HomeMy WebLinkAboutFND-004-12 Clartgton REPORT
FINANCE DEPARTMENT
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: FEBRUARY 27, 2012 Resolution#: - By-law#:
Report#: FND-004-12 File#:
Subject: FINANCIAL UPDATE AS AT DECEMBER 31, 2011
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-004-12 be received for information.
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Submitted by: `� 6 �y'� <+ E1` �� ' Reviewed by: r
Nancy TOylor, BA A, CA. 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-004-12 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-023-11 presented previously to Council.
2.0 FOURTH 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 December 31, 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 December 31, 2011 total
$39,922,860 which represents 93.1% of the year to date budget as of the end of
2011.
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
December 31, 2011. It is important to the note that the figures presented in this
report do not represent the final year end figures. Year end accruals and
adjustments necessary to ensure revenue and expenditures are charged to the
appropriate fiscal year will continue to be done to finalize the 2011 year and
prepare the Municipal Financial Statements in accordance with the Canadian
generally accepted accounting principles. These are unaudited year-end figures
as our audit will not be completed until end of June 2012.
2.3 The Non-Departmental revenues are on target at 99.6% of the budgeted amount.
As noted above there are still some year-end adjustments and accruals to be
posted and the numbers are not final.
2.4 Overall, the operating budget is on target for the Mayor and Council as well as
the CAO's office. The Mayor and Council expenditures are 93.5% of the total
2011 budget. The CAO's office is at 100.8% of the 2011 budget.
2.5 The Legal Department does not have a full year of historical reference for the
2011 budget dispersion and 2011 revenues. The budget for the 2011 legal
revenues was a best estimate using past legal undertakings. As of December
31St, the net Legal expenditures are 105.3% of the total 2011 budget. Revenue is
less than budgeted at 37.0% however expenditures are also below budget at
81.0% of total budget. Essentially, recoverable professional fees expense was
below budget so the offsetting revenue is also below budget as there is no need
to recover what has not been spent.
REPORT NO.: FND-004-12 PAGE 3
2.6 The Corporate Services net expenditures are at 97.7% of the 2011 budgeted
amount. Both revenue and expenditures are in line with the 2011 budget at
97.8% and 97.7% respectively.
2.7 The Finance net expenditures are at 84.5% of the total 2011 budget. The
Finance revenues are higher than the annual budget at 142.3%. This is due to
the higher than budget amount of the fines and penalties on taxes. The year to
date figures of 2011 ($1,782,915) is higher than budgeted ($1,200,000 for 2011)
but are slightly lower than the 2010 interest and penalties ($1,833,647). This is
a reflection of the improvement in the collection of outstanding taxes. The
increase in revenue is moderated by an increase in insurance costs and tax write
offs. The 2011 tax write offs have been addressed in previous Finance reports
FND-003-12 and FND-020-11.
2.8 The Emergency Services net expenditures are in line with the 2011 budget
figures. The total 2011 year to date expenditures represents 98.9% of the total
2011 budget. Revenues are above budget due to revenues received from
Ontario Power Generation for training, call backs, annual inspection and fire
safety plan review for approximately $75,000.
2.9 The Engineering Department 2011 net expenditures are currently $2,233,669 or
64.5% of the 2011 budget. This favourable percentage can be attributed to the
spike in the building permit revenue in December. Building permit revenue is
$986,493 over the budgeted amount of$1,250,000 or 178.9% of the original
budgeted amount. As of January 1, 2012 there was a change to the Ontario
Building Code. This amendment, concerning the energy efficiency requirements
of residential and large buildings, is a substantial cost increase to the builders.
As a result, there was a significant increase in building permits in order to avoid
the new building code requirement. Note that this will have a negative effect on
the building permits and development charges for the first quarter of 2012.
2.10 The Operations Department net expenditures are $15,367,420 or 97.1% of the
2011 budgeted amount. Debenture payments are a fixed expense and are at
100% of the budgeted amount. The Fleet expenditures are currently below the
budgeted amount at 34.4% though as noted in 2.2 there are still year end
adjustments to be made. Operating expenditure (not including debenture and
fleet) are overall in line with the 2011 budget at 100.6%; however, within the
operations activities there are some areas that are under budget due to work
being deferred to 2012 and some over budget. Some areas that are over budget
are winter controls costs (plowing, sanding and salting), senior snow clearing,
and pavement patching. The Operations department brings an annual report to
Council on winter activities that will provide further details. An increase in
REPORT NO.: FND-004-12 PAGE 4
revenue, 115.8% of the 2011 budget, is due to increase in recoverable road
winter and spring maintenance charges.
2.11 Community Services 2011 net expenditures are approximately 97.8% of the 2011
budget. While there has been a slight decrease in facility rentals, overall the
revenues are on target at 97%. The Community Services department has
recognized some saving in operations due to a reduction in utility expenses. This
can be attributed to the positive effect of the energy retrofits at RRC and DSC
and increased energy conservation efforts in the facilities. The mild weather in
2011 also has helped to reduce some of the utility cost.
2.12 The Planning Department net expenditures are 82.2% of the 2011 total budget.
This can be credited to an increase in Planning revenue such as rezoning fee,
part lot control fees, site plan fees and subdivision application fees which all
exceeded the 2011 budget amounts. Planning revenue is higher than budget by
$477,666 or 213.3% of the 2011 budget.
2.13 Attachment "B", Continuity of Taxes Receivable for the year ending December
31, 2011 provides the status of the taxes billed and collected by the Municipality
of Clarington during the fourth quarter of 2011. A total of $2,299,058 in
supplementary tax bills were issued to property owners in the Municipality during
this period. At the end of December 2011, a total of $8,138,427 remains unpaid.
The net balance is $180,077 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. The 2011 fourth quarter results are a slight improvement over 2010.
This is an ongoing process and there is more work is to be done in 2012, to
support the continued success the collection of taxes receivable.
2.14 Attachment "C", Investments Outstanding as of December 31, 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 December 31, 2011 holds $0
in general fund investments, $0 in capital fund investments and $47,352,591 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.
REPORT NO.: FND-004-12 PAGE 5
2.15 Due to the timing of this report Attachment "D", Debenture Repayment.Schedule
is shown as of January 1, 2012. It provides the status of the Municipality's long-
term obligations. The Municipality has $24,200,891.51 in outstanding debt as of
January 1, 2012 and debt repayment obligations of$3,525,111.16 for 2012 as
reflected in the 2012 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.
2.16 Attachment "E", Municipal Development Charges as of December 31, 2011
provides the total Municipal development charges collected of $13,164,542.79.
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. As of December 31, 2011 we had 869
units.
2.17 Analyzing the number of units issued in 2011, there was an increase of 49.8% in
the number of units issued in 2011 compared to 2010. In comparing the total
dollars collected in 2011 to 2010, there was an increase of 53.9% in municipal
development charges collected.
2.18 The increase in the Development Charges can be attributed in part to an
improvement in the economy. However, as of January 1, 2012 there was a
change to the Ontario Building Code. This amendment concerning the energy
efficiency requirements of residential and large buildings is a substantial cost
increase to the builders. There was a significant increase in building permits and
development charges in December 2011 in order to avoid the new building code
requirement. This will have a negative effect on the building permits and
development charges for the first quarter of 2012.
3.0 CONCURRENCE: None
4.0 CONCLUSION
4.1 The report is provided as information to Council. Ongoing reports will be
provided quarterly.
REPORT NO.: FND-004-12 PAGE 6
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
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ATTACHMENT "B"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Fourth Quarter of the Year 2011
Sep 30,2011 DECEMBERI DECEMBER
BEG.BALANCE INTEREST TAXES PAYMENTS/ 2011 2010
RECEIVABLE ADDED BILLED BALANCE ADJUST.***
PREPAID TAXES Note 1 2,924,250 2,941,883
CURRENT YEAR
TAXES 13,377,478 1,955,523 15,333,001 (11,438,104) 3,894,897 3,910,945
PENALTY AND INTEREST 189,036 315,697 504,733 227,716 277,018 279,837
FIRST PRIOR YEAR
TAXES 3,321,386 274,905 3,596,291 (1,046,833) 2,549,457 3,069,833
PENALTY AND INTEREST 239,406 109,547 348,954 155,599 193,355 240,565
SECOND PRIOR YEAR
TAXES 998,266 68,630 1,066,895 (422,614) 644,281 883,890
PENALTY AND INTEREST 99,513 33,501 133,014 65,373 67,641 93,715
THIRD&PRIOR YEARS
TAXES 496,711 - 496,711 (91,562) 405,149 568,359
PENALTY AND INTEREST 159,435 16,356 175,791 69,161 106,629 271,361
TOTAL 18,881,230 475,101 2299,058 21,655,389 (13,L§,9621 8,138,427 9,318,504
*** Includes refunds,write-offs,357's,etc.
NOTE 1: Prepaid taxes include property tax preauthorized payment program(PAP).
CORPORATION OF MUNICIPALITY OF CLARINGTON ATTACHMENT"C
INVESTMENTS OUTSTANDING
As at December 31,2011
ISSUER OF COST OF INTEREST MATURITY MATURITY
INVESTMENT INVESTMENT RATE DATE AMOUNT
7-
GENERALFUND
TOTAL GENERAL FU ND
CAPITAL FUND
TOTAL CAPITAL FUND
NON DEV,CHARGE MONIES
RBC GIC-RBC 2,000,000.00 . 4.05% 16-Mar-12 2,439,161.00
RBC GIC-RBC 1,000,000.00 1.77% 02-May-12 1,000,000.00
BNS GIC-BNS 5,100,000.00 2.00% 01-Oct-12 5,306,040.00
TD BA-TD 1,471,061.00 4.80% 30-Oct-12 1,859,675.00
RBC BA-RBC 1,500,631.201 1.932% 01-Nov-12 1,548,000.00
PROV ONTARIO STRIP BOND-PROV 699,779.86 2.50% 02-Dec-12 759,557.00
BMO GIC-BMO 1,091,974.00 1.50% 21-Dec-12 1,108,353.61
BMO GIC-BMO 2,033,000.00 1.50% 20-Dec-12 2,063,495.00
BMO GIC-BMO 2,476,430.00 2.10% 20-Dec-12 2,581,532.17
17,372,876.06
TD BA-TD 1,503,357.00 4.80% 08-Jan-13 1,900,502.92
BNS GIC-BNS 1,546,695.00 4.50% 12-Feb-13 1,927,463.38
BNS GIC-BNS 599,161.00 4.35% 04-Mar-13 741,320.00
TD GIC-TD 1,009,028.00 4.45% 25-Mar-13 1,254,427.00
BNS GIC-BNS 1,000,000.00 4.60% 01-May-13 1,000,000.00
RBC GIC-RBC 1,001,980.00 2.20% 02-May-13 1,001,980.00
TD GIC -TD 100,320.00 4.51% 13-May-13 100,320.00
TD, GIC-TD 257,495.00 4.51% 13-May-13 321,039.00
BNS GIC-BNS 1,371,861.00 3.00% 13-Jun-13 1,499,070.00
RBC GIC-RBC 147,749.00 1.80% 27-Jun-13 147,749.00
BNS GIC-BNS 1 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 574,200.00 4.30% 15-Oct-13 598,890.60
BNS GIC-BNS 1,338,742.00 4.15% 16-Dec-13 1,640,564.30
13,457,988.00
BMO GIC-BMO 1,000,000.00 2.75% 09-Mar-14 1,084,790.00
RBC GIC-RBC 1,672,368.00 2.65% 17-Mar-14 1,808,875.64
BNS GIC-BNS 1,600,000.00 3.20% 17-Aug-14 1,893,626.00
BMO GIC-BMO 983,080.00 1.80% 12-Sep-14 1,037,127.61
Manulife Bank GIC-Manulife Bank 742,599.00 2.05% 22-Sep-14 789,211.47
PROV ONTARIO STRIP BOND-PROV 999,807.77 3.35% 02-Dec-14 1,191,382.00
BMO GIC-BMO 1,000,000.00 2.60% 08-Dec-14 1,013,000.00
7,997,854.77
BMO GIC-BMO 624,188.00 2.00% 28-Sep-15 675,641.17
RBC GIC-RBC 1,976,951.00 2.350% 07-Dec-15 2,169,438.00
RBC GIC-RBC 1,922,733.00 2.35% 07-Dec-15 2,109,941.00
4,523,872.00
Manulife Bank GIC-Manulife Bank 2,000,000.00 2.60% 20-Sep-16 2,273,876.11
Manulife Bank GIC-Manulife Bank 2,000,000.00 2.71% 02-Dec-16 2,286,091.67
4,000,000.00 1
TOTAL INVESTMENTS 47,352,590.83 52,634,630.65
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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Attachment "E"
MUNICIPAL DEVELOPMENT CHARGES
MONTH OF DEC
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 $ 1,943,928.00 133 $ 367,718.00 26
-Additions $ - 0 $ - 0
Townhouse $ 152,772.00 12 $ - 0
Apartment $ 625,022.00 82 $ - 0
Commercial $ - 0 $ 1,811.11 1
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 0
Industrial $ - 0 $ - 0
TOTALI $ 2,721,722.00 227 $ 369,529.11 27 636.5%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO DEC-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 $ 9,104,822.00 628 $ 6,048,027.00 444
-Additions $ - 0 $ - 0
Townhouse $ 1,744,147.00 137 $ 1,336,914.00 111
Apartment $ 625,022.00 82 $ 133,968.00 12
Commercial $ 629,039.84 14 $ 1,035,215.31 13
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 2 $ - 0
Industrial $ 1,061,511.95 6 $ - 0
TOTALI $ 13,164,542.79 869 $ 8,554,124.31 580 53.9%