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Home My WebLink AboutFND-015-07 Cl.!fillglon REPORT FINANCE DEPARTMENT Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MONDAY JULY 30,2007 Resolution #:qPA-49/1-Q7 Date: Report #: FND-015-07 File #: By-law #: Subject: CASH ACTIVITY - SECOND QUARTER OF 2007 Recommendations: It is respectfully recommended that the General Purpose and Administration Committee recommend to Council the following: 1. THAT Report FND-015-07 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 second quarter of the year 2007, as shown on the attached schedule; and 3. That part "A" of the expenditures for the second quarter of the year be confirmed. Submitted by: Reviewed bYO~...::... ~ Franklin Wu, Chief Administrative Officer. NT/LB/nma REPORT NO.: FND-01S-07 PAGE 2 BACKGROUND AND COMMENT: The attached schedules indicate the Corporation of the Municipality of Clarington's cash transactions for the second quarter of 2007, the cash investment position, the taxes receivable position with the comparative information for the month ending June 30, 2006 and statistical information for the second quarter of 2007. Attachments: Attachment A - Analysis of Revenue and Expenditures - Second Quarter of 2007 Attachment B - Continuity of Taxes Receivable - As at June 2007 Attachment C - Statistical Information - As at June 2007 Attachment 0 - Investments Outstanding - As at June 2007 CORPORATION OF THE MUNICIPALITY OF ClARINGTON 40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L 1C 3A6 T (905)623-3379 F (905)623-4169 CORPORATION OF THE MUNICIPALITY OF CLARINGTON Analysis of Revenue and Expenditures for the Second Quarter of the Year 2007 PART "A" ~ econd Quarter econd Quarter 2007 2006 REVENUE RECEIVED FOR GENERAL OPERATING ~ND RESERVE FUND PURPOSES: GENERALlTAX PAYMENTS RECEIVED 56,963,580 43,269,235 FEDERAL GAS TAX REVENUE 0 138,665 ONTARIO MUNICIPAL PARTNERSHIP FUND (CRF) 29,000 0 DURHAM REGION - PROVINCIAL OFFENCES ACT 92,334 59,013 CANADIAN WASTE - RENT AND ROYALTIES 26,378 40,477 DEVELOPMENT CHARGES-MUNICIPAL 2,010,102 1,826,015 DEVELOPMENT CHARGES-REGION 2,680,728 2,472,621 DEVELOPMENT CHARGES-SCHOOL BOARD 275,160 340,024 INTEREST 419,036 1,825,820 62,496,319 49,971,870 USE OF FUNDS: PAYROLL 5,894,082 5,494,950 REGION LEVY 24,882,231 11,093,204 SCHOOL BOARD LEVIES 7,025,122 5,717,225 GENERAL-INCLUDING CAPITAL EXP.** 21,962,427 12,758,766 59,763,861 35,064,145 NET CASH PROVIDED (USED) 2,732,457 14,907,725 ~ANK NET CASH ~ANK HANK BALANCE PROVIDED BALANCE BALANCE FINANCIAL POSITION: ~AR. 31, 2007 I (USED) JUN. 30, 2007 JUN. 30, 2006 GENERAL FUND 6,132,084 (127,925) 6,004,158 14,427,301 RESERVE FUND 529,744 331,933 861,676 1,220,156 MUNICIPAL BOND INVESTMENTS 2,825,689 29,716 2,855,404 2,740,334 MUNICIPAL EQUITY INVESTMENTS 500,000 0 500,000 0 HOST COMMUNITY FUND IN TRUST 10,000,000 0 10,000,000 10,000,000 INVESTMENTS (GENERAL + RESERVE FUNDS) 60,282,894 2,498,733 62,781,627 53,289,047 TOTALS 80,270,411 2 732 457 83,002,865 81,676,838 BANK BALANCES AS AT: PRo 30, 2007 APR. 30, 2006 MAY 31,2007 MAY 31,2006 GENERAL FUND 6,278,054 16,472,123 4,220,910 3,888,095 RESERVE FUND 651,470 731,273 855,592 1,037,403 MUNICIPAL BOND INVESTMENTS 2,835,188 2,721,571 2,845,459 2,731,102 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 Second Quarter of the Year 2007 I March 31, 2007 JUNE JUNE BEGINNING BALANCE INTEREST TAXES PAYMENTSI 2007 2006 RECEIVABLE ADDED BILLED BALANCE ADJUST"-- PREPAID TAXES CURRENT YEAR TAXES (2,983,797) 50,103,218 47,119,421 (41,053,884) 6,065,537 7.127,568 PENAL TV AND INTEREST 22 597 132 809 155 406 168 998) 86 408 80 456 FIRST PRIOR YEAR TAXES 3,193,781 605 3,194,386 (703,012) 2,491,374 2,338,308 PENAL TV AND INTEREST 246 691 113016 359 707 (110236) 249471 214821 SECOND PRIOR YEAR TAXES 1,161.157 6,118 1,167.275 (197,587) 969,688 958,088 PENAL TV AND INTEREST 177 524 41 165 218689 148 386) 170 303 155 198 THIRD & PRIOR YEARS TAXES 1,144,940 0 1,144,940 (121,896) 1,023,044 883,376 PENAL TV AND INTEREST 396,318 40 900 437218 (39 779) 397 439 326 486 OTAl 3.359.211 327,890 50109941 53 797 042 (42343,778' 11 ,453 264 12084 301 .. Includes refunds, write-offs. 496's, etc. NOTE 1: 2007 AND 2006 Interim Instalment months: February and April 2007 AND 2006 Final Instalment months: June and September NOTE 2: Current year taxes open in a negative position because they represent prepaid taxes for the April instalment. CORPORATION OF THE MUNICIPALITY OF CLARINGTON STATISTICAL INFORMATION PART "C" for the Second Quarter of the Year 2007 Year to Date Tax Certificates 301 480 Number of Properties eligible for Tax ReQistration (Note 1) 48 (Note 2' Accounts Payable Cheques Issued #083366 to #085005 1,640 3,426 Number of MarriaQe Licences Issued 99 148 Number of Births Reaistered 3 7 Number of Deaths/Stillbirths Reaistered 167 352 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 JUNE 30, 2007 PART "0" FINANCIAL INVESTMENT INTEREST # OF DAYS MATURITY MATURITY INSTITUTION COST RATE 0/5 VALUE DATE GENERAL FUND BMO 1,982,560.00 4.46% 72 2,000,000.00 Aug. 31/07 BMO 994,350.00 4.32% 48 1,000,000.00 Jul. 12/07 BMO 1,977,760.00 4.51 % 91 2,000,000.00 Sep. 19/07 BMO 1,977,660.00 4.58% 90 2,000,000.00 Sep.27/07 BMO 1,985,460.00 4.31% 62 2,000,000.00 Jul. 19/07 TO 1,986,360.00 4.40% 57 2,000,000.00 Aug. 10/07 TO 992,430.00 4.42% 63 1,000,000.00 Aug. 16/07 TO 1,982,920.00 4.43% 71 2,000,000.00 Aug. 24/07 HSBC 992,740.00 4.45% 60 1,000,000.00 Aug. 20/07 TOTAL GENERAL FUND . ....,~l~l~i~4.QiQb.... RESERVE FUND RBC 776,152.23 4.35% 2059 986,467.00 Dec. 1/11 RBC 999,999.54 4.20% 1941 1,244,090.00 Dec. 02/11 RBC * 4,180,000.00 4.00% 365 4,180,000.00 June 30/08 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 4.00% 1827 595,239.37 June 21/08 RBC 481,878.00 4.45% 1827 599,072.41 Mar. 04/08 RBC * 970,000.00 4.00% 1102 970,000.00 Mar. 19/08 BMO 1,990,080.00 4.33% 42 2,000,000.00 Jul. 12/07 RBC * 1,480,000.00 4.50% 1096 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% 730 550,000.00 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 BMO 1,985,560.00 4.35% 61 2,000,000.00 Jul. 31/07 RBC * 2,061,000.00 4.25% 730 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% 730 906,000.00 Sep. 29/07 RBC 372,440.00 4.40% 1826 461,912.00 May 28/09 BMO 1,978,120.00 4.34% 93 2,000,000.00 Aug. 23/07 RBC 1,000,000.00 4.45% 1827 1,243,203.49 Aug. 09/07 HSBC 1,984,900.00 4.34% 64 2,000,000.00 Jul. 25/07 RBC 3,796,000.00 4.00% 365 3,796,000.00 Jul. 29/07 RBC 5,094,062.47 4.10% 1578 6,058,590.00 Oct. 1/10 RBC 2,221,742.00 4.30% 1826 2,742,301.29 Sep. 15/11 RBC 2,000,000.00 4.05% 1823 2,439,161.00 Mar. 12/12 RBC 664,993.00 4.25% 1096 753,434.00 Aug. 29/09 HSBC 3,030,287.16 4.33% 91 3,063,000.00 Jul. 23/07 TOTAL RESERVE FUND .....4'7;$~$:~p$i$a... 621$1.64$$8 TOTAL INVESTMENTS . . . , . . . .. . '" . ~;~:~.: . :.~ ;" : ~i. ,", . ,j, ..):: * Investment interest paid on a monthly/semi-annual/annual basis