HomeMy WebLinkAboutCS 35-10
Ci 209 3
Report To
PICKERING Executive Committee
Report Number: CS 35-10
Date: September 7, 2010
From: Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject: Cash Position Report as at June 30, 2010
Recommendation:
It is recommended that Report CS 35-10 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, building permits issued and other development contribution information for
the six months ended June 30, 2010.
In summary, our mid-year 2010 operational results are relatively better compared to the
same period results last year. But the lingering effects of the recent slowdown in the
general economic activity still impact our operations. Summary results of operations for
the first six months of 2010 are as follows:
• Net increase in cash of $6.8M from 8.OM to $14.8M
• Increase in tax arrears by about 3.3% over the same period in 2009
• Increase by 650% in development charges collected compared to the
same period in 2009
• Increase by 75% in building permits issued over the same period in 2009.
The City's investment portfolio remains well balanced with yields starting to rise
especially onrshort term investments (Current Operating Fund).
Financial Implications: The cash position of the Corporation for the six months
ended June 30, 2010 was a net increase in cash of $6,811,060 to $14,841,615.
Sources of Funds totalled $139,832,368 and Uses of Funds totalled $133,021,308
excluding post dated payments of $17,162,433 issued to the Region for tax levy and
debendures due in July 2010.
Report CS 35-10 Date: September 7, 2010
Subject: Cash Position Report as at June 30, 2010 Page 2 294
The net cash balance shows the City is in a sound financial position to meet the
requirements for the remainder of 2010.
Sustainability Implications: This report does not contain any sustainability
implications.
Background: This report presents a six-month period of activity ending June 30,
2010. 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 2010. 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 $6,811,060 over the
first six months of the year. This excludes the post dated payments to the Region
mentioned under the Financial Implications section of this report. Year to year
periodical comparisons however may not be useful due to timing of receipts and
disbursements.
The majority of the increase is attributable to higher tax revenues and development
charges for the City, Region and School Board.
Continuity of Taxes Receivable: Attachment 2 summarizes the tax related
transactions from January 1 to June 30, 2010 and provides the outstanding taxes
receivable as at June 30, 2010. This balance represents all three levels of taxes billed
for the 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.
Summary of taxes receivables are as follows:
Current Year as at June 30, 2010:
• Taxes billed: $142.1 M
• Taxes receivable: $41.5M (29.2% of taxes billed)
• Taxes paid: $100.5M (70.7% of taxes billed)
All years as at June 30, 2010:
• Total taxes outstanding: $53.3M
• Current year outstanding: $41.51% (77.9% of total outstanding)
• Prior years outstanding: $11.8M (22.1 % of total outstanding)
• The large outstanding amount as of June 30 is attributable to the
June 28 due date for property taxes
Report CS 35-10 Date: September 7, 2010
Subject: Cash Position Report as at June 30, 2010 Page 3
995
The timing of billing and receipts at the time of reporting affects the result of taxes
receivable. As compared to same period last year, year to date's receivable is up by
about $1.7 million.
Outstanding Investments: Attachment 3 reflects the short-term and long-term
investments for both the Current and Reserve Funds as at June 30, 2010. Investments
vary year over year depending on the timing of the collection and remittance of
development charges and supplementary taxes. Total investment portfolio as at June
30, 2010 is $79.5 million with $2.3 million coming from internal loans and $77.2 million
from general investments. An increase of about 5.9% or $4.41VI on total investments
from the same period last year.
Total Development Charges Collected (City, Region and School Boards):
Attachment 4 indicates the total development charges collected 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 $2,422,350 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.
The total development charges collected in the first six months of 2010 is $2.4 million.
This is an 860.0% improvement compared to the $0.25M collected over the same
period in 2009.
Multi Year Comparison (Development Charges and Building Permits): The balance
of the tables shows multi year receipts. The first half of 2010 total collections for the
City's portion of development charges are up by almost 652.0% over the same period
last year. This is consistent with the 308 Building Permits issued during the first of this
year compared to 176 issued over the same period last year, an increase of 75.0%.
Other Development Contributions: Attachment 7 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. City Portion of Development Charges Collected 2003 - 2010 (Semi-annual)
6. Building Permits Issued 2000 - 2010
7. Other Development Contributions
Report CS 35-10 Date: September 7, 2010
Subject: Cash Position Report as at June 30, 2010 Page 4 2 9 6
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
Pickerin ou
Tony Prevedel, P.Eng.
Chief Administrative Officer
i
ATTACHMENT #I-TO REPORT# y 3S 10
297 City of Pickering
Cash Position Statement
for six months ending June 30, 2010
Sources of Funds:
Accounts Receivable collected $ 1,491,393
Development charges collected' 2,422,350
Operating 22,646,186
Grants-in-lieu:
Federal 1,115, 394
Provincial 292,312
Ontario enterprises 3,922,132
Municipal enterprises 754,321
Linear Properties -
Federal specific grants 20,654
Ontario specific grants 51,506
Interest Income 51,268
Sale of land 95,589
Tax payments received' 106,965,988
POA Revenue 3,275
Total $ 139,832,368
Use of Funds:
Operating and Capital Expenditures $ 49,094,413
Payroll 17, 795,257
Region Levy2 43,891,365
Regional portion of Dev. Charges 818,774
School Board Levies 20,900,709
School Board portion of Dev. Charges 58,920
Debenture payment to Region2 461,871
Total $ 133,021,308
Net Cash Increase (Decrease) $ 6,811,060
FINANCIAL POSITION
Bank Balance Net Cash Bank Balance
January 1, 2010 Provided Used June 30, 2009
Current Fund $ 8,030,555 $ 6,811,060 $ 14,841,615
TOTAL $ 8,030,555 $ 6,811,060 $ 14,841,615
Note: ' Includes City, Region and School Boards
2 Excludes post dated payments issued to the Region
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