HomeMy WebLinkAboutFND-012-11Cju'j REPORT
FINANCE DEPARTMENT
Meeting: GENERAL PURPOSE AND ADMINISTRATION
Date: MAY 9, 2011 Resolution#: ~ ~"3~a"~1 By-lavu#:
Report: FND-012-11 File#:
Subject• ANNUAL LEASING REPORT - 2010
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
THAT Report FND-012-11 be received for information.
Submitted by:
NT/hjl
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Reviewed by:
Na cy ay r, B , C.
Director of Finance/
Treasurer
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Franklin Wu,
Chief Administrative Officer
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1C 3A6 T (905)623-3379
REPORT NO.: FND-12-11
PAGE 2
1.0 BACKGROUND:
1.1 Under Ontario Regulation 653/05, the Treasurer is required to report annually to
Council details of existing material 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.
1.2 As required by the Municipal Act, 2001, Council adopted a Statement of Lease
Financing Policies and Goals 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.
2.0 CONCLUSION:
2.1 At this time, the Municipality of Clarington does not have any material leases. It
is recommended that this annual lease report be received for information in
compliance with Ontario Regulation 653/05.