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HomeMy WebLinkAboutCS 44-06 ')1)6.' /..-1. REPORT TO EXECUTIVE COMMITTEE Report Number: CS 44-06 Date: September 11, 2006 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at June 30, 2006 Recommendation: It is recommended that report CS 44-06 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 June 30, 2006. Financial Implications: The cash position of the Corporation for three months ended June 30, 2006 was a net decrease in cash of $1,418,463 to $3,879,809. Sources of Funds totalled $51,923,184 and Use of Funds totalled $53,341,647. 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 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. This schedule summarizes the decrease in cash of $1,418,463 over last quarter. Year to year periodical comparisons may not be useful due to timing. Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions from April 1 to June 30, 2006 and provides the outstanding taxes receivable as at June 30, 2006. This balance represents all three levels of taxes billed, such as City, Region and School Boards. Taxes receivable are relatively high as taxes due on July ih are reflected as a receivable 21 days before the actual due date. 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. Report CS 44-06 Date: September 11 , 2006 ') í) '7 I·.. \. Subject: Cash Position Report as at June 30,2006 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 June 30, 2006. There has been a steady increase in investments over the past few years, approximately $9 million higher than one year ago. This is primarily a result of using funds that are 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 $1,700,766 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 - June 30,2006 7. Building Permits Issued 2000 - June 30, 2006 8. City Portion of Development Charges Collected 1991-2005 ,~ ,"} '"' (. \ ð Report CS 44-06 Date: September 11 , 2006 Subject: Cash Position Report as at June 30, 2006 Page 3 Prepared By: Approved I Endorsed By: -",,-'"') ~&-i:;í r-.... ~ "","" ." /.--.... Avril Payne (_/' Audit Analyst c.::;:ç;~;;> Gillis A. Paterson Director, Corporate Services & Treasurer :ap Attachments Copy: Chief Administrative Officer Recommended for the consideration of Pickering CiW Council ,I, ", C- .,fTACHMEf\rr #-L TO REPORT # (: s;..L/ '1 ' 0 ¿, ~) i) (J~ '-.; \ , City of Pickering Cash Position Statement for three months ending June 30, 2006 Sources of Funds: Accounts Receivable collected $ 206,843 Development charges collected 1,700,766 Operating 12,995,966 Grants-in-lieu: Federal 358,014 Provincial - Ontario enterprises 1,684,745 Municipal enterprises 320,653 Linear Properties - Federal specific grants 3,173 Ontario specific grants 7,596 Interest Income 524,146 Sale of land - Tax payments received 34,121,282 POA Revenue - Total $ 51,923,184 Use of Funds: Operating and Capital Expenditures $ 15,674,529 Payroll 8,186,402 Region Levy 17,430,260 Regional portion of Dev. Charges 1,432,222 School Board Levies 10,394,718 School Board portion of Dev. Charges 104,895 Debenture payment to Region 118,621 APTA Funding - Total $ 53,341,647 Net Cash Increase (Decrease) $ (1,418,463) FINANCIAL POSITION Bank Balance Net Cash Bank Balance April 1 , 2006 Provided (Used) June 30, 2006 Current Fund $ 5,298,272 $ (1,418,463) $ 3,879,809 TOTAL $ 5,298,272 $ (1,418,463) $ 3,879,809 Note: Includes City, Region and School Boards Cash Position second quarter 2006.xlsNET CHANGES IÌ i, I. en ( ,) co e: :c 0 .¡: 0 ca ("II ( ,) .~ ~ ( ,) ~ .5:! 0 u M D.. ( ,) It- ~ ( ) 0 tI'J e: ~ ::J ( ,) .., ~ >< (J ca en l- e: .- It- "C 0 e: ~ ( ) ~ tI'J ::J .c: s:: - :t: c s:: 0 0 E (J ( ) ( ) '- .c: - '- J2 /.;,TTAC ~ ..- co I' """ """ ('I') NO cø """ ('I') N CO ..- I' 00 In 0> 0 1'. """. .... .... 0""" 00 cø Q) c¡) I.Ô N ..- ri ('I') cD 00 a) 00 0 0 N 00 N """00 It) 0 :ã 10 ..- ('1'). ('I') CO. N OO.N C') - 0 CU ..- M ..- ..- a) M > ~ 10 It) Q) .¡ C u ::s Q) , a:: -- -- - - -- ¡::: 'C CO 0> M """ CO 00 NOO (I) 00 N M 0 CO 0> CO 00 cø c - N 00. "":. M. 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