HomeMy WebLinkAboutCS 32-06
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REPORT TO
EXECUTIVE COMMITTEE
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Report Number: CS 32-06
Date: June 12, 2006
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Cash Position Report as at March 31 , 2006
Recommendation:
It is recommended that report CS 32-06 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
March 31,2006.
Financial Implications: The cash position of the Corporation for three months
ended March 31, 2006 was a net increase in cash of $2,754,337 to $5,298,272.
Sources of Funds totalled $59,021,350 and Use of Funds totalled $56,267,013.
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 first quarter of 2006. 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 January 1 to March 31, 2006 and provides the outstanding taxes receivable as at
March 31, 2006. 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.
,::'l
-'-~eport CS 32-06
Date: June 12, 2006
-
Subject: Cash Position Report as at March 31, 2006
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
March 31, 2006. 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 $1,310,721 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 - Mar. 31, 2006
7. Building Permits Issued 2000 - March 31,2006
8. City Portion of Development Charges Collected 1991-2005
Prepared By:
Approved I Endorsed By:
~/~~
Gillis A. Paterson
Director, Corporate Services & Treasurer
Avril Payn
Audit Analyst
Attachments
Copy: Chief Administrative Officer
-
Recommended for the consideration of
Pickering Ci Co
-
152
hTTACHMEN'!, #-L TO REPORT# C-'Ä .5;'; .' O~ City of Pickering
Cash Position Statement
for three months ending March 31, 2006
Sources of Funds:
Accounts Receivable collected $ 302,041
Development charges collected 1,310,721
Operating 12,987,246
Grants-in-lieu:
Federal 384,739
Provincial 383,654
Ontario enterprises 3,102,394
Municipal enterprises 269,614
Linear Properties -
Federal specific grants 3,618
Ontario specific grants 42,899
Interest Income 542,123
Sale of land 148,500
Tax payments received 39,454,690
POA Revenue 89,111
Total $ 59,021,350
..~ 'Jse of Funds:
Operating and Capital Expenditures $ 22,445,215
Payroll 6,454,518
Region Levy 17,430,260
Regional portion of Dev. Charges 91,578
School Board Levies 9,671,224
School Board portion of Dev. Charges 10,360
Debenture payment to Region 73,998
APTA Funding 89,860
Total $ 56,267,013
Net Cash Increase (Decrease) $ 2,754,337
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
January 1, 2006 Provided (Used) March 31, 2006
Current Fund $ 2,543,935 $ 2,754,337 $ 5,298,272
.-.
TOTAL $ 2,543,935 $ 2,754,337 $ 5,298,272
Note: Includes City, Region and School Boards
Cash Position first quarter 2006.xlsNET CHANGES
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Other Development Contributions
March 31, 2006
CONTRIBUTIONS:
Cash - In - Lieu of Parkland $124,000
TOTAL CASH-IN-LlEU OF PARKLAND $124,000
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