HomeMy WebLinkAboutFND-012-17Finance Department
Report
If this information is required in an alternate accessible format, please contact the Accessibility
Coordinator at 905-623-3379 ext. 2131.
Report To: General Government Committee
Date of Meeting: September 5, 2017
Report Number: FND-012-17 Resolution:
File Number: By-law Number:
Report Subject: Financial Update as at June 30, 2017
Recommendations:
1.That Report FND-012-17 be received for information.
Municipality of Clarington
Report FND-012-17 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variance as of June 30,
2017. Additional financial indicators are included in this report such as taxes receivable,
reserve fund investments, debt and development charges collected.
1. Background
The financial update report has been designed to focus on overall budget variance.
2. Second Quarter of 2017 Results
2.1 Attachment 1, Summary of Operating Expenditures and Revenues, compares the
Municipality’s budget to actual posted transactions as of June 30, 2017. This statement
reflects the Municipality’s operating budget only and excludes year to date financial
activities for the library, museum, BIAS and consolidated hall boards. Year to date
expenditures as of June 30, 2017 totalled $46,331,266 which represents 99.6% of the
budget as of the end of the second quarter. Year to date revenues totalled $65,009,048
which represents 102.9% of budget as of the end of the second quarter.
2.2 Attachment 1 is intended to provide an indication of the status of the Municipality’s
operating accounts compared to the approved budget as of June 30, 2017. Many of the
departments have seasonal trends in their activities such as Community Services and
Operations. Other departments activities, timing and/or amount, can vary from one year
to the next such as Planning and Legal Services. To best capture the trends in the
activities, the budget is allocated monthly based on the prior year’s actual monthly
distribution. In cases where there is no prior history easily obtainable, the monthly
allocation is divided equally over the twelve months. Due to the timing differences that
occured throughout the accounts, this statement cannot be used in isolation.
2.3 As of June 30, 2017, the operating budget is on target. Revenues exceed the
expenditures. The positive net position is higher than budgeted at 112%. Monthly trial
balance reports are sent to each department for regular review. Revenues and
expenditures that have a variance either above or below that are noteworthly are
discussed in this report.
2.4 The Administrator’s Office went through some changes in 2016. The Clarington Board of
Trade was transferred from Unclassified Administration. Both Communications and
Tourism were transferred from Corporate Services. For a fair comparison, the 2016
activities of these areas is shown under the Administrator’s Office section of the report.
Municipality of Clarington
Report FND-012-17 Page 3
The expenditures for these areas is broken out in Attachment 1 for clarity.
Communication and Tourism revenues have been allocated equally over the 12 months.
As of June 30, 2017 the Administrator’s net expenditures are at 90.1%. Higher revenues
are due to advertising revenues mostly in tourism. As well there has been higher Port
Granby revenues and expenditures.
2.5 The Legal net expenditures are at 79.8% as of June 30, 2016. This is due to higher than
budgeted revenues relating to development fees. Overall, Legal revenues are at 105.6%
of the total 2017 budget.
2.6 The Clerk’s department net expenditures are 92.5% of the end of their second quarter
budget. Revenues are higher than budgeted as of June 30th due to higher parking
revenues and increased Bowmanville cemetery plot sales. Animal licences are on target
at 87.8% of the second quarter budget.
2.7 Emergency Fire Services net expenditures are at 97.6% as of the end of June 2017. The
higher revenues are due to charges to Ontario Power Generation as per the
Memorandum of Understanding. Overall the expendiutres are on budget as of June 30,
2017. However, wages are higher due in part to the the extra effort with the flooding.
Other expenditures are lower than budgeted but this would be due to timing differences
from year to year.
2.8 Engineering net expenditures are at 91.5% as of June 30, 2017 budget. Revenues are
higher due to inspection fees and building permits. At the end of the second quarter
building permit revenues were at $933,352 or 62.7% of the total 2017 budgeted amount.
The higher expenditures can be attributed mainly to the corresponding transfer of
inspection fees to the reserve fund in the amount of $273,375. Other operating
expenditures are below budget in part are due to timing differences of some expenditues
from year to year.
2.9 Operations net expenditures are at 102.8% of the budget as of June 30, 2017. Operating
expenditures are higher than budgeted due to the staff costs of assisting with the flooding
that occurred starting in spring at various locations throughout the municipality. Other
factors are higher than budgeted expenditures in radio costs, tree contracts, street
lighting. This has been mitigated by some expenditues that are below the second quarter
budget such as grass cutting due to the timing of invoices.
2.10 Community Services net expenditures at 93.9% at the end of the second quarter budget.
This is due in part to the higher revenues in aquatics, fitness and active adults programs.
Municipality of Clarington
Report FND-012-17 Page 4
2.11 Planning Services net expenditures are at 76.7% of the second quarter budget. This is
due to the significantly higher than budgeted revenues. As of June 30, 2017 the
revenues were at 238% of the second quarter budget or at 97.5% of the total 2017
budget. In particular, fees for subdivision, site plans and condo applications have
exceeded their total annual budget.
2.12 Attachment 2, Continuity of Taxes Receivable for the six months ending June 30, 2017
provides the status of the taxes billed and collected by the Municipality during this time.
A total of $40,180,104 in interim tax bills and $35,829,853 in final tax bills were issued to
property owners in the Municipality during the second quarter. At the end of June 2017,
at total of $11,377,026 remains unpaid compared to June 2016 taxes receivable of
$10,859,692. The net balance is $517,334 higher or 4.8% higher than the previous year
at this time. Collection efforts continue to control the balance of taxes outstanding.
2.13 Attachment 3, Investments Outstanding as of June 30, 2017 provides the status of the
Municipality’s general, capital and reserve fund investment holdings as of the end of the
second quarter in 2017. The Municipality as of June 30, 2017 holds $10,083,257.99 in
general fund investments, $0 in capital fund investments, $9,520,810.70 in Development
Charge reserve fund investments, and $47,740,315.74 in reserve fund investments.
Investments held in the Municipality’s portfolio are assessed on a ongoing basis to
ensure they meet the requirements of Section 418 of the Ontario Municipal Act, Ontario
Regulation 438/97 and the Municipality’s investment policy. Clarington investments are
very conservative in nature and only high quality investments are chosen as per the
investment policy.
2.14 Attachment 4, Debenture Repayment Schedule provides the status of the Municipality’s
long term debt obligations as of January 1, 2017. The Municipality has approximately
$20,283,942.62 in outstanding debt as of January 1, 2017. The debenture for the
Rickard Recreation Comples (RRC) and the Municipal Administrative Centre (MAC)
improvements have not been issued yet by the Region so the associated repayment plan
is an estimate. In 2017, the debt repayment obligations as per the current debt are
$4,000,814.66 which includes the estimated figures for RRC and MAC. The annual
principal and interest payments required to service these liabilities continue to be well
within the annual debt repayment limits prescibed by the Ministry of Municipal Affairs and
Housing.
2.15 Attachment 5, Municipal Development Charges as of June 30, 2017 provides the
Municipal Development Charges collected separated into residential and non-residential.
A the end of the second quarter Residential Municipal development Charges collected
are $4,879,223. In the 2015 Development charges Background Study, it is forcasted that
the Municipality would be collecting approximately 768 residential units in total for 2017 or
Municipality of Clarington
Report FND-012-17 Page 5
about 192 units per quarter. For 2017 budget considerations, the figure of 650 units (325
for half year) was used for the year. At the end of June 2017, there were 357 units.
Compared to the same period of the previous year there was a 37.9% decrease in the
development charges collected and a 52.1% decrease in the number of units.
Development charges are for the most part on target as of June 30, 2017. It should be
noted that 2016 was an exceptional year for development charges.
2.16 As of June 30, 2017, Non-Residential Municipal Development Charges collected are
$599,601.37. Compared to the same period last year there was a 1017.4% increase in
the non-residential development charges collected. Non-residential development
charges are based on the area in square metres rather than a per unit cost so it can be
expected to have significant variance from one year to another.
2.17 In the 2015 Development Charges By-law 2015-035, there are a number of incentives to
encourage development in Clarington. As of June 30, 2017 a total of $603,876.87 in
incentives have been given to eleven (11) properties. To date, there has been one (1)
residential development of $413,822.26. The remaining $190,054.61 has been given to
non-residential development.
3. Concurrence
Not Applicable
4. Conclusion
It is respectfully recommended that the second quarter of 2017 financial update report be
received for information.
5. Strategic Plan Application
The recommendations contained in this report conform to the Strategic Plan.
Submitted by: Reviewed by:
Nancy Taylor, BBA, CPA, CA, Andrew C. Allison, B. Comm, LL.B
Director of Finance/Treasurer CAO
Municipality of Clarington
Report FND-012-17 Page 6
Staff Contact: Catherine Carr, Manager of Internal Audit, 905-623-3379 ext 2606 or
ccarr@clarington.net
There are no interested parties to be notified of Council's decision.
Attachment 1 – Summary of Operation Revenues and Expenditures
Attachment 2 – Continuity of Taxes Receivable
Attachment 3 – Investments Outstanding
Attachment 4 – Debenture Repayment Schedule
Attachment 5 – Municipal Development Charges
NT/CC/hjl
The Municipality of Clarington
Summary of Operating Expenditures and Revenues for the Six Months ending June 30, 2017
Attachment 1
for FND-012-17
2017 Budget
YTD 2017 Actual YTD 2017 YTD
Unexpended $
2017 YTD
Expended
%
2016 Budget
YTD
2016 Actual
YTD
2016 YTD
Unexpended
$
2017 Total
Budget
2017 % of
Annual Budget
Spent
05 Non-departmental Accounts
Municipal Taxation (52,776,136)(52,812,529)36,393 100.1%(55,071,309)(55,387,036)315,727 (59,340,165)89.0%
Other Revenue (1,042,530)(1,109,097)66,567 106.4%(1,053,900)(1,079,657)25,757 (1,659,469)66.8%
Contributions (4,326,565)(4,497,651)171,086 104.0%(5,839,274)(5,548,796)(290,478)(6,120,518)73.5%
Revenue/Taxation/Contributions (58,145,231)(58,419,277)274,046 100.5%(61,964,483)(62,015,489)51,006 (67,120,152)87.0%
59 BIA Taxation
BIA Taxes 0 0 0 (199,200)(199,200)0 (203,300)0.0%
BIA Payments 203,300 203,300 0 100.0%199,200 199,200 0 203,300 100.0%
Net Expenditures 203,300 203,300 0 100.0%0 0 0 0
10 Mayor and Council
Net Expenditures 442,153 434,369 7,784 98.2%470,015 448,741 21,274 879,297 49.4%
13 Administrator's Office
Revenue/Recoveries (92,540)(170,876)78,336 184.7%(66,504)(210,704)144,200 (165,500)103.2%
Board of Trade 330,000 330,000 0 100.0%225,000 225,000 0 330,000 100.0%
Operating Expenditures (includes Port Granby)281,499 311,359 (29,860)110.6%349,049 395,317 (46,268)633,010 49.2%
Communications & Tourism 575,316 515,076 60,240 89.5%559,165 571,805 (12,640)1,141,602 45.1%
Expenditures 1,186,815 1,156,435 30,380 97.4%1,133,214 1,192,122 (58,908)2,104,612 54.9%
Net Expenditures 1,094,275 985,559 108,716 90.1%1,066,710 981,418 85,292 1,939,112 50.8%
14 Legal Administration
Revenue/Recoveries (25,576)(72,874)47,298 284.9%(40,443)(39,208)(1,235)(69,000)105.6%
Expenditures 209,263 219,437 (10,174)104.9%209,253 212,114 (2,861)417,242 52.6%
Net Expenditures 183,687 146,563 37,124 79.8%168,810 172,906 (4,096)348,242 42.1%
16 Corporate Services
Revenue/Recoveries (19)(8)(11)42.1%(6)(1,229)1,223 (3,000)0.3%
Expenditures 2,638,402 2,555,581 82,821 96.9%2,279,125 2,277,756 1,369 4,264,170 59.9%
Net Expenditures 2,638,383 2,555,573 82,810 96.9%2,279,119 2,276,527 2,592 4,261,170 60.0%
19 Clerk's
Revenue/Recoveries (282,336)(391,813)109,477 138.8%(323,912)(414,787)90,875 (685,900)57.1%
Expenditures 1,621,963 1,631,550 (9,587)100.6%1,560,974 1,634,778 (73,804)3,183,373 51.3%
Net Expenditures 1,339,627 1,239,737 99,890 92.5%1,237,062 1,219,991 17,071 2,497,473 49.6%
21 Finance & Unclassified Administration
Revenue/Recoveries (685,490)(758,967)73,477 110.7%(674,031)(700,156)26,125 (1,552,000)48.9%
Operating Expenditures 1,293,895 1,221,108 72,787 94.4%1,227,501 1,226,532 969 2,513,141 48.6%
Unclassified Administration 2,083,693 2,041,336 42,357 98.0%1,636,768 1,742,221 (105,453)3,146,536 64.9%
Expenditures 3,377,588 3,262,444 115,144 96.6%2,864,269 2,968,753 (104,484)5,659,677 57.6%
Net Expenditures 2,692,098 2,503,477 188,621 93.0%2,190,238 2,268,597 (78,359)4,107,677 60.9%
The Municipality of Clarington
Summary of Operating Expenditures and Revenues for the Six Months ending June 30, 2017
Attachment 1
for FND-012-17
2017 Budget
YTD 2017 Actual YTD 2017 YTD
Unexpended $
2017 YTD
Expended
%
2016 Budget
YTD
2016 Actual
YTD
2016 YTD
Unexpended
$
2017 Total
Budget
2017 % of
Annual Budget
Spent
28 Emergency Services - Fire
Revenue/Recoveries (30,443)(195,748)165,305 643.0%(29,094)(106,809)77,715 (85,000)230.3%
Expenditures 6,385,306 6,396,235 (10,929)100.2%6,168,962 6,073,717 95,245 12,112,470 52.8%
Net Expenditures 6,354,863 6,200,487 154,376 97.6%6,139,868 5,966,908 172,960 12,027,470 51.6%
32 Engineering Services
Revenue/Recoveries (745,859)(1,270,757)524,898 170.4%(542,829)(1,647,654)1,104,825 (1,550,700)81.9%
Debenture Payment 450,792 451,137 (345)100.1%442,539 442,539 0 534,407 84.4%
Operating Expenditures 4,818,020 4,959,299 (141,279)102.9%4,614,468 4,749,113 (134,645)6,919,358 71.7%
Expenditures 5,268,812 5,410,436 (141,624)102.7%5,057,007 5,191,652 (134,645)7,453,765 72.6%
Net Expenditures 4,522,953 4,139,679 383,274 91.5%4,514,178 3,543,998 970,180 5,903,065 70.1%
36 Operations
Revenue/Recoveries (296,847)(311,432)14,585 104.9%(264,065)(433,624)169,559 (684,800)45.5%
Operating Expenditures 8,733,921 9,364,939 (631,018)107.2%8,448,772 8,136,337 312,435 16,486,059 56.8%
Fleet & Debenture Payments 845,015 489,736 355,279 58.0%731,904 360,430 371,474 1,205,586 40.6%
Expenditures 9,578,936 9,854,675 (275,739)102.9%9,180,676 8,496,767 683,909 17,691,645 55.7%
Net Expenditures 9,282,089 9,543,243 (261,154)102.8%8,916,611 8,063,143 853,468 17,006,845 56.1%
42 Community Services
Revenue/Recoveries (2,651,605)(2,835,360)183,755 106.9%(2,562,208)(2,636,718)74,510 (4,875,365)58.2%
Operating Expenditures 5,890,377 5,754,265 136,112 97.7%5,628,364 5,618,773 9,591 11,421,127 50.4%
Debenture Payments 3,030,595 2,966,414 64,181 97.9%2,933,102 2,933,102 0 3,177,849 93.3%
Annual Grant & Sponsorships 95,000 92,750 2,250 97.6%113,800 97,500 16,300 95,000 97.6%
Expenditures 9,015,972 8,813,429 202,543 97.8%8,675,266 8,649,375 25,891 14,693,976 60.0%
Net Expenditures 6,364,367 5,978,069 386,298 93.9%6,113,058 6,012,657 100,401 9,818,611 60.9%
50 Planning Services
Revenue/Recoveries (244,509)(581,936)337,427 238.0%(166,332)(204,767)38,435 (596,675)97.5%
Expenditures 2,523,600 2,330,923 192,677 92.4%2,557,673 2,331,895 225,778 4,843,688 48.1%
Net Expenditures 2,279,091 1,748,987 530,104 76.7%2,391,341 2,127,128 264,213 4,247,013 41.2%
Boards & Agencies 4,076,650 4,062,452 14,198 99.7%3,985,345 4,070,000 (84,655)4,084,177 99.5%
Total Operating:
Revenue/Recoveries (63,200,455)(65,009,048)1,808,593 102.9%(66,833,107)(68,610,345)1,777,238 (77,591,392)83.8%
Expenditures 46,528,760 46,331,266 197,494 99.6%44,340,979 43,746,870 594,109 77,591,392 59.7%
Net Difference (16,671,695)(18,677,782)2,006,087 112.0%(22,492,128)(24,863,475)2,371,347 0
CORPORATION OF THE MUNICIPALITY OF CLARINGTON Attachment 2 to
Continuity of Taxes Receivable Report FND-012-17
for the Second Quarter of the Year 2017
Beginning
Balance
Receivable
March 31, 2017
Interest
Added Taxes Billed Balance
Payments &
Adjustments
**
June 2017 June 2016
Current Year
Taxes (8,983,459) 76,009,957 67,026,497 (59,454,537) 7,571,960 6,962,463
Penalty and Interest 19,690 142,103 161,792 (87,499) 74,293 80,256
First Prior Year
Taxes 3,527,747 - 3,527,747 (1,034,147) 2,493,600 2,495,155
Penalty and Interest 197,533 113,063 310,597 (147,103) 163,494 185,642
Second Prior Year
Taxes 1,135,271 - 1,135,271 (310,457) 824,814 714,536
Penalty and Interest 119,358 34,577 153,935 (70,935) 83,000 76,813
Third and Prior Years
Taxes 320,423 - 320,423 (187,849) 132,574 204,453
Penalty and Interest 40,273 7,090 47,363 (14,072) 33,291 140,375
TOTAL (3,623,164) 296,833 76,009,957 72,683,626 (61,306,600) 11,377,026 10,859,692
** Includes refunds, write-offs, 357's, etc.
NOTES:
2017 Interim Instalment months (for all classes): February and April
2017 Final Instalment months (for non-capped classes): June and September
2017 Final Instalment months (for capped classes): August and September
2017 Supplementary Payments Due: September and November
Attachment 3 to
Municipality of Clarington Report FND-012-17
Investments Outstanding
As at June 30, 2017
Issuer Type Rating
Purchase
Date Cost
Interest
Rate Maturity date Maturity Amount
Market Value at
June 30, 2017
General Fund
One Fund HISA NR 17-Sep-16 10,083,257.99 n/a 10,083,257.99 1,083,257.99 (B)
General fund total 10,083,257.99 10,083,257.99 1,083,257.99
Capital Fund
Capital fund total - -
Non-development Charge Funds (including Strategic Capital)
BMO coupons L 15-Mar-12 196,287.25 2.92%28-Sep-17 230,141.00 229,370.03
BNS GIC H 30-Oct-12 1,884,365.00 2.50%30-Oct-17 2,131,986.04 2,114,606.14
RBC GIC H 19-Jun-17 42,323.00 0.75%18-Dec-17 42,481.28 42,332.56
HSBC GIC H 21-Dec-12 1,121,354.00 2.40%21-Dec-17 1,262,352.30 1,248,420.23
National Bank GIC M 12-Feb-13 1,927,464.00 2.45%12-Feb-18 2,175,434.89 2,143,073.98
Tangerine GIC H 25-Mar-13 1,254,427.00 2.40%26-Mar-18 1,412,449.93 1,388,067.38
RBC GIC H 02-May-17 1,000,000.00 1.05%02-May-18 1,010,500.00 1,001,697.26
HSBC GIC H 13-May-13 321,079.00 2.25%14-May-18 358,862.84 351,994.41
BNS GIC H 03-Jun-13 1,499,069.00 2.30%03-Jun-18 1,679,576.51 1,644,681.07
RBC GIC H 30-Jul-13 2,341,277.00 2.60%30-Jul-18 2,661,886.92 2,589,145.65
Tangerine GIC HM 10-Aug-15 672,368.00 1.60%10-Aug-18 705,160.80 692,849.67
BMO GIC H 30-Sep-13 1,174,214.00 2.90%01-Oct-18 1,354,748.00 1,307,113.89
Prov NB coupons H 27-Jun-13 248,068.78 2.59%03-Dec-18 285,071.00 279,244.15
RBC GIC H 11-Mar-14 1,084,844.00 2.50%11-Mar-19 1,227,401.41 1,177,143.61
RBC GIC H 17-Mar-14 1,000,000.00 2.50%18-Mar-19 1,131,408.21 1,084,641.00
Tangerine GIC H 02-May-14 1,000,000.00 2.60%02-May-19 1,139,019.14 1,084,612.00
Municipality of Clarington Report FND-012-17
Investments Outstanding
As at June 30, 2017
Issuer Type Rating
Purchase
Date Cost
Interest
Rate Maturity date Maturity Amount
Market Value at
June 30, 2017
BMO GIC H 17-Aug-14 830,000.00 2.41%19-Aug-19 935,015.04 888,679.34
BNS GIC H 12-Sep-14 1,037,127.00 2.46%12-Sep-19 1,171,126.20 1,110,156.30
Manulife Bank GIC HM 23-Sep-14 789,343.56 2.50%22-Sep-19 893,069.79 845,151.74
Tangerine GIC H 02-Dec-14 1,191,382.00 2.56%02-Dec-19 1,351,889.19 1,271,608.47
Tangerine GIC H 18-Dec-14 1,045,809.00 2.56%18-Dec-19 1,186,704.08 1,114,996.59
BNS GIC H 01-Jun-15 1,500,632.00 2.10%01-Jun-20 1,664,956.59 1,566,994.45
BMO GIC H 11-Aug-15 2,000,000.00 1.95%11-Aug-20 2,202,754.75 2,074,256.00
RBC GIC H 11-Aug-15 1,741,656.00 1.95%11-Aug-20 1,918,220.51 1,806,320.20
BNS GIC H 28-Sep-15 708,582.00 2.10%29-Sep-20 786,174.27 734,879.60
BMO GIC H 15-Oct-15 621,864.00 2.15%15-Oct-20 691,651.42 644,895.36
BNS GIC H 10-Dec-15 1,976,951.00 2.32%10-Dec-20 2,220,381.86 2,048,783.51
BNS GIC H 10-Dec-15 1,500,000.00 2.32%10-Dec-20 1,682,263.09 1,554,502.50
BMO GIC H 10-Dec-15 1,500,000.00 2.20%10-Dec-20 1,672,421.48 1,551,666.00
HSBC GIC H 18-Dec-15 1,182,689.00 2.25%18-Dec-20 1,321,865.11 1,223,760.24
HSBC GIC H 29-Mar-16 195,399.00 2.18%29-Mar-21 217,646.57 200,758.79
HSBC GIC H 02-May-16 1,001,980.00 2.15%03-May-21 1,114,256.16 1,026,988.42
RBC GIC H 03-Oct-16 2,000,000.00 1.70%04-Oct-21 2,175,879.10 2,025,057.54
BMO GIC H 03-Oct-16 1,281,741.00 1.70%04-Oct-21 1,394,456.73 1,297,799.64
BMO GIC H 05-Oct-16 1,812,000.00 1.70%05-Oct-21 1,971,346.46 1,834,617.38
BNS GIC HM 21-Dec-16 2,544,990.00 2.00%21-Dec-21 2,809,874.60 2,571,625.87
RBC GIC H 21-Dec-16 181,765.00 1.80%21-Dec-21 198,723.46 183,477.04
RBC GIC H 31-Mar-17 1,183,651.00 1.80%31-Mar-22 1,294,084.27 1,188,963.23
Prov BC Bond H 11-Dec-13 2,369,685.75 2.70%18-Dec-22 2,425,000.00 2,521,363.85 (A)
Prov Manitoba Bond H 23-Nov-15 775,928.40 2.45%02-Jun-25 780,000.00 785,943.17 (A)
Non-development charge total 47,740,315.74 52,888,241.00 50,452,238.26
Municipality of Clarington Report FND-012-17
Investments Outstanding
As at June 30, 2017
Issuer Type Rating
Purchase
Date Cost
Interest
Rate Maturity date Maturity Amount
Market Value at
June 30, 2017
Development Charge Funds
One Fund Bond NR 08-Aug-00 3,973,046.70 n/a 3,973,046.70 3,853,652.46 (B)
One Fund Equity NR 31-Jan-07 500,000.00 n/a 500,000.00 989,396.76 (B)
RBC GIC H 12-Jun-17 215,842.00 0.75%11-Dec-17 216,649.19 215,921.86
National Bank GIC HM 20-Dec-13 1,300,000.00 2.75%20-Dec-18 1,488,855.35 1,430,601.90
BNS GIC H 21-Dec-16 1,128,572.00 1.80%21-Dec-21 1,233,866.47 1,139,202.02
Prov Ontario Bond H 19-Dec-13 2,403,350.00 2.85%02-Jun-23 2,500,000.00 2,613,540.75 (A)
Development charge total 9,520,810.70 9,912,417.71 10,242,315.75
Total Investments 67,344,384.43 72,883,916.70 61,777,812.00
Note that interest is annual compounding with the exception of the following:
(A) Bond interest is paid semi-annually (B) Pooled Investment Fund
Attachment 4 of
Muncipality of Clarington Report FND-012-17
Debenture Repayment Schedule
As of January 1, 2017
Year
South Courtice
Arena
Indoor Soccer
Lacrosse
RRC CCD
space
RRC
Improvements
(estimated)
MAC
Improvements
(estimated)
Green Road
Grade
Separation
Newcastle
Library Courtice Library
Newcastle
Aquatic Total
2017 1,069,666.77 163,532.59 105,047.39 77,900.00 102,107.00 534,406.77 103,787.14 82,665.09 1,761,701.91 4,000,814.66
2018 164,093.85 104,942.45 79,400.00 101,582.00 538,772.66 106,787.14 78,904.97 1,759,687.50 2,934,170.57
2019 165,174.58 104,831.80 78,000.00 101,107.00 541,802.38 109,787.14 78,146.32 1,757,651.34 2,936,500.56
2020 164,755.07 104,715.46 77,300.00 101,082.00 544,416.38 112,787.14 78,341.53 1,604,355.98 2,787,753.56
2021 163,863.49 104,593.15 78,200.00 101,532.00 546,623.02 115,787.14 78,465.50 1,054,141.30 2,243,205.60
2022 163,542.75 79,600.00 101,707.00 546,559.49 117,000.00 78,488.31 1,006,711.96 2,093,609.51
2023 162,800.11 80,200.00 102,257.00 546,276.36 119,000.00 78,425.64 1,088,959.11
2024 160,675.42 79,200.00 103,091.00 553,240.30 78,249.84 974,456.56
2025+565,450.00 715,770.00 2,693,604.53 546,030.80 4,520,855.33
1,069,666.77 1,308,437.86 524,130.25 1,195,250.00 1,530,235.00 7,045,701.89 784,935.70 1,177,718.00 8,944,249.99 23,580,325.46
Principal
at January
1, 2017 1,057,000.00 1,167,000.00 425,533.62 1,010,000.00 1,296,809.00 5,695,600.00 602,000.00 990,000.00 8,040,000.00 20,283,942.62
Principal
at January
1, 2018 - 1,033,000.00 339,154.57 932,100.00 1,194,702.00 5,332,600.00 529,000.00 931,000.00 6,595,000.00 16,886,556.57
Interest
Rates 2.00% to 2.25% 1.35% to 3.35% 5.12%estimated estimated 1.35% to 3.8% 4.9% to 5.2% 1.15% to 2.8% 4.5% to 4.75%
NOTE:
2018 Newcastle Library requires renewal of debenture for a further 5 year period unless funding is available from other sources. Partial funding at those times would
reduce debenture burden for following 5 year period. An estimate is provided based on a further 5 years.
Municipality of Clarington Attachment 5 to
Report FND-012-17
RESIDENTIAL
Municipal Development
Charges Paid
Number of
Units
Municipal Development
Charges Paid
Number of
Units
Single/Semi- Detached
-New construction 3,849,546.00$ 235 4,411,294.00$ 280
-Additions -$ - 15,985.00$ 1
Townhouse 63,765.00$ 7 2,273,872.00$ 184
Apartment 965,912.00$ 115 1,155,302.27$ 281
TOTAL:4,879,223.00$ 357 7,856,453.27$ 746
Change in DC paid from prior year:-37.9%
Change in DC units from prior year:-52.1%
NON-RESIDENTIAL
Municipal Development Charges
Paid Municipal Development Charges Paid
Commercial 48,993.31$
-New construction 324,574.84$
-Additions 20,744.28$
Industrial -$
-New construction 246,177.47$
-Additions -$
Agricultural -$ -$
Government 8,104.78$ 4,665.20$
Institutional -$ -$
TOTAL:599,601.37$ 53,658.51$
Change in DC paid from prior year:1017.4%
MUNICIPAL DEVELOPMENT CHARGES
January to June YTD
2017 2016
2017 2016
Municipality of Clarington Attachment 5 to
Report FND-012-17
Municipal Development Charges Incentives
As of June 30, 2017
Under By-law 2015-035
Date Property Value Incentive
Residential
Jan-16 105 Queen Street, Bowmanville 413,822.26 Mid-Rise Residential
Residential Incentives to Date 413,822.26$
Non-Residential
Jul-15 222 King Street East, Bowmanville 110,671.30 Medical Exemption
Oct-15 21 King Avenue East, Newcastle 3,636.08 Revitalization Small Business
Feb-16 222 Baseline Road East, Bowmanville 13,279.78 Existing Industrial Development
Feb-16 28 King Avenue East, Newcastle 937.96 Revitalization Small Business
Apr-16 70 Mearns Court, Bowmanville 1,470.67 Existing Industrial Development
Oct-16 2323 Highway 2, Bowmanville 15,985.00 Conversion Residential to Commercial
Oct-16 70 Mearns Court, Bowmanville 8,232.17 Existing Industrial Development
Feb-17 48 Britton Court, Bowmanville 24,676.61 New Industrial Development
May-17 5314 Main Street, Orono 974.18 Revitalization Small Business
Jun-17 1726 Baseline Road, Courtice 10,190.86 New Industrial Development
Non-Residential Incentives to Date 190,054.61$
Total Value of Incentives to Date 603,876.87$