HomeMy WebLinkAboutFND-013-08
q~i!lglOn
REPORT
FINANCE DEPARTMENT
Meeting:
GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
MONDAY JULY ih, 2008 Resolution #:~o<;s
Date:
Report #: FND-013-08
File#:
By-law #:
Subject:
FINANCIAL UPDATE AS AT MARCH 31, 2008
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-013-08 be received for information.
Submitted by:
Reviewed b~ ~~~
Franklin Wu,
Chief Administrative Officer.
NT/hjl
REPORT NO.: FND-013-08
PAGE 2
BACKGROUND AND COMMENT:
1.0 This report replaces what was previously referenced as the "Cash Activity
Report". The cash activity report was a historical report that was gradually
modified to meet information requirements. At the request of Council, this report
has been re-worked to focus on overall budget variance reporting. The format is
currently a work in process and will be further enhanced throughout 2008.
2.0 First Quarter of 2008 Results
2.1 Attachment "A", the Summary of Operating Expenditures and Revenue statement
compares the Municipality's budget to actual posted expenditures and revenue
as of March 31, 2008. The statement reflects the Municipality's operating budget
only and excludes year to date expenditures for the consolidated hall/arena
boards. Net expenditures to March 31, 2008 total $12,191,178.90 which
represents 32.69% of the net operating budget. This includes annual grants and
debentures that occur at the beginning of the year. If this was prorated over the
year, the percent of the operating budget expended drops to 22%.
2.2 Attachment "A" is intended to provide an indication of the status of the
Municipality's operating accounts compared to the approved budget as at March
31,2008. However, many departments are affected by high levels of activity
during specific times of the year. For example, some activities are seasonal in
nature, such as ice rentals and winter control which result in a fluctuation of the
timing of recognition of revenues and expenses. Due to these timing differences,
this statement cannot be used in isolation.
2.3 Attachment "B", Continuity of Taxes Receivable for the three month ending
March 31, 2008 provides the status of the taxes billed and collected by the
Municipality of Clarington during the first quarter of 2008. A total of $28,181,249
in interim tax bills were issued to property owners in the Municipality during this
period. At the end of March, a total of $4,869,791 remains unpaid. This is a
decrease of $3,133,218 from our balance of $8,003,009 on January 1, 2008.
2.4 Attachment "C", Outstanding Investments as at March 31, 2008 provides the
status of the Municipality's general and reserve fund investment holdings at the
end of the first quarter of 2008. The Municipality at March 31 holds $0 in general
fund and $47,755,147.68 in reserve fund investments to fund future
commitments. Typically general fund investments do not occur in the first quarter
of the year due to school board and regional levy requirements immediately
following the first installment dates. These investments are reviewed on an
ongoing basis to ensure they meet the requirement of Section 418 of the Ontario
Municipal Act and the Municipality's investment policy.
REPORT NO.: FND-013.08
PAGE 3
CONCLUSION:
3.0 The report is provided as information to Council. Further reports will be provided
throughout 2008 as the financial information is updated and additional refinement
of this report takes place.
Attachments:
Attachment "A":
Attachment "B":
Attachment "C":
Summary of Operating and Expenditures and Revenue
Continuity of Taxes Receivable
Investments Outstanding
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L 1C 3A6 T (905)623-3379 F (905)623-4169
ATTACHMENT "A"
THE MUNICIPALITY OF CLARlNGTON
SUMMARY OF OPERATING EXPENDITURES & REVENUES
TO MARCH 31, 2008
2008 EXPENDED 'k
DEPARTMENT BUDGET TO MARCH 31 SPENT
NON-DeDartmental:
Expenditures 192,241.00 165,000.00 85.83
Revenues/Recoveries (excluding tax) (8,572,761.00) (146,521.12) 2.23
Net Non-Departmental (8,380,520.00) 18,478.88 -0.29
Office of the Mavor & Council:
Net OffIce of the Mayor & Council 760,107.00 174,857.29 22.98
Ofllce ofthe CAO:
Net OIIIce of the CAO 410,283.00 84,832.45 20.63
COrDorate Services:
Expenditures 3,502,954.00 727,919.17 20.78
Revenues/Recoveries (132,604.00) (65,598.32) 49.47
Net Corporate Services 3,370,350.00 662,320.85 19.65
~
Expenditures 1,948,900.00 393,774.56 20.20
Revenues/Recoveries (387,750.00) (88,440.60) 22.29
Net Clerk. 1,581,150.00 307,333.96 19.69
Finance:
Expenditures 3,696,083.00 591,436.05 16.00
Revenues/Recoveries (1,160,000.00) (384,928.67) 31.46
Net Finance 2,536,083.00 226,507.38 8.93
Emeraencv Services:
Expenditures 7,316,016.00 1,484,083.09 20.29
Revenues/Recoveries (9,250.00) (1,825.00) 19.73
Net Emergency Services 7,306,766.00 1,482,258.09 20.29
Enaineerina:
Expenditures 4,297,599.00 556,209.90 12.94
Revenues/Recoveries (1,527,875.00) (308,180.98) 20.17
Net Engineering 2,769,724.00 248,048.92 8.96
Ooeration:
Fteet & Debenture Pmts 1,647,314.00 735,204.72 44.63
Operating Expenditures 10,797,781.50 2,387,254.43 22.11
Expenditures 12,445,095.50 3,122,459.15 25.09
Revenues/Recoveries (375,000.00) (9,405.50) 2.51
Net Operations 12,070,095.50 3,113,053.65 25.79
Community Services:
Annual Grants & Debenture Pmts 5,981,524.00 5,299,969.86 88.61
Operating Expenditures 8,317,880.00 1,485,743.96 17.86
Expenditures 14,299,404.00 8,785,713.82 47.45
Revenues/Recoveries (4,491,857.50) (1,430,266.38) 31.84
Net Community Services 9,807,546.50 5,355,447.44 54.61
Plannlna Services:
Expenditures 3,686,855.00 542,468.24 14.71
Revenues/Recoveries (599,500.00) (24,028.25) 4.01
Net Planning Services 3,087,355.00 518,439.99 16.79
TOTAL OPERATING:
Expenditures 52,555,537.50 14,628,353.72 27.83
Revenues/Recoveries (15,256,597.50) (2,437,174.82) 15.97
NET OPERATING EXPENDITURES 37,298,940.00 12,191,178.90 32.69
Attachment "8"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the First Quarter of the Year 2008
December 31, 2007 MARCH MARCH
BEGINNING BAL. INTEREST TAXES PA YMENTSI 2008 2007
RECEIVABLE ADDED BILLED BALANCE ADJUST....
IPREPAID TAXES I 01 I I I I -I - I
CURRENT YEAR
TAXES (2,046,000) 28,181,249 26,135,249 (29,033,473) (2,898,223) (2,983,797)
PENALTY AND INTEREST 0 47 089 47089 f19807 27 282 22 597
FIRST PRIOR YEAR
TAXES 5,391,179 5,391,179 (1,638,820) 3,752,359 3,193,781
PENALTY AND INTEREST 271 042 180,452 451 494 1167926 283 568 246691
SECOND PRIOR YEAR
TAXES 1,919,007 1,919,007 (429,773) 1,489,234 1,161,157
PENALTY AND INTEREST 262,380 67,077 329 457 . f90,046 239 411 177 524
HIRD & PRIOR YEARS
TAXES 1,620,959 1,620,959 (212,931) 1,408,028 1,144,940
PENALTY AND INTEREST 584,442 58,610 643 052 . f74 920 568,132 396318
frOTAL 8,003 009 353,228 28181 249 36 537 486 f31 667,695' 4,869 791 3 359,211
... Includes refunds, write-offs, 357'5, etc.
NOTE 1: 2008 Interim Instalment months: February and April.
NOTE 2: Current year taxes are in a negative position because they represent prepaid taxes for the April instalment.
Attachment "C"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
INVESTMENTS OUTSTANDING
AS AT MARCH 31,2008
FINANCIAL INVESTMENT INTEREST MATURITY MATURITY
INSTITUTION COST RATE VALUE DATE
GENERAL FUND
TOTAL GENERAL FUND 0.00
RESERVE FUND TD 1,374,464.00 4.52% 1,400,000.00 25-Apr-2008
TD 1,980,120.00 3.94% 2,000,000.00 25-Apr-2008
RBC 208,000.00 4.35% 257,351.00 12-May-2008
BMO 992,870.00 3.54% 1,000,000.00 13-Jun-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
BMO 2,672,055.00 3.44% 2,700,000.00 15-Jul-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 2,061,000.00 4.50% 2,153,74500 3-Dec-2008
RBC 1,143,285.67 3.80% 1,338,742.00 15-Dec-2008
HBSC 3,097,754.96 3.64% 3,196,000.00 5-Jan-2009
RBC 372,440.00 4.40% 461,912.00 28-May-2009
RBC 664,99300 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% 900,44500 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 1,681,85179 4.35% 2,080,894.41 6-Mar-2011
RBC 2,221,742.00 4.30% 2,742,301.29 18-Sep-2011
RBC 776,152.23 4.35% 986,467.00 1-Dec-20 11
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
RBC 1,471,061.00 4.80% 1,859,675.00 30-0ct-2012
RBC 1,503,357.00' 4.80% 1,900,502.92 8-Jan-2013
BNS 1,546,695.00 4.50% 1,927,463.38 12-Feb-2013
BNS 599,161.00 4.35% 741,32000 4-Mar-2013
TD 1,009,028.00 4.45% 1,254,427.00_ 25-Mar-2013
TOTAL RESERVE FUND 47,755,147.68
ITOTAL INVESTMENTS 47,755,147.68 I
* Investment interest paid on a monthly/semi-annual/annual basis