HomeMy WebLinkAboutFND-005-08
CllJL-mgron
REPORT
FINANCE DEPARTMENT
Meeting:
GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date:
MONDAY FEBRUARY 25, 2008
Resolution #:..GU2t1:..B I-o~
Report #: FND-005-08
File#:
By-law #:
Subject:
CASH ACTIVITY - FOURTH QUARTER OF 2007
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-005-08 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 fourth quarter of the year 2007, as shown on the attached
schedule; and
3. That part "A" of the expenditures for the fourth quarter of the year be confirmed.
Submitted by:
Reviewed b')~'-:' ~
Franklin Wu,
Chief Administrative Officer.
NT/RR/hjl
REPORT NO.: FND-Q05-08
PAGE 2
BACKGROUND AND COMMENT:
The attached schedules indicate the Corporation of the Municipality of Clarington's cash
transactions for the fourth quarter of 2007, the cash investment position, the taxes receivable
position with the comparative information for the month ending December 31, 2006 and
statistical information for the fourth quarter of 2007.
Attachments:
Attachment A - Analysis of Revenue and Expenditures - Fourth Quarter of 2007
Attachment B - Continuity of Taxes Receivable - As at December 2007
Attachment C - Statistical Information - As at December 2007
Attachment D - Investments Outstanding - As at December 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 Fourth Quarter of the Year 2007
PART "A"
Fourth Quarter Fourth Quarter
2007 2006
REVENUE RECEIVED FOR GENERAL OPERATING
AND RESERVE FUND PURPOSES:
GENERAUTAX PAYMENTS RECEIVED 16,896,952 18,761,617
FEDERAL GAS TAX REVENUE 453,856 340,430
ONTARIO MUNICIPAL PARTNERSHIP FUND (CRF) 29,000 0
DURHAM REGION - PROVINCIAL OFFENCES ACT 0 0
CANADIAN WASTE - RENT AND ROYALTIES 46,647 115,653
LINEAR PROPERTIES 0 0
PITS & QUARRIES - LICENCE FEES 0 0
DONATION TO BIS-DARLlNGTON SOCCER 50,000 0
DEVELOPMENT CHARGES-MUNICIPAL 1,738,380 1,482,215
DEVELOPMENT CHARGES-REGION 2,795,085 1,837,624
DEVELOPMENT CHARGES-SCHOOL BOARD 252,297 263,971
INTEREST 770,621 512,656
23,032,838 23,314,166
USE OF FUNDS:
PAYROLL 5,785,901 5,458,112
REGION LEVY 1,466,453 12,637,937
SCHOOL BOARD LEVIES 6,997,471 8,112,928
GENERAL-INCLUDING CAPITAL EXPENDITURES 20,966,584 22,893313
35,216,409 49,102,290
NET CASH PROVIDED (USED) 112,183,572 (25,788,124
BANK NET CASH BANK BANK
BALANCE PROVIDED BALANCE BALANCE
FINANCIAL POSITION: SEPT 30, 2007 IIUSED DECEMBER 31, 2007 DECEMBER 31 2006
GENERAL FUND 13,244,019 (3,701,248) 9,542,771 4,488,455
RESERVE FUND 173,078 813,144 986,222 1,134,010
MUNICIPAL BOND INVESTMENTS 2,887,061 32,226 2,919,287 2.797,412
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) 55,790,590 19,327,694 46,462,896 42 772,339
TOTALS 82,594,748 112,183,572 70411,176 61,192,216
BANK BALANCES AS AT: OCT 31, 2007 OCT 31,2006 NOV 31,2007 NOV31,2006
GENERAL FUND 10,982,709 6,404,249 12,982,768 5,715,276
RESERVE FUND 191,878 940,858 917,427 955,550
MUNICIPAL BOND INVESTMENTS 2,897,979 2,778,144 2,908,318 2,787464
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 Fourth Quarter of the Year 2007
Sep 30. 2007 DECEMBER DECEMBER
BEG. BALANCE INTEREST TAXES PA YMENTSt 2007 2006
RECEIVABLE ADDED BILLED BALANCE ADJUST....
REPAID TAXES INote l' 12 046 000 11.7
URRENT YEAR
TAXES 11.363.432 1.418.179 12.761.611 (9,436.433) 3.345.179 2.650.097
PENALTY AND INTEREST 191675 261.147 453 022 1161960 271.042 236.923
FIRST PRIOR YEAR
TAXES 2.319.151 170.575 2.469.726 (570.719) 1.919.007 1.525.432
PENALTY AND INTEREST 274.325 60135 354 460 . /92.080 262 380 193.936
SECOND PRIOR YEAR
TAXES 661.513 62,465 923.976 (211.356) 712.622 605.135
PENALTY AND INTEREST 176 509 30 530 209 039 (39473 169.566 124.196
n-HIRD & PRIOR YEARS
TAXES 979.636 - 979.636 (71.301) 906.337 678.320
PENALTY AND INTEREST 414.186 35 037 449.223 i34 347 414.876 269.676
TOTAL 16.562.629 408.850 1651218 16 640.697 110.637.688 8.003.009 6.505.715
... Includes refunds, write~offs, 496'5. elc.
NOTE 1: Prepaid taxes include property tax preauthorized payment program (PAP).
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
PART "C"
STATISTICAL INFORMATION
for the Fourth Quarter
of the Year 2007 Year to Date
Tax Certificates 170 901
Number of Properties eligible for Tax
Reqistration (Note 1) 56 (Note 2
Accounts Payable Cheques Issued
#086745 to #088327 1,578 6,658
Number of Marriaae Licences Issued 38 310
Number of Births Reoistered 5 22
Number of Deaths/Stillbirths Reqistered 171 705
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 DECEMBER 31, 2007
PART "0"
I [I FINANCIAL INVESTMENT INTEREST MATURITY MATURITY
COST RATE VALUE DATE
INSTITUTION
GENERAL FUND
TOTAL GENERAL FUND 0.00
RESERVE FUND BMO 1,980,860.00 4.70% 2,000,000.00 7 -Jan-2008
RBC 1,496,715.00 4.45% 1,500,000.00 7 -Jan-2008
RBC * 1,480,000.00 4.50% 1,480,000.00 10-Feb-2008
HSBC 3,048,77278 4.79% 3,098,000.00 22-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
BMO 2,650,563.00 4.63% 2,700,000.00 25-Mar-2008
TO 1,374,464.00 4.52% 1,400,000.00 25-Apr-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 550,000.00 4.40% 574,200.00 14-0ct-2008
RBC 1,379,343.53 4.65% 1,787,409.00 1-Dec-2008
RBC 2,061,00000 4.50% 2,153,745.00 3-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% 1,244,09000 2-Dec-2011
RBC 2,000,000.00 4.05% 2,439,161.00 16-Mar-2012
RBC 1,471,061.00 4.80% 1,859,675.00 30-0ct-2012
TOTAL RESERVE FUND 46,462,895.50
ITOTAL INVESTMENTS 46,462,895.50 [
* Investment interest paid on a monthly/semi-annual/annual basis