 $ 187,550 $ 275,000 Total $1,623,260 $0 $2,485,390 $54,590 $4,163,240 ATTACHMEf\~ .if f¡EPORT #_(5,;)';; - Ù, 116 ','1 __, ,'1 Dev. Charges D.C-City's Share Reserve Fund Reserve Total Corporate Services 2003 & 2004 budaeted proiect Development Charges Background Study $ 3,979 $ 3,979 Total Corporate Services $ 3,979 $ 3,979 External Subdivision 2004 budQeted projects Road Construction: Rosebank Rd. Bridge with CNR $ 69,953 $ 729,023 $ 798,976 Clements Rd east limit Church St 36,834 36,834 73,668 Church St/Bayly to Clements Road 332,608 332,608 665,216 Traffic SiQnal: Brock Rd at Clements Road 56,250 26,250.00 82,500 Storm Water Manaaement Finch Ave.! East of Brock 929 164 1,093 Total Ext. Subdivision Works-2004 $ 496,574 $ 1,124,879 $1,621,453 2005 budQeted projects Road Construction: Finch Ave/Brock Road to 450m East $ 93,378 $ 280,140 $ 373,518 Rosebank Rd Bridge with CNR tracks 81,687 245,062 326,750 Sidewalks & Streetliahts Finch Ave.!Royal Rd west to Guild Road 5,254 15,762 21,015 Total Ext. Subdivision Works- 2005 $ 180,319 $ 540,964 $ 721,283 Sidewalks 401 Pedestrian Bridge-GO Station $ 2,814 $ 25,326 28,140 Culture & Recreation Senior Centre-2nd Floor Design 3,622 7,767 11,389 Total-Sidewalk & Culture & Recreation-2005 $ 6,436 $ 33,093 39,529 Total Spent $ 687,308 $ 1,698,936 $ 2,386,244 Ü70 ATTACHMENT #_S REPOR1 J:; C5 .,J S-- 0' Budget Amount Year Project Number Terms Description of Loans Roads 2004 04-2320-004-00 5-yr Telescopic Boom Excavator $ 50,000 5320.0401.0000 3.73% Gradall Model 4100 Also Ext. Debt $288,000 Library 2005 05-2745-005-01 5-yr Upgrade to library automation system 172,000 5800.0518.0000 3.73% Parks 2005 05-2718-002-01 5-yr Two One-ton Dump Trucks 65,000 05-2718-002-02 3.73% 5780.0501/0502 Total Internal Loans for 2005 $ 287,000 Internal loans to be funded by Development Charges Reserve Fund, repayment commencing in 2006. ¡ ff_..t,., TO REPORT # ~J.<; ~ÙG 07 " Outstanding Principal Outstanding Principal Repayment Principal Interest (Jan 1) 2005 2005 2005 Jan.1, 2005 Dec. 31, 2005 $ $ $ $ Development Charges Booked in 2001 Rosebank Road 599,282 (91,151) 508,131 (21,933) Eastshore Community Ctr 520,044 (79,099) 440,945 (19.033) Fire Tanker 105,873 (16,103) 89,770 (3,875) Dispatch Ctr 116,527 ( 116,527) 0 0 1999 Roads Projects 622,589 (94,695) 527,894 (22,786) 1999 Streetlights 380,211 (71,202) 309,009 (13,916) 2000 Roads Projects 554,668 (84,365) 470,303 (20,301 ) Aerial Truck 266,348 (40,511 ) 225,837 (9,748) Waterfront Trail 39,257 (39,257) 0 0 Library-Western Branch 941 ,539 (143,208) 798,331 (34,460) 4,146,338 (776,118) 3,370,220 (146,052) Booked in 2002 Fire Hall & Communication 27,120 (8,718) 18,402 (993) Parks 130,572 (13,998) 116,573 (5,690) Sidewalks 65,706 (7,044) 58,662 (2,864 ) Storm Water Management 134,783 (37,035) 97,748 (5,890) Streetlight 33,696 (3,612) 30,084 (1,468) Arena & Recreation 46,332 (4,967) 41 ,365 (2,019) Roads 583,777 (62,585) 521,192 (25,441 ) 1,021,985 (137,959) 884,026 (44,365) Booked in 2003 Roads 92,562 (8,624) 83,938 (4,034) Library 222,083 (20,693) 201,390 (9,678) Rec.Complex-Core 6,931 (646) 6,285 (302) 321,576 (29,963) 291,613 (14,014) Booked in 2004 Parks 175,000 (14,346) 160,654 (7,627) Roads 60,000 (11,156) 48,844 (2,196) Streetlights 32,000 (2,623) 29,377 (1,395) 267,000 (28,125) 238,875 (11,218) Booked in 2005 Roads 50,000 50,000 Library 172,000 172,000 Parks 65,000 65,000 287,000 287,000 Total 6,043,899 (972,165) 5,071,734 (215,649) . .. Source of Funding Gen. Tax Levy Gen. Tax Levy Annual Charges (Principal & Interest) (1,187,814)