HomeMy WebLinkAboutFND-016-13 Clarftwn REPORT
FINANCE DEPARTMENT
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: October 28, 2013 Resolution#: gtO4 .., / -13 By-law#:
Report#: FND-016-13 File#:
Subject: FINANCIAL UPDATE AS AT SEPTEMBER 30, 2013
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-016-13 be received for information.
N�ASubmitted by: % ��` �� '-� /� Reviewed by:IJ�
Nancy T ylor, 13JM,WA, 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-016-13 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 THIRD 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
September 30, 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 September 30, 2013 totaled
$35,093,924 which represents 88.8% of the year to date 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
September 30, 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 As a whole, the operating budget is overall on target. As of September 30, 2013
the net year to date expenditures are at 88.8% of the third quarter budget. Some
of the variances can be attributed to the timing differences in revenue and
expenditures between 2013 and 2012. However, it is best not to extrapolate the
figures and percentages to future quarters.
2.4 On the whole, the operating budget is on target for the Mayor and Council as well
as the CAO's office. The Mayor and Council expenditures are 88.57% of third
quarter 2013 budget. The CAO's office is at 96.1% of the third quarter 2013
budget.
2.5 As of September 30, the Legal net expenditures are slightly above at 108.24% of
the third quarter 2013 budget. This is in part due to the variation in timing of
revenue and expenditures from one year to the next. As noted in 2.2 the monthly
budget allocation is based on the previous year's actual expenditures. Planning
agreement fee revenue continues to be higher than budgeted as of September
30, 2013.
REPORT NO.: FND-016-13 PAGE 3
2.6 Corporate Services are on target with the third budget at 95.9%. As of
September 30, advertising and design expenditures have exceeded the total
2013 budget. However, with savings in other expenditures within Corporate
Services accounts, total expenditures are at 95.9% at the end of the third quarter.
2.7 As of September 30, 2013, the Clerk's department net expenditures are in line at
98.36%. As in the second quarter, lower claims under the Wildlife Damage
Claims Compensation program and Animal licenses continue to have an impact
on revenues. There is not a consistent trend in the Wildlife Damage
Compensation claims and there can be great variation year to year. Animal
licenses are below budget as of September 30 at 63.5% of the total budget. As
of September 30, there are some continued savings in wages in Parking
Enforcement and Municipal Law Enforcement due to parental and sick leaves as
well as other staff changes.
2.8 The Finance net expenditures are at 89.54% as of the third quarter 2013 budget.
The Finance revenues are higher than the third quarter budget at 117.06%. This
is due to the higher than budget amount of the fines and penalties on taxes. The
year to date figure of September 30, 2013 ($1,126,439) is higher than budgeted
for the second quarter ($931,881) but are slightly lower than the 2012 interest
and penalties ($1,244,643). This is a reflection of the continuing success of the
collection of outstanding taxes. As noted in the second quarter report, 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 as noted in the first quarter report.
2.9 The Emergency Services net expenditures are within budget with the third
quarter 2013 budget figures. As of September 30, 2013 year to date net
expenditures represents 93.07% of the third quarter budget. Revenues are
above budget due to unbudgeted amounts from Republic Live and OPG for
SCBA equipment.
2.10 The Engineering Department net expenditures are 95.56% of the third quarter
2013 budget. Reduced revenues in the third quarter are due to the decrease in
building permit revenues compared to the same period in the previous year
($1,046,264 in 2013 compared to $1,518,643 in 2012). Currently building permit
revenue is at 69.75% of the 2013 budget. This can be attributed to a decline in
residential building permits. However, building permits applied for as of January
1, 2014 will have to comply with the 2012 Building Code. Therefore, due to
deadline for changes in the building code including enhanced energy efficiency
requirements, there should be an increase in building permits in the fourth
quarter. If the transfer of the Engineering and Inspection Fees are excluded from
REPORT NO.: FND-016-13 PAGE 4
the calculation as it is ongoing transfer to the Reserve Fund, the net expenditures
remain the same and the revenues and expenditures are 90.11% and 93.82%
respectively.
2.11 The Operations Department net expenditures are 96.85% of the third 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 made at year-end. As of the third quarter, Operation revenues are
lower as we have only received waste transfer royalties up to March 2013, which
is under review. Operation expenditures are in line with the third quarter budget
at 96.11%.
2.12 Community Services net expenditures are 87.15% of the third quarter 2013
budget. Revenues are at 103.97% and total expenditures are at 92.43% as of
September 30, 2013. The same trend in revenues noted over the year continues
- a varied increase in Community Services revenues. Program revenues:
aquatic, fitness and children's' camp, are higher than the third quarter budget
amount. Rental revenues are slightly lower than previous years with the notable
exception of Darlington Sports Complex ice rentals that increased over previous
year. In addition, the daycare that rented space at the Courtice Community
Centre has closed as of July 2013 which reduces rental revenues.
2.13 The Planning Department net expenditures as of September 30, 2013 are
93.32% of the 2013 third quarter budget. The expenditures are in line with the
budget as of September 30, 2013 at 97.52%. Planning revenue continues to be
higher than budgeted in the third quarter budget and is at 89.83% of the total
2013 budget. There are some savings due to staffing leaves.
2.14 The Board and Agencies include the Library, Museum and Visual Arts Centre.
These expenditures are in line with the budget. As in the second quarter, the
Library received additional funds for capital projects - a computer system update
and library study. These funds had been set aside in previous years in the
Library Computer Equipment Reserve Fund and Development Charges General
Government Fund respectively. The entries are posted to the Library accounts
and the offsetting transfer from the Reserve Fund is posted in the 05 Non-
Department Accounts.
2.15 Attachment "B", Continuity of Taxes Receivable for the nine months ending
September 30, 2013 provides the status of the taxes billed and collected by the
Municipality of Clarington during the third quarter of 2013. A total of
$44,676,459 in final tax bills and $840,400 in supplementary tax bills were issued
to property owners in the Municipality during this period. At the end of
REPORT NO.: FND-016-13 PAGE 5
September 2013, a total of$18,454,516 remains unpaid compared to September
2012 taxes receivable of $19,684,354. The net balance is $1,229,838 lower or
6.25% lower than the prior year at this time. This reduction is due to the factors
noted in the second quarter report along with the ongoing collection efforts in
holding the line on the balance of taxes outstanding.
2.16 Attachment "C", Investments Outstanding as of September 30, 2013 provides the
status of the Municipality's general, capital and reserve fund investment holdings
at the end of the third quarter in 2013. The Municipality at September 30, 2013
holds $0 in general fund investments, $0 in capital fund investments,
$8,752,126.78 in Development Charge reserve fund investments and
$45,867,414.03 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 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. The One Fund
Investment Program is a pooled investment program for municipalities. It is
operated by LAS and CHUMS Financing Corporation which are subsidiaries of
AMO and MFOA.
2.17 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.
2.18 Attachment "E", Municipal Development Charges as of September 30, 2013
provides the total Municipal development charges collected of $4,473,724.17.
In the 2010 Development Charges Background Study, it was forecasted that the
municipality would be collecting approximately 854 residential units total for 2013
or approximately 71 units per month. The year to date figure for the third quarter
in 2013, there were 296 units.
2.19 Analyzing the number of units issued in the third quarter of 2013, there was a
decrease of 28.3% compared to the same quarter in 2012. Comparing the total
REPORT NO.: FND-016-13 PAGE 6
dollars collected as of September 30, 2013 to the same time in 2012, there was a
decrease of 31.6% in municipal development charges collected. Note that recent
building permit activities during the third quarter by the Region of Durham and
PVNCC District School Board construction are exempt from Development
Charges. There should be an improvement to Development Charges collected
by the end of year as new building permits applied for after January 1, 2014 will
be required to comply with the 2012 Building Code.
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
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"
SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE NINE MONTHS ENDING SEPTEMBER 30,2013
2013 2013 2013 YTD' 2013 YTD 2012 2012 2012 YTD 2013 Qtr 3 2013 Qtr 3 Quarter 2013 2013
_...._._........-...
___ Budget YTD" Actual YTD:Unexpended($)'
Expended Budget YTD Actual YTD' Unexpended$ YTD Budget; YTD Actualsl:%Expended Total Budget %of Annual
..........._ ..__....... .......... ..._...._....... _ ........................................................ _.._._ _... _.... ....... _
.......... _.._.
Budget Spent
05 NON-DEPTL ACCTS
..... .................... ... ........... { ) .........
Revenue/Recoveries (4,754,200).; (6,943,585) 2,189,385 ! 146.05% (4,004,87 5,671,903 1,667,028 (2,018,479) (3,667,233) 181.68% (6,894,007)"
100.72%
_ .._..._ _.__... ._._.._._.. _ _ _ _.._ .. _. _... ._......_._.
Expenditures 210,769 209,899 870 j 99.59% 209,899 209,899 0 26,269 25,399 ', 96.69% 210,769 99.59%
Net Expenditures (4,543,431)" (6,733,686): 2,190,255 148.21% (3,794,976) (5,462,004): 1,667,028 (1,992,210)', (3,641,834); 182.80%
(6,683,238)" 100.75%
.. .......... .................. ............. ...... ._.. .......................................... _._... _ ....._ ...... ..... ..... ........... .........
._....... ...
10 MAYOR&COUNCIL
Net Expenditures' 680,189 602,417 77,772; 88.57% 663,007 594,261 68,746 234,007 207,386 88.62% 870,733 69.19
..........
13 ADMINISTRATOR'S OFFICE
.............._.._ ........._. _.
Net Expenditures 452,560 434,894 17,666 1 96.10% 358,467 365,365 (6,898) 156,727 151,746: 96.82% 598,176 72.70%
14 LEGAL ADMIN
Revenue/Recoveries �-- (69,988) (64,157) (5,831) 91.67% ' (99,858) (53,756) (46,102) (49,943), (32,892); 65.86% (128,000); 50.12%
.......... _......... o.. ... ............. ............................. .. °..
Expenditures 382,443 402,350, (19,907)1 105.21% 384,121 397,460 (13,339) 135,141 142,909 " 10575% 532,088 75.62/
Net Expenditures 312,455 338,193 (25,738); 108.24% 284,263 343,704 (59,441) 85,198 110,017 129.13°/ 404,088 " 83.69°
i
..._........__.. ._.
16 CORPORATE SERVICES
i
Revenue/Recoveries (91,390) (87,573) (3,817)' 95.82/0 86,386 96,858 11,472 (24,811) (34,164)f 137.70% (96,500). 90.75%
Expenditures 3,499,746 " 3,356,343 143,403 95.90% 3,394,591 3,149,691 144,899 1,216,009 1,184,091 97.38% 4,366,498 76.87%
Net Expenditures 3,408,356 " 3,268,770 139,586 95.90% 3,309,205 3,154834 156,371' 1,191,198 1,149,927 1 96.54% 4,269,998" 76.55%
.... ..... ... .... ........... ....... ............ . ._..................._ ............ ............ .................... ....... .. .:.......
_.._..........__.._.
19 CLERK'S
Revenue/Recoveries (602,005) (464,759) (137,246). 77.20% (521,423) (576,320) 54,897 (150,935): (161,863); 107.24% (738,600):
62.92%
_.............. ...... ... ......... _....._ ..... _._....
Expenditures 2,192,791 2,029,438 : 163,353 92.55% 1,860,961 1,857,908' 3,063 748,025 628,867:; 84.07% 2,859,195 70.98%
Net Expenditures 1,590,786 1,564,679 26,107 : 98.36% 1,339,538 1,281,588 57,950 597,090 467,004 78.21% 2,120,595 73.78%
�__ ..__ _. ___ __ r._________. _._
21 FINANCE&UNCLASS.ADMIN
......._ ._ ._ .... _.. __ __.-.._.... ...... ... .....
......
Revenue/Recoveries (1,164,988) (1,363,762) 198774: 117.06% (1,083,785) (1,478,629) 394,844 (398,205) (424,640) 106.64% (1,567,000)
87.03%
___ _. _ __. . __.._.._ .._._.__ _____...__. _.__._.__. ._.__._
Unclassified Admin&Board of Tra 1,865,000 1,935,868 " (70,868): 103.80% 1,695,481 1,702,376 (6,895) 629,831 . 431,474 68.51%
2,217,200 87................
Operating Expenditures 1,708,122. 1,584,048 124,074: 92.74% 1,577,102 1,553,306 23,796 575,743 546,621 ' 94.94% 2,201,993 71.94%
p 16,901 1,205,574 978,095 81.13% 4,419,193 79.65%
Total Expenditures 3,573,122 3,519,916 53,206 98.51% 3,272,583 3255,682
Net Expenditures 2,408,134. 2,156,154 251,980 ' 89.541/6 2,188,798 1,777,053- 411,745 807,369 553,455 68.55% 2,852,193 75.60%
.............I _. ........... _.. ........ ........._ ............ . ..
28 EMERGENCY SERVICES-FIRE
Revenue/Recoveries (27,178), (207,453); 180,275 763.31% (15,938) (51,438)' 35,500 (15,429): (176,506): 1,143.99% (49,000); 423.37%
_._ ...........................
Expenditures 7,974,760( 7,604,572 : 370,188 95.36% 7,458,977 7,167,022 291,955 2,561,648 : 2,639,823: 103.05% 10,364,679 73.37%
Net Expenditures 7,947,582 7,397,119 550,463 93.07% 7,443,039 7,115,584 327,455 2,546,219 2,463,317 96.74% 10,315,679; 71.71%
FND-016-13 Attachment'A' 1 of
THE MUNICIPALITY OF CLARINGTON ATTACHMENT"A"
SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE NINE MONTHS ENDING SEPTEMBER 30,2013
2013 2013 2013 YTD 2013 YTD 2012 2012 2012 YTD 2013 Qtr 3 2013 Qtr 3: Quarter 2013 2013
_.. ._.. _
Budget YTD Actual YTD Unexpended($)I /Expended Budget YTD Actual YTD Unexpended$ YTD Budget YTD Actuals"%Expended Total Budget %of Annual
..._... ..__..._ ......
Budget Spent
32 ENGINEERING SERVICES
_ )... ............. ) .......... ):. )........._............................................................. _,....... ..................
Revenue/Recoveries (1,254,853); (1,504,603 249,750 119.90% (1,047,357 (1,649,145) 601,788 (383,311 (465,117 12134% (1,559,050 96.51%
Expenditures 4,655,155 4,754,088 (98,933) 102.13% 4,485,517 4,290,774 194,743 885,077 900,652 101.76% 5,475,757 86.82%
Net Expenditures 3,400,3021 3,249,485 150,817 95.56% 3,438,160 2,641,629 796,531 501,766 435,535 86.80% 3,916,707 82.96%
36 OPERATIONS
�.......�._. ........., __ -7.._ �_ .._. -.. ___ __ . �_.
Revenue/Recoveries (445,133) (353,330) (91,803); 9.38% (357,042) (295,299) . (61,743) (158,564) (117,991): 74.41% (543,665),
64.99%
... .. ...._.._... ._.. _. _. ........._. ........... ....... ....... .. ... ............ ..............1. ............._ ................ ..........
.......... .............. ........... ...:.... _.._...............
EXPENSE
Operating Expenditures 9,824,444` 9,856,720 (32,276): 100.33% 9,249,474 9,184,698 64,776 2,786,079 " 3,239,183 116.26% 13,337,745!.
73.90%
__............ . ... _...._. .... ..... _. .,........ _.........__...._ - .. .............. ....._._._..
Fleet&Debenture Payments 785,180 340,579 444,601 : 43.38% 660,319 352,187 308,132 179,562 32,887 18.32% 935,055 36.42
Total Expenditures 10,609,624: 10,197,299 412,325 : 96.11% 9,909,793 9,536,885 372,908 2,965,641 3,272,070 110.33% 14,272,800 71.45%
_..
Net Expenditures 10,164,491 9,843,969 320,522 96.85% 9,552,751 9,241,586 311,165 2,807,077" 3,154,079 112.36% 13,729,135 71.70%
_...t
_......__ _....._....... ........... .......................
42 COMMUNITY SERVICES
Revenue/Recoveries (3,287,111 : 3,417,728 130,617 103.97% 3,216,871 3,201,940 (14,931) (890,496) (931,830). 104.640/6 (4,555570) 75.02%
Operating Expenditures 7,153,586 6,655,351 498235 93.04% 6,907,433 6,423,731 483,702 2,334,423 2,217,766 95.00% 9,471,148 70.27%
_.... ._.._ .. _. ...............
Annual Grants&Debenture Pymts 3,329,010 3,033,213 295,797 91.11% 3,117,005 3,117,005 0 0 4,000 #DIV 10! 3,329,010 91A1%
Total Expenditures 10,482,596 9,688,564: 794,032 92.43% 10,024,438 9,540,736 483,702 2,334,423 " 2,221,766 95.17% 12,800,158
75.69%
Net Expenditures 7,195,485 I' 6,270,836 : 924,649 I 87.15% 6,807,567. 6,338,796 468,771 1,443,927" 1,289,936 89.34% 8,244,588 !
76.06%
50 PLANNING SERVICES
Revenue/Recoveries (311 427) (419,949) 108 522 1 134.85% {330,038} (490,629) 160,591 (96 759) (188 483) 194 80% -j467,500)
89.83
...... .......... ...... ... .. ...... _
Expenditures 3,081,741 3,005,308 76,433 97.52% 3,066,622 2,940,186 126,436 804,523 . 811,349 " 100.85% 3,797,152 79.15/
NetExpenditures 2,770,314 2,585,359 184,955 : 93.32% 2,736,584 2,449,557 287,027 707,764 622,866 . 88.00% 3,329,652, 77.65%
i
BOARDS&AGENCIES
Net Board&External Agencies 3,746,741 l 4,115,735 (368,994)1 109.8% 3,611,534 3,621,492 - (9,958) 1,976" 195,357 9,886.5% 3,749,490
109.8%
TOTAL OPERATING: �. ....
Revenue/Recoveries (12,008 273)[ (14,826,899)1 2,818,626 123.5% (10,762,573) (13,565,917)' 2,803,344 (4,186,932) (6,200,719) 148.1%
(16,598 892) 89.3%
Expenditures 51,542,237` 49,920,823 . 1,621,414 96.9% 48,700,510 47,027,362 1,673,148 13,275,040 13,359,510 100.6% 64,316,688 77.6%
Net Operating Expenditures 39,533,964 35,093,924 4,440,040 88.8% 37,937,937 33,461,445 4,476,492 9,088,108 7,158,791 78.77% 47,717,796 73.5%
FN D-016-13 Attachment'A' 2 of 2
ATTACHMENT "B"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Third Quarter of the Year 2013
June 30,2013 SEPTEMBER SEPTEMBER
BEGINNING BALANCE INTEREST TAXES PAYMENTS/ 2013 2012
RECEIVABLE ADDED BILLED BALANCE ADJUST.-
CURRENT YEAR
TAXES 7,936,240 45,302,988 53,239,228 (38,453,409) 14,785,819 13,926,335
PENALTY AND INTEREST 93,941 251,135 345,076 161,990 183,086 202,107
FIRST PRIOR YEAR
TAXES 3,181,638 198,509 3,380,147 (946,095) 2,434,052 3,393,439
PENALTY AND INTEREST 211,508 107,547 319,055 116,959 202,095 287,761
SECOND PRIOR YEAR
TAXES 834,899 15,362 850,261 (259,827) 590,434 1,045,203
PENALTY AND INTEREST 84,615 28,061 112,677 38,989 73,688 144,183
THIRD&PRIOR YEARS
TAXES 168,927 0 168,927 (41,181) 127,746 549,314
PENALTY AND INTEREST 57,983 5,669 63,651 6,056 57,595 136,012
TOTAL 12,569,751 392,412 L 45,516,859 58,479,022 40,024,506 18,454,516 19,684,354
Includes refunds,write-offs,357's,etc.
NOTES:
2013 Interim Instalment months: February and April
2013 Final Instalment months: June and September for non-capped classes
CORPORATION OF MUNICIPALITY OF CLARINGTON ATTACHMENT"C"
INVESTMENTS OUTSTANDING
As at September 30,2013
ORIGINAL
IISSUER OF I TYPE OF I PURCHASE FUND COST OF INTEREST MATURITY MATURITY
INVESTMENT INVESTMENT DATE INVESTMENT RATE DATE AMOUNT
GENERALFUND
TOTAL GENERAL FUND
CAPITAL FUND
TOTAL CAPITAL FUND
NON DEV.CHARGE MONIES
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 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 GIC 17-Aug-09 R/F 1,600,000.00 3.20% 17-Aug-14 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 IGIC I 20-Sep-11 R/F 742,599.00 2.059/,F22-Sep-14T 789,211.47
PROV ONTARIO STRIP BOA 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 (B)
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
ING GIC 02-May-13 R/F 1,001,980.00 1.90% 02-May-16 1,060,184.88
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
RBC GIC 01-May-13 R/F 1,000,000.00 2.10% 01-May-17 1,086,683.24
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 GIC 25-Mar-13 R/F 1,254,427.00 2.40% 26-Mar-18 1,412,449.93
HSBC GIC 13-May-13 R/F 321,079.00 2.25% 14-May-18 358,862.84
BNS GIC 03-Jun-10 R/F 1,499,069.00 2.30% 03-Jun-18 1,679,576.51
RBC IGIC 30-Jul-13 I R/F 2,341,277.00 2.60% 30-Jul-18 2,661,886.92
BMO IGIC I 30-Sep-13 R/F 1,174,214.00 2.90% 01-Oct-18 1,354,748.00
RBC Icoupons I 27-Jun-13 R/F 1 248,068.78 1 2.59% 03-Dec-18 285,071.00
45,867,414.03 51,207,864.85
DEV.CHARGE FUNDS
BNS IGIC I 20-Dec-12 I R/F 3,000,000.00 1.50% 20-Dec-13 3,048,000.00
BMO GIC 20-Dec-12 R/F 1,645,027.00 1.45% 20-Dec-13 1,668,879.89
One Fund Equity 31-Jan-07 R/F 500,000.00 500,000.00
One Fund Bond O8-Aug-00 R/F 3,607,099.78 3,607,099.78
8,752,126.78 8,823,979.67
TOTAL INVESTMENTS $ 54 619 540.81 $ 60 031 844.52
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
(:\Administration\INVESTMENTS\CURRENT YEAR\2013 INVESTMENT SUMMARY\09 September 2013 Investment Summary.xlsx For Fin 3rd Qtr Report
ATTACHMENT"D"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
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 SEPTEMBER
2013 2012
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF
UNITTYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS DEV.CHGS 2013-2012
Single/Semi- Detached
-New construction $ 201,734.00 13 $ 502,424.00 33
-Additions $ - 0
Townhouse $ 119,652.00 9 $ - 0
Apartment $ - 0
Commercial $ 9,178.13 4
Agricultural $ - 0
Government $ - 0
Institutional $ - 0
Industrial $ 46,451.25 1
TOTAL $ 321,386.00 22 $ 558,053.38 38 -42.4%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO SEPTEMBER -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 2013-2012
Single/Semi- Detached
-New construction $ 3,235,346.54 210 $ 5,182,960.00 343
-Additions $ - 0 $ - 0
Townhouse $ 1,011,774.00 75 $ 703,734.00 53
Apartment $ - 1 $ - 0
Commercial $ 185,761.42 8 $ 298,738.13 12
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 1
Industrial 1 $ 40,842.21 2 1 $ 352,469.33 1 4
TOTALI $ 4,473,724.17 296 $ 6,537,901.46 413 -31.6%