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HomeMy WebLinkAboutCS 30-09 I Cl 00 _ REPOR T TO PICKERING EXECUTIVE COMMITTEE 46 Report Number: CS 30-09 Date: September 14, 2009 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Cash Position Report as at June 30, 2009 Recommendation: That Report CS 30-09 from the Director, Corporate Services & Treasurer be received for information. Executive Summary: The cash position report summarizes cash inflows and outflows of the City for the six months ended June 30, 2009. Other schedules highlight the continuity of taxes receivable, outanding investments and development charges and other significant development contributions collected. Due in part to the global economic downturn, development charges collected are down by almost 95.0%, building permits issued are down by about 94.0% and the City's investment portfolio yields have dropped considerably, especially for the short term investments, compared to the same period last year. All this was taken into consideration when preparing the estimates for the 2009 Current Operating Budget. Overall, the City's cash position remains positive and cash balances and future revenues are set to meet cash requirements for the second half of 2009. Financial Implications: The cash position of the Corporation for six months ended June 30, 2009 was a net decrease in cash of $1,980,639 to $2,481,372. Sources of Funds totalled $128,449,541 and Uses of Funds totalled $130,430,180. Sustainability Implications: This report does not contain any sustainability implications. Background: This report presents a six-month period of activity ending June 30, 2009. The discussion below describes the purpose and the information contained in each of the attached schedules. Report CS 30-09 Date: September 14, 2009 Subject: Cash Position Report as at June 30, 2009 Page 2 47 Statement of Cash Position: Attachment 1 reflects the sources and uses of funds for the first half of 2009. 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 $1,980,639 over the first six months. The 2009 mid-year balance is approximately comparable to 2008. However, year to year periodical comparisons may not be useful due to timing of receipts and disbursements. Continuity of Taxes Receivable: Attachment 2 summarizes the tax related transactions from January 1 to June 30, 2009 and provides the outstanding taxes receivable as at June 30, 2009. 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 $41.3 million is approximately 29.7% of the $139.0 million total taxes billed as at June 30, 2009. This is not comparable to prior years as the due date was previously in early July and it was June 26 in 2009. Again, the timing of billing and receipts at the time of reporting affects the result of taxes receivable. Of the total outstanding $51.5 miilion taxes receivable, $41.3 million or 80.2% are from the current year and $10.2 million or 19.8% are from prior years. As compared to same period last year, year to date's prior years receivable is up by about $1.1 million. 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, 2009. Investments vary within every year depending on the timing of the collection and remittance of development charges and supplementary taxes. Total investment portfolio as at June 30, 2009 is $75.1 million with $3.2 million coming from internal loans and $71.9 million from general investments, an increase of about 35.7% from the same period last year. 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 $247,928, 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 2009 is approximately $4.6 million or 94.9% lower than the amount collected over the same period in 2008. Other Development Contributions: Attachment 5 is provided to show other significant development contributions that have been received. Report CS 30-09 Date: September 14, 2009 Subject: Cash Position Report as at June 30, 2009 Page 3 48 Multi year Receipts: The balance of the tables shows multi year receipts. The first half of 2009 total collections of the City portion of development charges are down by almost 95.0% over the same period last year and the lowest over the same period from 2003. This is consistent with the 176 Building Permits issued this-year compared to 383 issued over the same period last year, a decrease of 54.0%. 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 - 2009 7. City Portion of Development Charges Collected 2003 - 2009 (Semi-annual) 8. City Portion of Development Charges Collected 1991-2009 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 Co K lxelAv T m s J. Qui n, D , C Chief Administr ve Officer ATTACHMENT#TO REPORT #-LLY3 City of Pickering Cash Position Statement for six months ending June 30, 2008 9 Sources of Funds: Accounts Receivable collected $ 1,494,672 Development charges collected 247,928 Operating 17,092,816 Grants-in-lieu: Federal 845,722 Provincial 1,056,175 Ontario enterprises 3,743,730 Municipal enterprises 670,126 Linear Properties - Federal specific grants 17,146 Ontario specific grants 83,233 Interest Income 168,815 Sale of land - Tax payments received 103,019,346 POA Revenue 9,832 Total $ 128,449,541 Use of Funds: Operating and Capital Expenditures $ 33,044,081 Payroll 17,158,707. Region Levy 58,274,809 Regional portion of Dev. Charges 118,756 School Board Levies 20,935,380 School Board portion of Dev. Charges 12,950 Debenture payment to Region 885,497 Total $ 130,430,180 Net Cash Increase (Decrease) $ (1,980,639 i FINANCIAL POSITION Bank Balance Net Cash Bank Balance January 1, 2009 Provided (Used) June 30, 2009 Current Fund $ 4,462,011 $ (1,980,639) $ 2,481,372 TOTAL $ 4,462,011 Is 1,980,639 $ 2,481,372 Note: Includes City, Region and School Boards Cash Position June 2009NET CHANGES 5 0 ATTACHMENT# 2 TO. REPORT # CS 30-01 O Q O O f- ~t Lo O M N CO m 00 e! J 00 e I _ •G O ~ oM0 M N N~ N M W co ~ N C I- (D V) 00 (n 0 (n N of m 0* U U,) to co (A 1,- Il- (o t- lq p M N ' M O N M N 11) d V N (Cl xW 0 ~ Q 7 rn ' ~ ~ V C 'C M O OD 00 I~ M U•) OF N 00 C r 00 N (o O O N CA C7 M co N R C Il- CF) O M Il- IT V O (0 Lo 0 (1) 0 C V) d r- Ch r (O 1~i d• O r- Cn W c . 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O? p a ? ao N O N 0) m N N T U D ' W F- U W J J O Z co m J O m cu a) aQi n m c ~ LL Q 3 O Q ATTACHMENT# S TO REPORT # LS 30'01 53 c O U a~ D O L O rn 0 0 N N rn C C O O O ~ ~ c Y 7 N O L O o ~ U U ~ c E ~ . Q o N 0 o t x O L 0 c Y tv 0 a~ J c W J z L Z O ' m V Z O O U CS 5 4 ATTACHMENT #„-LTO REPORT # CS 30 N ~--i y O a c~~.1 w N N W O 00 z ~M~1 N ~ W V~ O N N W N I'D ~ o I N O O w O O N WJ O O O N N o N • N O O N O O N O O O N 1 -4 O O O O O O O O O O O O O O O O O O O O O NCO O ~fi O Vi O Ui O O O O G1 00 00 1~ t~ ~O ~C. 1n l() M M N N ATTACHMENT #--~-TO REPORT #-LS- 3O -v _ 55 0 C N + o W N ~L/ N . S N r~ O'~ N N O ~ I N s ° ' \ N p ~~o 4-j I~ ~ N .C O N O O O O O O O O O O O O O ° O O O O O O O O O O O O O O O O O O O ~ O ~ O M N N --i --i 5 6 ATTACHMENT #J-'TO, REPORT #-C-5- 30"~Q i V <°o v ~if 9°or o pz p~ z °°z z o °°z Q1 l 4~ r--~ X66 l O r-~ 66f 61 6l l6 6l o' 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o v~ o kn o kn o to