HomeMy WebLinkAboutFND-006-10Meeting: GENERAL PURPOSE AND ADMINISTRATION
Date: FEB 22, 2010 Resolution#: G~~' 137-/O By-law#: ~~~
Report: FND-o06-10 File#:
FINANCIAL UPDATE AS AT DECEMBER 31, 2009
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-006-10 be received for information.
Submitted by: --~~ Reviewed by: ~\ ~r"`~~-.,= ~~.~
Nancy T to , A, .A Franklin Wu,
Director of Finance/ Chief Administrative Officer
Treasurer
NT/LB/hjl
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1 C 3A6 T (905)623-3379
REPORT NO.: FND-006-10
PAGE 2
1.0 BACKGROUND AND COMMENT:
1.1 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-030-09 presented previously to Council.
2.0 FOURTH 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 December 31, 2009. The statement reflects the Municipality's amended
operating budget only and excludes year to date expenditures for the
consolidated hall/arena boards. Net expenditures to December 31, 2009 total
$35,008,964.87 which represents 90.23% of the net amended operating budget.
2.2 Attachment "A" is intended to provide an indication of the status of the
Municipality's operating accounts compared to the approved amended budget as
at December 31, 2009. It is important to note that the figures presented in this
report do not represent the final yearend figures. Year end accruals and
adjustments necessary to ensure revenues and expenditures are charged to the
appropriate fiscal year will continue to be done to finalize the 2009 year and
prepare the Municipal Financial Statements in accordance with Canadian
generally accepted accounting principles. These are unaudited yearend figures
as our audit will not be completed until early summer.
2.3 The Corporate Services department revenue is currently higher than the budget
set for the department. This difference includes an unbudgeted insurance refund
of over $56,000 received due to favorable workplace safety ratings.
2.4 The Clerks department revenue is currently higher than the budget set for the
department. This difference includes a significant increase in the Provincial "Wolf
Damage" Grants received by the Municipality of Clarington to compensate for the
Livestock Claims paid to residents directly by the Municipality. The payments
have increased 10.8% over the 2008 level. This is more than offset by the
increase in payouts to residents directly affected by the damage. Payouts have
increased 24.1 % over the 2008 level. Revenues are also higher for all types of
licenses, consistent with 2008 results; in 2009 they continued to exceed original
budget expectations.
2.5 The Planning department experienced an increase in expenditures due to legal
and consulting costs associated with the Municipality's defense at recent OMB
appeals.
REPORT NO.: FND-006-10 PAGE 3
2.6 Attachment "B", Continuity of Taxes Receivable for the three months ending
December 31, 2009 provides the status of the taxes billed and collected by the
Municipality of Clarington during the Fourth quarter of 2009. A total of
$2,417,663 in supplementary tax bills were issued to property owners in the
Municipality during this period. At the end of December, a total of $9,327,437
remains unpaid. In 2008 at this time our balance was $7,876,823.
2.7 The changes in collection processes and procedures implemented during the
fourth quarter of 2009 have been somewhat successful in reducing the balance
of taxes outstanding since the third quarter report. These innovations will be
continued into 2010.
2.8 Attachment "C", Outstanding Investments as at December 31, 2009 provides the
status of the Municipality's general, capital and reserve fund investment holdings
at the end of the fourth quarter of 2009. The Municipality at December 31 holds
$0 in general fund investments, $0 in capital fund investments, and
$35,258,445.53 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.
3.0 CONCLUSION:
3.1 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
ATTACHMENT"A"
THE MUNICIPALITY OF CLARINGTON
SUMMARY OF OPERATING EXPENDITURES 8 REVENUES
TO DECEMBER 31, 2009
2009 AMENDED EXPENDED
DEPARTMENT BUDGET TO DECEMBER 31 SPENT
NON-Departmental:
Expenditures (including Library) 3.281,124 .00 3,289,066 .01 100 24
RevenueslRewveries (8,000,003 .00) (9,886,061 .14) 123 .58
Net Non-Departmental _ (4,718,879 .00) (6,596,995 .13) 139 .80
Office of the Mayor & Council:
Ne[ Office of the Mayor & Council 766,758 .00 698,131 .63 91 .05
Office of the CAO:
Net Office of the CAO 399,608 .00 400.347 .96 100.19
Corporate Services:
Expenditures 3,463.518 .00 3,212,250 .31 92 .75
RevenueslRecoveries (181,500 .00) (238,517 .12) 131 .41
Net Corporate Services 3,282,018 .00 2,973,733 .19 90 .61
Clerks:
Expenditures 2,143,827 .00 2.227,285 .62 103 .89
RevenueslRecoveries (437,100 .00) (599,649 .13) 137 .19
Net Clerks 1,706,727 .00 1,627,636 .49 95 .37
Finance:
Unclassifed admin & Board of Trade 2,768,318 .00 1,987,690 .62 71 .80
Operating Expenditures 1,697,392 .00 1,723,678 .72 101 .55
Expenditures 4,465,710 .00 3,711.369 .34 83 .11
RevenueslRecoveries (1.372,000 .00) (1,743,700 .85) 127 .09
Net Finance 3.093,710 .00 1,967,668 .49 63 .60
Emergency Services:
Expenditures 7,475,169 .00 7,609.984 .96 101 .80
Revenues/Recoveries (9,250 .00) (51,739 .17) 559 .34
Net Emergency Services 7.465,919. 00 7,558,245 .79 101 .24
Engineering:
Expenditures 3,632,039. 00 3,579,990 .21 98 .57
RevenueslRecoveries (652.450. 00) (867,121 .56) 132 .90
Net Engineering 2,979,589. 00 2.712,868 .65 91 .05
DpefatlOn:
Fleet & Debenture Pmts 1,752,573. 00 1,603,603 .53 91 .50
Operating Expenditures 11,318,631. 00 11,250,133. 49 99 .39
Expenditures 13,071,204. 00 12,853,737. 02 98. 34
RevenueslRecoveries _ (405,000. 00) (380,195. 85) 93. 88
Net Operations 12,666,204. 00 12,473,541. 17 98. 48
Community Services:
Annual Grants & Debenture Pmts 3.223,829. 00 .3,186.514. 21 98. 84
Operating Expenditures 8.452,228. 00 7,687,412. 55 90. 95
Expenditures 11.676,057. 00 10,873.926. 76 93. 13
RevenueslRecoveries (4.649,639. 00) (4,085.654. 72) 87. 87
Net Community Services 7,026,418. 00 6,788,272. 04 96. 61
Planning Services:
Expenditures 4,399,650. 00 4.740,388. 70 107. 74
RevenueslRecoveries (267,500. 00) (334,874. 11) 125. 19
Net Planning Services 4,132,150. 00 4,405,514. 59 106. 62
TOTAL OPERATING:
Expenditures 54,774,664. 00 53,196,478. 52 97. 12
RevenueslRecoveries {15,974,442. 00) (18187,513. 65) 113. 85
NET OPERATING EXPENDITURES 38,800,222. 00 35,008,964. 87 90. 23
Attachment "B"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Fourth Quarter of the Year 2009
Sep 30, 2009 DECEMBER DECEMBER
BEG. BALANCE INTEREST TAXES PAYMENTSI 2009 2008
RECEIVABLE ADDED BILLED BALANCE ADJUST."*`
PREPAID TAXES Note1 2.497,599 2,180,357
CURRENT YEAR
TAXES 14,355,551 1,643,267 15,998.818 (11,868.041) 4,130,776 3,359,480
PENALTY AND INTEREST 241,125 321.429 562.555 254.45fi 308,099 283.693
FIRST PRIOR YEAR
TAXES 2,846,062 646,183 3,492,246 (838,142) 2,654.104 2,127,156
PENALTY AND INTEREST 351,776 101,382 453158 158,025 295,133 242,869
SECOND PRIOR YEAR
TAXES 1,194,512 39,552 1.234,064 (429,435) 804,629 678,279
PENALTY AND INTEREST 206.047 40,232 246,279 78,413 167,866 149220
HIRD & PRIOR YEARS
TAXES 787,788 - 787,788 (143,750) 644,038 668,283
PENALTY AND INTEREST 379,220 26,506 405,727 82,934 322,792 367,844
TOTAL 20,362,081 489.550 2.329,002 23,180.633 13,853.196 9,327,437 7 876,824
Includes refuntls, write-offs, 357's, etc.
NOTE 1: Prepaid taxes include property tax preauthorized payment program (PAP).
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
INVESTMENTS OUTSTANDING
AS AT DECEMBER 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
GIC-BNS RBC 461.911.53 0.70% 465,144.91 28-May-2010
Bond-Ontario RBC 733,772.63 3.85% 900,445.00 2-Jun-2010
GIC-Royal Bank RBC 945,000.00 2.00% 963,900.00 10-Sep-2010
GIC-Royal Bank RBC 618,000.00 2.00% 630,360.00 25-Sep-2010
Bond-Canada RBC 5,094,062.47 4.10% 6,058,590.00 1-Oct-2010
Bond-Canada RBC 869,799.71 0.50% 874,786.00 1-Dec-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
GIC-BNS RBC 4,349,427.00 2.60% 4,697,579.00 13-Jul-2012
B/A-TD RBC * 1,471,061.00 4.80% 1,859,675.00 3D-Oct-2012
Bond-Ontario RBC 699,779.86 2.50% 759,557.00 2-Dec-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-BNS RBC * 2,060,630.00 3.10% 2,328,277.00 30-Jul-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
Bond-Ontario RBC 999,807.77 3.35% 1,191,382.00 2-Dec-2014
TOTAL RESERVE FUND 35,258,445.53
TOTAL INVESTMENTS 35,258,445.53
* Investment interest paid on asemi-annual/annual basis