HomeMy WebLinkAboutFND-008-13 ClaFftWIl REPORT
FINANCE DEPARTMENT
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: MAY 6, 2013 Resolution#: ' f By-law#:
Report#: FND-008-13 File#:
Subject: FINANCIAL UPDATE AS AT MARCH 31, 2013
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-008-13 be received for information.
Submitted by: Reviewed by: u.
Nancy'T ylor, BbA, bPA, 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-008-13 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 2013 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, 2013. 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, 2013 totaled
$15,067,851, which represents 31.6% of the total 2013 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, 2013. 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 2012 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, 2013 the
net year to date expenditures are at 87% of the first quarter budget. Some of the
variances can be attributed to the timing differences in revenue and expenditures
between 2013 and 2012. As this is the first quarter analysis, it may be premature
to extrapolate the figures and percentages to future quarters.
2.4 Overall, the operating budget is on target for the Mayor and Council as well as
the CAO's office. The Mayor and Council expenditures are 90% of first quarter
2013 budget. The CAO's office is at 95% of the first quarter 2013 budget.
2.5 As of March 31, the Legal net expenditures are on target at 101% of the first
quarter 2013 budget. Revenues are higher than the first quarter budget due to
planning agreement fee revenue. This increase is partially due to timing
differences from 2012 to 2013.
2.6 Corporate Services are in line with the first quarter budget at 90%. As of March
31, revenues are higher than budgeted at 107%. This is due to a slight increase
REPORT NO.: FND-008-13 PAGE 3
in advertising revenue compared to the first quarter of 2012. This small increase
could be a timing difference between the first quarters of 2012 and 2013.
Expenditures are below the first quarter budget at 90%. The significant
differences are related to a staff absence and advertising costs. Advertising
costs are at 34% of the total 2013 budget. Again, timing differences affect the
first quarter budget comparisons.
2.7 As of March 31, 2013, the Clerk's department net expenditures are at 100.2°/x. If
the parking meter revenue and the offsetting transfer to the Parking Reserve
Fund are removed from the calculation, the Clerks revenue is at 42% of the first
quarter 2013 budget and expenditures are at 79.5%. The lower revenue to
budget as of the first quarter is due to the timing differences from year to year in
the Wildlife Damage Compensation program. There is not a consistent trend in
the claims and there can be great variation year to year.
2.8 The Finance net expenditures are at 91% of the first quarter 2013 budget. The
Finance revenues are higher than the first quarter budget at 130% as of March
31, 2013. This is due to the higher than budget amount of the fines and penalties
on taxes. The year to date figure of March 31, 2013 ($380,418) is higher than
budgeted for the first quarter ($288,065) but are slightly lower than the 2012
interest and penalties ($384,747). This is a reflection of the continuing success
of the collection of outstanding taxes. The increase in Unclassified
Administration expenditures is due to higher insurance costs and tax write offs
due to the timing of ARB decisions (multiple years) on commercial properties.
2.9 The Emergency Services net expenditures are on budget with the first quarter
2013 budget figures. As of March 31, 2013 year to date expenditures
represents 84% of the related budget. Revenues are above budget due to the
timing of revenues from OPG relating to Joint Community Fire Safety. Similarly,
expenditures are under budget due to the timing differences from 2012 to 2013.
These differences should diminish over the next quarter.
2.10 The Engineering Department net expenditures are 95% of the first quarter 2013
budget. Reduced revenues in the first quarter are due to the decrease in building
permit revenues compared to the same period in the previous year.
Expenditures in the first quarter are at 88% of the quarterly budget. This
variance can be attributed to timing differences between years especially in the
first quarter.
2.11 The Operations Department net expenditures are 95% of the first quarter 2013
budgeted amount. The Fleet expenditures are currently below the budgeted
amount. It is important to note that most adjustments to these accounts are
REPORT NO.: FND-008-13 PAGE 4
made at year-end. As of the first quarter, Operation revenues are lower due to
waste transfer royalties and senior snow clearing. Operation expenditures are
higher than the same period last year due to an increase in winter maintenance
costs but are still below the quarterly budget.
2.12 Community Services net expenditures are 84% of the first quarter 2013 budget.
Revenues are at 104% and total expenditures are at 90% as of March 31, 2013.
Overall there is a varied increase in Community Services revenues. In general,
aquatic, fitness and children's' camp revenues have increased while ice rentals
are slightly lower than previous years with the exception of Darlington Sports
Complex ice rentals which increased over previous year. Operating expenditures
are at 88% of the first quarter budget similar to the previous year at 86%.
2.13 The Planning Department net expenditures as of March 31, 2013 are 81% of the
2013 first quarter budget. The expenditures are in line with the budget as of
March 31, 2013 at 90%. The favorable net expenditures are due to the higher
revenues in this period at 229%. The favourable net expenditure for Planning is
related to the timing of revenues such as Sub Division Application fees, Rezoning
fees, Site Plan fees and Sub Division Clearance fees. As of the first quarter,
Planning expenditures are generally below the quarterly budget. This is most
likely due to timing issues and will smooth out over time.
2.14 Attachment "B", Continuity of Taxes Receivable for the three months ending
March 31, 2013 provides the status of the taxes billed and collected by the
Municipality of Clarington during the first quarter of 2013. A total of $34,744,999
in interim tax bills were issued to property owners in the Municipality during this
period. At the end of March 2013, a total of$2,221,671 remains unpaid
compared to March 2012 taxes receivable of$3,141,250. Note that the current
year taxes are in a negative position as they include the taxes prepaid for the
April 2013 installment. The net balance at $2,221,671 is 29.3% lower than the
prior year at this time. This is a significant improvement over the first quarter
2012. This can be attributed to the ongoing collection process and procedures in
place. In addition, a factor, as noted in section 2.8, is the increase in tax write
offs due to the timing of ARB decisions on commercial properties.
2.15 Attachment "C", Investments Outstanding as of March 31, 2013 provides the
status of the Municipality's general, capital and reserve fund investment holdings
at the end of the first quarter in 2013. The Municipality at March 31, 2013 holds
$0 in general fund investments, $0 in capital fund investments, $4,645,027 in
Development Charge reserve fund investments and $48,180,218.92 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.
REPORT NO.: FND-008-13 PAGE 5
Investments held in the Municipality's portfolio are assessed on an ongoing basis
to ensure they meet the requirements of Section 418 on the Ontario Municipal
Act, Ontario Regulation 438/97 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.
2.16 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
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.
2.17 Attachment "E", Municipal Development Charges as of March 31, 2013 provides
the total Municipal development charges collected of$1,339,490.15. 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 first quarter in 2013, there were 87
units.
2.18 Analyzing the number of units issued in the first quarter of 2013, there was a
small decrease of 3.3% compared to the same quarter in 2012. Comparing the
total dollars collected in the first quarter of 2013 to the same quarter in 2012,
there was a slight increase of 1.5% in municipal development charges collected.
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
REPORT NO.: FND®003®13 PAGE 6
_ Promoting green initiatives
Investing in infrastructure
_ Showcasing our community
Not in conformity with Strategic Plan
Staff Contact: Nancy Taylor, B.B.A., C.A., Director of Finance/Treasurer
Attachments:
Attachment "A": Summary of Operating and Expenditure and Revenue
Attachment "B": Continuity of Taxes Receivable
Attachment "C": Investments Outstanding
Attachment "D": Debenture Repayment Schedule
Attachment "E": Municipal Development Charges
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ATTACHMENT "B"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the First Quarter of the Year 2013
December 31,2012 MARCH MARCH
BEGINNING BAL. INTEREST TAXES PAYMENTS/ 2013 2012
RECEIVABLE ADDED BILLED BALANCE ADJUST.-
CURRENT YEAR
TAXES 6,394,895 34,744,999 41,139,894 (46,504,175) (5,364,281) (5,001,481)
PENALTY AND INTEREST 265,801 48,344 314,146 (288,220) 25,926 23,793
FIRST PRIOR YEAR
TAXES 2,668,341 - 2,668,341 1,794,157 4,462,498 4,982,663
PENALTY AND INTEREST 245,339 218,465 463,804 218,159 245,645 275,921
SECOND PRIOR YEAR
TAXES 604,075 604,075 980,324 1,584,399 1,792,339
PENALTY AND INTEREST 115,853 84,633 200,486 33,949 166,537 149,494
THIRD&PRIOR YEARS
TAXES 508,302 - 508,302 343,729 852,031 746,421
PENALTY AND INTEREST 145,865 37,987 183,852 65,065 248,917 172,100
SUB-TOTAL 10,948,471 389,430 34 744,999 46,082,900 43,861 229 2,221,671 3,141,250
PREPAID TAXES 3,305 389
TOTAL 7,643 082 389,430 34,744,999 46 082,900 43,861 229 2,221,671 3,141,250
Includes refunds,write-offs,357's,etc.
NOTE 1: 2013 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.
i
CORPORATION OF MUNICIPALITY OF CLARINGTON ATTACHMENT"C"
INVESTMENTS OUTSTANDING
As at March 31,2013
ORIGINAL
ISSUER OF TYPE OF PURCHASE FUND COST OF INTEREST MATURITY MATURITY
INVESTMENT INVESTMENT DATE INVESTMENT RATE DATE AMOUNT
GENERALFUND
I
TOTAL GENERAL FUND - -
CAPITAL FUND
TOTAL CAPITAL FUND -
NON DEV.CHARGE MONIES
BNS GIC 01-May-08 R/F 1,000,000.00 4.60% 01-May-13 1,000,000.00 (B)
RBC GIC 02-May-11 R/F 1,001,980.00 2.201/o 02-May-13 1,001,980.00 (B)
TD GIC 13-May-08 R/F 257,495.00 4.51% 13-May-13 321,039:00
TD GIC 13-May-08 R/F 100,320.00 4.51% 13-May-13 100,320.00 (B)
TD GIC 27-Feb-13 R/F 3,011,687.67 1.58% 28-May-13 3,023,420.88
BNS GIC 03-Jun-10 R/F 1,371,861.00 3.00% 13-Jun-13 1,499,070.00
RBC GIC 27-Jun-11 R/F 147,749.00 1.80% 27-Jun-13 147,749.00 (B)
BNS GIC 30-Jul-09 R/F 2,060,630.00 3.10% 30-Jul-13 2,328,277.00
RBC GIC 30-Sep-08 R/F 946,770.00 4.400% 30-Sep-13 1,174,213.00
RBC GIC 14-Oct-08 R/F 574,200.00 4.30% 15-Oct-13 598,890.60 (B)
ING(b/b Scotia) GIC 03-Dec-12 R/F 759,557.00 1.65% 03-Dec-13 772,089.97
BNS GIC 16-Dec-08 R/F 1,338,742.00 4.15% 16-Dec-13 1,640,564.30
BMO GIC 07-Mar-11 R/F 1,000,000.00 2.75% 09-Mar-14 1,084,790.00
RBC GIC 15-Mar-11 R/F 1,672,368.00 2.65% 17-Mar-14 F 1,808,875.64 (B)
Laurentian GIC 02-May-12 R/F 1,000,000.00 2.15% 02-May-14 1,043,462.25
BNS IGIC 17-Aug-09 I R/F 1,600,000.00 3.20% 1 17-Aug-14 1 1,893,626.00 (B)
BMO GIC 12-Sep-11 R/F 983,080.00 1.80% 12-Sep-14 1,037,127.61
Manulife Bank GIC 20-Sep-11 R/F 742,599.00 2.05% 22-Sep-14 789,211.47
PROV ONTARIO STRIP BOND 05-Aug-09 R/F 999,807.77 3.35% 02-Dec-14 1,191,382.00
BMO GIC 07-Dec-10 R/F 1,000,000.00 2.60% 08-Dec-14 1,013,000.00 (A)
BNS GIC 01-Jun-12 R/F 1,500,632.00 2.35% 01-Jun-15 1,608,632.21
BMO GIC 26-Sep-11 R/F 624,188.00 2.00% 28-Sep-15 675,641.17
RBC GIC 07-Dec-11 R/F 1,922,733.00 2.35% 07-Dec-15 2,109,941.00
RBC GIC 07-Dec-11 R/F 1,976,951.00 2.35% 07-Dec-15 2,169,438.00
BMO coupons 15-Mar-12 R/F 176,636.37 2.54% 28-Mar-16 195,351.00
Manulife Bank GIC 20-Sep-11 R/F 2,000,000.00 2.60% 20-Sep-16 2,273,876.11
BMO coupons 15-Mar-12 R/F 213,067.68 2.61% 28-Sep-16 239,375.00
ING(b/b Scotia) GIC 01-Oct-12 R/F 1,819,048.00 2.35% 03-Oct-16 1,996,160.91
Manulife Bank GIC 02-Dec-11 R/F 2,000,000.00 2.71% 02-Dec-16 2,286,091.67
Manulife Bank GIC 19-Mar-12 R/F 1,693,000.00 2.88% 19-Mar-17 1,951,224.70
BMO coupons 15-Mar-12 R/F 159,396.18 2.86% 28-Mar-17 183,615.00
BMO coupons 15-Mar-12 R/F 196,287.25 2.92% 28-Sep-17 230,141.00
CWB GIC 01-Oct-12 R/F 3,500,000.00 2.55% 01-Oct-17 3,969,596.54
BNS GIC 30-Oct-12 R/F 1,884,365.00 2.50% 30-Oct-17 2,131,986.04
HSBC GIC 21-Dec-12 R/F 1,121,354.00 2.40% 21-Dec-17 1,262,352.30
National Bank GIC 08-Jan-13 R/F 1,900,503.00 2.40% 08-Jan-18 2,139,776.15
National Bank GIC 12-Feb-13 R/F 1,927,464.00 2.45% 12-Feb-18 2,175,434.89
National Bank GIC 04-Mar-13 R/F 741,320.00 2.45% 05-Mar-18 836,748.00
ING(b/b Scotia) GIC 25-Mar-13 R/F 1,254,427.00 2.40% 26-Mar-18 1,412,449.93
48,180,218.92 53,316,920.34
DEV.CHARGE FUNDS
BNS GIC 20-Dec-12 R/F 3,000,000.001 1.50% 20-Dec-13 1 3,048,000.00
BMO GIC 20-Dec-12 I R/F 1 1,645,027.00 1.45% 1 20-Dec-13 1 1,668,879.89
4,645,027.00 4,716,879.89
TOTAL INVESTMENTS $52,825,245.92 $ 58,033,800.23
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
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ATTACHMENT"D"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Debenture Repayment Schedule As of January 1,2013
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Year South Courtice Indoor Soccer/ RRC Newcastle Newcastle Total
Arena Lacrosse CCD Space Library Aquatic
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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
atJan1/2014 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.
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Attachment "E"
MUNICIPAL DEVELOPMENT CHARGES
MONTH OF MARCH j
2013 2012
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 $ 450,022.00 29 $ 807,932.00 53
-Additions $ - 0 $ - 0
Townhouse $ - 0 $ 252,282.00 19
Apartment $ - 0 $ - 0
Commercial $ - 0 $ - 0
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 0
Industrial $ - 0 $ - 0
TOTAL $ 450,022.00 29 $ 1,060,214.00 72 -57.6%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO MARCH -YEAR TO DATE
2013 2012
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 $ 1,140,416.54 74 $ 1,067,708.00 71
-Additions $ - 0 $ - 0
Townhouse $ 135,170.00 10 $ 252,282.00 19
Apartment $ - 0 $ - 0
Commercial $ 63,903.61 3 $ - 0
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 0
Industrial $ - 0 $ - 0
TOTALI $ 1,339,490.15 87 $ 1,319,990.00 90 1.5%
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