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Home My WebLink AboutFND-010-18Clarington Finance 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: May 28, 2018 Report Number: FND-010-18 Resolution: GG -328-18 File Number: By-law Number: Report Subject: Financial Update as at March 31, 2018 Recommendation: That Report FND-010-18 be received for information. Municipality of Clarington Report FND-010-18 Report Overview Page 2 The purpose of this report is to update Council on the overall budget variances as of March 31, 2018 as well as other financial indicators 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. First Quarter of 2018 Financial Results 2.1 Attachment 1, Summary of Operating Expenditures and Revenues, compares the Municipality's budget to actual posted expenditures as of March 31, 2018. This statement reflects the Municipality's operating budget only and excludes the year to date financial activities of the library, museum, BIAS and consolidated hall boards. Year to date expenditures as of March 31, 2018 totalled $20,541,570 which represents 97.7% of the first quarter budget. Year to date revenues totalled $33,863,725 which represents 103.8% of the first quarter budget. 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 March 31, 2018. Many departments are affected by high levels of activities during specific times of the year. For example, activities such as ice rentals and winter control have more seasonal trends whereas the timing of the Legal and Planning revenues fluctuate from year to year. To best capture the trends, the budget is allocated monthly based on the prior year's actual monthly distribution. In cases where there is no prior year history easily obtainable, the monthly allocation is divided equally over the twelve months. However, there are still variations from year to year. Due to these timing differences and with only three months of activity, this statement cannot be used in isolation, nor can it be easily extrapolated to predict the whole year's activities. Monthly trial balances are sent to each department for regular review. Revenues and expenditures that have a variance either above or below budget that are noteworthy are discussed in this report. 2.3 The Non -departmental Accounts are in line with the first quarter 2018 budget. Accessibility grants totaling $73,400 from the Federal government are unbudgeted and are included in other revenue. In the first quarter, contributions includes the significant donation from Toyota for the trail extension. 2.4 Engineering department net expenditures are below budget with a positive position of $242,420. This can be attributed to the exceptional high building permit revenues. As of March 31, 2018 building permit revenues were at $1,472,789 or 95.9% of the total 2018 budget. A large number of permits were submitted December 23, 2017 due to the change in the building code for the electric vehicle charging requirements for new build homes. These permits were processed the first weeks of January 2018 driving the Municipality of Clarington Page 3 Report FND-010-18 permit revenues to over one million in January alone. Building permit revenues may be lower over the coming months when compared to previous years. 2.5 Operations net expenditures are at 10 5. 1 % of the first quarter budget. Winter control costs are higher than budgeted in the first quarter. This is due to an unusual winter season and the timing of purchases of salt and sand. This is mitigated by lower costs in other areas due to the timing of other work activities. 2.6 Community Services net expenditures are at 112.2% of the first quarter budget. Overall revenues are below budget at 70.4% as of March 31, 2018. Facility revenues are comparable to the previous year. Aquatic, fitness and program revenue are lower as of March 31 when compared to the previous year. This can be attributed to a change in how transactions are posted in the new ACTIVE system. The expenditures being under budget at the end of the first quarter at 89.7% which can be attributed to timing differences from year to year. Over the year there will be a more complete picture of the revenues. This will provide a fair year to year comparison for future years. 2.7 Attachment 2, Continuity of Taxes Receivable as of March 31, 2018 provides the status of the taxes billed and collected by the Municipality during the first quarter of 2018. A total of $41,920,222 in interim tax bills were issued to Clarington property owners in this period. Note that the current year taxes receivable are in a credit position as it also includes the taxes prepaid for the April 2018 installment. This includes pre -authorized monthly payments collected in advance as well as mortgage companies paying both the February and April installments together in February. The net balance of {$3,641,505} is 0.5% lower than the same period in 2017. The increased participation of the PAP program, both residential and non-residential has contributed to the current position. 2.8 Attachment 3, Investments Outstanding as of March 31, 2018 provides the status of the Municipality's general, capital and reserve fund investment holdings at the end of the first quarter of 2018. The Municipality as of March 31, 2018 holds $30,240,500 in general fund investments, $0 in capital fund investments, $34,633,348 in reserve fund investments (which include Strategic Capital reserve funds) and $28,660,878 in Development Charge reserve fund investments. Investments held in the Municipality's portfolio are assessed on an ongoing basis to ensure they meet the requirements of section 418 of the Ontario Municipal Act, Ontario Regulation 438197 and Clarington's own investment policy. Investments of the Municipality are very conservative in nature and only high quality investments are chosen as per the current policy. 2.9 Attachment 4, Debenture Repayment Schedule provides the status of the Municipality's long term debt obligations as of January 1, 2018. The Municipality has $17,065,755 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 $3,403,277. The annual principal and interest Municipality of Clarington Page 4 Report FND-010-18 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. 2.10 Attachment 5, Municipal Development Charges as of March 31, 2018 provides the Municipal Development Charges collected separated into residential and non- residential. As of March 31, 2018 Residential Municipal Development Charges collected are $4,394,979. In the 2015 development Charges Background Study, it was forecasted that the Municipality would be collecting approximately 786 units in total for 2018 or about 196 units per quarter. At the end of March 2018, there were 263. Compared to the same period the previous year there was an 88.7% increase in development charges collected and an 81.4% increase in the number of units. 2.11 As of March 31, 2018, there have been no non-residential development charges collected. Note that non-residential charges are based on the area in square meters rather than per building unit cost. The timing and amount of non-residential development charges varies quarter to quarter and year to year. 2.12 In the 2015 Development Charges By-law 2015-035, there are a number of incentives to encourage development in Clarington. There were no new incentives given in the first quarter and the totals remain the same as the previous report. Since 2015, a total of $902,453 in incentives have been given. 3. Concurrence Not Applicable 4. Conclusion It is respectfully recommended that the first quarter of 2018 financial update report be received for information. 5. Strategic Plan Application The recommendations contained in this report conform to the Strategic Plan. Submitted by: Nancy Taylor, BBA, CPA, CA, Director of Finance/Treasurer Reviewed by: Z419WA� Andrew C. Allison, B. Comm, LL.B CAO Staff Contact: Catherine Carr, Manager of Internal Audit, 905-623-3379 ext 2606 or ccarr@clarington.net Municipality of Clarington Page 5 Report FND-010-18 There are no interested parties to be notified of Council's decision. Attachments: Attachment 1 — Summary of Operating Revenues and Expenses Attachment 2 — Continuity of Taxes Receivable Attachment 3 — Investments Outstanding Attachment 4 — Debenture Repayment Schedule Attachment 5 — Municipal Development Charges The Municipality of Clarington Attachment 1 Summary of Operating Expenditures and Revenues for the Three Months Ending March 31, 2018 to Report FND-010-18 2018 Qtr 1 Budget YTD 2018 Qtr 1 Actual YTD 2018 Qtr 1 Unexpended ($) 2018 Qtr 1 % Expended 2017 Qtr 1 Budgeted YTD 2017 Qtr 1 Actual YTD 2017 Qtr 1 Unexpenden d ($) 2018 Total Budget 2018 % of budget spent 05 Non -departmental Accounts Municipal Taxation (29,336,014) (80,890) (29,317,181) (171,140) (18,833) 90,250 _ 99.9% 211.6% (27,816,631) (81,898) 0 (27,884,000) (116,439) (128,296) 67,369 34,541 128,296 (62,634,835) (1,851,538) (5,762,273) 46.8% 9.2% 7.2% Other Revenue Contributions 0 (415,309) 415,309 Revenue/Taxation/Contributions (29,416,904) (29,903,630) 486,726 101.7% (27,898,529) (28,128,735) 230,206 (70,248,646) 42.6% 0 211,820 0 211,820 0 0 100.0% 0 199,200 0 199,200 0 0 (211,820) 211,820 0.0% 100.0% 59 BIA Taxation BIA Taxes BIA Payments Net Expenditures 211,820 211,820 0 100.0% 199,200 199,200 0 0 10 Mayor and Council Net Expenditures 227,340 217,573 9,767 95.7% 203,014 188,075 14,939 920,932 23.6% (43,889) 721,557 (154,507) 763,868 110,618 (42,311) (165,500) 2,100,193 31.8% 34.7% 13 Administrator's Office Revenue/Recoveries (96,766) (52,689) (44,077) 54.4% 747,345 728,183 19,162 97.4% Expenditures Net Expenditures 650,579 675,494 (24,915) 103.8% 677,668 609,361 68,307 1,934,693 34.9% (21,252) 120,062 (21,993) 78,668 741 41,394 103.5% 65.5% (6,708) 99,593 (35,848) 102,844 29,140 (3,251) (170,000) 546,792 12.9% 14.4% 14 Legal Administration Revenue/Recoveries Expenditures Net Expenditures 98,810 56,675 42,135 57.4% 92,885 66,996 25,889 376,792 15.0% 0 1,024,373 (151) 969,302 151 55,071 94.6% (19) 897,143 0 924,813 (19) (27,670) (8,000) 4,720,273 1.9% 20.5% 16 Corporate Services Revenue/Recoveries Expenditures Net Expenditures 1,024,373 969,151 55,222 94.6% 897,124 924,813 (27,689) 4,712,273 20.6% (119,608) 675,283 (182,799) 691,493 63,191 (16,210) (684,900) 3,740,364 30.2% 19.4% 19 Clerk's Revenue/Recoveries (150,450) (206,561) 56,111 137.3% Expenditures 774,928 726,423 481505 93.7% Net Expenditures 624,478 519,862 104,616 83.2% 555,675 508,694 46,981 3,055,464 17.0% (331,231) 588,975 57,719 (336,290) 563,465 147,447 5,059 25,510 (89,728) (1,502,000) 2,616,900 2,858,637 21.9% 22.0% 5.7% 21 Finance & Unclassified Administration Revenue/Recoveries (320,235) (329,295) 9,060 102.8% Operating Expenditures 619,308 574,709 44,599 92.8% Unclassified Admintration 183,317 164,085 19,232 89.5% Expenditures 802,625 738,794 63,831 92.0% 646,694 710,912 (64,218) 5,475,537 13.5% Net Expenditures 482,390 409,499 72,891 84.9% 315,463 374,622 (59,159) 3,973,537 10.3% The Municipality of Clarington Attachment 1 Summary of Operating Expenditures and Revenues for the Three Months Ending March 31, 2018 to Report FND-010-18 2018 Qtr 1 2018 Qtr 1 2018 Qtr 1 2018 Qtr 1 Unexpended % Budget YTD Actual YTD ($) Expended 2017 Qtr 1 2017 Qtr 1 2017 Qtr 1 Unexpenden Budgeted YTD Actual YTD d ($) 2018 % of 2018 Total budget Budget spent (82,214) (126,580) 44,366 154.0% 2,765,668 2,684,571 81,097 97.1% (4,630) (294,989) 290,359 2,687,470 2,677,537 9,933 (110,000) 115.1% 12,362,786 21.7% 28 Emergency Services - Fire Revenue/Recoveries Expenditures Net Expenditures 2,683,454 2,557,991 125,463 95.3% 2,682,840 2,382,548 300,292 12,252,786 20.9% (563,836) (519,317) (44,519) 450,792 451,137 (345) 856,617 921,899 (65,282) (1,605,532) 96.3% 538,773 85.2% 7,448,843 11.3% 32 Engineering Services Revenue/Recoveries (244,892) (1,546,404) 1,301,512 631.5% Debenture Payment 458,726 459,110 (384) 100.1% Operating Expenditures 886,741 844,874 41,867 95.3% Expenditures 1,345,467 1,303,984 41,483 96.9% 1,307,409 1,373,036 (65,627) 7,987,616 16.3% Net Expenditures 1,100,575 242,420 1,342,995 22.0% 743,573 853,719 110,146 6,382,084 3.8% (52,482) (79,598) 27,116 2,867,103 3,670,239 (803,136) 517,490 220,752 296,738 (672,423) 9.2% 18,116,278 22.0% 1,667,046 42.1% 36 Operations Revenue/Recoveries (57,193) (62,073) 4,880 108.5% Operating Expenditures 3,490,885 3,991,560 (500,675) 114.3% Fleet & Debenture Payments 973,384 702,586 270,798 72.2% Expenditures 4,464,269 4,694,146 (229,877) 105.1% 3,384,593 3,890,991 (506,398) 19,783,324 23.7% Net Expenditures 4,407,076 4,632,073 224,997 105.1% 3,332,111 3,811,393 479,282 19,110,901 24.2% (1,841,625) (2,025,196) 183,571 2,381,992 2,286,281 95,711 3,030,595 2,966,414 64,181 9,500 9,500 0 (5,104,866) 28.6% 12,556,918 19.4% 2,115,485 94.8% 95,000 16.7% 42 Community Services Revenue/Recoveries (2,075,641) (1,461,752) (613,889) 70.4% Operating Expenditures 2,708,328 2,430,612 277,716 89.7% Debenture Payments 2,016,355 2,004,560 111795 99.4% 15,820 15,820 0 100.0% Annual Grants & Sponsorships Expenditures 4,740,503 4,450,992 289,511 93.9% 5,422,087 5,262,195 159,892 14,767,403 30.1% Net Expenditures 2,664,862 2,989,240 (324,378) 112.2% 3,580,462 3,236,999 343,463 9,662,537 30.9% (103,232) (445,307) 342,075 815,987 776,068 39,919 i- (702,300) 21.7% 4,378,036 17.7% 50 Planning Services Revenue/Recoveries (173,901) (152,597) (21,304) 87.7% 829,482 773,019 56,463 93.2% Expenditures Net Expenditures 655,581 620,422 35,159 94.6% 712,755 330,761 381,994 3,675,736 16.9% Boards & Agencies 2,964,858 2,964,095 763 100.0% 2,978,238 2,978,145 93 4,190,911 70.7% (30,965,789) (32,202,586) 1,236,797 20,038,268 20,539,177 500,909 t (81,185,987) 41.7% 81,185,987 25.3% Total Operating: Revenue/Recoveries (32,639,448) (33,863,725) 1,224,277 103.8% Expenditures 21,018,740 20,541,570 477,170 97.7% Net Difference (11,620,709) (13,322,155) 1,701,447 114.6% 10,927 521 11,663,409 735,888 1 0 CORPORATION OF THE MUNICIPALITY OF CLARINGTON Attachment 2 to Continuity of Taxes Receivable Report FND-010-18 for the First Quarter of the Year 2018 Beginning Balance Interest Payments & Receivable Added Taxes Billed Balance Adjustments March 2018 March 2017 December 31, 2017 ** Current Year Taxes 5,631,465 41,920,222 47,551,688 (56,674,911) (9,123,223) (8,983,459) Penalty and Interest 201,508 104,729 306,237 (285,275) 20,962 19,690 First Prior Year Taxes 1,852,079 - 1,852,079 1,878,428 3,730,506 3,527,747 Penalty and Interest 133,562 123,770 257,331 (59,373) 197,958 197,533 Second Prior Year Taxes 493,624 - 493,624 600,803 1,094,427 1,135,271 Penalty and Interest 48,212 32,625 80,837 25,628 106,465 119,358 Third and Prior Years Taxes 53,421 - 53,421 232,880 286,301 320,423 Penalty and Interest 13,405 7,319 20,724 24,375 45,098 40,273 Sub -total 8,427,275 268,442 41,920,222 50,615,940 (54,257,445) (3,641,505) (3,623,164) Prepaid Taxes (5,245,630) Total 3,181,645 268,442 41,920,222 50,615,940 (54,257,445) (3,641,505) (3,623,164) ** These figures include refunds, write-off, 357's etc. Also included is the opening year transaction to roll the years forward. For example, current year receivables in December 2017 are now prior year receivables as of March 2018. Note 1: 2018 Interim Instalment months: February and April. Attachment 3 to Municipality of Clarington Report FND-010-18 Investments Outstanding As at March 31, 2018 General Fund One Fund High Interest Savings Account NR I 17 -Sea -16 30.240.500.63 n/a 30.240.500.63 General fund total' 30.240.500.63 30.240.500.63 Non -development Charge Funds (including Strategic Capital) BNS GIC H Purchase 1,000,000.00 Interest Maturity Maturity Issuer Type Rating Date Cost Rate date Amount General Fund One Fund High Interest Savings Account NR I 17 -Sea -16 30.240.500.63 n/a 30.240.500.63 General fund total' 30.240.500.63 30.240.500.63 Non -development Charge Funds (including Strategic Capital) 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 -1 3 321,079.00 2.25% 14 -May -1 8 358,862.84 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 -1 3 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 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 (B) Attachment 3 to Municipality of Clarington Report FND-010-18 Investments Outstanding As at March 31, 2018 Issuer Type Rating Purchase Date Cost Interest Rate Maturity date Maturity Amount 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 National Bank GIC H 12 -Feb -18 2,175,434.00 2.72% 13 -Feb -23 2,488,018.06 National Bank GIC H 26 -Mar -18 1,412,451.00 2.82% 27 -Mar -23 1,623,160.21 Non -development charge total 34,633,348.34 38,618,772. 55 Attachment 3 to Municipality of Clarington Report FND-010-18 Investments Outstanding As at March 31, 2018 Development Charqe Funds One Fund Bond NR Purchase I 4,036,915.78 Interest I Maturity Maturity Issuer Type Rating Date Cost Rate date Amount Development Charqe Funds One Fund Bond NR 08 -Aug -00 4,036,915.78 1.95% n/a 4,036,915.78 One Fund Equity NR 31 -Jan -07 500,000.00 2.20% 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 RBC GIC GIC H H 21 -Dec -16 1,128,572.00 1.80% 21 -Dec -21 1,233,866.47 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 HSBC GIC GIC H H 21 -Dec -17 1,337,834.00 1.85% 21 -Dec -22 1,466,247.87 24 -Jan -18 3,000,000.00 2.60% 24 -Jan -23 3,410,814.17 Prov Ontario Bond H 19 -Dec -13 2.403.350.00 2.85% 02 -Jun -23 (B) (B) (C) (C) (A) 2,500,000.00 (A) 780,000.00 (A) Prov Manitoba Bond H 23 -Nov -15 775,928.40 2.45% 02 -Jun -25 BNS Senior Deposit Note H 30 -Oct -17 2,388,000.00 2.68% 02 -Dec -26 2,400,000.00 Development charge total 28,660,877.93 30,674,435.93 Total Investments 93,534,726.90 99,533,709.11 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 (A) Muncipality of Clarington Attachment 4 of Report FND-010-18 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 LED Street Green Road Rehabilitation Parking Lot 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 JanuarV 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 3,010,000.00 - 871,000.00 5,083,000.00 19,237,516.48 Wanuary 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-010-18 MUNICIPAL DEVELOPMENT CHARGES January to March YTD Change in DC paid from prior year: Change in DC units from prior year: NON-RESIDENTIAL Commercial Industrial Agricultural Government Institutional TOTAL: 88.7% 81.4% 2018 2018 Municipal Development Charges Municipal Development Charges Paid 2017 Municipal Development Number Municipal Development Number of Charges Paid of Units Charges Paid Units $ 4,394,979.00 263 $ 2,265,834.00 138 $ - - $ 63,765.00 7 $ - - $ - - $ 4,394,979.00 263 $ 2,329,599.00 145 Change in DC paid from prior year: Change in DC units from prior year: NON-RESIDENTIAL Commercial Industrial Agricultural Government Institutional TOTAL: 88.7% 81.4% 2018 2017 Municipal Development Charges Municipal Development Charges Paid Paid $ - $ 243,452.39 $ - $ - $ - $ 243,452.39 Change in DC paid from prior year: -100.0% Municipality of Clarington Municipal Development Charges Incentives As of March 31, 2018 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-010-18 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