HomeMy WebLinkAboutFND-014-09Cnergizivg Ontario
REPORT
FINANCE DEPARTMENT
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: Monday June 15~h, 2009
Resolution#: ®~" /~7"~~
Report #: FND-014-09 File
By-law
Subject: FINANCIAL UPDATE AS AT MARCH 31sT, 2009
.Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-014-09 be received for information.
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Submitted by: Reviewed by:
ancy yor, .A., C.A., Franklin Wu,
Director of Finance/Treasurer Chief Administrative Officer.
NT/LB/hjl
REPORT NO.: FND-014-09
BACKGROUND AND COMMENT:
PAGE 2
1.0 The Financial Update report has been designed to focus on overall budget
variance reporting. The format and layout of this report is consistent with report
FND-005-09 presented previously to Council. .
2.0 First Quarter of 2009 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, 2009. 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, 2009 total $11,450,055.19, which
represents 29.51% 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 23.84%.
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, 2009. 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 Engineering revenues and Planning revenues are below target as discussed in
FND-015-09, included in this committee agenda.
2.4 The Operations Department experienced significant expenditures due to the
winter conditions during the first quarter of 2009 consistent with conditions
experienced in 2008. Expenditure accounts directly related to winter
maintenance show actuals for 2009 in excess of $1.1 million, compared to $1.2
million for 2008. The 2009 figure represents 68% of this year's current operating
budget.
2.5 Attachment "B", Continuity of Taxes Receivable for the three months ending
March 31, 2009 provides the status of the taxes billed and collected by the
Municipality of Clarington during the first quarter of 2009. A total of $29,148,252
in interim tax bills were issued to property owners in the Municipality during this
period. At the end of March, a total of $7,899,970 remains unpaid. However,
currently on hand are prepaid taxes through the pre-authorized payment system
and prepaid taxes for the April 2009 instalment of $3,201,760. The net balance
of $4,698,210 is slightly lower than the prior year at this time.
REPORT NO.: FND-014-09
PAGE 3
2.6 Attachment "C", Outstanding Investments as at March 31, 2009 provides the
status of the Municipality's general, capital and reserve fund investment holdings
at the end of the first quarter of 2009. The Municipality at March 31 holds $0 in
general fund investments, $0 in capital fund investments, and $39,592,816.32 in
reserve fund investments to fund future commitments. General fund investments
are short term in nature and timed to mature when funds will be required.
Investments held in the Municipality's portfolio 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. Currently, our preferred interest rate
through our municipal banking contract on the Municipality's main bank account
exceeds the short terrn money market rates and therefore is currently the primary
vehicle for short term cash reserves.
CONCLUSION:
3.0 The report is provided as information to Council. Ongoing reports will be
provided quarterly.
Attachments:
Attachment "A": Summary of Operating and Expenditures and Revenue
Attachment "B": Continuity of Taxes Receivable
Attachment "C": Investments Outstanding
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1C 3A6 T (905)623-3379 F (905)623-4169
ATTACHMENT"A"
THE MUNICIPALITY OF CLARINGTON
SUMMARY OF OPERATING EXPENDITURES 8 REVENUES
TO MARCH 31, 2009
2009 EXPENDED %
DEPARTMENT BUDGET TO MARCH 31 SPENT
NON-DeoartmeMal:
Expenditures (induding Library) 3,3D5,410.00 1,990,721.34 60.23
RevenueslRecoveries (excluding tax) (7,233,203.00) 12 024.07 (0 17)
Net Non-DepaRmental (3,927,793.00) 2 002 745.41 (50.99)
Office of the Mavar 8 Council:
Net Offlee of the Mayor 8 Council 783,358.00 197,888.36 25.26
Office of the CAO:
Net Office of the CAO 419,608.00 91,746.59 21.86
Corporate Services:
Expenditures 3,646,618.00 734,557.57 20.14
RevenueslRecoveries (161,500.00) (58993.12) 3653
Net Corporate Services 3,485,118.00 875,564.45 19.38
Clerks:
Expenditures 2,218,827.00 372,329.83 16.78
Revenues/Recoveries (437,100.00) (82 265.08) 18 82
Net Clarks 1,781,727.00 290,064.75 16.28
Finance:
UnGassified admin & Board of Trade 2,322,451.00 42,103.47 1.81
OperaOng ExpendtUres 1,748,892.00 380,063.38 21.73
Expenditures 4,071,343.00 422,166.83 10.37
Revenues/Recoveries (1;172,000.00) (370 545.03) 31.62
Net Finance 2,899,343.00 51,621.80 1.78
Emergencv Services:
Expenditures 7,467,269.00 1,452,252.00 19.45
Revenues/Rewveries (9,250.00) (2 225.00) 24.05
Net Emergency Services 7,458,019.00 1,450,027.00 19.44
Engineering:
Expenditures 4,185,070.00 565,644.79 13.52
Revenues/Recoveries (1,452,450.00) (112 909.78) 7.77
Net Engineering 2,732,620.00 452,735.01 16.57
Operation:
Fleet & Debenture Pmts 1,752,573.00 766,067.99 43.71
Operating Expenditures 11,046,631.00 2,113,665.75 19.13
Expenditures 12,799,204.00 2,879,733.74 22.50
RevenueslRecoveries (460,000.00) (17491.12) 3.80
Net Operations 12,339,204.00 2,862,242.62 23.20
Community Services:
Annual Grants & Debenture Pmts 3,230,579.00 2,727,581.19 84.43
Operafing Expendtures 8,751,562.00 1,616,184.15 18.47
Expenditures 11,982,141.00 4,343,765.34 36.25
Revenues/Recoveries (4,702,173.00) (1475559.40) 3138
Net Community Services 7,279,968.00 2,868,205.94 39.40
Planning Services:
Expenditures 3,976,550.00 540,555.79 13.59
Revenues/Recovedes (427,500.00) (33 342.53) 7 80
Net Planning Services 3,549,050.00 507,213.26 14.29
TOTAL OPERATING:
Expenditures 54,855,398.00 13,591,362.18 24.76
Revenues/Recoveries (16,055,176.D0) (2 141 306.99) 13 34
NET OPERATING EXPENDITURES 38,800,222.00 11,450,055.19 29.51
Attachment "B"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
ContinuRy of Taxes Receivable
or the First Quarter of the Year 2009
December 31, 2008 MARCH MARCH
BEGINNING BAL. INTEREST TAXES PAYMENTS! 20D9 2008
RECEIVABLE ADDED BILLED BALANCE ADJUST."`
CURRENT YEAR
TAXES 0 29,148,252 29,148,252 0 D 0
PENALTY AND INTEREST 0 56 921 56 921 29 238 27 683 27 282
FIRST PRIOR YEAR
TAXES
PENALTY AND INTEREST 5,538,662
283 693
194 326 5,538,662
478 019 (1,326,698)
164 980 4,217,964
313 D39 3,752,359
283 568
ECOND PRIOR YEAR
TAXES
PENALTY AND INTEREST 2,127,156
242 869
69 244 2,127,156
312 113 (569,750)
93 154 1,557,406
218 959 1,489,234
239 411
HIRD & PRIOR YEARS
TAXES
PENALTY AND INTEREST 1,346,562
517 064
46 822 1,346,562
563 886 (258,274)
81 254 1,088,288
482 631 1,408,028
568 132
SUB-TOTAL 10 056 006 387 313 29 148 252 39 571 571 2 523 349 7 899 970 7 788 015
PREPAID TAXES 2 179,182 3 201 760 2,898 223
TOTAL 7 878 824 367 313 29 148 252 39 571 571 2 523 349 4 698 210 4 869 792
InGudes refunds, writeoffs, 357'5; etc.
NOTE 1: 2009 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.
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
INVESTMENTS OUTSTANDING
AS AT MARCH 31, 2009
ATTACHMENT"C"
FINANCIAL INVESTMENT INTEREST MATURITY MATURITY
INSTITUTION COST RATE VALUE DATE
GENERAL FUND
TOTAL GENERAL FUND 0.00
CAPITAL FUND
TOTAL CAPITAL FUND 0.00
RESERVE FUND
Banker Acceptance HBSC 3,202,706.80 0.64% 3,208,000.00 8-Jun-2009
GIC-Laurentian Bank RBC 372,440.00 4.40% 461,912.00 28-May-2009
GIC-Royal Bank RBC 595,239.00 3.80% 617,858.08 23-Jun-2009
Bond-Canada RBC * 4,180,000.00 4.10% 4,351,380.00 30.1un-2009
Bond-Canada RBC 3,796,000.00 4.10% 3,949,738.00 29-Jul-2009
GIC-Royal Bank RBC 664,993.00 4.25% 753,434.00 29-Aug-2009
Bond-Canada RBC 739,938.86 3.55% 869,800.00 1-Oct-2009
B/A-BMO RBC 1,787,409.00 2.70% 1,835,669.04 2-Dec-2009
Bond-Ontario RBC 733,772.63 3.85% 900,445.00 2-Jun-2010
Bond-Canada RBC 5,094,062.47 4.10% 6,058,590.00 1-Oct-2010
GIC-National Bank RBC 1,500,000.00 4.10% 1,833,770.00 6-Dec-2010
GIC-National Bank RBC 1,681,851.79 4.35% 2,080,894.41 6-Mar-2011
GIC-BMO RBC 2,221,742.00 4.30% 2;742,301.29 18-Sep-2011
Bond-Quebec RBC 776,152.23 4.35% 986,467.00 1-Dec-2011
Bond-Ontario RBC 999,999.54 4.20% 1,244,090.00 2-Dec-2011
GIC-Royal Bank RBC 2,000,000.00 4.05% 2,439,161.00 16-Mar-2012
B/A-TD RBC 1,471,061.00 4.80% 1,859,675.00 30-Oct-2012
B/A-Royal Bank RBC 1,503,357.00 4.80% 1,900,502.92 8-Jan-2013
GIC-BNS RBC 1,546,695.00 4.50% 1,927,463.38 12-Feb-2013
GIC-BNS RBC 599,161.00 4.35% 741,320.00 4-Mar-2013
GIC TD 1,009,028.00 4.45% 1,254,427.00 25-Mar-2013
GIC TD 257,495.00 4.51% 321,039.00 13-May-2013
GIC-Royal Bank RBC 946,770.00 4.40% 1,174,213.00 30-Sep-2013
Bond-Ontario RBC 574,200.00 4.30% 598,890.60 14-Oct-2013
GIC-BNS RBC 1,338,742.00 4.15% 1,640,564.30 16-Dec-2013
TOTAL RESERVE FUND 39,592,816.32
TOTAL INVESTMENTS 39,592,816.32
* Investment interest paid on a monthly/semi-annual/annual basis