HomeMy WebLinkAboutFND-023-11 OaFftWfi REPORT
FINANCE DEPARTMENT
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: October 31, 2011 Resolution#: By-law#:
Report#: FND-023-11 File#:
Subject: FINANCIAL UPDATE AS AT SEPTEMBER 30, 2011
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1 . THAT Report FND-023-11 be received for information.
Submitted by: � Reviewed by: '
Nancy Taylor, BA, CA. ranklin Wu,
Director of Finance/ Chief Administrative Officer
Treasurer
NT/CC/hj I
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1C 3A6 T 905-623-3379
REPORT NO.: FND-023-11 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-018-11 presented previously to Council.
2.0 THIRD QUARTER OF 2011 RESULTS
2.1 Attachment "A", The Summary of Operating Expenditures and Revenue
statement compares the Municipality's budget to actual posted expenditures as
of September 30, 2011. The statement reflects the Municipality's operating
budget only and excludes year to date expenditures for the consolidated
hall/arena boards. Net year to date expenditures to September 30, 2011 total
$34,678,756 which represents 91.3% of the year to date budget as of the end of
the third quarter. If this was measured against the total net operating budget for
the 2011 year the percent of the operating budget expended to September 30th is
80.9%. This includes annual grants and debentures that occur at the beginning
of the year.
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
September 30, 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.
2.3 Overall, the operating budget is on target. Some of the variances can be
attributed to the timing differences in revenue and expenditures between 2010
and 2011. In comparing the third quarter only actual to budget the expenditures
are 94.5% of the third quarter budget. When comparing the year to date budget
as of September 30th, the expenditures are at 91.3% of the year to date budget.
Both these percentages indicate that overall the expenditures are in-line with the
2011 budget. When looking at the total 2011 budget, the expenditures are at
80.9%, in part due to the annual grants and debentures occurring early in the
year.
REPORT NO.: FND-023-11 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. As of September 30th, the net
Legal expenditures are 75.0% of the total 2011 budget.
2.5 The Non-Departmental revenues are slightly higher than the third quarter year to
date budget. As in the first quarter, this is mainly due to the timing of the
investment maturities. The 2010 maturities and interest earned do not
necessarily match the 2011 maturities.
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. The third quarter
year to date figures of 2011 ($1,318,770) is higher than budgeted ($1,200,000 for
2011) but are slightly lower than the 2010 third quarter year to date interest and
penalties ($1,323,330). This is a reflection of the improvement in the collection of
outstanding taxes.
2.7 The Emergency Services revenue is in line with the September 30th year to date
figures. The total year to date expenditures as of September 30th, represent
74.3% of the total 2011 budget.
2.8 The Engineering Department revenue has improved over the third quarter as a
result of increased building permit revenue. As of September 30th the building
permit revenue exceeded the total 2011 budget by $452,133. The Engineering
Department net expenditures year to date as of September 30th are 60.4% of
2011 total budget.
2.9 The Operations Department revenue has improved over the third quarter and as
of September 30th the revenue exceeded the September 2011 year to date
budgeted revenue. The revenue is on track for the total 2011 budget due to
seasonality of sports field rentals. The total net effect is that the net expenditures
are still in line with the total 2011 budget amount at 76.3%.
2.10 Community Services year to date expenditures as of September 30th are
approximately 93.6% of the 2011 budget as of September 30th. Overall the
revenue is on target as of September 30th. While some revenue accounts are
lower than budgeted as of September 30th there has been better than budget
performance in other revenues to offset the drop. Overall, community services
revenues are on track with the budget. The Community Services department net
expenditures as of September 30th are 75.7% of the total 2011 budget.
REPORT NO.: FND-023-11 PAGE 4
2.11 The Planning Department revenues vary favourably from the third quarter
budget. However the timing of the Planning activities are not necessarily
seasonal and cannot always be predicted by the previous year's timing. Some of
the Planning Department revenues such as site plan revenue and subdivision
application fees have exceeded the total 2011 budget amounts. As of September
30th, the Planning department net expenditures year to date are 68.4% of 2011
total budget.
2.12 Attachment "B", Continuity of Taxes Receivable for the nine months ending
September 30, 2011 provides the status of the taxes billed and collected by the
Municipality of Clarington during the third quarter of 2011. A total of $34,670,713
in final tax bills were issued to property owners in the Municipality during this
period. At the end of September, a total of$18,881,230 remains unpaid. The
net balance is $791,799 lower than the prior year at this time. The changes in
collection processes and procedures implemented during 2009 and continued
since that time have been successful in holding the line on the balance of taxes
outstanding. While more work is to be done, the 2011 third quarter results reflect
the continued success in 2011.
2.13 Attachment "C", Investments Outstanding as of September 30, 2011 provides the
status of the Municipality's general, capital and reserve fund investment holdings
at the end of the third quarter. The Municipality at September 30, 2011 holds $0
in general fund investments, $0 in capital fund investments and $36,870,960 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 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 as a result of current
economic conditions that are likely to continue for some time.
2.14 Attachment "D", Debenture Repayment Schedule as of January 1, 2011 provides
the status of the Municipality's long-term obligations. The Municipality has
$29,535,077.75 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. The outstanding debt figure has been amended
from the second quarter report. This minor amendment ($30,700.16) is due to
the timing of the debt payments on the RRC addition.
REPORT NO.: FND-023-11 PAGE 5
2.15 Attachment "E", Municipal Development Charges as of September 30, 2011
provides the total Municipal development charges collected of $8,462,526.91.
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. We are currently at 501 units mid-year.
2.16 Comparing the number of units issued in 2011 to 2010 in the third quarter, shows
that in 2011 there was an increase of 5.5% in the number of units issued
compared to 2010. In comparing the total dollars collected in 2011 to 2010,
there was an increase of 34.5% in development charges collected. As per the
2010 DC Background Study, there are 699 units forecasted for 2011.
3.0 CONCLUSION
3.1 The report is provided as information to Council. Ongoing reports will be
provided quarterly.
CONFORMITY WITH STRATEGIC PLAN —
The recommendations contained in this report conform to the general intent of the
following priorities of the Strategic Plan:
_ Promoting economic development
X Maintaining financial stability
_ Connecting Clarington
_ Promoting green initiatives
Investing in infrastructure
_ Showcasing our community
_ Not in conformity with Strategic Plan
Staff Contact: Nancy Taylor, B.B.A., C.A., Director of Finance/Treasurer
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 ATTACHMENT"A"
SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE THREE MONTHS ENDING SEPTEMBER 30,2011
2011, 2011; 2011 YTD. Total Third; Total Third: 2011: %of Annual
Budget YTD Actual YTD Unexpended Quarter Budget Quarter Actualsl Total Budget':Budget Spent
Jan-Sept. Jan-Sept. Jan-Sept:. July-Sept: July-Sept.
05 NON-DEPARTMENTAL ACCOUNTS
--Expenditures- _- 201,022. - 201,022 01„ 25,522'. 33,522, 201,022'. 100.0%
-_._____ _._- ______.- ___-- _..._.. -._ _... ..
Revenues/Recoveries (3,909,012): (5,351,936). 1,442,924: (1,901,420): (3060,344). (9,849,768)1 54.300/a
Net Non-Departmental (3,707,990); (5,150,914).. 1,442,924. (1,875,898), (3,026,822):, (9,648,746); 53.4%
10 MAYOR&COUNCIL
Net O I'll ce of Mayor&Cou ncil 608,882: 585,141': 23,741: 189,4181 199,671 819,607' 71.4%
13 ADMINISTRATOR'S OFFICE
Net Office of OAO 326,474. 336,235 (9,761): 109,280: 112,8124: 442,124: 76.0%
14 LEGAL ADMIN
RenveuelRecoveries (148,581) (42,788) (105,793). (37527p (6066): (186,100):, 210%
Expenditures 388,502' 294,899- 93,66: 104,1051 522,2641 56.5°°/a
Net Legal Administration 239,921'. 252,111: (12,190); 86,604, 98,039 336,164: 78.0%
16 CORPORATE SERVICES
Revenue/Recoveries (154,867), (150,840), (4,027) (62,181) (50618):. (170,560)1 88.4%
Expenditures 3,032619 3,005,717 26902' 851,862! 1,066,376`. 3,926,849+ 76.5%
Net Corporate Services 2,877,752: 2,854,877' 22,875'. 789,681': 1,015,7581 3,756,289,. 76.0%
19 CLERK'S
Revenue/Recoveries (441,150) (523,005):. 81855. (158,953)1 (282,658)', (573,000): 91.3%
�Expenditures -1,627371:. 1,713738. (86,367)'----506,656! -�- 625,501! 2,198,140i
Net Clerks 1,186,221: 1,190,733: (4,512): 347,7034 342,843: 1,625,140! 73.3%
21 FINANCE&UNCLASS.ADMIN . '
Revenue/Recoveries (1,082,806) (1,553,031), 470,225: (383,190)- (510682). (1,467,000): 105.9%
Unclassified Admin&Board of Trade 1,642,855 03
1,845 949, (2 ,094): 484,721'. 996,4481 1,889,444: 97.7%
__.._... -_— _—__
Operating Expenditures 1,449,431 1,539,789 (90,358)! 445,681. 546,402; 1,952,778 78.9%
Total Finance Expenditures 3,092,286: 3,385,738: (293,452): 930,402: 1,542,850, 3,842,222: 88.1%
Net Finance . 2,009,480: 1,832,707' 176,773: 547,212'. 1,032,168:. 2,375,222!. 77.2°/%
28 EMERGENCY SERVICES-FIRE
Revenue/Recoveries (18,706) (25,900) 7,194. (2,521): (13,877): (35,800)]
72.3%
Expenditures 6,625232. 6,681,234 (56002)! 2,008,240 2,515027' 8,998,1731. 74.3%
Net Emergency Services 6,606,526; 6,655,334; (48,808). 2,005,719, 2,501,1501 8,962,3731
74.3%
32 ENGINEERING SERVICES
Revenue/Recoveries (1,106,693) (1,765,604) 6589111 (24121). (836,528),, (1,309,050); 134.9%
Expenditures 3,944,032 3,856,896 87,136,. 664,233: 800,057' 4,769,8541 80.9%
Net Engineering Services 2,837,339, 2,091,2921 746,047: (36,471) 3,460,8041 60.4%
36 OPERATIONS.. .. _.
Revenue/Recoverles (316,393) (404047) 87,654', (119,033). (275858)1 (426,200):. 94.8%
Operating Expenditures 8,853 101 9,139 176 (286,075), 2,485,326 2,800 795 12,204,317' 74.9%
_....___. -3,342,383: ..... .._ -1-4-3-.4-6-3,__.-_
Fleet&Debenture Payments 3,848 716 506,333 . (62 246) 4,049,319:
82.5%
Total Expenditures 12,701,817'. 12,481,559, 220,258; 2,628,789' 2,738,546 16,253,636;. 76.8%
Net Operations Department 12,385,424'. 12,077,5121 307,912.; 2,509,756` 2,462,691', 15,827,4361. 76.3%
42 COMMUNITY SERVICES
Revenue/Recoveries (3,130,546:
(3,128,457), (2 089): (805,310). (852,387)' -(4,427,080): 70.7%
Operating Expenditures 6,501 745 6,103,568 398177:. 1,893,335 2,129,037'. 8,981,321', 68.0%
—... _.:.. ._... _ ....
Annual Grants&Debenture Payments 3,099,671:. 3,083,286: 16,385: 4,932 0 3,447,969 89.4%
Total Expenditures 9,601,416. 9,186,854, 414,5621 1,898,267 2,129,037'. 12,429,290! 73.9%
Net Community Services 6,470,870'. 6,058,397': 412,473'. 1,092,967' 1,276,650{ 8,002,210: 75.7%
50 PLAN.SERVICES ' '
Revenue/Recoveries (322,549) (611957) 289,408. (79,322) (248,441):. (421,526); 145.2%
Expenditures 2,929 179 2,928,6-7-7 502 74-1,966 706,755: 3,807,949. 76.9%
Net Planning Services 2,606,630,. 2,316,720! 289,910'. 662,644, 458,314' 3,386,4241 68.41%
BOARDS&AGENCIES
Not Board and Extemal Agencies 3,518,319' 3,578,611 (60,292); 10,324'. 82,887' 3,521,596! 101.6%
.._..TOTAL OPERATING:
Revenue/Recoveries (10,631,303), (13,557,565). 2,926,2621 (3,792,578),. (6,137,459)1 (18,866,083): 71,9%
Expenditures 48,597,151 48,236,321' 360,8301 10,689,090 12,657,149: 61,732,7261 78.1%
Net Operating Expenditures 37,965,848. 34,678,7561 3,287,092: 6,896,512': 6,519,690 42,866,643'. 80.9%
ATTACHMENT "B"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Third Quarter of the Year 2011
June 30,2011 SEPTEMBER SEPTEMBER
BEGINNING BALANCE INTEREST TAXES PAYMENTS/ 2011 2010
RECEIVABLE ADDED BILLED BALANCE ADJUST.—
CURRENT YEAR
TAXES 8,332,430 34,670,713 43,003,143 (29,625,665) 13,377,478 13,417,805
PENALTY AND INTEREST 95,342 83,193 178,534 10,502 189,036 207,258
FIRST PRIOR YEAR -
TAXES 4,016,496 4,016,496 (695,110) 3,321,386 3,338,027
PENALTY AND INTEREST 253,879 43,9441 297,823 58,416 239,406 293,108
SECOND PRIOR YEAR
TAXES 1,514,133 1,514,133 (515,867) 998,266 1,228,704
PENALTY AND INTEREST 113,783 15,646 129,430 29,917 99,513 152,708
THIRD&PRIOR YEARS
TAXES 591,699 591,699 (94,988) 496,711 726,368
PENALTY AND INTEREST 162,024 6,083 168,107 8,672 159,435 309,050
TOTAL 15,079,7851 148,866 34,670,713 49,899,364 31,018,134 18 881,230 19,673,029
Includes refunds,write-offs,357's,etc.
NOTE 1: 2011 Interim Instalment months: February and April
2011 Final Instalment months: June and September
CORPORATION OF MUNICIPALITY OF CLARINGTON ATTACHMENT"C"
INVESTMENTS OUTSTANDING
As at September 30,2011
IINVESTED ISSUER OF COST OF INTEREST MATURITY MATURITY
wlr ,INVESTMENT INVESTMENT 1 RATE DATE AMOUNT
GENERALFUND
I
TOTAL GENERAL FUND
!CAPITAL FUND
TOTAL CAPITAL FUND
I
RESERVE FUND
RBC STRIP BOND-PROV PQ 776,152.231 4.35%1 01-Dec-11 1 986,467.001
:;RBC STRIP BOND-PROV ONTARIO 999,999.541 4.20%1 02-Dec-11 i 1,244,090.001
!RBC IGIC-BMO 1,708,762.00 1.70% 07-Dec-11 1,737,810.951
i RBC LGIC-RBC 2,000,000.00 1.65% 20-Dec-11 2,033,000.00
1 ; 5,484,913.771
RBC GIC-RBC 2,000 000.00 4.05% 16-Mar-12 2,439,161.00
RBC GIC-BNS 5,100,000.00 2.00% 01-Oct-12 5,306,040.00
RBC BA-TD 1471,061.00 4.80% 30-Oct-12 1,859,675:00
RBC STRIP BOND-PROV ONTARIO 699 779.861 2.50% 02-Dec-12 759,557.001
! 9,270,840.861
i I !
RBC BA-TD 1,503,357.001 4.80% 08-Jan-13 1,900,502.92
RBC GIC-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 IGIC-TD 1,009,028.00 4.45% 25-Mar-13 1,254,427.00
ITD IGIC-TD 257,495.00 4.51% 13-Ma -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-Sep-13 1,174,213.00
RBC GIC RBC 574,200.001 4.30%1 15-Oct-13 598 890..60 (B)
RBC GIC-BNS 1,338,742.001 4.15%I 16-Dec-13 1,640,564.30
RBC GIC-BMO 2,476,430.00 2.10% 20-Dec-12 2,581,532.17
13,684,369.00i j
RBC GIC-BMO 1,000,000.00 2.75% 09-Mar-14 1,084,790.00
RBC GIC-BMO 983,080.00 1.80% 12-Sep-14 1,037,127.61
Manulife Bankj Manulife GIC 742,599.00 2.05% 19-Sep-14 789 211.47
RBC I STRIP BOND-PROV ONTARIO 999,807.77 3.35%I 02-Dec-14 1,191,382.00
RBC IGIC-BMO 1,000,000.00 2.60% 08-Dec-14 1,013,000.00 (A)
4,726,486.77
RBC GIC-RBC 1,081,162.00! 3.00% 09-Mar-15 1,216,857.00
RBC GIC-BMO ! 624 188.001 2.00% 25-Sep-15 675 641.17
1,705,350.00
Manulife Bank Manulife GIC 2,000,000.00 2.60% 19-Sep-16 21273,876.11
1 2,000,000.001
I I
TOTAL INVESTMENTS 36,870,960.401 41,614,985.68,'
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
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Schedule "E"
MUNICIPAL DEVELOPMENT CHARGES
MONTH OF SEPT
2011 2010
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF
UNIT TYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS DEV.CHGS 2011-2010
Single/Semi- Detached
-New construction $ 265,940.00 20 $ 438,433.00 31
-Additions $ - 0 $ - 0
Townhouse $ 292,813.00 23 $ - 0
Apartment $ - 0 $ - 0
Commercial $ - 0 $ 5,491.30 1
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 0
Industrial $ - 0 $ - 0
TOTAL $ 558,75'. 43 $ 443,924.30 32 25.9%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO SEPT-YEAR TO DATE
2011 2010
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF
UNIT TYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS DEV.CHGS 2011-2010
Single/Semi Detached
-New construction $ 5,263,666.00 367 $ 4,817,586.00 356
-Additions $ - 0 $ - 0
Townhouse $ 1,514,989.00 119 $ 1,214,828.00 101
Apartment $ - 0 $ 133,968.00 12
Commercial $ 622,359.96 11 $ 124,948.13 6
Agricultural $ - 0 $ - 0
Government $ - 0 $ 0
Institutional $ - 1 $ - 0
Industrial $ 1,061,511.95 3 $ - 0
TOTALI $ 8,462,526.91 501 $ 6,291,330.13 475 34.5%