HomeMy WebLinkAboutFND-006-06
Cl~n
REPORT
FINANCE DEPARTMENT
Meeting:
GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date:
TUESDAY, MAY 23,2006
Resolution #:iJ'fI-dS~-(J b
Report #: FND-006-06
File #:
By-law #:
Subject:
CASH ACTIVITY - FIRST QUARTER OF 2006
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-006-06 be received;
2. THAT in accordance with provision of Chapter 25, Section 286 of the Municipal
Act, S.O. 2001, the Treasurer reports the cash position of the Municipality of
Clarington for the first quarter of the year 2006, as shown on the attached
schedule; and
3. THAT Part "A" of the expenditures for the fourth quarter of the year be confirmed.
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Reviewed b. .
Franklin Wu,
Chief Administrative Officer.
NT/AA/hjl
REPORT NO.: FND-006-06
PAGE 2
BACKGROUND AND COMMENT:
The attached schedules indicate the Corporation of the Municipality of Clarington's cash
transactions for the first quarter of 2006, the cash investment position, the taxes receivable
position and the comparative information for the month ending March 31, 2005. Statistical
information is for the first quarter of 2006.
Attachments:
Attachment A - Analysis of Revenue and Expenditures - First Quarter of 2006
Attachment B - Continuity of Taxes Receivable - As at March 2006
Attachment C - Statistical Information - As at March 2006
Attachment D -Investments Outstanding - As at March 2006
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Analysis of Revenue and Expenditures
for the First Quarter of the Year 2006
PART "A"
First Quarter First Quarter
2006 2005
REVENUE RECEIVED FOR GENERAL OPERATING
AND RESERVE FUND PURPOSES:
GENERAUTAX PAYMENTS RECEIVED 32,538,565 28,814,023
PROVINCE - COMMUNITY REINVESTMENT FUND 116,000 29,000
LINEAR PROPERTIES 2,122,438 2,122,438
PROVINCE - UNCONDITIONAL GRANT- RDS&BRIDGES 1,483,872 0
CANADIAN WASTE - RENT AND ROYALlTIES 12,904 12,165
DEVELOPMENT CHARGES-MUNICIPAL 1,652,869 1,069,336
DEVELOPMENT CHARGES-REGION 2,223,339 1,749,080
DEVELOPMENT CHARGES-SCHOOL BOARD 260,826 152,132
INTEREST 841 446 458 039
41252259 34,406,213
USE OF FUNDS:
PAYROLL 4,681,849 4,404,243
REGION LEVY 11,093,201 12,430,048
SCHOOL BOARD LEVIES 5,726,728 4,536,377
GENERAL-INCLUDING CAPITAL EXP:' 12910058 14492606
34 411 836 35863274
NET CASH PROVIDED (USED) 6 840 423 11 457061\
BANK NET CASH BANK BANK
BALANCE PROVIDED BALANCE BALANCE
FINANCIAL POSITION: DEC. 2005 / fUSED) MAR. 31, 2006 MAR. 31, 2005
GENERAL FUND 6,696,420 2,161,849 8,858,269 6,552,942
RESERVE FUND 713,194 37,915 751,109 273,045
MUNICIPAL BOND INVESTMENTS 2,685,522 26,956 2,712,478 2,603,854
HOST COMMUNITY FUND IN TRUST 10,000,000 0 10,000,000 10,000,000
INVESTMENTS (GENERAL + RESERVE FUNDS) 39 833 553 4613703 44447256 52,142287
OTALS 59,928689 6 840,423 66,769,112 71,572,128
BANK BALANCES AS AT: JAN.31 2006 JAN.31 2005 FEB. 28 2006 FEB. 28, 2005
GENERAL FUND 8,776,646 3,776,158 15,569,450 14,868,371
RESERVE FUND 534,330 264,71 B 2,392,983 268,503
MUNICIPAL BOND INVESTMENTS 2 694 694 2 586,385 2,703,057 2,594,686
NOTE A: Difference in comparison between years due to timing difference in receipt of funds.
CORPORATION OF THE MUNICIPALITY OF CLARINGTON PART "B"
Continuity of Taxes Receivable
for the First Quarter of the Year 2006
December 31,2005 MARCH MARCH
BEGINNING BAL. INTEREST TAXES PAYMENTS/ 2006 2005
RECEIVABLE ADDED BILLED BALANCE ADJUST. **'
IPREPAID TAXES 1 (1 ,558,48J 1 I I 1 ,558,4841 01 - I
CURRENT YEAR
TAXES 2,843,818 23,547,733 26,391,551 (29,640,603) (3,249,052) (2,810,148)
PENALTY AND INTEREST 202,318 51,950 254,268 (233,886) 20,382 20,085
FIRST PRIOR YEAR
TAXES 1,482,192 1,482,192 1,434,151 2,916,343 2,955,852
PENALTY AND INTEREST 176,860 142,745 319 605 (114,768) 204,837 195,213
SECOND PRIOR YEAR
TAXES 612,764 612,764 528,790 1,141,554 1,232,842
PENALTY AND INTEREST 117,601 49,366 166 967 (886) 166,081 165,625
THIRD & PRIOR YEARS
TAXES 578,143 578,143 397,978 976,121 1,309,743
PENALTY AND INTEREST 240,560 39 882 280 442 42,434 322,876 600,901
TOTAL 6,254,256 283,943 23,547733 30,085 932 (27,586,790) 2,499 142 3,670,113
**. Includes refunds, write-offs, 496's, etc.
NOTE 1: 2006 and 2005 Interim Installment months: February and April.
NOTE 2: Current year taxes are in a negative position because they represent prepaid taxes for the April installment.
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
PART "e"
STATISTICAL INFORMATION
for the First Quarter
of the Year 2006 Year to Date
Tax Certificates 192 192
Number of Properties eligible for Tax
Reqistration (see Note 1) 7 ** see Note 2
Accounts Payable Cheques Issued
#074620 to #076501 1,882 1,882
Number of Births Reqistered 2 2
Number of Deaths/Stillbirths Reqistered 176 176
Note 1: Only includes those properties whose arrears are greater than $20,000.
Note 2: Number of eligible properties for tax registration not applicable for
year-to-date comparison.
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
INVESTMENTS OUTSTANDING
AS AT MARCH 31,2006
PART "0"
I I FINANCIAL INVESTMENT INTEREST # OF DAYS MATURITY MATURITY
INSTITUTION COST RATE O/S VALUE DATE
GENERAL FUND
TO 2,987,340.00 3.77% 41 3,000,000.00 Apr. 27/06
SCOTIA 1,000,000.00 3.73% 41 1,004,189.86 Apr. 13/06
TO 1,993,680.00 3.73% 31 2,000,000.00 Apr. 03/06
TOTAL GENERAL FUND ....5,981,020.00.
RESERVE FUND
RBC 1,425,999.88 5.11% 1913 1,851,467.00 June 01/06
RBC 1,683,100.32 5.15% 2019 2,221,035.00 Sept. 15/06
RBC 1,855,574.20 5.15% 1913 2,414,000.00 June 01/06
RBC , 4,180,000.00 3.75% 365 4,180,000.00 June 30/06
RBC 495,186.85 4.00% 1171 561,500.00 Jun. 06/06
RBC 1,379,343.53 4.65% 2085 1,787,409.00 Dec. 01/08
RBC 739,938.86 3.55% 1704 869,800.00 Oct. 05/09
RBC , 1,500,000.00 4.10% 1827 1,500,000.00 Dec. 06/10
RBC 1,681,851.79 4.35% 1827 2,080,894.41 Mar. 06/11
RBC 500,000.00 3.50% 1827 595,239.37 June 21/08
RBC 481,878.00 4.45% 1827 599,072.41 Mar. 04/08
RBC 868,578.00 4.10% 1098 979,853.00 Apr. 03/06
RBC , 970,000.00 3.50% 1102 970,000.00 Mar. 19/07
RBC 500,000.00 6.75% 1095 656,466.50 June 21/06
RBC * 1,815,962.00 5.00% 1825 1,815,962.00 Feb. 07/07
RBC * 1,480,000.00 4.30% 1096 1,480,000.00 Feb. 10/07
RBC 208,000.00 4.35% 1830 257,351.00 May 12/08
RBC * 550,000.00 4.00% 730 550,000.00 Oct. 14/06
RBC 1,143,285.67 3.80% 1547 1,338,742.00 Dec. 15/08
RBC 733,772.63 3.85% 1980 900,445.00 Jun. 02/10
RBC 499,999.38 4.00% 1182 567,343.00 Jul. 26/06
RBC * 2,061,000.00 4.00% 730 2,061,000.00 Dec. 03/06
RBC 1,000,000.00 4.15% 1096 1,129,738.22 Apr. 10/06
RBC 1,500,000.00 5.50% 1694 1,500,000.00 Dec. 20/07
RBC * 906,000.00 4.10% 730 906,000.00 Sep. 29/06
RBC 372,440.00 4.40% 1826 461,912.00 May 28/09
RBC 1,520,617.00 5.35% 1826 1,973,297.00 Mar.15/07
RBC 1,000,000.00 4.45% 1827 1,243,203.49 Aug. 09/07
HSBC 1,617,707.94 3.55% 365 1,675,136.57 Oct. 25/06
RBC 3,796,000.00 3.75% 365 3,796,000.00 Jul. 29/06
TOTAL RESERVE FUND G8;46o,236.Q$
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TOTAL INVESTMENTS 44,447,25El.O$
* Investment interest paid on a monthly/semi-annual/annual basis