HomeMy WebLinkAboutCS 07-09
City o~
REPORT TO
PICKER! EXECUTIVE COMMITTEE
Report Number: CS 0m9 3 5
Date: April 14, 2009
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: Cash Position Report as at December 31, 2008
Recommendation:
That Report CS 07-09 from the Director, Corporate Services & Treasurer regarding the
Cash Position of the City as at December 31, 2008 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
December 31, 2008.
In summary, our receipt of funds and payments, other than timing differences, are in line
with the 2008 budget and the 2007 actual cash flows. Tax arrears are up slightly over
2007. The City's investment portfolio remains well balanced although yields dropped
considerably in the last 6 months, especially for the short term investments (Current
Operating Fund). The City ended the year in a slightly larger cash position (up $1.2
million or 38%) due mainly to a slightly higher level of taxes billed prior to bills being
paid.
Financial Implications: The cash position of the Corporation for six months ended
December 31, 2008 was a net decrease in cash of $3,556,161 to $4,409,725. Sources
of Funds totalled $119,522,551 and Uses of Funds totalled $123,078,712.
Sustainability Implications: This report does not contain any sustainability
implications.
Background: This report presents a six-month period of activity ending December
31, 2008. The discussion below describes the purpose and the information contained in
each of the attached schedules.
Report CS 07-09 Date: April 14, 2009
Subject: Cash Position Report as at December 31, 2008 Page 2
6
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Statement of Cash Position: Attachment 1 reflects the sources and uses of funds for
the second half of 2008. 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 $3,556,161 over the
last six months with subcategories identifying the sources and uses of funds. The 2008
year end balance is approximately $1.2 million more than 2007. However, year to year
periodical comparisons may not be useful due to timing of receipts and disbursements.
Year end cash balances and future revenues are set to meet the cash flow
requirements early in the following year.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related
transactions from July 1 to December 31, 2008 and provides the outstanding taxes
receivable as at December 31, 2008. 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 $7.0 million is approximately 4.4% (2007 - 4.3%,
2006 - 4.2%) of the $159.0 million total taxes billed as at December 31, 2008. The
outstanding balance of $14.7 million is approximately 9.2% (2007 - 8.7%, 2006 - 8.2%)
of the $159.0 million total taxes billed in 2008.
Outstanding Investments: Attachment 3 reflects the short-term and long-term
investments for both Current and Reserve Funds outstanding as at December 31,
2008. There has been a 36.0% increase in total investments from $46.9 million last
year to $63.8 million this year most of it from short term investments of excess funds
that are on hand due to timing of collection and remittance of development charges and
supplementary taxes. Total investment portfolio as at December 31, 2008 is $67.0
million with $3.2 million coming from internal loans and $63.8 million from general
investments.
Development Charges 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 $958,816 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
amount mentioned above. 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.
Report CS 07-09 Date: April 14, 2009
Subject: Cash Position Report as at December 31, 2008 Page 3 37
Multi Year Receipts: The balance of the tables shows multi year receipts. The
collections of the City portion of development charges have increased by 57.6% or
$884,909 from $1,537,367 in 2007 to $2,422,276 in 2008. However, amounts collected
for the second half of 2008 decreased by about 40.0% compared to the same period
last year.
The 653 building permits issued during 2008 is a slight increase over the 590 issued in
2007. This increase was evident during the first half of 2008 but started to decline
during the second half as compared to the same period in 2007.
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. Building Permits Issued 2000 - 2008
7. City Portion of Development Charges Collected 1991-2008
Prepared By: Approved / Endorsed By:
Dennis P. Arboleda Gillis A. Paterson
Supervisor, Accounting Services Director, Corporate Services & Treasurer
:da
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
Thomas . Quinn, MR., C III
Chief Administrative Officer
f=,TTACHMEN-f #TO REPORT #.x.07 _vq
City of Pickering
38 Cash Position Statement
for six months ending December 31, 2008
Sources of Funds:
Accounts Receivable collected $ 620,057
Development charges collected 958,816
Operating 26,198,266
Grants-in-lieu:
Federal 2,050,581
Provincial 662,746
Ontario enterprises 4,168,146
Municipal enterprises 4,606,752
Linear Properties 504,875
Federal specific grants 17,248
Ontario specific grants 217,039
Interest Income 636,737
Sale of land -
Tax payments received 78,800,563
POA Revenue 80,725
Total $ 119,522,551
Use of Funds:
Operating and Capital Expenditures $ 38,257,991
Payroll 18,096,937
Region Levy 43,641,717
Regional portion of Dev. Charges 1,436,720
School Board Levies 20,867,066
School Board portion of Dev. Charges 151,515
Debenture payment to Region 626,765
Total $ 123,078,712
Net Cash Increase (Decrease) $ 3,556,161
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
Jul 1, 2008 Provided Used December 31, 2008
Current Fund $ 7,965,886 $ (3,556,161) $ 4,409,725
TOTAL $ 7,965,886 $ 3,556,161 $ 4,409,725
Note: Includes City, Region and School Boards
Cash Position Dec 2008NET CHANGES
ATTACHMENT C REPORT # ,
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