HomeMy WebLinkAboutFND-004-18Clarington
Finance Department
Report
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Report To: General Government Committee
Date of Meeting: April 16, 2018
Report Number: FND-004-18 Resolution: GG -207-18
File Number: By-law Number:
Report Subject: Financial Update as at December 31, 2017
Recommendation:
That Report FND-004-18 be received for information.
Municipality of Clarington Page 2
Report FND-004-18
Report Overview
The purpose of this report is to update Council on the overall budget variances as of
December 31, 2017 as well as other financial indicators such as taxes receivable,
investments, debt and development charges collected. These are not audited figures and
are subject to change as the year-end process is completed. This report cannot be used to
forecast the year-end financial position.
1. Background
1.1 The financial update has been designed to focus on overall budget variance.
2. Fourth Quarter of 2017 Results
2.1 Attachment 1, Summary of Operating Expenditures and Revenues, compares the
Municipality's budget to actuals as of December 31, 2017. This statement reflects the
Municipality's operating budget only and excludes year to date financial activities for
library, museum, BIAS and consolidated hall/arena boards. Year to date expenditures
as of December 31, 2017 totalled $79,602,429 which represents 102.6% of the 2017
budget. Year to date revenues totalled $82,094,794 which is 105.8% of the 2017
budget.
2.2 Attachment 1 is intended to provide an indication of the status of the Municipality's
operating accounts comparted to the approved budget as at December 31, 2017. It is
important to note that the figures presented in this report do not represent final year-end
figures. Year-end accruals and adjustments necessary to ensure revenue and
expenses are charged to the appropriate fiscal year will continue to be processed to
finalize the 2017 year to prepare the Municipal Financial Statements in accordance with
the Canadian generally accepted accounting principles (GAAP). The external audit of
the 2017 year will be completed at the end of June 2018. The figures for both years,
2017 and 2016, do not include all consolidated municipal service board activities nor
non-cash activities such as capital asset amortization and unfunded post -employment.
This statement cannot be used in isolation and does not show the final position of the
Municipality in either year.
2.3 Non -departmental accounts are higher than budgeted at 101.9%. Supplementary taxes
are higher than budgeted by approximately $800,000. Another factor is the higher than
budgeted General Fund interest by $249,675 which can be attributed to the increase in
Municipality of Clarington Page 3
Report FND-004-18
the Bank of Canada rate starting in July 2017 and the use of the One Fund High Interest
Savings Account (HISA) opened in September 2016.
2.4 Overall the Administration are on budget at 94.8% of the 2017 budget. Higher revenue
and operating expenditures are due to Port Granby transactions.
2.5 Legal administration net expenditures are at 67.3% of the 2017 budget. This favourable
result is due to higher revenues relating to planning agreements.
2.6 Corporate Services net expenditures are at 101.1% of the 2017 budget. Higher
revenues are due to the WSIB 2017 NEER rebate and the rebate from the Bank of
Montreal Purchasing Card rebate program.
2.7 Overall, the Clerk's department net expenditures are in line with the budget at 95.4% of
the total budget. Higher parking revenues are offset by the corresponding transfer to
the Parking reserve fund. As well cemetery revenues were higher than budgeted.
2.8 Emergency Services net expenditures are at 99.5% of the 2017 budget. Revenues are
higher than budget as not all OPG Memorandum of Understanding funds are included in
the budget. Emergency call revenues are not budgeted and there is a corresponding
transfer of the call revenues to a reserve fund. Higher expenditures in fire prevention
and part-time staffing are offset by lower costs in training and technical support.
2.9 Engineering net expenditures are 85.4% of the 2017 budget. Higher revenues in
building inspections and building permits reduce the bottom line. At the end of 2017,
building permit revenues were at $2,602,919 or 174.1 % of the 2017 budget. A portion
of the building permit revenues are transferred to the Building Division Reserve Fund to
offset expenses during the years of low revenues. This was reported on at the last
General Government Committee meeting.
2.10 Operations net expenditures are at 105.2% of the 2017 budget. Revenues are higher
than budgeted at 136.7%. Higher revenues include cost recoveries of street fighting
and winter maintenance of unassumed subdivisions. The debenture for the Municipal
Administrative Centre renovations was not issued until later in 2017 so the timing of the
payments varies from the budget calculation. Operating expenditures are higher than
budgeted at 107.9% of the budgeted amount. Higher expenditures include the areas of
street lighting and Ontario Call 1 by approximately $100,000, road maintenance by
approximately $356,000, winter maintenance by approximately $600,000 and hard top
maintenance by $109,004 and cemetery costs by approximately $30,000 as well as
staffing costs. Some of the increased costs can be attributed to weather factors such
as the response to flooding and winter storms. Increased cemetery revenues in Clerks
Municipality of Clarington Page 4
Report FND-004-18
and Operations are offset by higher cemetery costs. Winter maintenance costs were
the subject of a separate report at the last General Government Committee meeting.
2.11 Community Services net expenditures are at 102.1 % of the 2017 budget. The
debenture for the RRC renovations was not issued until later in 2017 so the timing of
the payments varies from the budget calculation. Expenditures are higher than
budgeted at 102.7% due to a number of factors including increased facility, hydro, water
and staffing costs. Some of the utility costs have been reduced due to retrofit projects
at the recreation facilities.
2.12 Planning Services net expenditures are at 72% of the 2017 budget. Revenues are
higher than the 2017 budget at 177.9%. In particular, fees for rezoning, site plans and
subdivision fees are well above budget. The increase in activity shows the volume and
complexity of the applications received in 2017. Lower expenditures are due to the due
to timing variances from one year to the next such as CIP programs as well as the
timing of the hiring of new staff and consultants.
2.13 Expenditures for Boards and Agencies are at 103.5% of the 2017 budget. The increase
in expenditures is due to capital budget transfers to the library approved in prior years.
This is offset by a non -departmental revenue transfer from previous commitments in the
reserve fund for the Library capital.
2.14 Attachment 2, Continuity of Taxes Receivable as of December 31, 2017 provides the
status of the taxes billed and collected by the Municipality. A total of $3,531,913 in
supplementary tax bills were issued to property owners in the Municipality during the
fourth quarter. At the end of 2017, a total of $3,181,645 remains unpaid compared to
December 2016 taxes receivable of $2,499,393. The net balance is $682,252 higher or
27.3% higher than the previous year at this time. This is quite reasonable considering
the total taxes billed for all levels (local, education and region) increased by
approximately $7 million over 2016. Note that monthly PAPs processed in December
2017 are applicable to the 2018 taxes and therefore appear as pre -paid taxes on
Attachment 2. Ongoing collection efforts continue to manage the taxes outstanding
quite successfully.
2.15 Attachment 3, Investments Outstanding as of December 31, 2017 provides the status of
the Municipality's general, capital and reserve fund investment holdings at the end of
2017. The Municipality as of December 31, 2017 holds $10,157,699.37 in general fund
investments, $0 in capital fund investments, $34,227,354.34 in reserve fund
investments (which includes the Strategic Capital reserve funds), and $25,640,760.04 in
Development Charge reserve fund investments. In November 2017 there was a
reallocation of investments between regular reserve funds and Development Charge
Municipality of Clarington Page 5
Report FND-004-18
reserve funds to balance the investments appropriately within the fund accounts.
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 438197 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. An updated report and investment policy are forthcoming to Councl
to address the changes to the Municipal Act recently enacted.
2.15 Attachment 4, Debenture Repayment Schedule provides the status of the Municipality's
long term debt obligations as of January 1, 2018. The Municipality has $17,065,754.57
in outstanding debt as of January 1, 2018. The debentures for the LED street light
conversion project will be dependent on the outcome of RFP 2018-1. This debenture
and those for the parking lots have not yet been issued by the Region so the associated
repayment plans are estimates. These new debentures will not be issued until later in
2018 therefore there will be no payments due in 2018. In 2018, the debt repayment
obligations as per the current debt are $3,403,276.74. The annual principal and interest
payments required to service these liabilities continue to be well within the annual debt
repayment limits prescribed by the Ministry of Municipal Affairs and Housing.
2.17 Attachment 5, Municipal Development Charges as of December 31, 2017 provides the
Municipal Development charges collected separated into residential and non-residential.
In 2017 Residential Municipal Development Charges collected were $11,415,347. In
the recent 2015 Development Charges Background Study, it is forecasted that the
Municipality would be collecting approximately 768 residential units in total for 2017.
For 2017 budget considerations, the figure of 650 units was used. In 2017, there were
901 residential units, including a significant shift to apartments. Compared to the
previous year there was a 5.0% increase in development charges collected and a 4.7%
decrease in the number of units. The smaller type units have lower development
charges.
2.18 In 2017, Non -Residential Municipal Development Charges collected were
$1,042,220.30. Compared to the same period the previous year there was 282.3%
increase in development charges collected. Non-residential development charges are
based on the area in square meters rather than per unit cost so it can be expected to
have significant variances from one year to another.
2.19 In the 2015 Development Charges By-law 2015-035, there are a number of incentives
to encourage development in Clarington. As of December 31, 2017 a total of
$902,453.37 in incentives have been given to thirteen (13) properties since July 2015.
These are listed on Attachment 5. To date there has been two (2) development
incentives given for residential properties totalling $571,662.26. The remaining
Municipality of Clarington Page 6
Report FND-004-18
$330,791.11 has been given for non-residential incentives. The property at 109 King
Avenue East in Newcastle as a mixed used building has been given incentives for both
residential and non-residential development.
3. Concurrence
Not Applicable
4. Conclusion
It is respectfully recommended that the fourth quarter of 2017 financial update report be
received for information.
5. Strategic Plan Application
The recommendations contained in this report conform to the Strategic Plan.
Submitted by.
Nancy Taylor, BBA, CPA, CA,
Director of Finance/Treasurer
Reviewed by:
Andrew C. Allison, B. Comm, LL.B
CAO
Staff Contact: Catherine Carr, Manager of Internal Audit, 905-623-3379 ext 2606 or
ccarr@clarington.net
There are no interested parties to be notified of Council's decision.
Attachments:
Attachment 1
— Summary of Operation Revenues and Expenditures
Attachment 2
— Continuity of Taxes Receivable
Attachment 3
— Investments Outstanding
Attachment 4
— Debenture Repayment Schedule
Attachment 5
— Municipal Development Charges
The Municipality of Clarington
Summary of Operating Expenditures for 2017 not final fi ures
Attachment 1 for FND-004-18
05 Non -departmental Accounts
Municipal Taxation
2017 Budget
59,340,165
2017 Actual
60,370,549
2017
Unexpended ($)
1,030,384 1
2017%
Expended
101.7%
2016 Budget
2016 Actual
2016
Unexpended ($)
(55,690,829)
(1,646,289)
5,839,274
(57,572,925)
(1,944,998)
8,689,269
1,882,096
298,709
2,849,995
Other Revenue 1,659,469 2,070,153 410,684 1 124.7%
Contributions (6,120,518) (5,968,951 (151,567) 97.5%
Revenue/Taxation/Contributions
59 BIA Taxation
BIA Taxation
BIA Payments
67,120,152
203,300
203,300
68,409,653
203,300
203,300
1,289,501
0
0
101.9%
100.0%
100.0%
63,176,392
68,207,192
5,030,800
(199,200) (199,200)
199,200 199,200
0
0
Net Expenditures
0
0
0
0
0
0
10 Mayor and Council
Net Expenditures
879,297
865,555
13,742
98.4%
908,605
842,053
66,552
13 Administrator's Office
(166,200)
225,000
746,676
1,122,479
(315,464)
225,000
1,180,955
1,110,989
149,264
0
(434,279)
11,490
Revenue/Recoveries 165,500 252,093 86,593 152.3%
Board of Trade 330,000 330,000 0 100.0%
Operating Expenditures (including Port Granby) 633,010 685,933 52,923 108.4%
Communications & Tourism 1,141,602 1,074,313 67,289 94.1%
Expenditures
2,104,612
2,090,246
14,366
99.3%
2,094,155
2,516,944
422,789
Net Expenditures
1,939,112
1,838,153
100,959
94.8%
1,927,955
2,201,480
273,525
14 Legal Administration
Revenue/Recoveries
Expenditures
(69,000
417,242
1 9,504)1
363,828
60,504 1
53,414
187.7%
87.2%
(69,000)
417,659
(126,713)
440,848
57,713
(23,189)
Net Expenditures
348,242
234,324
113,918
67.3%
348,659
314,135
34,524
16 Corporate Services
Revenue/Recoveries
Expenditures
Net Expenditures
3,000
4,264,170
4,261,170
137,263
4,445,692
4,308,429
134,263
181,522
47,259
4,575.4%
104.3%
101.1%
(108,500)
3,807,847
(193,400)
4,048,514
84,900
240,667
3,699,347 3,855,114
(155,767)
* These are not audited figures and are subject to change as the year-end process is completed. This report cannot be used to forecast the year-end financial position.
The Municipality of Clarington
Summary of Operating Expenditures for 2017 not final fi ures
Attachment 1 for FND-004-18
19 Clerk's
Revenue/Recoveries
Expenditures
2017 Budget
2017 Actual
2017
Unexpended ($)
2017%
Expended
2016 Budget
2016 Actual
2016
Unexpended ($)
685,900 835,088 149,188 121.8%
(708,900) (1,027,201)
3,074,911 3,338,766
318,301
(263,855)
3,183,373 3,218,612 (35,239) 101.1%
Net Expenditures
2,497,473
2,383,524
113,949
95.4%
2,366,011
2,311,565
54,446
(1,564,000)
2,407,015
2,287,726
(2,062,102)
2,389,099
4,718,664
498,102
2,430,938
21 Finance & Unclassified Administration
Revenue/Recoveries
1,552,000 1,588,554 36,554 102.4%
Operating
2,513,141 2,413,456 99,685
Unclassified Administration
3,146,536 3,254,745 (108,209) 103.4%
Expenditures
5,659,677
5,668,201
8,524
100.2%
4,694,741
7,107,763
2,413,022
Net Expenditures
4,107,677
4,079,647
28,030
99.3%
3,130,741
5,045,661
1,914,920
(85,0901_(272,017)1
12,112,470
12,238,399
187,017
125,929
320.0%
101.0%
(80,000)
11,815,340
(280,337)
12,197,374
200,337
382,034
28 Emergency Services - Fire
Revenue/Recoveries
Expenditures
Net Expenditures
12,027,470
11,966,382
61,088
99.5%
11,735,340
11,917,037
(181,697)
(1,381,500)
528,771
6,536,575
(3,465,976)
528,771
7,985,241
2,084,476
0
1,448,666
32 Engineering Services
Revenue/Recoveries
1,550,700 3,363,466 1,812,766 216.9%
Debenture Payments
Operating Expenditures
Expenditures
Net Expenditures
534,407
6,919,358
534,407
7,868,050
0
948,692
100.0%
113.7%
7,453,765 8,402,457 (948,692) 112.7%
7,065,346
8,514,012
(1,448,666)
5,903,065 5,038,991 864,074 85.4%
5,683,846 5,048,036
635,810
(677,300)
15,840,827
1,090,643
(1,057,223)
18,032,829
929,464
379,923
(2,192,002)
161,179
36 Operations
Revenue/Recoveries
684,800 936,326 251,526 136.7%
Operating Expenditures
16,486,059 17,781,436 1,295,377 107.9%
1,205,586 1,045,888 159,698 86.8%
Fleet & Debenture Payments
Expenditures
Net Expenditures
17,691,645
18,827,324
1,135,679
106.4%
16,931,470
18,962,293
2,030,823
17,006,845 17,890,998 884,153 105.2%
16,254,170 17,905,070
1,650,900
* These are not audited figures and are subject to change as the year-end process is completed. This report cannot be used to forecast the year-end financial position.
The Municipality of Clarington
Summary of Operating Expenditures for 2017 not final fi ures
Attachment 1 for FND-004-18
42 Community Services
Revenue/Recoveries
2017 Budget
2017 Actual
2017
Unexpended ($)
2017%
Expended
2016 Budget
2016 Actual
2016
Unexpended ($)
4,875,365 4,905,970 30,605 100.6%
11,421,127 11,732,644 311,517 102.7%
(4,694,600) (4,845,385) 150,785
10,900,097 11,415,515 (515,418)
3,104,458 3,104,458 0
115,000 113,500 1,500
Operating Expenditures
Debenture Payments
3,177,849 3,105,958 71,891 97.7%
Annual Grant & Sponsorships
Expenditures
Net Expenditures
95,000 95,000 0 100.0%
14,693,976 14,933,602 (239,626) 101.6%
14,119,555 14,633,473 513,918
9,818,611 10,027,632 209,021 102.1%
9,424,955 9,788,088 363,133
(436,000) (542,950) 106,950
4,141,092 4,150,202 9,110
50 Planning Services
Revenue/Recoveries
596,675 1,061,560 464,885 177.9%
Expenditures
4,843,688 4,117,347 726,341 85.0%
Net Expenditures
4,247,013 3,055,787 1,191,226 72.0%
3,705,092 3,607,252 97,840
Boards & Agencies
Total Operating:
Revenue/Recoveries
Expenditures
4,084,177 4,227,866 143,689 103.5%
3,991,671 4,212,552 220,881
(73,261,592) (82,323,143) 9,061,551
73,261,592 81,163,994 (7,902,402)
(77,591,392)
(82,094,794)
4,503,402
105.8%
77,591,392
79,602,429
(2,011,037)
102.6%
Net Difference
0
(2,492,365)
2,492,365
1
0 (1,159,149) 1,159,149
* These are not audited figures and are subject to change as the year-end process is completed. This report cannot be used to forecast the year-end financial position.
CORPORATION OF THE MUNICIPALITY OF CLARINGTON Attachment 2 to
Continuity of Taxes Receivable Report FND-004-18
for the Fourth Quarter of the Year 2017
Beginning Balance
Payments &
Receivable
Interest
Taxes Billed
Balance
Adjustments
December
December
September 31,
Added
**
2017
2016
2017
Prepaid Taxes (see note)
(5,245,630)
(5,151,287)
Current Year
Taxes
16,249,960
2,732,450
18,982,410
(13,350,945)
5,631,465
5,253,622
Penalty and Interest
148,376
260,430
408,806
(207,298)
201,508
198,019
First Prior Year
Taxes
2,138,684
581,580
2,720,264
(868,186)
1,852,079
1,525,407
Penalty and Interest
166,623
64,365
230,988
(97,427)
133,562
132,765
Second Prior Year
Taxes
651,529
217,883
869,412
(375,788)
493,624
386,939
Penalty and Interest
73,285
17,827
91,112
(42,901)
48,212
36,359
Third and Prior Years
Taxes
135,152
-
135,152
(81,731)
53,421
87,153
Penalty and Interest
16,282
2,299
18,581
(5,176)
13,405
30416
Total
19,579,891
344,921
3,531,913
23,456,725
(15,029,450)
3,181,645
2,499,393
** Includes refunds, write-offs, 357's, etc.
Note: Prepaid taxes include property tax per -authorized payment program (PAP)
Attachment 3 to
Municipality of Clarington Report FND-004-18
Investments Outstanding
As at December 31, 2017
General Fund
One Fund
High Interest
Savings
Account
NR I 17 -Sea -16
10.157.699.37
n/a
10.157.699.37
General fund total' 10.157.699.37 10.157.699.37
Non -development Charge Funds (including Strategic Capital)
National Bank
GIC
M
Purchase
1,927,464.00
Interest
Maturity
Maturity
Issuer
Type
Rating
Date
Cost
Rate
date
Amount
General Fund
One Fund
High Interest
Savings
Account
NR I 17 -Sea -16
10.157.699.37
n/a
10.157.699.37
General fund total' 10.157.699.37 10.157.699.37
Non -development Charge Funds (including Strategic Capital)
National Bank
GIC
M
12 -Feb -13
1,927,464.00
2.45%
12 -Feb -18
2,175,434.89
Tangerine
GIC
H
25 -Mar -13
1,254,427.00
2.40%
26 -Mar -18
1,412,449.93
BNS
GIC
H
02 -May -1 7
1,000,000.00
1.05%
02 -May -18
1,010,500.00
HSBC
GIC
H
13 -May -13
321,079.00
2.25%
14 -May -18
358,862.84
BNS
GIC
H
03 -Jun -13
1,499,069.00
2.30%
03 -Jun -18
1,679,576.51
Tangerine
GIC
HM
10 -Au -15
672,368.00
1.60%
10 -Aug -18
705,160.80
BMO
GIC
H
30 -Sep -13
1,174,214.00
2.90%
01 -Oct -18
1,354,748.00
Prov NB
coupons
H
27 -Jun -13
248,068.78
2.59%
03 -Dec -18
285,071.00
RBC
GIC
H
11 -Mar -14
1,084,844.00
2.50%
11 -Mar -19
1,227,401.41
RBC
GIC
H
17 -Mar -14
1,000,000.00
2.50%
18 -Mar -19
1,131,408.21
Tangerine
GIC
H
02 -May -14
1,000,000.00
2.60%
02 -May -19
1,139,019.14
BMO
GIC
H
17 -Aug -14
830,000.00
2.41%
19 -Aug -19
935,015.04
BNS
GIC
H
12 -Sep -14
1,037,127.00
2.46%
12 -Sep -19
1,171,126.20
Manulife Bank
GIC
HM
23 -Sep -14
789,343.56
2.50%
22 -Sep -19
893,069.79
(B)
Attachment 3 to
Municipality of Clarington Report FND-004-18
Investments Outstanding
As at December 31, 2017
Issuer
Type
Rating
Purchase
Date
Cost
Interest
Rate
Maturity
date
Maturity
Amount
Tangerine
GIC
H
02 -Dec -14
1,191,382.00
2.56%
02 -Dec -19
1,351,889.19
Tangerine
GIC
H
18 -Dec -14
1,045,809.00
2.56%
18 -Dec -19
1,186,704.08
BNS
GIC
H
01 -Jun -15
1,500,632.00
2.10%
01 -Jun -20
1,664,956.59
RBC
GIC
H
11 -Aug -1 5
1,741,656.00
1.95%
11 -Au -20
1,918,220.51
BNS
GIC
H
28 -Sep -1 5
708,582.00
2.10%
29 -Sep -20
786,174.27
BMO
GIC
H
15 -Oct -15
621,864.00
2.15%
15 -Oct -20
691,651.42
BNS
GIC
H
10 -Dec -15
1,500,000.00
2.32%
10 -Dec -20
1,682,263.09
BNS
GIC
H
10 -Dec -15
1,976,951.00
2.32%
10 -Dec -20
2,220,381.86
HSBC
GIC
H
18 -Dec -15
1,182,689.00
2.25%
18 -Dec -20
1,321,865.11
HSBC
GIC
H
29 -Mar -16
195,399.00
2.18%
29 -Mar -21
217,646.57
HSBC
GIC
H
02 -May -16
1,001,980.00
2.15%
03 -May -21
1,114,256.16
BMO
GIC
H
05 -Oct -16
1,812,000.00
1.70%
05 -Oct -21
1,971,346.46
RBC
GIC
H
21 -Dec -16
181,765.00
1.80%
21 -Dec -21
198,723.46
BNS
GIC
HM
21 -Dec -16
2,544,990.00
2.00%
21 -Dec -21
2,809,874.60
RBC
GIC
H
30 -Mar -17
2,000,000.00
1.80%
30 -Mar -22
2,186,597.69
RBC
GIC
H
31 -Mar -17
1,183,651.00
1.80%
31 -Mar -22
1,294,084.27
Non -development char a total
34,227,354.34
38,095,479.10
Attachment 3 to
Municipality of Clarington Report FND-004-18
Investments Outstanding
As at December 31, 2017
Development Charge Funds
One Fund
Bond
NR
Purchase
4,016,797.89
Interest
Maturity
Maturity
Issuer
Type
Rating
Date
Cost
Rate
date
Amount
Development Charge Funds
One Fund
Bond
NR
08 -Aug -00
4,016,797.89
n/a
4,016,797.89
One Fund
Equity
NR
31 -Jan -07
500,000.00
n/a
500,000.00
RBC
GIC
H
30 -Jul -13
2,341,277.00
2.60%
30 -Jul -18
2,661,886.92
National Bank
GIC
HM
20 -Dec -13
1,300,000.00
2.75%
20 -Dec -18
1,488,855.35
BMO
GIC
H
11 -Aug -1 5
2,000,000.00
1.95%
11 -Au -20
2,202,754.75
BMO
GIC
H
10 -Dec -15
1,500,000.00
2.20%
10 -Dec -20
1,672,421.48
RBC
GIC
H
03 -Oct -16
2,000,000.00
1.70%
04 -Oct -21
2,175,879.10
BMO
GIC
H
03 -Oct -16
1,281,741.00
1.70%
04 -Oct -21
1,394,456.73
BNS
GIC
H
21 -Dec -16
1,128,572.00
1.80%
21 -Dec -21
1,233,866.47
RBC
GIC
H
12 -Dec -17
297,574.00
1.80%
12 -Dec -22
325,337.31
Prov BC
Bond
H
11 -Dec -13
2,369,685.75
2.70%
18 -Dec -22
2,425,000.00
BMO
GIC
H
21 -Dec -17
1,337,834.00
1.85%
21 -Dec -22
1,466,247.87
Prov Ontario
Bond
H
19 -Dec -13
2,403,350.00
2.85%
02 -Jun -23
2,500,000.00
Prov Manitoba
Bond
H
23 -Nov -15
775,928.40
2.45%
02 -Jun -25
780,000.00
BNS
Bond
30 -Oct -17
2,388,000.00
2.68%
02 -Dec -26
2,400,000.00
Development charge total 25,640,760.04
27,243,503.87
Total Investments 70,025,813.75 75,496,682.34
Note that interest is annual compounding with the exception of the following:
(A) Bond interest is paid semi-annually (B) Pooled Investment Fund (C) Annual interest
(B)
(B)
(C)
(C)
[01
(A)
(A)
(A)
Muncipality of Clarington
Attachment 4 of
Report FND-004-18
NOTE:
2018 Newcastle Library has a balloon payment of $452,000 to be financed from Library Development Charge Reserve Fund, Library Capital RF and tax levy.
Debenture Repayment Schedule
As of January 1, 2018
Parking Lot
Green Road
Rehabilitation
Parking Lot
LED Street Light
Indoor Soccer
RRC CCD
RRC
MAC
Grade
Fire Station #1
Rehabilation
Conversion
Newcastle
Newcastle
Year
Lacrosse
space
Improvements
Improvements
Separation
Estimated
RRC Estimated
Estimated
Library
Courtice Library
Aquatic
Total
2018
164,093.85
104,942.45
86,760.21
111,327.96
538,772.66
-
-
-
558,787.14
78,904.97
1,759,687.50
3,403,276.74
2019
165,174.58
104,831.80
84,141.23
107,967.35
541,802.38
30,005.67
139,995.00
248,850.00
-
78,146.32
1,757,651.34
3,258,565.67
2020
164,755.07
104,715.46
84,010.16
107,799.19
544,416.38
30,005.67
139,995.00
248,825.00
-
78,341.53
1,604,355.98
3,107,219.44
2021
163,863.49
104,593.15
83,946.43
107,717.40
546,559.49
30,005.67
139,995.00
248,825.00
-
78,465.50
1,054,141.30
2,558,112.43
2022
163,542.75
83,964.94
107,741.15
546,559.49
30,005.67
139,995.00
248,825.00
-
78,488.31
1,006,711.96
2,405,834.27
2023
162,800.11
83,859.28
107,605.57
546,276.36
30,005.67
139,995.00
248,825.00
-
78,425.64
1,397,792.63
2024
160,675.42
83,823.08
107,559.13
553,240.30
30,004.67
139,995.00
248,825.00
78,249.84
1,402,372.44
2025+
668,981.96
858,416.52
2,693,604.53
270,041.98
1,259,955.00
2,239,425.00
546,030.80
8,536,455.79
1,144,905.27
419,082.86
1,259,487.29
1,616,134.27
6,511,231.59
450,075.00
2,099,925.00
3,732,400.00
558,787.14
1,095,052.91
7,182,548.08
26,069,629.41
Principal at
11033,000.00
339,154.57
1,010,000.00
1,296,000.00
5,332,600.00
-
-
-
529,000.00
931,000.00
6,595,000.00
17,065,754.57
January 1, 2018
Principal at
896,000.00
248,296.31
950,705.28
1,219,914.89
4,958,600.00
353,000.00
1,647,000.00
390109000.00
-
871,000.00
5,083,000.00
199237,516.48
IJanuary 1, 2019
Interest Rates
1.35% to 3.35%
5.12%
1.7% to 3.45%
1.7% to 3.45%
1.35% to 3.8%
Estimated
Estimated
Estimated
4.9% to 5.2%
1.15% to 2.8%
4.5% to 4.75%
NOTE:
2018 Newcastle Library has a balloon payment of $452,000 to be financed from Library Development Charge Reserve Fund, Library Capital RF and tax levy.
Municipality of Clarington
RESIDENTIAL
Single/Semi- Detached
-New construction
-Additions
Townhouse
Apartment
TOTAL:
Attachment 5 to
Report FND-004-18
MUNICIPAL DEVELOPMENT CHARGES
January to December YTD
Change in DC paid from prior year:
Change in DC units from prior year:
NON-RESIDENTIAL
Commercial
-New construction
-Additions
Industrial
-New construction
-Additions
Agricultural
Government
Institutional
TOTAL:
5.0%
-4.7%
2017
2016
2016
Municipal Development Charges
Municipal Development
Number of
Municipal Development
Number
Charges Paid
Units
670,903.27
Charges Paid
of Units
$
7,860,658.00
478
$
7,240,639.00
459
$
-
-
$
15,985.00
1
$
892,710.00
72
$
2,273,872.00
184
$
2,661,979.00
351
$
1,336,508.27
301
$
11,415,347.00
901
$
10,867,004.27
945
$
272,599.85
Change in DC paid from prior year:
Change in DC units from prior year:
NON-RESIDENTIAL
Commercial
-New construction
-Additions
Industrial
-New construction
-Additions
Agricultural
Government
Institutional
TOTAL:
5.0%
-4.7%
Change in DC paid from prior year: 282.3%
2017
2016
Municipal Development Charges
Municipal Development Charges
Paid
Paid
$
670,903.27
$
254,511.76
$
20,744.28
$
13,422.89
$
342,467.97
$
4,665.20
$
8,104.78
$
-
$
1,042,220.30
$
272,599.85
Change in DC paid from prior year: 282.3%
Municipality of Clarington
Municipal Development Charges Incentives
As of June 30, 2017
Under By-law 2015-035
Date Property
RPcirlPnfial
Jan -16 105 Queen Street, Bowmanville
Dec -17 109 King Avenue East, Newcastle
Non -Residential
Attachment 5 to
Report FND-004-18
Value Incentive
413,822.26 Mid -Rise Residential
157,840.00 Revitalization Mixed Used
Residential Incentives to Date $ 571,662.26
Jul -15
222 King Street East, Bowmanville
Oct -15
21 King Avenue East, Newcastle
Feb -16
222 Baseline Road East, Bowmanville
Feb -16
28 King Avenue East, Newcastle
Apr -16
70 Mearns Court, Bowmanville
Oct -16
2323 Highway 2, Bowmanville
Oct -16
70 Mearns Court, Bowmanville
Feb -17
48 Britton Court, Bowmanville
May -17 5314 Main Street, Orono
Jun -17 1726 Baseline Road, Courtice
Oct -17 220 Lake Road, Bowmanville
Dec -17 109 King Avenue East, Newcastle
110,671.30
Medical Exemption
3,636.08
Revitalization Small Business
13,279.78
Existing Industrial Development
937.96
Revitalization Small Business
1,470.67
Existing Industrial Development
15,985.00
Conversion Residential to Commercial
8,232.17
Existing Industrial Development
24,676.61
New Industrial Development
974.18
Revitalization Small Business
10,190.86
New Industrial Development
67,850.25 New Industrial Development
72,886.25 Revitalization Mixed Use
Non -Residential Incentives to Date $ 330,791.11
Total Value of Incentives to Date $ 902,453.37