HomeMy WebLinkAboutFND-010-11~~1"Z[tQ11 REPORT
FINANCE DEPARTMENT
Meeting: GENERAL PURPOSE AND ADMINISTRATION
Date: MAY 9, 2011 Resolution#: Q ~' 3loy'~! By-law#:
Report: FND-010-11 File#:
Subject: FINANCIAL UPDATE AS AT MARCH 31, 2011
RECOMMENDATIONS:
It is respecttully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-010-11 be received for information.
~ ~ >L Guti-~~1-~. p~ ~
Submitted by: r' Reviewed by: `'u w
N ncy T lor, B A, .A Franklin Wu,
Director of Finance/ Chief Administrative Officer
Treasurer
NT/CC/hjl
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1C 3A6 T (905)623-3379
REPORT NO.: FND-010-11
PAGE 2
BACKGROUND AND COMMENT
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-020-1 0,
presented previously to Council.
FIRST QUARTER OF 2011 RESULTS
2.0 Attachment "A", the Summary of Operating Expenditures and Revenue statement
compares the Municipality's budget to actual posted expenditures as of March 31,
2011. 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, 2011 total $16,993,834 which represents 97.40% of the net operating
budget of the first quarter. This includes annual grants and debentures that occur at
the beginning of the year. If this was measured against the total net operating
budget for 2011 the percent of the operating budget expended to March 31st is
39.64%.
2.1 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, 2011.
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
revenue and expenses. The budget is allocated monthly based on the 2010 actual
monthly distribution. In cases where there is no prior year history, the monthly
budget allocation is divided equally over the 12 months. The Legal department
allocation has been evenly distributed over the 12 months due to the lack of prior
year history. While this is best method available to be reflective of seasonal trends,
there may be some variations from year to year. Due to these timing differences,
this statement cannot be used in isolation.
2.2 The budget software has been expanded to the salary budget plan. The salary
budget software is date driven and is based on the actual pay periods - Sunday to
Saturday. However, the payroll is processed on the Thursday in the second week
of the payroll. Therefore there is a variance in the March payroll as pay period 7
covers the period March 20 to April 2, 2011. The payroll was processed on March
31st. Therefore some of the increase over budget in all departments may be
attributed to the timing difference of the payroll between the budget software and
the actual year to date figures.
2.3 In general, the operating budget is overall on target. Some of the variances can be
attributed to the timing differences in revenue and expenditures between 2010 and
2011. As this is the first quarter analysis it may be premature to extrapolate the
figures and percentages to future quarters.
REPORT NO.: FND-010-11
PAGE 3
2.4 As noted above the Legal Department does not have a full year of historical
reference for the 2011 budget dispersion. Therefore the equal monthly allocation
does not reflect the actual allocation. Revenues/recoveries of legal fees should
improve over the year and the second quarter analysis may be more relevant
2.5 The Non-Departmental revenues are higher that the quarterly budget. This is
mainly due to the timing of the investment maturities. The 2010 maturities and
interest earned do not necessarily match the 2011 maturities and this is more
apparent in the first quarter analysis.
2.6 The Finance revenues are higher than the quarterly budget. This is due to the
higher than budget amount of the fines and penalties on taxes. However, the first
quarter of 2011 ($418,859) is comparable to the 2010 first quarter interest and
penalties ($398,845).
2.7 The Emergency Services revenue is lower than the quarterly budget. There has
been a decrease in burning permits compared to last year as of March. Also, last
year in 2010 there was some joint training with OPG.
2.8 The Operations department revenue is lower than the first quarter budget. There
has been a decrease in entrance culvert fees and in the seniors' snow clearing fee.
2.9 The Planning department revenues and expenditures vary from the first quarter
budget. However the timing of the Planning activities are not necessarily seasonal
and cannot always be predicted by the previous year's timing. The Planning
department activities may be better represented in the second quarter analysis.
2.10 Attachment "B", Continuity of Taxes Receivable for the three months ending March
31, 2011 provides the status of the taxes billed and collected by the Municipality of
Clarington during the first quarter of 2011. A total of $30,655,363 in interim tax bills
were issued to property owners in the Municipality during this period. At the end of
March, a total of $8,948,700 remains unpaid. However, currently on hand are
prepaid taxes through the pre-authorized payment system and prepaid taxes for the
April 2011 installment of $4,280,487. The net balance of $4,573,788 is slightly
lower than the prior year at this time. The changes in collection processes and
procedures implemented during 2009 and continued in 2010 have been successful
in holding the line on the balance of taxes outstanding over 2009. The 2011 first
quarter results reflect the continued success in 2011.
2.11 Attachment "C", Investments Outstanding as of March 31, 2011 provides the status
of the Municipality's general, capital and reserve fund investment holdings at the
end of the year. The Municipality at March 31, 2011 holds $0 in general fund
investments, $0 in capital fund investments and $36,305,385.40 in reserve fund
investments to fund future commitments. General fund investments are short term
REPORT NO.: FND-010-11
PAGE 4
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
requirements of Section 418 on the Ontario Municipal Act and the Municipality's
investment policy. Currently, general fund investments are held in the Municipality's
general bank account as the interest rate on the account is more favourable than
money market instruments.
2.12 Attachment "D", Debenture Repayment Schedule as of January 1, 2011 provides
the status of the Municipality's long-term obligations. The Municipality has
$29,504,357.59 in outstanding debt as of January 1, 2011 and debt repayment
obligations of $$6,785,135.16 for 2011 as reflected in the 2011 budget. The annual
principal and interest payments required to service these liabilities are well within
the annual debt repayment limits prescribed by the Ministry of Municipal Affairs and
Housing.
2.13 Attachment "E", Municipal Development Charges as of March 31, 2011 provides the
total Municipal development charges collected of $1 ,055,537.35. In 2010
Development Charges Background Study, it was forecasted that the municipality
would be collecting approximately 699 residential units total for 2011 or
approximately 58 units per month.
2.14 Comparing the number of units issued in 2011 to 2010 in the first quarter, shows
that in 2011 there was a decrease of 37% in the number of units issued compared
to 2010. In comparing the total dollars collected in 2011 to 2010, there was a
. decrease of over 34% in development charges collected. As per the 2010 DC
Background Study, there are 699 units forecasted for 2011.
CONCLUSION
3.0 The report is provided as information to Council. Ongoing reports will be provided
quarterly.
Attachments:
Attachment "A": Summary of Operating and Expenditure and Revenue
Attachment "B": Continuity of Taxes Receivable
Attachment "C": Investments Outstanding
Attachment "D": Debenture Repayment Schedule
Attachment "E": Municipal Development Charges
THE MUNICIPALITY OF CLARINGTON
I
ATTACHMENT "A"
I
I
SUMMARY OF OPERATING EXPENDITURES & REVENUES
FOR THE THREE MONTHS ENDING MARCH 31, 2011 I
2011 2011 % of Quarterty 2011 % of Annual
n_m_mm..__.____.__ _._~..~.~.~~.~_~.Yf~L_~~als ~!?____~~~~~.~,,~.P.~.~~ _. __- Annu~.u_~.~~.~..~.P:.~.~
1 st Quarter' 1 st Quarter
05 NON-DEPARTMENTAL ACCOUNTS
Expenditures
Revenues/Recoveries (excluding tal
,-..__...._..._._~_._.__._._..~--"-_._"_.~_._._."_._.~-','-','-"',
Netf\lon:~epartmen!.al
10 MAYOR & COUNCIL
,..............,......,.,... - ...,..........,,'.,...........-.-..-. --'~ '-'--"-'-' '-'-'-'-'.'-'..'-"'-'-','->,',--'-'.'--' .---..-,.,
___f\let.office.ofthefv1"yl)r~~oUl1cil
13 ADMINISTRATOR'S OFFICE
......,.,..,.,."..",....".".-,."."""--,,....,,-....'.'-'-.
Net Office of the CAO
14 LEGAL ADMIN
._.'_'._'.'_ _.._......_...__._.._...__.,..._...._..._...."..."...,..,.".,......,..,....... ________m__
Revenues/Recoveries
--------.-
_~endllu~es . .. m..m.m____
_~a1~dl11ini~trati()I1--- _
--.,-----.------
16 CORPORATE SERVICES
Revenues/Recoveries
19 CLERK'S
Revenue/Recoveries
- -- ---------- -.
.' Expendllures...______.__~___
Net Clerks
21 FINANCE & UNCLASSIFIED ADMIN
Revenue/Recoveries
Unclassified Admin & Board of Trad
_]E~~~~~~-~-.g.~.P~:ri~~~~~~~~___~__
_ T olal FiflallceExPEln_ditllres
Net Finance
28 EMERGENCY SERVICES - FIRE
Revenue/Recoveries
Net
32 ENGINEERING SERVICES
Revenue/Recoveries
- -~.-----~.--~'--"-- - - ----.--.-."----
mE':)(penditur,,~__ .... .m______
... m.t'l~ Eng~Il"ElrilllJServicEls_mm_ .___
36 OPERATIONS
Revenue/Recoveries
. ...C>!'El':"ti.lllJ._E-"P."llditur"s .
f'leet ~~Elbenture~1lYl11ents
!llta' OPElr.flli<lIl-"Exp"nditlJrEl~_ ...__
m_f'J"t_Oper!lti<lI1-"_[)ep1l~l11ent_______
42 COMMUNITY SERVICES
175,5001
--.----~--_..__....
(36,857) 1
138,6431
195,5931
97,306'
(37,527)1
127,9101
90,383-
167,500'
(75,089)
92,411
200,073
124,1891
_ _ J1'1,~~4) 1
92,082 .
80,7481
..(~5?10)mm_ (~7,831)1
1,159,593( 1,002,3861
1,123,883 ( 954,5551
(93,131)(j135, 183) 1
495,117- 490,197-
401,986 ( 355,014'
.... (31~,1~3) m_
186,377 '
459,462-
645,839'
329,656,
_...(9,9~2)
2,010,124(
2,000,1721
(~~9,18~i(_
641,242
292,0581
_ ___~1~"-2)1
2,756,848(
'-' .~. ._.~.~., ----~.-.._.~..._"._"...._._..._......._,._._...._..._...,
3,437,490 (
6,194,3381
6,158,996'
(466.,211):
213,108-
514,852
727,9601
261,7491
(~,402) 1
1,877 ,427'
1,874,025'
(29~,528)1
669,424-
372,896
(16,~19)1
2,888,4501
... 3,224:606 (
6,113,056
6,096,437
Revenue/Recoveries
_ ---_.~--~_.. ..,......,....,.................-.
__.--J1 ,551 i"~.1)L (1,~5114~6.)1
()p"r1ltinl].~~lldi~ure_s
~nnlJ,,1 Grants & [)e~ElnturePaYI11"n
__!llt"I~)(p_el1~IttJr:~____
__N"tc;()l11munily Services_
50 PLANNING SERVICES
2,108,7061
3~093.628T
5,202,3341
3,650,8831
1,908,742-
3,080,286'
4,989,0281
3,437,5921
Revenue/Recoveries
__....... ......_.....__._~._.._. ..._..._m
_ .~xpenditlJ.~".s...__~..._..______.
__f\l"t.Planninl]Servic,,'l___...._
..... .(~_2_~~__~~:7.~~):
652,487 783,7171
528,859' 713,9891
BOARDS & AGENGIES
._~'- .......,-.--,...-.-.-.-......-.-.--.-.---.-.---.-..-.-.-.-',.'''.
__~tB()ard~!llld~J<tElrn~AilElncy__
TOTAL OPERATING:
Revenue/Recoveries
---~--_._... ----- ---._-
...Expenditures ___
__Net Operatinl]E:x!,ellditlJr"s __
i
2,439,811 2,430,1561
___(~,588,965)L
20,037,1941
17,448,229'
(2,67_3,361 )
19,667,195
16,993,834
95.44%
203.73%
66.65%
102.29%
127.63%
30.20%
71.99%
89.34%
133.94%
86.44%
84.93%
145.15%
99.01%
88.32%
147.45%
114.34%
112.06%
112.72%
79.40%
34.18%
93.40%
93.69%
84.92%
104.39%
127.68%
47.02%
104.77%
93.81%
98.69%
98.98%
100.00%
90.52%
99.57%
95.90%
94.16%
56.40%
120.11%
135.01%
99.60%
103,26%
98.15%
97.40%
201,022
(9,849,768) 1
(9,648,746) 1
819,607'
442,124'
_ (18~,.1.00)1
522,2641
336,1641
(102,700) 1
3,858,9891
3,756,2891
_ (~73,000) 1
2,198,140'
1,625,140'
(1,467,000) 1
1,889,4441
1,952,778'
3,842,222 i
2,375,222 -
(35,800) 1
..-._..
8,998,1731
8,962,3731
(1,309,O~0)
4,769,854'
3,460,804 i
. (~2~1~_~o.) 1
12,204,317'
4,049,319'
16,253,6361
15,827,4361
i41~27,o.~0):
8,981,321
3,447,969
12,429,290
8,002,210
(4~1152
3,807,9
3,386,4
3,521,5961
(18,!98,223) 1
61,664,8661
42,866,6431
83.32%
0.76%
-0.96%
24.41%
28.09%
6.09%
17.63%
24.02%
46.57%
25.98%
25.41%
23.59%
22,30%
21.85%
31.78%
11.28%
26.37%
18.95%
11.02%
9.50%
20.86%
20.91%
22.65%
14,03%
10.77%
3.90%
23,67%
79.63%
37.61%
38.52%
--
35.04%
21.25%
89.34%
40.14%
42.96%
16,54%
20.58%
21.08%
69,01%
14,22%
31.89%
39,64%
ATTACHMENT "B"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the First Quarter of the Year 2011
December 31, 2010 MARCH MARCH
BEGINNING BAL. INTEREST TAXES PAYMENTSI 2011 2010
RECEIVABLE ADDED BILLED BALANCE ADJUST:**
CURRENT YEAR
TAXES 3,910,945 30,655,363 34,566,307 {38,941,219} {4,374,912} {4,280,487}
PENALTY AND INTEREST 279,837 150,701 430,538 1406,247\ 24,291 25,010
FIRST PRIOR YEAR
TAXES 3,069,833 - 3,069,833 2,127,169 5,197,002 4,918,608
PENALTY AND INTEREST 240,565 133,719 374,283 178,459 295,824 321,415
SECOND PRIOR YEAR
TAXES 883,890 - 883,890 1,303,245 2,187,135 1,950,298
PENALTY AND INTEREST 93,715 47,629 141 344 49,552 190,896 271,932
THIRD & PRIOR YEARS
TAXES 568,359 - 568,359 264,069 832,427 1,091,341
PENALTY AND INTEREST 271,361 82,623 353,983 1132,859 221,125 347,247
SUB-TOTAL 9,318,504 414,671 30,655,363 40,388,537 135,814749\ 4,573,788 4,645,363
PREPAID TAXES (2,941 883 14,374,912\ (4,280487
TOTAL 6,376,621 414,671 30,655,363 40,388,537 135814,749\ 8,948,700 8,925 850
*** Includes refunds, write-offs, 357's, etc,
NOTE 1: 2011 Interim Instalment months: February and April.
NOTE 2: Current year taxes are in a negative position because they include taxes prepaid for the April instalment.
CORPORATION OF MUNICIPALITY OF CLARINGTON
INVESTMENTS OUTSTANDING
As at March 31, 2011
ATTACHMENT "C"
IINVESTED I ISSUER OF I COST OF I INTEREST MATURITY I MATURITY
WITH INVESTMENT I INVESTMENT I RATE DATE AMOUNT
I
I
GENERAL FUND
I I
I
'TOTAL GENERAL FUND
i i i
! ,
I CAPITAL FUND
TOTAL clPITAL FUND
I I I
RE8ERVE FUND I I
I I !
fRBc i STEP UP GIC - RBC 945,000.00 2.00% 10-8eo-11 963,900.00
RBC GIC - BMO 2,221,742.00 4,30% 18-Seo-11 2,742,301.29
RBC STEP UP GIG - RBC 618,000,00 2.00% 25-SeD-11 630,360.00 (A)
RBC STRIP BOND - PROV PQ 776,152.23 4,35% 01-Dec-11 986,467.00
RBC STRIP BOND - PROV ONTARIO 999,999,54 4.20% 02-Dec-11 I 1,244,090.00
RBC GIG - BMO 1,708,762.00, 1.70% 07-Dec-11 1,737,810.95
RBC GIC - RBG 2000000,00 1.65% 20-Dec-11 2033000,00
9,269,655.77 I
I
RBC ,GIG - RBC 2,000,000,00 4.05% 16-Mar-12 2,439,161.00
RBC GIG - BNS 5,100,000.00 2,00% 01-0ct-12 5,306,040,00
RBC BA-TO 1,471,061,00 4.80% 30-0ct -12 1,859,675.00
RBC STRIP BOND - PROV ONTARIO, 699,779.86 2.50% 02-Dec-12 759557.00
9,270,840.86 I
RBC BA-TD 1,503,357.00 4,80% 08-Jan-13 1,900,502.92
RBC GIG - BNS 1,546,695,00 4.50% 12-Feb-13 1,927,463.38
RBC GIC - BNS 599,161.00 4.35% 04-Mar-13 741,320.00
TD GIC - TO 1,009,028.00 4,45% 25-Mar-13 1,254,427,00
TD GIC - TO 257,495.00 4,51% 13-Mav-13 321,039,00
RBC GIC - BNS 1,371,861.00 3.00% 13-Jun-13 1,499,070.00
RBC GIC - BNS 2,060,630.00 3,10% 30-Jul-13 2,328,277.00
RBC GIC - RBC 946,770.00 4,40% 30-8eo-13 1,174,213.00
RBC GIG - RBG 574,200.00 4,30% 15-0ct-13 598,890,60 (B)
RBC GIC - BNS 1,338,742,00 I 4.15% 16-Dec-13 1,640,564.30
RBC GIC - BMO 2476430.00 2,10% 20-Dec-12 2581532.17
13,684,369.00 I
RBC GIG - BMO 1,000,000.00 2,75% 09-Mar-14 1,084,790,00
RBC STRIP BOND - PROV ONTARIO 999,807.771 3.35% 02-Dec-14 1,191,382.00
RBC GIC - BMO 1 000 000.00 2,60% 08-Dec-14 1 108857.05 (C)
I T
RBC GIG - RBG I 1 081 162.00 3.00% 09-Mar-15T 1216857.00
I 1,081,162.00 I
I T
I TOTAL INVESTMENTS 1 36,305,835.40 141,271,547.66
2,999,807.77
Note that interest on GICs is annual compunding with the exception of the following.
(A) Interest is paid semi-annually
(B) Interest is paid annually
(C) Interest is semi-annual compounding
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MUNICIPALITY OF cLARINGTON
ATTACHMENT "E"
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO MARCH - YEAR TO DATE
2011 2010
MUNICIPAL MUNICIPAL % CHANGE OF
DEVELOPMENT NUMBER DEVELOPMENT CHARGES NUMBER DEV. CHARGES
UNIT TYPE CHARGES PAID OF UNITS PAID OF UNITS 2011-2011
Single/Semi/Link $ 1,036,790.00 72 $ 1,323,360.00 96
Townhouse $ 168,392.00 14
Apartment $ 37,744.00 4
Commercial $ 18,747,35 1 $ 75,428.45 2
Industrial
Agricultural
Government
I nstitutiona I
Total $ 1,055,537,35 73 $ 1,604,924.45 116 -34.23%