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HomeMy WebLinkAboutCS 39-07 REPORT TO EXECUTIVE COMMITTEE Report Number: CS 39-07 Date: September 10, 2007 23 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at June 30, 2007 Recommendation: That Report CS 39-07 of the Director, Corporate Services & Treasurer regarding Cash Position as at June 30,2007 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 six months ended June 30,2007. Financial Implications: The cash position of the Corporation for six months ended June 30, 2007 was a net increase in cash of $5,451,917 to $8,256,520. Sources of Funds totalled $101,697,013 and Uses of Funds totalled $96,245,095. Sustainability Implications: sustainability. This report contains no information in regards to Background: This report presents a six-month period of activity ending June 30, 2007. 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 half of 2007. 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 increase in cash of $5,451,917 over the first six months. The 2007 mid-year balance is approximately $4,377,000 more than 2006. However, year to year periodical comparisons may not be useful due to timing of receipts and disbursements. Mid-year cash balances and future revenues are set to meet the cash requirements for the second half of 2007. The positive net cash balance shows the City is in a sound financial position vis-a vis the 2007 budget. Report CS 39-07 Date: September 10, 2007 . Cash Position Report as at June 30,2007 2~ Page 2 Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions from January 1 to June 30, 2007 and provides the outstanding taxes receivable as at June 30, 2007. This balance represents all three levels of taxes billed, such as City, Region and School Boards. This has increased over the past several years but may vary where due dates and amounts for supplementary billings change from year to year. Current year's taxes receivable of $56.0 million is approximately 43.7% of the $128.2 million total taxes billed as at June 30, 2007. This percentage is comparatively high as a large portion of the current year's taxes due on July 11, 2007 are reported as outstanding as at June 30, 2007. Of the total outstanding $63.9 million taxes receivable, $56.0 million or 87.6% are from the current year and $7.9 million or 12.4% are from prior years. The prior years' receivable has increased over the years as municipal budgetary requirements have translated into higher taxes billed which in turn resulted to an increase in property taxes receivable. Outstandino 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, 2007. There has been a steady increase in investments over the past few years primarily as a result of funds that are on hand due to pending assessment appeals and the timing of the collection and remittance of development charges and supplementary taxes. Total investment portfolio as at June 30, 2007 is $53.8 million with $4.8 million coming from internal loans and $49.0 million from general investments. Development Charoes 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 $1,686,928 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. Development charges collected in the first six months of 2007 is approximately $463,000 higher than the amount collected over the same period in 2006. Other Development Contributions: Attachment 5 is provided to show other significant development contributions that have been received. The balance of the tables shows multi year receipts. The first half of 2007 collections of the City portion of development charges are up over the same period from 2003 to 2006. However, the 287 building permits issued for the first six months up to June 30, 2007 is almost the same with the 291 permits issued during the same period last year. Report CS 39-07 Date: September 10, 2007 Cash Position Report as at June 30, 2007 Page 3 25 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 - 2007 7. Building Permits Issued 2000 - 2007 8. City Portion of Development Charges Collected 1991-2007 Prepared By: Approved I Endorsed By: ~r'.~ Dennis P. Arboleda Supervisor, Accounting Services ~ ....~~~. Gillis A. Paterson Director, Corporate Services & Treasurer GAP:vw Attachments Copy: Chief Administrative Officer Recommended for the consideration of Pickering Cit ncil " 07 26 ATTACHMENT#-L. TO REPORT#..c.s:.31' tJ7 City of Pickering Cash Position Statement for six months ending June 30, 2007 Sources of Funds: Accounts Receivable collected $ 687,788 Development charges collected 1,686,928 Operating 13,468,555 Grants-in-lieu: Federal 772,074 Provincial 513,535 Ontario enterprises 3,587,689 Municipal enterprises 599,703 Linear Properties 331,646 Federal specific grants 4,248 Ontario specific grants 1,421,301 Interest Income 1,557,751 Sale of land - Tax payments received 77,055,200 POA Revenue 10,595 Total $ 101,697,013 Use of Funds: Operating and Capital Expenditures $ 21,625,762 Payroll 14,537,463 Region Levy 37,404,110 Regional portion of Dev. Charges 860,970 School Board Levies 20,731,217 School Board portion of Dev. Charges 75,163 Debenture payment to Region 1,010,411 APT A Funding - Total $ 96,245,096 Net Cash Increase (Decrease) $ 5,451,917 FINANCIAL POSITION Bank Balance Net Cash Bank Balance January 1, 2007 Provided (Used) June 30, 2007 Current Fund $ 2,804,603 $ 5,451,917 $ 8,256,520 TOTAL $ 2,804,603 $ 5,451,917 $ 8,256,520 Note: Includes City, Region and School Boards C'I .!!! l"- e: .a 0 "i: C'CS 0 ~ > N U "ii) 0 a: u ('I) CI) CI) - a: e: 0 VI :::J >- CI) .., :!:: >< C'I 0 C'CS ~ e: - "C 0 e: >- CI) :!:: VI :::J .c e: - :;:: e: 0 e: E 0 0 >< '0 ... 0 - ATTACHMENT #4- TOREPORT#.L5 3t{-() 7 C\l Ol C') C\l Ol 0 ,... co C\l C\l V Ol C') Ol C\l CXl 0 Q ...... Q) 0 co Ol CXl ...... q ,... C\J.. co Q :s Ol- C') cr) cD U'i l!) C\l- co M 0 ra CXl 0 ,... C') CXl co C\l ...... Q) > Ol ,... l!) C') "l C\l 0 C\l CIO (') 'Qj (,It U'i cr) ,... C\l- M c u l!) co ::I Q) "") a: '0 - ---- mcYl roco mm c;;- UI ,... CXl C ... co ,... ...... ...... v ,... 0 CXl Q) ell C CXl q co v ,... CXl l!) ...... .... 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