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HomeMy WebLinkAboutFND-003-13 FINANCE Clarington REPORT Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE Date: FEBRUARY 25, 2013 Resolution#: - - 1 By-law#: Report#: FND-003-13 File#: Subject: FINANCIAL UPDATE AS AT DECEMBER 31, 2012 RECOMMENDATIONS: It is respectfully recommended that the General Purpose and Administration Committee recommend to Council the following: 1. THAT Report FND-003-13 be received for information. Submitted by: � Reviewed by: ` fancy Ta or BB ( &A, CA Franklin Wu, Director of Finance/Treasurer Chief Administrative Officer NT/CC/hj I CORPORATION OF THE MUNICIPALITY OF CLARINGTON 40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1C 3A6 T 905-623-3379 REPORT NO.: FND- 003 -13 1.0 BACKGROUND AND COMMENT 1.1 The financial update report has been designed to focus on overall budget variance reporting. 2.0 FOURTH QUARTER OF 2012 RESULTS PAGE 2 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, 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 December 31, 2012 totaled $42,126,884, which represents 93% 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 December 31, 2012. It is important to note that the figures presented in this report do not represent 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 2012 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 the end of June 2012. 2.3 Overall, the operating budget is on target for the Mayor and Council as well as the CAD's office. The Mayor and Council expenditures are 90.59% of the 2012 budget. The CAD's office is at 103.77% of the 2012 budget. 2.4 As of December 31, the Legal net expenditures are 132.60% of the 2012 budget. Revenues are lower than budgeted such as plan agreement fees. 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. In addition, there can be a timing difference between recoverable professional fees and disbursements and the processing of the invoice. Professional fees are higher than budgeted for 2012 but this can be attributed to the St. Mary's Cement Appeal. 2.5 Corporate Services are in line with the 2012 budget at 94.60 %. As of December 31, revenues are higher than budgeted at 247.19 %. This is due to the 2012 WSIB rating rebate of $148,527.89. Expenditures are in line with the 2012 budget at 98.21 %. Some accounts such as advertising were over budget but this was offset by other account realizing some savings. Increased advertising is due REPORT NO.: FND- 003 -13 PAGE 3 to an expansion into Newcastle by Orono Times, higher than anticipated job posting and tender costs. 2.6 As of December 31, 2013, the Clerk's department net expenditures are at 96.45 %. If the parking meter revenue and the offsetting transfer to the Parking Reserve Fund are removed the Clerks revenue is at 82.5% of the 2012 budget and expenditures are at 92.76 %. A decrease in plot sale revenues has been partially offset by increases such as civil marriages, miscellaneous clerk and by- law revenues. 2.7 The Finance net expenditures are at 76.07% of the total 2012 budget. The Finance revenues are higher than the annual budget at 139.84% as of December 31, 2012. This is due to the higher than budget amount of the fines and penalties on taxes. The year to date figure of 2012 ($1,736,306) is higher than budgeted for the 2012 year ($1,200,000) but are slightly lower than the 2011 interest and penalties ($1,782,915). This is a reflection of the continuing success of the collection of outstanding taxes. 2.8 The Emergency Services net expenditures are on budget with the 2012 budget figures. As of December 31, 2012 year to date expenditures represents 98.1% of the total 2012 budget. Revenues are above budget due to revenues from OPG relating to training, annual fire inspection review and annual safety plan review as well as the unbudgeted event by Live Republic. 2.9 The Engineering Department net expenditures are 73.09% of the 2012 budget. This positive percentage can be attributed to the favourable building permit revenue. As of December 31, 2012, the building permit revenue at $1,901,801 exceeded the total 2012 budgeted amount of $1,300,000. Engineering also had increased revenue due to Engineering inspection fees and fees relating to Port Granby. 2.10 The Operations Department net expenditures are 96.13% of the 2012 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 and have not been posted yet. Operating expenditures (not including debenture and fleet) are overall in line with the 2012 at 97.60 %. 2.11 Community Services net expenditures are on target with the budget overall at 96.77% of the 2012 budget. Revenues are at 100.21% and total expenditures are at 97.97% as of December 31, 2012. The Community Services facilities have realized savings from conservation and energy retrofits. However, some building and equipment maintenance accounts are higher due to unscheduled REPORT NO.: FND- 003 -13 PAGE 4 repairs. Lower revenues from pool rentals, in part because of cancelled school board rentals, has been offset by an increase in ice rentals. The ice rentals have increased due to staff promoting non -prime and late night rentals. 2.12 The Planning Department net expenditures as of December 31, 2012 are 89.06% of the 2012 budget. The expenditures are in line with the budget as of December 31, 2012 at 99.15 %. The favorable net expenditures are due to the higher revenues in 2012 at 176.55 %. The favourable net expenditure for Planning is related to the timing of Port Granby revenues and expenditure and the timing of the Community Improvement Funds (CIP). 2.13 Attachment "B ", Continuity of Taxes Receivable for the year ending December 31, 2012 provides the status of the taxes billed and collected by the Municipality of Clarington during the fourth quarter of 2012. A total of $1,850,925 in supplementary tax bills were issued to property owners in the Municipality during this period. At the end of December 2012, a total of $7,701,041 remains unpaid. The net balance is $293,364 lower than the prior year at this time, a decrease of 3.67 %. Since the changes in the collection processes and procedures implemented during 2009, the taxes outstanding have decreased by over 17 %. These ongoing processes continue to hold the line in the balance of taxes outstanding. 2.14 Attachment "C ", Investments Outstanding as of December 31, 2012 provides the status of the Municipality's general, capital and reserve fund investment holdings at the end of the 2012. The Municipality at December 31, 2012 holds $0 in general fund investments, $0 in capital fund investments, $4,645,027 in Development Charge reserve fund investments and $47,003,058 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 assessed on an ongoing basis to ensure they meet the requirements of Ontario Regulation 438/97, 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 because of current economic conditions that are likely to continue for some time. The short -term interest rates and the current cash flow needs are reviewed on a regular basis. 2.15 Attachment "D ", Debenture Repayment Schedule provides the status of the Municipality's long -term obligations as of January 1, 2013. The Municipality has $21,839,480.59 in outstanding debt as of January 1, 2013 and debt repayment obligations of $3,405,690.41 for 2013 as reflected in the 2013 budget. The PAGE 5 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, 2012 provides the total Municipal development charges collected of $8,604,328.99. 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 2012 year there were 534 units. 2.17 Analyzing the number of units issued in 2012, there was a decrease of 38.5% compared to 2011. Comparing the total dollars collected 2012 to 2011, there was a decrease of 34.6% in municipal development charges collected. 2.18 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. The increase at the end of 2011 has had a negative effect on the year -to -year comparisons of development charges for 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 Staff Contact: Nancy Taylor, B.B.A., C.A., Director of Finance/Treasurer REPORT NO.: FND- 003 -13 Attachments: Attachment "A ": Attachment "B ": Attachment "C ": Attachment "D ": Attachment "E ": Summary of Operating and Expenditure and Revenue Continuity of Taxes Receivable Investments Outstanding Debenture Repayment Schedule Municipal Development Charges THE MUNICIPALITY OF CLARINGTON I T ATTACHMENT "A" SUMMARY OF OPERATING EXPENDITURES & REVENUES FOR 2012 (Preliminary Figures) 2012 2012, ' 2012 YTD 2011 2011 2011 YT1] 2012 Qtr 4 2012 Qtr 4 .................. ._._ .. _ ._. __.� _ .............. Total Budget„ Actual YTD �.. Unexpended Taf d Budg f Adtiial " YTD " Unexpended $ YTD Budget': YTD Actuals .. 05 NON -DEPTL ACCTS Rev (7,357,561)1 (7,238674), (118,887) (9,849,768} (17835,566) 1,985,798 (3,352,686), (1,555,755) ......... ......._.... .... Expenditures 209,899 209,899 , _... 0 201,022 .201,022 U 0 _. 0 _. Net Expenditures _ ������ ������� � (7,147,662)1 (7,028,775)', (118,887) (9,648746) r _ (17,634,544} . , 1,985798,? (3,352,686), (1,555,755) ......... 10 MAYOR & COUNCIL .................. _. Net Ex P enditures 855,240 774,747 80,493 , . 32,837 192,231. 211,996 13 ADMINISTRATOR'S OFFICE Net Expenditures 493,308 ' 511,902 (18,594) , , A42,124 451;186 (9,062) 134,839 '. 136,472 ............ 14 LEGAL ADMIN . . Revenue /Recovieries.. (176000)L._. (96,938)i! I (79,062) (186,100).(328,94Q} a�[42,84D.. (76,142) (43,181) ......... ...._.._. ....... -- Expenditures 544,592 585,705 (41,113) 6224264'` •" 431,179 91,085 160,471 __. 179,474 Net Expenditures 368,592 488,767 (120,175) ; " ,, 336,164. , 102239 233,925' 84,329 , 136,293 16 CORPORATE SERVICES Revenue /Recovieries (100,200), (247,684) 147,484 .. ".., '. - (102,700} {98,113} " ' " {4,587} (14,814) (150,826) P _ . Expenditures L. 4,242,740 4,166,637 76,103`x" 3;858,989` - 3,908,399� (49,410) 848,516. 879,740 Net Expenditures 4,142,540 , 3,918,953 223,587 •-;';,3,756,289 - - 3,810,286: .;(53,997) 833,702 728,914 ._ ... _.._ _... . ...... .......... ......... . ............. 19 CLERK'S _ _ . = - Revenue /Recovieries (655,400), (733,911) 78,511 (,673,000) , ,363;041, (133,977) (135,600 ) Expenditures 2,471,628 2,485,724 (14,096) m,198,140 ,(96,041), 2y .. ...... . 610,663 570,379 Net Expenditures 1,816,228 1,751,813 64,415 1 6251 (1 1 fi6f,545 .: -: , ; : (+#1,404j! 476,686 = 434,779 ......... .. ..... ....... 21 FINANCE & UNCLASS. ADMIN ............ _ ........................................................ . ... ...... Revenue /Recovieries (1,455,000)' ............... (2,034,620); ...._ - 579,620 (1,467,fl00) 12177,662) 0,2 , , , 7166 (371,215)1 (527,072) Unclassified Atlmin &Board of Trade 2,039,706 " 1,954,076 85,630 _9;889,444 � 2;465,502 a 6,(158)' 344 225 232,818 Operating Expenditures 2,029,410 2,069,149 (39,739) 1,952,779 ,024,994 (72,216) 452,308 479,746 Expenditures 4,069,116; 4,023,225 45,891 3,842,222 4,490,49 6 ,,.. (648,274)' 796,533' 712,664 Net Expenditures 2,614,116 ; 1,988,605 625,511 2, ,375222 2,312,834 , = 62,388 425,318 ' 185,492 . 28 EMERGENCE SERVICES - FIRE .... Revenue /Recovieries ....._......... (38,800) (92,830) 54,030 (35,800), (117,41fi) - 81,616 - (22,862) (41,080) Expenditures 9,713,809 9,584,489 129,320 ;' "',,.8;998,173. , : , , 9,268,682 " ' 270,429' 2,254,830 2,176,737 Net Expenditures 9,675,009 9,491,659 183,350 8,962,373 . 9,151,186 (18013) 2,231,968 2,135,657 1 of 2 Attachment "A" THE MUNICIPALITY OF CLARINGTON ATTACHMENT "A" SUMMARY OF OPERATING EXPENDITURES & REVENUES FOR 2012 (Preliminary Figures) 2012': 2012 2012 YTDI 2011 2011 2011 YTID 2012 Qtr 4 2012 Qtr 4 Total Budget Actual YTD, Unexpended ;Total Budget :::Actual1(TD Unexpended $ YTD Budget, YTD Actuals 32 ENGINEERING SERVICES Revenue /Recovieries Expenditures Net Expenditures 36 OPERATIONS -------------------- s Operating Expenditures ......... Fleet & Debenture Payments Expenditures Net Expenditures 42 COMMUNITY SERVICES ....... ... s Operating Expenditures � _.. _-_ _ m Annual Grants & Debenture Payments .. ..... ... ._ .. ....................... Expenditures .... .._ ..... ................. .. ........... ... ....._............. Net Expenditures 90 PLANNING SERVICES Revenue /Recoveries ......... ...................... Expenditures Net Expenditures BOARDS & AGENCIES Net Board & External Agencies ...... _ . .._ _....... ......... TOTAL OPERATING Revenue /Recoveries Expenditures INet Operating Expenditures (1,359,050); ...... _ ... 5,498,407 (2,106,371), _.._ . .... 5,132,014 747,321 ...... 366,393 4,139,357 3,025,643 1,113,714 (437,700); ----- 12,728,518 - 832,968 __ (370,260) 12,423,327 1 _ ........ 563,047 (67,440; 305,191 269,921 13,561,486' 12,986,374 575,112 13,123,786 12,616,114 507,672 (4,440,865);. 9,317,422 ' 3,400,972 (4,450,258)I 9,017,468 + 3,442,690 ' 9,393 299,954 (41,718; 12,718,394 12,460,158', 258,236 8,277,529 8,009,900 ' 267,629 (432,000) ^, . -. 3,747,707 ! (762,693) _....... 3,715,736: 330,693 _.._ .............. 31,971 3,315,707 2,953,043 362,664 3,614,005: 3,624,513 (10,508' (16,452,576) (18,134,239) 1,681,663 61,740,331 60,261,123 1,479,208 45,287,755 42,126,884 3,160,871 (311,693)!; 1,012,889 (437,827) 729,716 701,196 ; 291,889 (80,658) 3,479,042 i 172,648 (63,582) 3,102,699 53,145 3,651,690! 3,155,844 3,571,032. 3,092,262 (1,223,994)x, _. 2,409,992 imm 283,967 _, (1,245,156) —_ _.2,281,674 0 2,693,9591 2,281,674 1,469,965: 1,036,518 (101,962) ......... ,.._. 681,082 (271,755) (271,755) -- 651,890 579,120 380,135 2,471 '. 2,618 (5,690,003) 13, 040,174 (4,471,834) 11, 689,104 7,350,171 7,217,270 2 of 2 Attachment "A" ATTACHMENT "B" CORPORATION OF THE MUNICIPALITY OF CLARINGTON Continuity of Taxes Receivable for the Fourth Quarter of the Year 2012 Sep 30, 2012 DECEMBER DECEMBER F_ BEG. BALANCE T INTEREST TAXES PAYMENTS/ 2012 2011 RECEIVABLE ADDED BILLED BALANCE ADJUST. * ** PREPAID TAXES Note 1 (3,305,063)1 2,924,250 CURRENT YEAR TAXES 13,926,335 1,644,217 15,570,552 (12,438,212) 3,132,340 3,837,639 PENALTY AND INTEREST 202,107 319,676 521,784 254 118 267,666 277,018 FIRST PRIOR YEAR TAXES 3,393,439 194,851 3,588,290 (912,882) 2,675,408 2,519,166 PENALTY AND INTEREST 287,761 118,234 405,994 (157,999) 247,995 193,355 SECOND PRIOR YEAR TAXES 1,045,203 11,856 1,057,060 (450,100) 606,960 587,781 PENALTY AND INTEREST 144,183 34,911 179,094 62 616 116,478 67,641 THIRD & PRIOR YEARS TAXES 549,314 - 549,314 (41,011) 508,302 405,149 PENALTY AND INTEREST 136,012 19,924 155,936 10,071 145,865 106,629, ITOTAL 19,684,354 1 492,745 1 1,850,925 22,028,024 (14,327,009)1 7,701 014 7,994 378 * ** 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, 2012 ISSUER OF TYPE OF ORIGINAL COST OF JINTEREST MATURITY MATURITY PURCHASE INVESTMENT INVESTMENT DATE INVESTMENT I RATE DATE AMOUNT GENERALFUND FUND 1,037,127.61 - GIC 20- Sep -11 - TOTAL GENERAL CAPITAL FUND TOTAL CAPITAL FUND 789,211.47 - BOND 05- Aug -09 - NON DEV. CHARGE MONIES 02- Dec -14 1,191,382.00 1,976,951.00 2.35% 07- Dec -15 2,169,438.00 BMO 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 TD GIC 29- Nov -12 3,000,000.00 1.58% 27- Feb -13 3,011,687.67 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 4.60% 01- May -13 1,000,000.00 RBC GIC 02- May -11 1,001,980.00 2.20% 02- May -13 1,001,980.00 TD 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 BNS GIC 03- Jun -10 1,371,861.00 3.00% 13- Jun -13 1,499,070.00 RBC GIC 27- Jun -11 147749.00 1.80% 27- Jun -13 147,749.00 BNS GIC 30- Jul -09 2,060,630.00 3.10% 30- Jul -13 2,328,277.00 RBC GIC 30- Sep -08 946,770.00 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 ING (b /b Scotia) GIC 03- Dec -12 759,557.00 1.65% 03- Dec -13 772,089.97 BNS GIC 16- Dec -08 1,338,742.00 4.15% 16- Dec -13 1,640,564.30 (B) (B) (B) (B) (B) 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 2.656/o 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 GIC 07- Dec -10 1,000,000.00 I 17- Aug -09 1 1,600,000.00 1 3.20% 1 17- Aug -14 1,893,626.00 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 ONTARIOiSTRIP BOND 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 BNS GIC 01- Jun -12 1,500,632.00 2.35% 01- Jun -15 1,608,632.21 BMO GIC 26- Sep -11 624,188.00 2.000/6 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 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 ING (b /b Scotia) GIC 01- Oct -12 1,819,048.00 2.35% 03- Oct -16 1,996,160.91 Manulife Bank GIC 02- Dec -11 2,000,000.00 2.71% 02- Dec -16 2,286,091.67 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- Sep -17 230,141.00 CWB GIC 01- Oct -12 3,500,000.00 2.55% 01- Oct -17 3,969,596.54 BNS GIC 30- Oct -12 1,884,365.00 2.50% 30- Oct -17 2,131,986.04 HSBC GIC 21- Dec -12 1,121,354.00 2.40% 21- Dec -17 1,262,352.30 47,003,058.25 52,564,491.46 DEV. CHARGE FUNDS BNS IGIC I 20- Dec -12 3,000,000.00 1.50% 20- Dec -13 3,045,000.00 BMO GIC 20- Dec -12 1,645,027.00 1.45% 20- Dec -13 1,668,879.89 4,645,027.00 1 1 4,713,879.89 TOTAL INVESTMENTS $ 51,648,085.25 $ 57,278,371.35 Note that interest on GICs is annual compounding with the exception of the following. (A) Interest is paid semi - annually (B) Interest is paid annually (B) (A) ATTACHMENT "D" CORPORATION OF THE MUNICIPALITY OF CLARINGTON NOTES: (A) 2013 changed to accrual basis for interest. Total budget is $3, 405, 690.41 +297, 496.09- 330,440.87 = $3,372,745.64 (B) 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, 2013 Year South Courtice Indoor Soccer/ RRC Newcastle Newcastle Total Arena Lacrosse CCD Space Library Aquatic 2013 1,077,778.50 335,427.00 107,074.68 104,042.98 1,781,367.25 3,405,690.41 2014 1,081,988.50 1,761,015.00 107,074.68 103,480.98 1,783,101.25 4,836,660.41 2015 1,083,940.50 107,074.68 103,677.48 1,784,674.00 3,079,366.66 2016 1,083,562.50 107,074.68 103,575.48 1,785,231.50 3,079,444.16 2017 1,080,782.50 107,074.68 104,194.48 1,785,285.25 3,077,336.91 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 1,071,000.00 1,124,537.34 2022 1,023,750.00 2023+ 5,408,052.50 2,096,442.00 910,134.78 1,075,479.38 16,212,474.50 25,702,583.16 Principal at Jan 1 /2013 5,105,000.00 1,902,000.00 764,480.59 861,000.00 13,207,000.00 21,839,480.59 Principal at Jan1 /2014 4,120,000.00 1,670,000.00 695,677.76 800,000.00 12,002,000.00 19,287,677.76 Interest Rates 1.55% to 2.30% 5.25% to 5.45% 5.12% 3.9% to 5.2% 4.3% to 4.75% NOTES: (A) 2013 changed to accrual basis for interest. Total budget is $3, 405, 690.41 +297, 496.09- 330,440.87 = $3,372,745.64 (B) 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 DEC 2012 1 2011 UNIT TYPE MUNICIPAL DEV. CHARGES PAID NUMBER OF UNITS MUNICIPAL DEV. CHARGES PAID NUMBER OF UNITS %CHANGE OF 1DEV.CHGS 2012 -2011 Single /Semi- Detached -New construction $ 213,416.00 14 $ 1,943,928.00 133 - Additions $ - 0 $ - 0 Townhouse $ 358,506.00 27 $ 152,772.00 12 Apartment $ - 0 $ 625,022.00 82 Commercial $ - 0 $ - 0 Agricultural $ - 0 $ - 0 Government $ - 0 $ - 0 Institutional $ - 0 $ - 0 Industrial $ - 1 1 $ - 0 TOTAL $ 571,922.00 1 42 1 $ 2,721,722.00 227 -79.0% MUNICIPAL DEVELOPMENT CHARGES JANUARY TO DEC -YEAR TO DATE 2012 1 2011 UNIT TYPE MUNICIPAL DEV. CHARGES PAID NUMBER OF UNITS MUNICIPAL DEV. CHARGES PAID NUMBER OF UNITS %CHANGE OF DEV.CHGS 2012 -2011 Single /Semi- Detached -New construction $ 6,051,868.00 400 $ 9,104,822.00 628 - Additions $ - 0 $ - 0 Townhouse $ 1,434,024.00 108 $ 1,744,147.00 137 Apartment $ - 0 $ 625,022.00 82 Commercial $ 762,425.62 19 $ 629,039.84 14 Agricultural $ - 0 $ - 0 Government $ - 0 $ - 0 Institutional $ - 1 $ - 2 Industrial $ 356,011.37 6 $ 1,061,511.95 6 TOTAL $ 8,604,328.99 534 $ 13,164,542.79 869 -3 4.6%