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Home My WebLink AboutFND-023-07 CllJLiJJ.glon REPORT FINANCE DEPARTMENT Date: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MONDAY NOVEMBER 19, 2007 Resolution #:(d{Jfl-b55-0 7 Meeting: Report #: FND-023-07 File#: By-law #: Subject: CASH ACTIVITY - THIRD QUARTER OF 2007 Recommendations: It is respectfully recommended that the General Purpose and Administration Committee recommend to Council the following: 1. THAT Report FND-023-07 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 third quarter of the year 2007, as shown on the attached schedule; and 3. That part "A" of the expenditures for the third quarter of the year be confirmed. Reviewed d~ -.1,. ~ Franklin Wu, Chief Administrative Officer. NT/LB/cd REPORT NO.: FND-023-07 PAGE 2 BACKGROUND AND COMMENT: The attached schedules indicate the Corporation of the Municipality of Clarington's cash transactions for the third quarter of 2007, the cash investment position, the taxes receivable position with the comparative information for the month ending September 30, 2006 and statistical information for the third quarter of 2007. Attachments: Attachment A - Analysis of Revenue and Expenditures - Third Quarter of 2007 Attachment B - Continuity of Taxes Receivable - As at September 2007 Attachment C - Statistical Information - As at September 2007 Attachment D - Investments Outstanding - As at September 2007 CORPORATION OF THE MUNICIPALITY OF CLARINGTON 40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L 1C 3AB T (905)623-3379 F (905)623-4169 CORPORATION OF THE MUNICIPALITY OF CLARINGTON Analysis of Revenue and Expenditures for the Third Quarter of the Year 2007 PART "A" Third Quarter Third Quarter 2007 2006 REVENUE RECEIVED FOR GENERAL OPERATING AND RESERVE FUND PURPOSES: GENERALITAX PAYMENTS RECEIVED 34,711,702 41,547,329 FEDERAL GAS TAX REVENUE 453,856 340,430 ONTARIO MUNICIPAL PARTNERSHIP FUND (CRF) 29,000 0 DURHAM REGION ~ PROVINCIAL OFFENCES ACT 51,403 0 CANADIAN WASTE - RENT AND ROYALTIES 31,130 0 DEBENTURE PROCEEDS - TOTAL HOCKEY FACILITY 0 1,102,747 LINEAR PROPERTIES 2,122,438 2,122,438 PITS & QUARRIES - LICENCE FEES 202,335 231,616 DONATION TO BIS-DARLlNGTON SOCCER 0 30,000 DONATION TO BIS-CLAR. MINOR LACROSSE 10,000 10,000 DEVELOPMENT CHARGES-MUNICIPAL 1,298,435 1,994,045 DEVELOPMENT CHARGES-REGION 1,769,655 2,475,673 DEVELOPMENT CHARGES-SCHOOL BOARD 178,513 305,417 INTEREST 1,215349 1,078,961 42073,818 51,238654 USE OF FUNDS: PAYROLL 5,082,071 4,796,987 REGION LEVY 16,839,652 14,093,613 SCHOOL BOARD LEVIES 6,167,608 5,029,359 GENERAL-INCLUDING CAPITAL EXPENDITURES 14 392,604 22,015193 42481,935 45935,151 NET CASH PROVIDED (USED) (408117 5,303,503 BANK NET CASH BANK BANK BALANCE PROVIDED BALANCE BALANCE FINANCIAL POSITION: JUN 30, 2007 UUSED SEPT 30 2007 SEPT 30 2006 GENERAL FUND 6,004,158 7,239,861 13,244,019 21,166,396 RESERVE FUND 861,676 (688,598) 173,078 1,335,372 MUNICIPAL BOND INVESTMENTS 2,855,404 31,657 2,887,061 2,768,830 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) 62,781 627 (6,991,037 55790,590 51,709743 TOTALS 83,002,865 1408,117 82,594,748 86,980341 BAN K BALANCES AS AT JUL 30 2007 JUL 31, 2006 AUG 31 2007 AUG 31, 2006 GENERAL FUND 6,038,683 4,905,761 8,352,052 5,498,583 RESERVE FUND 242,465 1,950,799 120,331 1,288,421 MUNICIPAL BOND INVESTMENTS 2 866 045 2749968 2 876,603 2759,513 NOTE A: Difference in comparison between years due to timing difference in receipt of funds CORPORATION OF THE MUNICIPALITY OF CLARlNGTON PART "B" Continuity of Taxes Receivable or the Third Quarter of the Year 2007 June 30, 2007 SEPTEMBER SEPTEMBER BEGINNING BALANCE INTEREST TAXES PAYMENTSI 2007 2006 RECEIVABLE ADDED BILLED BALANCE ADJUST.*** IIPRFPAID TAXES CURRENT YEAR TAXES 6,065,537 34,522,859 40,588,396 (29,224,964) 11,363,432 10,432,304 PENALTY AND INTEREST 86 408 212259 298,667 1106,792 191,875 171,768 IRST PRIOR YEAR TAXES 2,491,374 719,601 3,210,975 (891,824) 2,319,151 1,978,936 PENALTY AND INTEREST 249,471 92481 341,952 ' (67 627 274,325 225 875 ECOND PRIOR YEAR TAXES 969,688 44,212 1,013,900 (152,387) 861,513 801,371 PENALTY AND INTEREST 170,303 34,973 205,276 (26,767 178,509 141,913 THIRD & PRIOR YEARS TAXES 1,023,044 0 1,023,044 (43,406) 979,638 797,093 PENALTY AND INTEREST 397,439 37 436 434,875 120 689 414186 295,263 TOTAL 11453264 377,149 35286,672 47117 085 '30 534,456 16,582629 14844 523 ... Includes refunds, write-ofts, 496's, etc. NOTE 1: 2007 and 2006 Interim Instalment months: February and April 2007 and 2006 Final Instalment months: June, August and September CORPORATION OF THE MUNICIPALITY OF CLARINGTON PART "C" STATISTICAL INFORMATION for the Third Quarter of the Year 2007 Year to Date Tax Certificates 251 731 Number of Properties eligible for Tax Reaistration (Note 1) 59 (Note 2 Accounts Payable Cheques Issued #085006 to #086744 1,654 5,080 Number of Marriaqe Licences Issued 124 272 Number of Births Reaistered 10 17 Number of Deaths/Stillbirths Reaistered 182 534 Note 1: Only includes those properties whose arrears are greater than $20,000. Note 2: Number of eligibie properties for tax registration not applicable for year-to-date comparison. CORPORATION OF THE MUNICIPALITY OF CLARINGTON INVESTMENTS OUTSTANDING AS AT SEPTEMBER 30, 2007 PART "D" FINANCIAL INVESTMENT INTEREST MATURITY MATURITY INSTITUTION COST RATE VALUE DATE GENERAL FUND BMO 992,190.00 4.71% 1,000,000.00 10-0ct-2007 BMO 1,487,145.00 4.71% 1,500,000.00 16-0ct-2007 BMO 1,991,560.00 4.83% 2,000,000.00 30-0ct-2007 TOTAL GENERAL FUND ......4A:z'O,~$$@l.. RESERVE FUND RBC . 550,000.00 4.10% 550,000.00 14-0ct-2007 HSBC 3,062,375.54 4.69% 3,097,000.00 19-0ct-2007 TD 1,991,520.00 4.86% 2,000,000.00 22-0ct-2007 TD 1,982,100.00 4.85% 2,000,000.00 24-0ct-2007 BMO 1,992,880.00 4.83% 2,000,000.00 25-0ct-2007 BMO 1,991,820.00 4.83% 2,000,000.00 29-0ct-2007 RBC 1,394,219.59 4.72% 1,409,000.00 30-0ct-2007 HSBC 988,320.00 4.90% 1,000,000.00 16-Nov-2007 BMO 1,976,000.00 4.82% 2,000,000.00 23-Nov-2007 RBC . 2,061,000.00 4.25% 2,061,000.00 3-Dec-2007 RBC 1,500,000.00 5.50% 1,500,000.00 20-Dec-2007 RBC . 1,480,000.00 4.50% 1,480,000.00 10-Feb-2008 RBC 481,878.00 4.45% 599,072.41 4-Mar-2008 RBC . 970,000.00 4.00% 970,000.00 19-Mar-2008 RBC 208,000.00 4.35% 257,351.00 12-May-2008 RBC 500,000.00 4.25% 595,239.37 21-Jun-2008 RBC . 4,180,000.00 4.05% 4,180,000.00 30-Jun-2008 RBC 3,796,000.00 4.05% 3,796,000.00 29-Jul-2008 RBC' 906,000.00 4.50% 906,000.00 29-Sep-2008 RBC 1,379,343.53 4.65% 1,787,409.00 1-Dec-2008 RBC 1,143,285.67 3.80% 1,338,742.00 15-Dec-2008 RBC 372,440.00 4.40% 461,912.00 28-May-2009 RBC 664,993.00 4.25% 753,434.00 29-Aug-2009 RBC 739,938.86 3.55% 869,800.00 1-0ct-2009 RBC 733,772.63 3.85% 900,445.00 2-Jun-2010 RBC 5,094,062.47 4.10% 6,058,590.00 1-0ct-2010 RBC . 1,500,000.00 4.10% 1,500,000.00 6-Dec-2010 RBC 1,681,851.79 4.35% 2,080,894.41 6-Mar-2011 RBC 2,221,742.00 4.30% 2,742,301.29 18-Sep-20 11 RBC 776,152.23 4.35% 986,467.00 1-Dec-2011 RBC 999,999.54 4.20% 1,244,090.00 2-Dec-2011 RBC 2,000,000.00 4.05% 2,439,161.00 16-Mar-2012 TOTAL RESERVE FUND ."$1.$1$;6$4,$$ TOTAL INVESTMENTS ...$$,7'$0,$$$.$$ . Investment Interest paid on a monthly/semi-annual/annual basis