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%