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HomeMy WebLinkAboutFND-011-12 Clarington REPORT FINANCE DEPARTMENT Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE Date: MAY 7, 2012 Resolution#: *`` 1 y-law#: Report#: FND-011-12 File#: Subject: FINANCIAL UPDATE AS AT MARCH 31, 2012 RECOMMENDATIONS: It is respectfully recommended that the General Purpose and Administration Committee recommend to Council the following: 1. THAT Report FND-011-12 be received for information. Submitted by: Reviewed by: Nancy aylor BA, 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-011-12 PAGE 2 1.0 BACKGROUND AND COMMENT 1.1 The financial update report has been designed to focus on overall budget variance reporting. 2.0 FIRST QUARTER OF 2012 RESULTS 2.1 Attachment "A", The Summary of Operating Expenditures and Revenue statement compares the Municipality's budget to actual posted expenditures as of March 31, 2012. 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 as of March 31, 2012 totaled $15,979,915 which represents 32.24% of the total 2012 budget. 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 March 31, 2012. 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 2011 actual monthly distribution. In cases where there is no prior year history, the monthly budget allocation is divided equally over the 12 months. 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 In general, the operating budget is overall on target. As of March 31, 2012 the net year to date expenditures are at 91.37% of the first quarter budget. Some of the variances can be attributed to the timing differences in revenue and expenditures between 2011 and 2010. As this is the first quarter analysis, it may be premature to extrapolate the figures and percentages to future quarters. 2.4 The Non-Departmental revenues are below the quarterly budget at 51.17%. This is attributable to timing of interest payments on investments. The investment interest revenue has been allocated evenly over the twelve months. As shown in Attachment "C" the investment maturities vary from year to year. Over the year this investment interest will be more in line with the budgeted amount. 2.5 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 87.52% of the first quarter 2012 budget. The CAO's office is at 96.82% of the first quarter 2012 budget. REPORT NO.: FND-011-12 PAGE 3 2.6 As of March 31St, the Legal expenditures are 103.39% of the first quarter 2012 budget. Revenue is less than budgeted at 40.67% however the timing of revenue does not match the previous year. As the year progresses, the revenue should improve. 2.7 Both Corporate Services and Clerk's net expenditures are in line with the first quarter budget at 89.28% and 93.90% respectively. As of the first quarter, revenues are slightly higher than budgeted. This is most likely due the timing differences between 2011 and 2012 revenues. 2.8 The Finance net expenditures are at 157.42% of the first quarter 2012 budget. The Finance revenues are higher than the annual budget at 134.48% as of March 31, 2012. This is due to the higher than budget amount of the fines and penalties on taxes. The year to date figures of 2012 ($384,747) is higher than budgeted amount for the first quarter ($281,915) but are slightly lower than the 2011 interest and penalties ($418,859). This is a reflection of the success in the collection of outstanding taxes. The increase in expenditures is attributable to the timing of insurance premiums_for the time period of January to June 2012. Over the second quarter this will be closer to the budget amount. 2.9 The Emergency Services net expenditures are in line with the first quarter 2012 budget figures. As of March 31, 2012 year to date expenditures represents 89.72% of the total 2011 budget. Revenues are above budget due to increase in general revenues such as permits and fire loss reports. 2.10 The Engineering Department net expenditures are $218,029 or 33.3% as of March 31, 2012 budget. This favourable percentage can be attributed to the building permit revenue in the first quarter of 2012. Also a factor is that in 2011, the actual transactions had an increase in building permit revenue at the end of the year. This would affect how the budget is dispersed monthly in 2012 as noted in note 2.2. Over the year this figure should be closer to the budgeted amount. 2.11 The Operations Department net expenditures are $2,816,661 or 85.42% of the 2012 first quarter budgeted amount. The Fleet expenditures are currently below the budgeted amount. It is important to note that most adjustments to these accounts are made at year end. Operating expenditure (not including debenture and fleet) are overall in line with the 2012 first quarter budget at 86.23%. An increase in revenue, 190.92% as of March 31, 2012 is due to an increase in entrance culverts fee. REPORT NO.: FND-011-12 PAGE 4 2.12 Community Services net expenditures are 92.36% of the first quarter budget. Revenues are at 98.23% and total expenditures are at 94.10% as of March 31, 2012. 2.13 The Planning Department net expenditures as of March 31, 2012 are 93.36% of the 2012 first quarter budget. Both revenue and expenditures are in line with the budget as of March 31, 2012 at 101.75% and 93.84% respectively. 2.14 Attachment "B", Continuity of Taxes Receivable for the three months ending March 31, 2012 provides the status of the taxes billed and collected by the Municipality of Clarington during the first quarter of 2012. A total of$33,242,550 in interim tax bills were issued to property owners in the Municipality during this period. At the end of March 2012, a total of$8,142,731 remains unpaid. However, currently on hand are prepaid taxes through the pre-authorized payment system and prepaid taxes for the April 2012 installment of$5,001,481. The net balance at $3,141,250 is 31.3% lower than the prior year at this time. This is a significant improvement over the first quarter 2011. 2.15 Attachment "C", Investments Outstanding as of March 31, 2012 provides the status of the Municipality's general, capital and reserve fund investment holdings at the end of the third quarter. The Municipality at March 31, 2012 holds $6,000,000 in general fund investments, $0 in capital fund investments, $4,509,430 in Development Charge reserve fund investments and $43,281,548 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, the majority of 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. The short term interest rates and the current cash flow needs are evaluated on a regular basis. 2.16 Attachment "D", Debenture Repayment Schedule provides the status of the Municipality's long-term obligations as of January 1, 2012. 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. REPORT NO.: FND-011-12 PAGE 5 2.17 Attachment "E", Municipal Development Charges as of March 31, 2012 provides the total Municipal development charges collected of $935,926. In 2010 Development Charges Background Study, it was forecasted that the municipality would be collecting approximately 831 residential units total for 2012 or approximately 69 units per month. For the three month period ending March 31, 2012 there were 63 units. 2.18 Analyzing the number of units issued in first quarter of 2012, there was a decrease of 12.5% compared to the first quarter in 2011. In comparing the total dollars collected in the first quarter 2012 to 2011, there was a decrease of 10.1% in municipal development charges collected. 2.19 As noted in report FND-004-12, as of January 1, 2012 there was a change to the Ontario Building Code. This amendment which applies to the energy efficiency requirements of residential and large buildings is a substantial cost increase to the builders. There was a significant increase in development charge collections in December 2011 in order to avoid the new building code requirement. This has had a negative effect on the development charges for the first quarter of 2012. 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' 1 SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE THREE MONTHS ENDING 2011' 2012' Budget YTD Jan-Mar, 2012 Actual YTD Jan-Mar. 2012 YTD Unexpended($) Jan-Mar Budg J 05 NON-DEPT'L ACCTS Revenue/Recoveries Ex enditures p Net Expenditures 10 MAYOR&COUNCIL (115,147), 184,500 (58,924) (56,223) 179,500 5,000 {2 17 69,353 120,576 (51,223) 1 Jan-Mar Net Expenditures 13 ADMINISTRATOR'S OFFICE 230,683 201,884 28,799 1S 0.80% Net Expenditures 14 LEGAL ADMIN Revenue/Recoveries Expenditures Net Expenditures 16 CORPORATE SERVICES Revenue/Recoveries Expenditures Net Expenditures 19 CLERK'S Revenue/Recoveries Expenditures Net Expenditures 21 FINANCE&UNCLASS.ADMIN 124,366 120,416 3,950 209,899 (20,882)1 (8,493):: (12,389) 94,379 97,578 (3,199) (2 1 73,497 89,085 (15,588) : 49,$341 (46,281) (52,185) 5,904 1,119,373 : 1,010,197 , 109,176 { 1,1; 1,073,092 . 958,012 ' 115,080 1q1 (154,061);, (165,322)', 11,261 578,588 1 563,972 14,616 Is 4< 424,527 398,650 25,877 4( (329,237); 243,718 548,128 : 791,846 : (442,765) 643,940 527,041 1,170,981 113,528 (400,222) 21,087 (379,135) (31 4 4 & Revenue/Recoveries Unclassified Admin&Board of Trad Operating Expenditures Expenditures Net Expenditures 28 EMERGENCY SERVICES-FIRE 462,609 728,216 (265,607) 3 (2,930) 2,453,3221 (5,753) 2,823 21204,339 248,983 2,01. Revenue/Recoveries Expenditures Net Expenditures 2,450,392 2,198,586 i 251,806 2,0( 493,308 : 31,2012 ATTACHMENT"A' 2011' P 2011 YTD' 2012' 2012 Actual YTD Unexpended$ Total Budget %of Annual Jan-Mar Jan-Mar Budget Spent (78,391) 41,634 (7,357,561); 0.80% i67,400, 8,000 209,899 85.52% 89,x09 ��. : 49,$341 (7,147,662)l (1.69%) I �� 23.61% 200 207 (4,6=14) 855,240 24.41% 124,189 (26,883) 493,308 : (11;334) (26,393) (176,000): 4.83% 92,082 35,828 544,592 17.92% 80,748 9,635 368,592 24.17% (48,359) 12,649 (100,200)1 52.08% 1,002586 157,007 4,242,740 _ 23.81 954,227 " 169,656 4,142,540 1 23.13% (109,778) 16,947 (655,400); 25.22%.. 489,182 5,935 2,471,628 . 22.82% 379,404 22,582 1,816,228 21.95% (474,816) ",',1158,633 (1,455,000)1 30.43% 212„ffff7 (26,620). ...2,039,706 31.57% 514,852 (55,390) 2,029,410 25.97% 7271849 82,010 4,069,116 1 28.78% 253,033 76;623 2,614,116 27.86% (3,402) {s,55tl) (38,800). 14.83% 1,879,156 130,968 9,713,809 j 22.69% 1,875,754 124,418 9,675,009 22.72% FND-011-12 Attachment"A" 1 of 2 THE MUNICIPALITY OF CLARINGTON 7 7 ATTACHMENT"A" SUMMARY OF OPERATING EXPENDITURES 8,REVENUES FOR THE THREE MONTHS ENDING MARCH 31,2012 2012, 2012!, 2012 YTD 2011 2011 2011 YTD 2012, 2012 Budget YTD, Actual YTD, Unexpended($) Budget`l7D Actual YTD Unexpended$ Total Budget, %of Annual Jan-Marl Jan-Mar Jan-Mar Jan-Mar; Jan-Mar Jan-Mar I Budget Spent 32 ENGINEERING SERVICES Revenue/Recoveries (193,463) (512,275) 318,812 (349;184) (297,128) (52,056) (1,359 050)1 37.69% Expenditures 848,194: 730,304 117,890 641;242 669,424 (28,182) 5,498,407 . 13.28% Net Expenditures 654,731 !, 218,029 ' 436,702 292,0581 3721296 (80,238) 4,139,357 : 5.27% 36 OPERATIONS Revenue/Recoveries (25,430): (48,551) 23,121 (35,342) (27,579) (7,763) (437,700)1 11.09% Operating Expenditures­ 3,073,400 2,730,428 ---------i4i,972 2,756;848' 2,859,386 (102,538) � 12,728,518 ' 21.45% Fleet&Debenture Payments 249,320 134,784 114,536 3,437;490" 3,224,606 212,884 832,968 16.18% Expenditures 3,322,720 2,865,212 457,508 6,194;338 6,083,992 110,346 13,561,486 21.13% Net Expenditures 3,297,290 2,816,661 480,629 6,158';996;. 6,056,413 102,583 13,123,786 : 21.46% 42 COMMUNITY SERVICES Revenue/Recoveries (1,593,910)', (1,565,698) (28,212) (1,55T;451)i (1,549,050) (2,401) (4,440,865)1 3516% Operating Expenditures 2,265,025 1,948,574 316,451 2,108,706 1,909,024 199,682 9,317,422 1 20.91% Annual Grants&Debenture Pymts 3,117,005 3,116,006 999 3,093,628 3,080,286 134342 3,400,972 91.62% Expenditure p 5,382,030 5,064,580 ; 317,450 5,202 33Q 4,989,310 213,024 12,718,394 39.82% Net Expenditures 3,788,120 !, 3,498,882 289,238 3,650;883 3,440,260 210,623 8,277,529 ! 42.27% 50 PLANNING SERVICES Revenue/Recoveries (49,130)' (49,991) 861 (123,628) (69,728)" (53,900) (432,000) 11.57% Expenditures 860,559 807,518 53,041 652,487' 781,346 (128,859) 3,747,707 21.55% Net Expenditures 811,429 757,527 ! 53,902 528,859 711,618 = (182759) 3,315,707 22.85% BOARDS&AGENCIES Net Board&External Agencies 2,519,826 ! 2,494,168 ! 25,658 2,439,811, 2,430,156 9,655 3,614,005 : 69.01% TOTAL OPERATING: '- Revenue/Recoveries (2,530,471); (2,909,957) _ _ 379,486 (2,588,965) {2,669,565) 80,600 (16,452,576) 17.69% Expenditures 18,510,386 17,510,649 999,737 20,0371941 19,636,979 400,215! 61,740,331 28.36% Net Operating Expenditures 15,979,915 ! 14,600,692 ! 1,379,223 17,448,229 16,967,414 480,815 45,287,755 1 32.24% FND-011-12 Attachment"A" 2 of 2 ATTACHMENT "B" 0 CORPORATION OF THE MUNICIPALITY OF CLARINGTON Continuity of Taxes Receivable for the First Quarter of the Year 2012 December 31,2011 MARCH I MARCH BEGINNING BAL. INTEREST TAXES PAYMENTS/ 2012 2011 RECEIVABLE ADDED BILLED BALANCE ADJUST.*"* CURRENT YEAR TAXES 33,242,550 33,242,550 (38,244,031) (5,001,481) (4,374,912) PENALTY AND INTEREST 134,227 134,227 110,434 23,793 24,291 FIRST PRIOR YEAR TAXES 6,356,805 - 6,356,805 (1,374,142) 4,982,663 5,197,002 PENALTY AND INTEREST 470,373 175,931 646,304 370,383 275,921 295,824 SECOND PRIOR YEAR TAXES 587,781 587,781 1,204,558 1,792,339 2,187,135 PENALTY AND INTEREST 67,641 59,486 127,127 22,367 149,494 190,896 THIRD&PRIOR YEARS TAXES 405,149 405,149 341,272 746,421 832,427 PENALTY AND INTEREST 106,629 25,670 132,300 39,801 172,100 221,125 SUB-TOTAL J 7,994,378 1 395,314 1 33,242,550 41,632,242 38,490,992 3,141,250 4,573,788 PREPAID TAXES (2,924,250)1 (5,001,481) (4,374,912) TOTAL 5,070,128 395,314 1 33,242,550 41,632,242 38,490 992 8,142,731 8,948,700 `* Includes refunds,write-offs,357's,etc. NOTE 1: 2012 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 ATTACHMENT"C" INVESTMENTS OUTSTANDING As at March 31,2011 e ISSUER OF PURCHASE' COST OF INTEREST I MATURITY MATURITY INVESTMENT DATE INVESTMENT RATE I DATE AMOUNT GENERALFUND TD GIC short term 13-Jan-12 j 3,000,000.00 1.50%' 12-Apr-12 3,011,095.89 TD GIC short term 13-Jan-12 3,000,000.00 1.50% 12-Apr-12 3,011,095.89 TOTAL GENERAL FUND ( 6,000,000.00 6 022 191.78 I CAPITAL FUND j i TOTAL CAPITAL FUND � I NON DEV.CHARGE MONIES RBC GIC 02-May-1 1 ! 1,000,000.00 1.77%j 02-May-12 1,000,000.00 (B) BNS IGIC 01-Oct-101 5,100,000.00 2.00% 01-Oct-12 5,306,040.00 TD IGIC 30-Oct-071 1,471,061.00 4.80% 30-Oct-12 1,859,675.00 RBC BA 14-Mar-11 1,500,631.20 1.932 0/6' 01-Nov-12 1,548,000.00 PROV ONTARIO!STRIP BOND 05-Aug-09 699,779.86 2.50%1 02-Dec-12 759,557.00 BMO GIC i 21-Dec-11 ! 1,091,974.00 1.50%1 21-Dec-12 1,108,353.61 10,863,446.06 11,581,625.61 i TD GIC 1 08-Jan-08 j 1,503,357.00 4.80% 08-Jan-13 1,900,502.92 BNS GIC 12-Feb-08 1,546,695.00 4.50% 12-Feb-13 1,927,463.38 BNS GIC I 04-Mar-08 599,161.00 4.35% 04-Mar-13 741,320.00 TD GIC 25-Mar-08 1,009,028.00 4.45% 25-Mar-13 1,254,427.00 BNS GIC 01-May-08 1,000,000.00 4.60% 01-May-13 1,000,000.00 (B) RBC GIC 02-May-11 1,001,980.00 2.20% 02-May-13 1,001,980.00 (B) TD GIC 13-May-08 257,495.001 4.51% 13-May-13 321,039.00 TD GIC 13-May-08 100,320.001 4.51% 13-May-13 100,320.00 (B) BNS GIC 03-Jun-10 1,371,861.001 3.00% 13-Jun-1311 1,499,070.001 RBC IGIC 27-Jun-11 147,749.00 1.80%I 27-Jun-13 ! 147,749.00 (B) BNS ,GIC I 30-Jul-09 2,060,630.00 3.10 0/(' 30-Jul-13 2,328,277.00 RBC IGIC 1 30-Sep-08 946,770.00 4.40% 30-Sep-13 ) 1,174,213.001 RBC GIC 14-Oct-08 574,200.00 4.30% 15-Oct-13 598,890.60 (B) BNS GIC 16-Dec-08 . 1,338,742.00 4.15%�T&Dec- 37 1,640,564.301 13,457,988.00 15,635,816.20 BMO GIC 07-Mar-11 1,000,000.00 2.75% 09-Mar-14 1,084,790.00 RBC GIC 15-Mar-11 1,672,368.00 2.65% 17-Mar-14 1,808,875.64 (B) BNS GIC 17-Aug-09 1,600,000.00 3.20% 17-Aug-14 1,893,626.00 (B) BMO GIC 12-Sep-11 983,080.00 1.80% 12-Sep-14 1,037,127.61 Manulife Bank GIC 20-Sep-11 742,599.00 2.05% 22-Sep-14 789,211.47 PROV ONTARIO STRIP BOND 05-Aug-09 999,807.77 3.35% 02-Dec-14 1 1,191,382.00 BMO GIC 07-Dec-10 1,000,000.00 2.60% 08-Dec-14 ! 1,013,000.00 (A) 7,997,854.771 8,818,012.72 i BMO IGIC 26-Sep-11 624,188.00 2.00% 28-Sep-15 675,641.17 RBC IGIC j 07-Dec-11 11922,733.00 2.35%107-Dec-15 2,109,941.00' RBC IGIC I 07-Dec-11 1 1,976,951.00 2.35%107-Dec-15 2,169,438.00 4,523,872.00 4,955,020.17 BMO COUPONS 15-Mar-12 176,636.37 2.54% 28-Mar-16 195,351.00 Manulife Bank GIC 20-Sep-11 2,000,000.00 2.60% 20-Sep-16 2,273,876.11 BMO COUPONS 15-Mar-12 213,067.68 2.61% 28-Sep-16 239,375.00 Manulife Bank GIC 02-Dec-11 2,000,000.001 2.71% 02-Dec-16 ! 2,286,091.67 4,389,704.051 4,994,693.78 I Manulife Bank GIC 19-Mar-12 1,693,000.001 2.88% 19-Mar-17 1,951,224.70 BMO COUPONS 15-Mar-12 159,396.18 2.86% 28-Mar-17 183,615.00 BMO COUPONS 15-Mar-12 196,287.25 2.92% 28-Sep-17 230,141.00 1 1 2,048,683.431 1 2,364,980.70; TOTAL NON DEV,CHARGE MONIES 43,281,548.311 48,350,149.181 DEV.CHARGE INVESTMENTS PMO GIC 20-Dec-11 2,033,000.00 1.50% 20-Dec-12 j 2,063,495.00 PMO GIC 20-Dec-10 2,476,430.00 2.10% 20-Dec-12 2,581,532.17 I TOTAL DEV.CHARGE INVESTMENTS 4,509,430.00 4,645,027.171 TOTAL INVESTMENTS 53,790,978.31 59,017,368.13 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 ATTACHMENT"D" CORPORATION OF THE MUNICIPALITY OF CLARINGTON Debenture Repayment Schedule As of January 1, 2012 Year South Courtice Indoor Soccer/ RRC Newcastle Newcastle Total Arena Lacrosse CCD Space Library Aquatic 2012 1,201,432.00 334,977.00 107,074.68 103,304.98 1,778,322.50 3,525,111.16 2013 1,348,835.30 335,427.00 107,074.68 104,042.98 1,781,367.25 3,676,747.21 2014 1,348,835.30 1,761,015.00 107,074.68 103,480.98 1,783,101.25 5,103,507.21 2015 1,348,835.30 107,074.68 103,677.48 1,784,674.00 3,344,261.46 2016 1,348,835.30 107,074.68 103,575.48 1,785,231.50 3,344,716.96 2017 1,348,835.30 107,074.68 104,194.48 1,785,285.25 3,345,389.71 2018 107,074.68 556,507.98 1,784,635.50 2,448,218.16 2019 107,074.68 1,784,054.75 1,891,129.43 2020 107,074.68 1,629,375.00 1,736,449.68 2021+ 53,537.34 2,094,750.00 2,148,287.34 7,945,608.52 2,431,419.00 1,017,209.46 1,178,784.36 17,990,797.00 30,563,818.34 Principal at Jan 1/2012 5,972,000.00 2,122,000.00 829,891.51 919,000.00 14,358,000.00 24,200,891.51 Principal at Jan112013 5,105,000.00 1,902,000.00 764,480.59 861,000.00 13,207,000.00 21,839,480.59 NOTE: 2012 changed to accrual basis for interest. Total budget is$3,525,111.16-369,767.84+288,707.11=$3,444,050.43 NOTE: 2014 and 2018 each require renewal of debentures for a further 5 year period unless funding is available from other sources. Partial funding at those times would reduce debenture burden for following 5 year period. Attachment "E" MUNICIPAL DEVELOPMENT CHARGES MONTH OF MARCH 2012 2011 MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF UNIT TYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS DEV,CHGS 2012-2011 Single/Semi- Detached -New construction $ 609,760.00 40 $ 599,256.00 42 -Additions $ - 0 $ - 0 Townhouse $ 66,390.00 5 $ - 0 Apartment $ - 0 $ - 0 Commercial $ - 0 $ 18,747.34 1 Agricultural $ - 0 $ - 0 Government $ - 0 $ - 0 Institutional $ - 0 $ - 0 Industrial $ - 0 $ - 0 TOTAL $ 676,150.00 45 $ 618,003.34 43 9.4% MUNICIPAL DEVELOPMENT CHARGES JANUARY TO MARCH -YEAR TO DATE 2012 2011 MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF UNIT TYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS DEV,CHGS 2012-2011 Single/Semi- Detached -New construction $ 869,536.00 58 $ 1,022,174.00 71 -Additions $ - 0 $ - 0 Townhouse $ 66,390.00 5 $ - 0 Apartment $ - 0 $ - 0 Commercial $ - 0 $ 18,747.34 1 Agricultural $ - 0 $ - 0 Government $ - 0 $ - 0 Institutional $ - 0 $ 0 Industrial $ - 0 $ 0 TOTAL $ 935,926.00 1 63 1 $ 1,040,921.34 72 -10.1%