HomeMy WebLinkAboutFND-011-07
~n
REPORT
FINANCE DEPARTMENT
Meeting:
GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
FRIDAY, JUNE 8, 2007 Resolution #:~...o:t
Date:
Report #: FND-011-07
File #:
By-law #:
Subject:
CASH ACTIVITY - FIRST QUARTER OF 2007
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-011-07 be received;
2. That in accordance with provision of Chapter 25, Section 268 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 2007, as shown on the attached
schedule; and
3. That part "A" of the expenditures for the first quarter of the year be confirmed.
Submitted by:
Reviewed bO~ ---.J~
Franklin Wu,
Chief Administrative Officer.
NT/AA/nma
REPORT NO.: FND-011-07
PAGE 2
BACKGROUND AND COMMENT:
The attached schedules indicate the Corporation of the Municipality of Clarington's cash
transactions for the first quarter of 2007, the cash investment position, the taxes receivable
position with the comparative information for the month ending March 31,2006 and statistical
information for the first quarter of 2007.
Attachments:
Attachment A - Analysis of Revenue and Expenditures - First Quarter of 2007
Attachment B - Continuity of Taxes Receivable - As at March 2007
Attachment C - Statistical Information - As at March 2007
Attachment D -Investments Outstanding - As at March 2007
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L 1 C 3A6 T (905)623-3379 F (905)623-4169
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Analysis of Revenue and Expenditures
for the First Quarter of the Year 2007
PART "A"
First Quarter First Quarter
2007 2006
REVENUE RECEIVED FOR GENERAL OPERATING
AND RESERVE FUND PURPOSES:
GENERAUTAX PAYMENTS RECEIVED 37,066,353 32,538,565
PROVINCE - UNCONDITIONAL GRANT - RDS & BRIDGES 0 1,483,872
ONTARIO MUNICIPAL PARTNERSHIP FUND (CRF) 29,000 116,000
DURHAM REGION - PROVINCIAL OFFENCES ACT 2,996 0
LINEAR PROPERTIES 2,122,438 2,122,438
CANADIAN WASTE - RENT AND ROYALTIES 16,495 12,904
DEBENTURE PROCEEDS - NEWC. RECREATION FACILITY 17,171,927 0
DEVELOPMENT CHARGES - MUNICIPAL 1,329,909 1,652,869
DEVELOPMENT CHARGES - REGION 1 ,573,334 2,223,339
DEVELOPMENT CHARGES-SCHOOL BOARD 173,654 260,826
INTEREST 1,051,165 841 ,446
60,537,271 41 ,252,259
USE OF FUNDS:
PAYROLL 5,049,406 4,681,849
REGION LEVY 14,288,038 11,093,201
SCHOOL BOARD LEVIES 4,860,084 5,726,728
GENERAL-INCLUDING CAPITAL EXP.** 17,261,549 12,910,058
41,459,077 34,411,836
NET CASH PROVIDED (USED) 19,078,194 6,840,423
BANK NET CASH BANK BANK
BALANCE PROVIDED BALANCE BALANCE
FINANCIAL POSITION: DEC 31, 2006 / (USED) MAR 31, 2007 MAR 31,2006
GENERAL FUND 4,488,456 1 ,643,628 6,132,084 8,858,269
RESERVE FUND 1,134,010 (604,266) 529,744 751,109
MUNICIPAL BOND INVESTMENTS 2,797,412 28,277 2,825,689 2,712,478
MUNICIPAL EQUITY INVESTMENTS 0 500,000 500,000 0
HOST COMMUNITY FUND IN TRUST 10,000,000 0 10,000,000 10,000,000
INVESTMENTS (GENERAL + RESERVE FUNDS) 42,772,339 17,510,555 60,282,894 44,447,256
TOTALS 61,192,217 19,078,194 80,270,411 66,769,112
BANK BALANCES AS AT: JAN 31, 2007 JAN 31, 2006 FEB 28, 2007 FEB 28, 2007
GENERAL FUND 4,501,433 8,776,646 23,708,134 15,569,450
RESERVE FUND 675,877 534,330 583,867 2,392,983
MUNICIPAL BOND INVESTMENTS 2,807,123 2,694,694 2,816,032 2,703,057
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
or the First Quarter of the Year 2007
December 31, 2006 MARCH MARCH
BEGINNING BAL. INTEREST TAXES PA YMENTS/ 2007 2006
RECEIVABLE ADDED BillED BALANCE ADJUST.***
IPREPAID TAXES I I I I I I .1 - I
CURRENT YEAR
TAXES (1,745,236) 26,076,560 24,331,324 (27,315,121) (2,983,797) (3,249,052)
PENALTY AND INTEREST 48 076 48 076 125479\ 22,597 20,382
FIRST PRIOR YEAR
TAXES 4,595,333 4,595,333 (1,401,552) 3,193,781 2,916,343
PENALTY AND INTEREST 238 923 151 567 390 490 1143799\ 246,691 204 837
SECOND PRIOR YEAR
TAXES 1 ,525,432 6,118 1,531,550 (370,393) 1,161,157 1,141,554
PENALTY AND INTEREST 193 936 51 508 245 444 167 920\ 177 524 166081
HIRD & PRIOR YEARS
TAXES 1,283,455 1 ,283,455 (138,515) 1,144,940 976,121
PENALTY AND INTEREST 413872 45 759 459631 163 313\ 396318 322 876
OTAl 6505715 296910 26 082 678 32 885 303 129 526 092\ 3,359 211 2.499 142
*** Includes refunds, write-ofts, 496's, etc.
NOTE 1: 2007 and 2006 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"C"
STATISTICAL INFORMATION
for the First Quarter
of the Year 2007 Year to Date
Tax Certificates 179 179
Number of Properties eligible for Tax (Note 2'
Reaistration (Note 1) 41
Accounts Payable Cheques Issued
#081580 to #083365 1,786 1,786
Number of Marriaqe Licences Issued 49 49
Number of Births Reqistered 4 4
Number of Deaths/Stillbirths Reqistered 185 185
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, 2007
PART "0"
I I FINANCIAL INVESTMENT INTEREST # OF DAYS MATURITY MATURITY
INSTITUTION COST RATE O/S VALUE DATE
GENERAL FUND
TO 1,993,420.00 4.30% 28 2,000,000.00 Apr. 26/07
BMO 1,992,720.00 4.30% 31 2,000,000.00 Apr. 05/07
BMO 1,987,820.00 4.30% 52 2,000,000.00 Apr. 26/07
BMO 1,993,660.00 4.30% 27 2,000,000.00 Apr. 26/07
TOTAL GENERAL FUND 7,967,620.00
RESERVE FUND
TO 5,441,810.00 4.29% 91 5,500,000.00 May 23/07
TO 996,710.00 4.30% 28 1,000,000.00 Apr. 26/07
BMO 5,937,180.00 4.29% 90 6,000,000.00 May 22/07
RBC * 4,180,000.00 3.80% 730 4,180,000.00 June 30/07
RBC 2,221,742.00 4.30% 1826 2,742,301.29 Sep. 18/11
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 4.25% 1827 595,239.37 June 21/08
RBC 481,878.00 4.45% 1827 599,072.41 Mar. 04/08
RBC 2,000,000.00 4.05% 1823 2,439,161.00 Mar. 12/12
RBC * 970,000.00 3.50% 1468 970,000.00 Mar. 19/08
RBC 664,993.00 4.25% 1096 753,434.00 Aug. 29/09
RBC * 776,152.23 4.35% 2059 986,467.00 Dec. 01/11
RBC * 1,480,000.00 4.50% 1461 1,480,000.00 Feb. 10/08
RBC 208,000.00 4.35% 1830 257,351.00 May 12/08
RBC * 550,000.00 4.10% 1095 550,000.00 Oct. 14/07
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 999,999.54 4.20% 1941 1,244,090.00 Dec. 02/11
RBC * 2,061,000.00 4.25% 1,095 2,061,000.00 Dec. 03/07
RBC 1,500,000.00 5.50% 1694 1,500,000.00 Dec. 20/07
RBC · 906,000.00 4.25% 1095 906,000.00 Sep. 29/07
RBC 372,440.00 4.40% 1826 461,912.00 May 28/09
RBC 5,094,062.47 4.10% 1578 6,058,590.00 Oct. 01/10
RBC 1,000,000.00 4.45% 1827 1,243,203.49 Aug. 09/07
HSBC 2,999,113.88 4.31% 90 3,031,000.00 Apr. 23/07
RBC 3,796,000.00 4.00% 730 3,796,000.00 Jul. 29/07
TOTAL RESERVE FUND 52,315,273.60
TOTAL INVESTMENTS 60,282,893.60
* Investment interest paid on a monthly/semi-annual/annual basis