HomeMy WebLinkAboutFND-020-12 Clarjiwn REPORT
FINANCE
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: September 24, 2012 Resolution#: A0-Q-q57-1,,9 By-law#:
Report#: FND-020-12 File#:
Subject: FINANCIAL UPDATE AS AT JUNE 30, 2012
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-020-12 be received for information.
Submitted by: Reviewed by:
kncy T I , B A CA. Franklin Wu,
Director f 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-020-12 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 SECOND 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 June 30, 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 June 30, 2012 totaled $26,001,696, which
represents 57.41% 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 June
30, 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 June 30, 2012 the net
year to date expenditures are at 87.75% of the year to date budget. Some of the
variances can be attributed to the timing differences in revenue and expenditures
between 2012 and 2011.
2.4 The Non-Departmental revenues are above the second quarter budget at
189.48%. This is attributable to annual budget transfers being posted in the first
half of the year. Over the year, this revenue will be aligned 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 89.56% of the
second quarter 2012 budget. The CAO's office is at 104.46% of the second
quarter 2012 budget.
2.6 As of June 30, the Legal expenditures are 106.49% of the second quarter 2012
budget. Some expenditure, such as conveyance expenditures, are higher than
REPORT NO.: FND-020-12 PAGE 3
the second quarter budget. Other expenditures are lower than budgeted namely
the recoverable professional and disbursement fees. Revenue is less than
budgeted at 22%. This is due in part to recoverable professional fees expense
being lower than budgeted therefore, the offsetting revenue is below budget as
there is no need to recover what has not been spent. As well, there can be a
timing difference between recoverable professional fees and disbursements and
the processing of the invoice. In addition, plan agreement fees have been lower
than budget as of June 30. Overall, the Legal net expenditures are at 66.33% of
the total 2012 budget.
2.7 Corporate Services are slightly under the second quarter budget at 93.66%. As
of the second quarter, revenues are higher than budgeted. This is due to an
increase in advertising revenue compared to the second quarter in 2011.
2.8 The Finance net expenditures are at 110.42% of the second quarter 2012
budget. The Finance revenues are higher than the annual budget at 132.13% as
of June 30, 2012. This is due to the higher than budget amount of the fines and
penalties on taxes. The year to date figure of 2012 ($789,952) is higher than
budgeted amount for the second quarter ($578,266) but are slightly lower than
the 2011 interest and penalties ($859,165). This is a reflection of the continuing
success of the collection of outstanding taxes. The increase in expenditures is
attributable to the timing difference of insurance premiums posted from 2011 and
2012. Overall, the insurance is at 45.24% of the 2012 total budget. As of the
third quarter, the timing difference will not be a factor.
2.9 The Emergency Services net expenditures are on budget with the second quarter
2012 budget figures. As of June 30, 2012 year to date expenditures represents
93.62% of the total 2012 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 $2,337,491 or 76.66% as of
June 30, 2012 budget. This favourable percentage can be attributed to the
favourable building permit revenue in the first half of 2012, which was at
approximately 80% of the total 2012 budgeted amount.
2.11 The Operations Department net expenditures are $6,471,930 or 92.83% of the
2012 second 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 second quarter budget at
95.37%. An increase in revenue, 154.42% as of June 30, 2012 is due to timing
difference in maintenance invoices to developers.
REPORT NO.: FND-020-12 PAGE 4
2.12 Community Services net expenditures are in line with the budget overall at
93.25% of the second quarter budget. Revenues are at 98.17% and total
expenditures are at 94.75% as of June 30, 2012.
2.13 The Planning Department net expenditures as of June 30, 2012 are 90.45% of
the 2012 second quarter budget. The expenditures are in line with the budget as
of June 30, 2012 at 97.44%. The favorable net expenditures are due to the
higher revenues as of the second quarter at 167.47%. Higher revenues are the
result of higher than budgeted condominium application fees and recovery of
Port Granby fees.
2.14 Attachment "B", Continuity of Taxes Receivable for the three months ending June
30, 2012 provides the status of the taxes billed and collected by the Municipality
of Clarington during the second quarter of 2012. A total of $33,168,726 in interim
tax bills and $29,831,388 in final tax bills were issued to property owners in the
Municipality during this period. At the end of June 2012, a total of$14,513,651
remains unpaid. The net balance is $566,134 lower than the prior year at this
time. This steady improvement is due to the continued success of the collection
processes and procedures in holding the line on the balance of taxes
outstanding.
2.15 Attachment "C", Investments Outstanding as of June 30, 2012 provides the
status of the Municipality's general, capital and reserve fund investment holdings
at the end of the second quarter. The Municipality at June 30, 2012 holds $0 in
general fund investments, $0 in capital fund investments, $4,509,430 in
Development Charge reserve fund investments and $43,281,549 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
REPORT NO.: FND-020-12 PAGE 5
well within the annual debt repayment limits prescribed by the Ministry of
Municipal Affairs and Housing.
2.17 Attachment "E", Municipal Development Charges as of June 30, 2012 provides
the total Municipal development charges collected of$4,416,926. 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 six month period ending June 30,
2012 there were 288 units.
2.18 Analyzing the number of units issued in second quarter of 2012, there was a
decrease of 22.37% compared to the second quarter in 2011. Comparing the
total dollars collected as of the second quarter 2012 to 2011, there was a
decrease of 20.34% 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 half of 2012
3.0 CONCURRENCE - Not applicable
4.0 CONCLUSION
4.1 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
REPORT NO.: FND-020-12 PAGE 6
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
List of Interested Parties - None
THE MUNICIPALITY OF CLARINGTON
ATTACHMENT"A"
SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE SIX MONTHS ENDING JUNE 30,2012
2012!
20121
2012 YTD
2011
2011
2011 YTD
2012 Qtr 2,
2012 Qtr 2
2012:
2012
Budget YTD.
Actual YTD
Unexpended($)
BudgetYTD
Actual YTD
Unexpended($)
YTD Budget
.._....
YTD Actuals
......_-._.
Total Budget
....... .._. _..._.
%of Annual
..... .._.._.
Jan-June
Jan-June
Jan-June
Jan-June
Jan-June,
JanJune
April-June
Ap ril-June
Budget Sp ent
05 NON-DEPT'L ACCTS
Revenue/Recoveries
(1,701,576)
(3,224,132)
1,522,556
(2,007592)'
(2,291:593)
284,001
(1,586,429)
(3,165,205)
(7,357,561)
43.82°
Expenditures
184,500
184,500
0
175,500
167,500
8,000
0
5,000
209,899
87.90%
Net Expenditures
(1,517,076):
(3,039,632)
1,522,556
(1,832,092)
(2,124,093)
292,001';
(1,586,429)',
(3,160,205)
(7,147,662);
42.53%
10 MAYOR&COUNCIL
Net Expenditures
435,002
389,609
45,393
419,462
385,470
33,992'
204,316
181,138
855,240
45.56%
_.
13 ADMINISTRATOR'S OFFICE
I
Net Expenditures
225,003
235,040
(10,037)
217,195
223,424
(6,229)
100,637 :'
112,045
493,308 I
47.65%
14 LEGAL ADMIN
Revenue/Recoveries
Expenditures
(89,309)1
248,049
(19,653)
264,149 :
(69,656)
(16,100)
(111,054),
264,371
(36,722)
190,794
(74,332)
73,577
(68,427)
153,670
(11,160)
164,394
(176,000)1
544,592 1
1117%
48.50%
Net Expenditures
158,740
244,496
(85,756)
153,317
154,072
{755)
85,243
153,234
368,592 1
66.33%
16 CORPORATE SERVICES
.........
Revenue/Recoveries
_...... .............
(56,497)1
.
(71,959)1
15,462
(51,878)',
(61,322)
9,444
........
(10,216)
(19,774)
(100,200)
.._ ...__....
71.82%
Expenditures
2,247,450
2,124,037
123,413
2,180,280
1,938,894
241,386
...... ................
1,128,075;
1,106,192
4,242,740
50.06%
Net Expenditures
2,190,953 '!
2,052,078
138,875
2,128,402'
1,877,572
250,830>
1,117,859
1,086,418
4,142,540
49.54%
19 CLERK'S
._._......
_.
......................
...... ........
....
.....
Revenue/Recoveries
(331,803
_....
(392,425)1
_.
1 60,622
(282,197),
(240,345)
(41,852)
(177,742)
_
(227,304)
(655,400)
.. .._. .......
59.88%...
Expenditures
1,218,863
..
1 1,251,573
! (32,710)
1,120,718'
1,088,238
32,480
640,277
683,712
2,471,628
50.64%
Net Expenditures
887,060
859,148
27,912
838,521
847,893
(9,372)
462,535:
456,408
1,816,228 :
47.30%
21 FINANCE&UNCLASS.ADMIN
(731,106)
(966,042)
_.
234,936
(698616)1
(1,042,348)
_
342,732
...
_._...._.._ .. ..
(401,869)'
-._.. __
(523,277)
..........................
(1,455,000);
..._.._ _._ ...
66.39%
_._.
Revenue/Recoveries
Unclassified Admin&Board of Trade
748,456
1,103,153
(354,697)
1,158,134'
849,501
308,633
504,738
459,186
.�._.
2,039,706
.__.._ _..-_
54.08%
Operating Expenditures
1,029,867
1,019,246
10,621
1,003,751 '
993,391
10,360
481,740
494,832
2,029,410
50.22%
Expenditures
1,778,323
2,122,399
(344,076)
2,161,885'
1,842,892
! 318,993
986,478
954,018
4,069,116
52.16%
1,047,217
1,156,357
(109,140)
1,462,269
800,544
661,725
584,609 '
430,741
2,614,116 ;
44.24%
Net Expenditures
.
28 EMERGENCY SERVICES-FIRE
..
(10,847)
.
(21,981)
-
11,134
{18,185)
(12,023)
! (4,162)
(7917)'
(16,228)
(38,800)'
_._...
56.65%
-Revenue/Recover'
Expenditures
5,108,536
4,794,677
313,859
4,616,998'
4,166,218
450,780
2,655,211
2,609,853
9,713,809
49.36%
Net Ex enditures
p
5,097,689
'1 4,772,696
' 324,993
4,600,813 i
4,154,195
446 518:
2,647,294
2,593,625
9,675,009
, 49.33%
FND-020-12 Attachment"A" 1 of 2
THE MUNICIPALITY OF CLARINGTON
2012 Qtr 2
YTD Actuals
....... ......
April-June
2012
Total Budget::
.................
i
2012
%of Annual
......................................
Budget Spent
(367,249)!
2,761,767 :
SUMMARY OF OPERATING EXPENDITURES&REVENUES
FOR THE SIX MONTHS ENDING JUNE 30,2012
84.19%
63.32%
20121,
2012]
2012 YTD
2011'
(91,505)
3,518,094
248,008
3,766,102
•Budget YTD
! Actual YTD
Unexpended($)
BudgetYTD'
3,656,721
Jan-June
Jan-June'
Jan-June
JanJune'
32 ENGINEERING SERVICES
__ _ -
52.28%
45.44%
91.65/0
57.80
1,604,842 !
1,529,153
8,277,529
Revenue/Recoveries
(560,712)
(1,144,143)
583,431
(863,572)',
Expenditures
3,609,959
3,481,634
128,325
3,279,802
3,049,247
! 2,337,491
711,756
2,416,230
Net Expenditures
3,614,005 :
99.73%
(3,641,967)1:
17,292,846
_(5,782,185)
17,180,890
36 OPERATIONS
52 83/o
56.19%
13,650,879 -
11,398,705
45,287,755
Revenue/Recoveries
(116,935)!
(180,567)1
, 63,632
(197,360)',
Operating E::x P enditu-res
6,591,501
1 6,355,085
236,416
6,367,766'
Fleet&Debenture Payments
l 297,412
199,915
3,705,258
Expenditures
7,088,828
6,652,497
436,331
10,073,024
Net Expenditures
6,971,893
6,471,930
499,963
9,875,664
42 COMMUNITY SERVICES
Revenue/Recoveries
(2,365,130)
(21321,835)
(43,295)
(2,325,236)',
Operating Expenditures
4,641,077
4,233,765
407,312,312
�..... _
4,608,426
_.
Annual Grants&Debenture_Pymts
3,117 005
_..
3,117,005
0
3,094,739
Expenditures
7,758,082
! 7,350,770
407,312
7,703,165'
Net Expenditures
5,392,952
1 5,028,935
!, 364,017
5,377,929
50 PLANNING SERVICES
Revenue/Recoveries
(208,523)
(349,205)
140,682
(243,227)
Expenditures
2,297,204
2,238,344 58,860
2787,212!
. ----- .
Net Expenditures
2,088,681
1,889,139
! 199,542
1,943,985!.
BOARDS&AGENCIES
Net Board&External Agencies
3,603,433 :
3,604,409 :
(976)
3,507,995'
i
TOTAL OPERATING:
(6,172,438) (8,691,942) 2,519,504
35,803,232 !, 34,693,638 1,109,594
(6,797,917)
37,907,607'
Revenue/Recoveries
Expenditures
Net Operating Expenditures
29,630,794
26,001,696
3,629,098
31,109,690'
2012 Qtr 2
YTD Budget
April-June,
2012 Qtr 2
YTD Actuals
....... ......
April-June
2012
Total Budget::
.................
i
2012
%of Annual
......................................
Budget Spent
(367,249)!
2,761,767 :
.............
(631,867)
2,749,440
....__......
(1,359,050),
5,498,407 :
84.19%
63.32%
2,394,518
2,117,573
4,139,357
56.47%
(91,505)
3,518,094
248,008
3,766,102
(132,017)
.................. .
__._ ..... . m.
3,625,769
162,969
_ 3,788,738
(437,700)
_..— __..._.��..
12,728,518 1
832,968::_,
13,561,486
41.25%
.
49.93%
. _
35.71%
49.05%
3,674,597
3,656,721
13,123,786
49.31%
(771,220)
2,376,062
0
2,376,062 !
(756,140)
2,284,293
1,000
2,285,293
..
(4,440,865)`
9,317,422 .
3,400,972
�
12,718,394�
__ _ -
52.28%
45.44%
91.65/0
57.80
1,604,842 !
1,529,153
8,277,529
60.75%
_................ _
(159,393)
1,436,644
(299,213)
1,430,825
....__�
(432,000)
3,747,707
80.83%
59.73%
1,277,251
1,131,612
3,315,707 !
56.98%
1,083,60711
1,110,242
3,614,005 :
99.73%
(3,641,967)1:
17,292,846
_(5,782,185)
17,180,890
(16,452,576)
----
61,740,331
52 83/o
56.19%
13,650,879 -
11,398,705
45,287,755
57.41%
FND-020-12 Attachment"A" 2 of 2
ATTACHMENT "B"
I
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Second Quarter of the Year 2012
March 31,2012 JUNE JUNE
BEGINNING BALANCE INTEREST TAXES PAYMENTS/ 2012 2011
RECEIVABLE ADDED BILLED BALANCE ADJUST.***
CURRENT YEAR
TAXES (5,001,481) 63,000,114 57,998,633 (50,227,222) 7,771,411 8,332,430
PENALTY AND INTEREST 23,7 160 033 183,826 (84,433) 99,393 95,342
FIRST PRIOR YEAR
TAXES 4,982,663 4,982,663 (901,632) 4,081,032 4,016,496
PENALTY AND INTEREST 275,921 172,448 448,369 159,786 288,583 253,879
SECOND PRIOR YEAR
TAXES 1,792,339 1,792,339 (416,461) 1,375,878 1,514,133
PENALTY AND INTEREST 149,494 58,759 208,252 64,896 143,356 113,783
THIRD&PRIOR YEARS
TAXES 746,421 - 746,421 (117,405) 629,016 591,699
PENALTY AND INTEREST 172,100 25,846 197,946 72,963 124,983 162,024
SUB-TOTAL 3,141,250 391,239 63000114 66,360,503 51,971,835 14,513,651 1 15,079,785
PREPAID TAXES 5,001,481
ITOTAL 8,142,731 1 391,239 63,000,114 1 66,360,503 (51,971,835)1 14,513,651 1 15,079,785
*** Includes refunds,write-offs,357's,etc.
NOTE 1: 2012 Interim Instalment months: February and April
2012 Final Instalment months: June and September for non-capped classes
CORPORATION OF MUNICIPALITY OF CLARINGTON ATTACHMENT"C"
INVESTMENTS OUTSTANDING
As at June 30,2012
ISSUER OF PURCHASE COST OF INTEREST MATURITY MATURITY
INVESTMENT DATE INVESTMENT RATE DATE AMOUNT
GENERALFUND
TOTAL GENERAL FUND
CAPITAL FUND
TOTAL CAPITAL FUND
NON DEV.CHARGE MONIES
------__-_...---
BNS GIC 01-Oct-10 5,100,000.00 _ 2.00% 01-Oct-12 5,306,040.00
TD GIC 30-Oct---_ _. 1,4_061.00 4.80% 30-Oct-12 1,8-59,6-
75.00
PROV ONTARIO STRIP BOP 05-Aug-09 699,779.86 2.50% 02-Dec-12 759,557.00
BMO GIC 21-Dec-11 1,091,974.00 1.50% 21-Dec-12 1,108,353.61
8,362,814.86 9,033,625.61
TD GIC 08-Jan-08 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 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 4.601/o 01-May-13 1,000,000.00 (B)
RBC_ GIC 02-May-1 1 1,001,980.00 2.20% 02-May-13 1,001,980.00 (B)
TO GIC 13-May-08 257,495.00 4.51% 13-May-13 321,039.00
TD GIC - 13-May-08 100,320.00 4.51% 13-May-13 __100,320.00 (B)
BNS GIC 03-Jun-10 1,371,861.00 3.00% 13-Jun-13 1,499,070.00
RBC _ GIC 27-Jun-11 147,749.00 1.80% 27-Jun-13 147,749.00 (B)
BNS GIC 30-Jul-09 2,060,630.00 3.10% 30-Jul-13 21328,277.00
RBC GIC 30-04708 9461770.00 4.40% 30-Sep-13 1,174,213.00
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% 16-Dec-13 1,640,564.30
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 1 2.65% 17-Mar-14 1,808,875.64 (B)
Laurentian GIC 02-May-12 1,000,000.00 2.15% 02-May-14 1,043,462.25
BNS IGIC 17-Aug-09 1,600,000.00 3.20% 17-Aug-14 I 1,893,626.00 (B)
BMO GIC 12-Se -11 983,080.00 1.80% 12-Sep-14 1 1,037,127.61
Manulife Bank GIC I 20-Sep-11 1 742,599.00 1 __2.05%1_22-Sep-14 1 789,211.47
PROV ONTARIO STRIP BOP 05-Aug-09 999,807.77 3.35% 02-Dec-14 1,191,382.00
BMO GIC 07-Dec-10 1,000,000.00 2.60% 08-Dec-14 1,013,000.00 (A)
8,997,854.77 9,861,474.97
BNS GIC 01-Jun-12 1,500,632.00 2.35% 01-Jun-15 1,608,632.21
BMO GIC 26-Sep-1 1 624,188.00 2.00% 28-Sep-15 675,641.17
RBC GIC 07-Dec-11 1,922,733.00 2.35% 07-Dec-15 2,109,941.00
RBC GIC 07-Dec-11 1,976,951.00 2.35% 07-Dec-15 2,169,438.00
6,024,504.00 6,563,652.38
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 2.609/6 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 2,000,000.00 2.71% 02-Dec-16 2,286,091.67
4,389,704.05 1 4,994,693.78
Manulife Bank GIC 19-Mar-12 1,693,000.00 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-Se -17 230,141.00
2,048,683.43 2,364,980.70
43,281,549.11 48,454,243.64
DEV.CHARGEINVESTMENTS
BMO JGIC 20-Dec-11 2,033,000.00 1.50% 20-Dec-12 2,063,495.00
BMO IGIC 20-Dec-10 2,476,430.00 2.10% 20-Dec-12 2,581,532.17
TOTAL DEV.CHARGE INVESTMENTS 4,509,430.00 4,645,027.17
TOTAL INVESTMENTS 47,790,979.11 53,099,270.81
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
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.
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 Jan1/2013
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 JUNE
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 $ 685,980.00 47 $ 876,960.00 61
-Additions $ - 0 $ - 0
Townhouse $ 292,116.00 22 $ 534,702.00 42
Apartment $ - 0 $ - 0
Commercial $ 209,862.50 3 $ 302,485.77 6
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 0
Industrial $ - 0 $ - 1 1
TOTALI $ 1,187,958.50 72 $ 1,714,147.77 110 1 -30.7%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO JUNE -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 $ 3,582,968.00 238 $ 3,959,990.00 276
-Additions $ - 0 $ - 0
Townhouse $ 544,39800 41 $ 1,069,404.00 84
Apartment $ - 0 $ - 0
Commercial $ 289,560.00 7 $ 515,294.88 9
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 1 $ - 1
Industrial 1 $ - 1 1 $ - i 1
TOTAL $ 4,416,926.00 288 $ 5,544,688.88 371 -20.3%