HomeMy WebLinkAboutTR-25-99
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THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
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REPORT
o~'p. -c;l4," 9 "1
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: May 3, 1999
Report #: TR-25-99
Subject: ANNUAL STATEMENT FOR THE DEVELOPMENT CHARGES
RESERVE FUNDS FOR THE YEAR ENDED DECEMBER 31,
1998
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration
Committee recommend to Council the following:
1. THAT Report TR-25-99 be received for information;
2. THAT Staff be authorized to transfer uncommitted funds not required for
1999 capital budget purposes available from the Fire Development
Charges Reserve Fund to the Community Services Development Charges
Reserve Fund to cover uncollected levies for the Garnet B. Rickard
Recreation Complex Twin Pad.
BACKGROUND & COMMENTS:
1.0 In accordance with the Development Charges Policy Report dated
February 5, 1992, section 2.12.2, the attached schedules show the annual
activity in the development charges reserve funds for the year ended
December 31, 1998. The amounts for 1998 are interim values based
upon budget commitments as the 1998 year end financial statements are
delayed due to the volume of legislation in 1998 relating to taxation and
the implementation of Bill 79- Capping of commercial, industrial and multi-
residential properties.
2.0 The 1992 Development Charges Policy Report established growth related
capital projects that were to be built and financed over a ten-year
development time frame. In the Community Services category, the
801
TR-25-99
PAGE 2
primary projects were the Courtice Community Complex and the twin pad
on the Garnet B. Rickard Recreation Complex.
3.0 Since ten years of collection of development charges levies has not yet
occurred and there was less that anticipated development growth during
the recession years, insufficient levies have been collected to date in the
Community Services Development Charges Reserve Fund to finance the
full cost of the Garnet B. Rickard Recreation Complex.
4.0 As indicated in Report TR-56-97 dealing with the financing of the twin pad,
the current Development Charges Act allows for pooling of development
charges reserve funds provided that the funds are only spent on growth
related capital projects. TR-56-97 provided authorization to use
uncommitted funds in both the Public Works and the Civic Administration
Development Charges Reserve Funds to finance the shortfall in the
Community Services Development Charges Reserve Funds. As Council
is aware, the new Development Charges Policy in being drafted by
Hemson Consulting. Based upon the current status of the reserve funds
and the projected future capital requirements, it is recommended to use
some of the levies accumulated in the Fire Development Charges Reserve
Funds. This will optimize the use of the existing funds while allowing for
1999 Capital Budget requirements.
Respectfully submitted,
Reviewed by,
dV'-~~~~
Franklin Wu,
Chief Administrative Officer.
MM*NT *km
26 April 1999
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