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Energizing Ontario
REPORT
FINANCE DEPARTMENT
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: MONDAY, SEPTEMBER 28, 2009 Resolution #: ~~R'~4"/"~ 9
Report #: FND-025-0~3 File #: By-law #:
Subject: ANNUAL LEASING REPORT - 2009
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-025-09 be received for information.
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Submitted by: Reviewed by:
Nancy T ylor, B. ., .A., F nklin Wu,
Director oflFina celTreasurer ~ Chief Administrative Officer.
NT/LB/cd
REPORT NO.: FND-025-09
BACKGROUND:
PAGE 2
Under Ontario Regulation 653/05, the Treasurer is required to report annually to Council
details of existing materiail leases confirming that they comply with the lease policy, a
summary of material leases, estimated cost of the material leases and the impact of
these leases on the financing arrangements and debt servicing levels of the
Municipality.
As required by the Municipal Act, 2001, Council adopted a Statement of Lease
Financing Policies and Gbals in report FND-021-03, on Monday, September 8, 2003.
To-date, Clarington has typically chosen to purchase or debenture (if necessary), rather
than to use financial leases with the exception of small office equipment. All existing
leases are' immaterial according to Council policy and therefore have no impact on long
term financing or debt service levels of the Municipality. The total of all of Clarington's
minor leases do not exceed the threshold for a single lease to be material.
CONCLUSION:
At this time, the Municipality of Clarington does not have any material leases. It is
recommended that this arnnual lease report be received for information in compliance
with Ontario Regulation 653/05.
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREE , BOWMANVILLE, ONTARIO L1C 3A6 T (905)623-3379 F (905)623-4169