HomeMy WebLinkAboutCS 22-07
REPORT TO
EXECUTIVE COMMITTEE
Report Number: CS 22-07
Date: June 11, 2007
...
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Development Charges Reserve Fund - Statement of the Treasurer for
2006
Recommendation: That Report CS 22-07 of the Director, Corporate Services &
Treasurer respecting the Development Charges Reserve Fund be received and
forwarded to Council for information.
Executive Summary: Section 43 of the Development Charges Act, 1997 (Act)
requires that the Treasurer furnish to Council a Statement in respect of each Reserve
Fund (Le. 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, 2006 in the manner as
prescribed by the 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.
Financial Implications: There are no financial implications associated with this
report.
Sustainability Implications:
with this report.
There are no sustainability implications associated
Background: Funds are not transferred out of the Development Charges Reserve
Fund for projHcts 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 under "Fund Balance - Prior to Budget
Commitments" of $22,736,472. Taking into account the "Budget Commitments" as at
December 31" 2006 of $3,676,130 the "Fund Balance - After Budget Commitments"
available for future expenditures is $19,060,342.
Report CS 22-07
Date: June 11, 2007
Subject: Development Charges Reserve Fund-Statement
of the Treasurer for 2006
Page 2
085
The development charges collected in 2006 were $1,782,148 an increase of 6.5% from
amounts collected in 2005 ($1,672,209). Despite an economic condition of low interest
rates and a booming building industry, the small increase in the amount collected does
not keep pace with the growth in the building industry due in part 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
starting from 2005 and continuing in 2006 compared to those collected in 2004 due to
the point mentioned above. The cumulative total collected for this 10-year period was
$26,037,940.
The 2006 budgeted funding and revision due to OES 27-06 from this Reserve Fund
was $1,093,550 as detailed on Attachment 3.
The capital expenditures actually incurred in 2006 that were funded from this Reserve
Fund amounted to $1,050,940 (see Attachment 4). These expenditures pertained to
capital projects approved in 2000 to 2006. Attachment 4 provides a summary by
projects of these capital expenditures funded by development charges and other
sources as prescribed by 0. Reg. 82/98 Section 12(3).
In 2006, the City undertook additional internal loans of $352,000 from this Reserve
Fund. Attachment 5 provides detailed information on the 2006 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 2006 internal loans will commence in 2007. As of
December 31,2006, the total outstanding internal loans undertaken from 2001 to 2006
are $4,426,566 (see Attachment 6).
Please note that the principal and interest of $1,194,382 paid in 2006 and as indicated
in Attachment 6 are related to 2001 to 2005 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 o.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 . 2006 Annual Statement of Development Charges Reserve Fund
2. Development Charges Collected 1996 -2006
3. Projects Approved in 2006 Capital Budget to be Funded from Development
Charges Reserve Fund
4. 2006 Actual Capital Expenditures Summarized by Projects
5. 2006 Internal Loans from Development Charges Reserve Fund - New Loans
Undertaken During the Year
Report CS 22-07
Date: June 11,2007
Subject: Development Charges Reserve Fund-Statement
." 0 8 & of the Treasurer for 2006
Page 3
6. Development Charges Reserve Fund Internal Loans - Annual Repayment for the
Year Ended December 31,2006
Prepared By:
Approved I Endorsed By:
.~
-~~'
Gillis A. Paterson
Director, Corporate Services & Treasurer
x~
Caryn Kong
Senior Financial Analyst
GP:ck
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
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!-f ,..J- TO REPOR.T #: 'j.~,J. , 07
089
',.
Source of Funding GL Dev. Charge D.C-City's Fed. Debt Total
Account Reserve Fund Share Reserve Gas Tax
Projects:
Fire Division (Due to OES 27-06)
Addition & Renovations-Station 5 5340.0607 $417,000 $ $ 930,000 $ 1,347,000
$417,000 $ $ 930,000 $ 1,347,000
External Subdivision ( Roads)
Woodview & Finch to Hydro Corril 5321.0601 $ 60,000 $ 60,000 $ 120,000
$ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 120,000
External Subdivision ( Sidewalks & Streetlights)
Kingston Rd west limit to Rosebar 5321.0602 $ 55,550 $ 55,550 $ 111 ,1 00
Kingston Rd-South side Windowp 5321.0603 25,000 25,000 50,000
Bayly S1. - Brock Rd. to Alliance F 5321.0604 45,000 45,000 90,000
Bayly St.- Alliance Rd. to GO Stn 5321.0605 40,000 40,000 80,000
401 Pedestrian Bridge 5321.0606 270,000 1,053,000 1,810,000 3,133,000
External Subdivision (Traffic Signals) )
Squires Beach Rd at Clements R( 5323.0607 45,000 15,000 60,000
$ 480,550 $ 180,550 $ 3,524,100
External Subdivision ( Storm Water Management)
Storm Water Mgmt Works 5321.0608 $136,000 $ 24,000 $ 160,000
$136,000 $ 24,000 $ 160,000
Total $1,093,550 $264,550 $1,865,000 $5,151,100
:TACHMENT.~
CS ..J.) -0 7
.. 090
GL Dev. Charges D.C-City's Fed. Gas Easement Debt/Loan
Account Reserve Fund Share Res Tax RF Reserve Total
Fire
Addition & Renovations to Station 5 5340.0607.1 $ 122,734 $ 286,379 $ 409,113
Total -Fire $ 122,734 $ $286.379 $ 409,113
External Subdivision
Road Construction:
ValleyFarm/Esplanade/Kingston 5321.0203 $ 64,285 $ $ 64,285
Sheppard Ave to Whites 5321.0303 2,530 8,470 11,000
Liverpool/Wharf Street 5321.0319 4,164 14,156 18,320
Valley Farml Pickering Parkway 5321.0320 19,525 20,475 40,000
Rosebank Rdl Finch Ave. 5321.0322 217,600 261 ,120 478,720
Clements Rd east limit Church St 5321.0422 7,250 7,250 14,500
Church St/Bayly to Clements 5321.0423 124,194 124,193 248,387
Finch Ave. to Brock 450m east 5321.0501 51,397 154,194 205,591
Sideline 4 adj. 18T-88059 5321.0503 5,824 17,471 23,295
Kingston Rd west to Rosebank 5321.0602 52,558 52,558 105,116
549,327 659,887 1,209,214
Traffic Sianal:
Squires Beach Rd at Clements Rd 5321.0607 2,063 688 2,750
2,063 688 2,750
Sidewalk & Streetliaht
Bayly St S55/99& 12196 5321.0020 7,135 7,135 14,270
Brock/Bayly Rd to 401 5321.0308 25,203 2,500 27,703
Bayly St to Church St to West 5321.0318 12,172 12,173 24,345
Bayly-Brock to Alliance Rd 5321.0604 30,846 30,846 61,692
Bayly-Alliance Rd to GO Station 5321.0605 27,808 27,808 55,616
103,164 73,328 7,135 183,627
Storm Water
Rosebank Rd-North of Finch 5321.0300 133,000 51,000 184,000
Finch East of Park Cres. 5321.0400 131,502 23,206 154,708
264,502 74,.206 338,708
Total Ext. Subdivision Works $ 919,056 $ 808,109 $ 7,135 $ 1,734,299
Sidewalks
401 Pedestrian Bridge-GO Station 5~~23.0501 $ 9,150 $ $ 56,308 $ 26,050 91 ,508
Total-Sidewalk $ 9,150 $ $ 56,308 $ 26,050 91,508
Total Spent $ 1,050,940 $ 808,109 $ 56,308 $ 26,050 $293,514 $ 2,234,920
ACHMENT #..5:....ro KEPORT #D"::,d,J - i>}
091
Budget Amount
Year Proiect Number Terms Description of loan
Bv-law
2006 5220.0601.6157 4-yr Replacement Vehicles $ 80,000
06-2220-001-01 4.25% for Bylaw staff
Fire
2006 5340.0602.6157 4-yr First Response Vehicle 46,000
06-2240-001-03 4.25% Platoon Chief
Parks
2006 5780.0601.6157 4-yr One-Ton Dump 46,000
06-2718-002-01 4.25% Truck wlPower tail gate
5780.0607.6178 4-yr 1 Trackless Plow. 77 ,000
06-2718-004-03 4.25% Replaced by
2 Four-wheel Drive Utility
Tractors OES 37-06
Roads
2006 5320.0601.6157 4-yr Chev. 4 x4 wi 30,000
06-2320-001-02 4.25% Snow Plow
Community Centre
2006 5719.0605.6181 5-yr Replacement of 73,000
06-2719-005-02 4.50% Parking Lot-
Petticoat Creek
Comm Ctr
$ 352,000
Internal loans to be funded by Development Charges Reserve Fund, repayment commencing in 2007
ATi
&, '''0 REPORT #(::;'.;4.2-0.7
092.
Outstanding Principal Outstanding
Principal Repayment Principal Interest
(Jan 1) 2006 2006 2006
Loans Jan.1, 2006 Dec. 31,2006
$ $ $ $
Booked in 2001
Rosebank Road 508,131 (94,436) 413,695 (18,648)
Eastshore Community Ctr 440,945 (81,949) 358,996 (16,183)
Fire Tanker 89,770 (16,684) 73,086 (3,295)
1999 Roads Projects 527,894 (98,108) 429,786 (19,374)
1999 Streetlights 309,009 (194,256) 114,753 (11,831)
2000 Roads Projects 470,303 (87,406) 382,897 (17,260)
Aerial Truck 225,837 (41,971) 183,866 (8,288)
Library-Western Brandl 798,331 (148,369) 649,962 (29,299)
3,370,220 (763,179) 2,607,041 (124,178)
Booked in 2002
Fire Hall & Communication 18,402 (9,035) 9,367 (675)
Parks 116,573 (14,594) 101,979 (5,094)
Sidewalks 58,662 (7,344) 51,318 (2,564)
Storm Water Management 97,748 (15,067) 82,681 (5,259)
Streetlight 30,084 (3,766) 26,318 (1,315)
Arena & Recreation 41 ,365 (5,179) 36,186 (1,808)
Roads 521,192 (65,251) 455,941 (22,775)
884,026 (120,236) 763,790 (39,490)
Booked in 2003
Roads 83,938 (8,990) 74,948 (3,668)
Library 201,390 (21,570) 179,820 (8,801 )
Rec.Complex-Core 6,285 (673) 5,612 (275)
291,613 (31,233) 260,380 (12,744)
Booked in 2004
Parks 160,654 (14,952) 145,702 (7,020)
Roads 48,844 (11,559) 37,285 (1,793)
Streetlights 29,377 (2,734) 26,643 (1,284)
238,875 (29,245) 209,630 (10,097)
Booked in 2005
Roads 50,000 (9,281 ) 40,719 (1,865)
Library 172,000 (31,928) 140,072 (6,415)
Parks 65,000 (12,066) 52,934 (2,425)
287,000 (53,275) 233,725 (10,705)
Booked in 2006
By-Law 80,000
Fire 46,000
Parks 123,000
Roads 30,000
Community Centre 73,000
352,000
Total 5,071,734 (997,168) 4,426,566 (197,214)
t ..
Source of Funding Gen. Tax Levy Gen. Tax Levy
Annual Charges (Principal & Intere!;t) (1,194,382)