HomeMy WebLinkAboutFND-003-14 1 1 ff 0
gton REPORT
FINANCE
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: MARCH 17, 2014 Resolution#: 9196-01-1V By-law#:
Report#: FND-003-14 File#:
Subject: FINANCIAL UPDATE AS AT DECEMBER 31, 2013
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-003-14 be received for information.
fjr'
Submitted by: � � _ Reviewed by:
Nancy T,ayfor, IBA, CPA, CA Franklin Wu,
Director of Finance/ Treasurer Chief Administrative Officer
NT/CC/hjl
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1C 3A6 T 905-623-3379
REPORT NO.: FND-003-14 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 FOURTH 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 December 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 December 31, 2013
totaled $45,579,694, which represents 95.5% 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
December 31 , 2013. 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 2013 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 2013.
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 91.3% of the 2013
budget. The CAD's office is at 99.2% of the 2013 budget.
2.4 As of December 31 , the Legal net expenditures are 118.2% of the 2013 budget.
Revenues are lower than budgeted however this is mitigated by higher than
budgeted plan agreement fees. Expenditures are at 110% of the 2013 budget.
This is can be attributed to the Council decision regarding a legal settlement.
Without the legal settlement, Legal net expenditures are 98.2% of the 2013
budget.
2.5 Corporate Services are in line with the 2013 budget at 94.8°/x. As of December
31, revenues are higher than budgeted at 227.7%. This is due to the 2013 WSIB
rebates of $125,164. Expenditures are within the 2013 budget at 97.7%. Some
accounts such as advertising were over budget but this was offset by other
accounts realizing some savings.
2.6 As of December 31 , 2013, the Clerk's department net expenditures are at 90.2%.
There was a decrease in wildlife damage compensation claims for livestock
REPORT NO.: FND-003-14 PAGE 3
which reduces both expenditures and revenues as this program is funded and
regulated by the Province. Animal licences are below budget and decreased
from 2012. However, cemetery plot sales have increased and are over the 2013
budgeted amount.
2.7 The Finance net expenditures are at 83.8% of the total 2013 budget. The
Finance revenues are higher than the annual budget at 116.1% as of December
31, 2013. This is due to the higher than budget amount of the fines and penalties
on taxes. The year to date figure of 2013 ($1,518,769) is higher than budgeted
for the 2013 year ($1,300,000) but are lower than the 2012 interest and penalties
($1,736,246). This is a reflection of the continuing success of the collection of
outstanding taxes. Finance is below budget on legal fees and printing. As noted
in 2.2, not all year-end adjustments and accruals have been posted and these
figures will change.
2.8 The Emergency Services net expenditures are on budget with the 2013 budget
figures. As of December 31, 2013 year to date expenditures represents 97.6% of
the total 2013 budget. Revenues are above budget due to revenues from OPG
relating to training, annual fire inspection review and annual safety plan review as
well monies received for SCBA gear. Also, revenue increased due to the event
by Live Republic.
2.9 The Engineering Department net expenditures are 81.6% of the 2013 budget.
This positive percentage can be attributed to the favourable building permit
revenue. As of December 31, 2013, the building permit revenue at $1,935,556
exceeded the total 2013 budgeted amount of $1,500,000. As noted in the third
quarter financial update, this increase in the fourth quarter of the building permits
can be attributed to the change in the building code requirements (2012 Building
Code) for enhanced energy efficiency that was effective January 1 , 2014.
Accordingly there will likely be a decline in building permits for the first quarter of
2014 as many would have applied for building permits in advance of the new
requirements. If the transfer of the Engineering and Inspection Fees are
excluded from the calculation as it is an ongoing transfer to the Reserve Fund,
the net expenditure remain the same and the revenues and expenditures are
131% and 95.7% respectively.
2.10 The Operations Department net expenditures are 102.3% of the 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
and have not been posted yet. Operating expenditures (not including debenture
and fleet) have increased. Certainly, winter maintenance costs increased in the
REPORT NO.: FND-003-14 PAGE 4
fourth quarter with the severe winter storms. Also, cemetery maintenance costs
increased as the Municipality took over the Hampton Union Cemetery in 2013.
2.11 Community Services net expenditures are on target with the budget overall at
98.4% of the 2013 budget. Revenues are at 100.21% and total expenditures are
at 99.3% as of December 31, 2013. Overall, Community Services revenues are
over budget in most areas such as day camps, aquatic programs, fitness
programs and ice rentals and other rentals despite the loss of rental income from
the closed daycare at CCC. As well, the total operating expenditures are in line
with the 2013 budget at 99.1% even with the unexpected increase in electricity
cost due to the uncontrollable Global Adjustment factor.
2.12 The Planning Department net expenditures as of December 31, 2013 are 93% of
the 2013 budget. The expenditures are in line with the budget as of December
31, 2013 at 101.2%. The favorable net expenditures are due to the higher
revenues in 2013 at 159.4%. Planning revenue is higher than budgeted in
almost all sources of revenue.
2.13 The Board and Agencies include the Library, Museum and Visual Arts Centre.
These expenditures are in line with the budget. During 2013, the Library
received additional funds for capital projects approved in prior year budgets - 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 to the 05 Non-Department Accounts.
2.14 Attachment "B", Continuity of Taxes Receivable for the year ending December
31, 2013 provides the status of the taxes billed and collected by the Municipality
of Clarington during the fourth quarter of 2013. A total of $3,080,554 in
supplementary tax bills were issued to property owners in the Municipality during
this period. At the end of December 2013, a total of $4,937,103 remains unpaid.
The net balance is $2,705,979 lower than the prior year at this time, a decrease
of 35.4%. In 2013, there was an increase in tax write offs due to ARB decisions
on commercial properties, and settlement of a commercial tax sale property.
This is evident from the significant decrease of 43% in the taxes receivable for
prior years. Ongoing processes continue to hold the line in the balance of taxes
outstanding as reflected in the decrease in current year taxes receivable of 6.5%.
Also a factor is the increase in the pre-authorized payment (PAP) program
resulting in an increase of 12.8% in pre-paid taxes.
REPORT NO.: FND-003-14 PAGE 5
2.15 Attachment "C", Investments Outstanding as of December 31, 2013 provides the
status of the Municipality's general, capital and reserve fund investment holdings
at the end of the 2013. The Municipality at December 31, 2013 holds $0 in
general fund investments, $0 in capital fund investments, $8,900,404.93 in
Development Charge reserve fund investments and $46,198,988.42 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. This environment
of low interest rates is anticipated to continue for the next few years. The short-
term interest rates and the current cash flow needs are reviewed on a regular
basis. t
2.16 Attachment "D", Debenture Repayment Schedule provides the status of the
Municipality's long-term obligations. The Municipality had $21,839,480.59 in
outstanding debt as of January 1, 2013 and debt repayment obligations of
$3,405,690.41. Factoring in a new debenture for the Green Road Grade
Separation works (as approved in 2013) but not yet issued, the outstanding debt
in 2014 will be $25,687,677.76. The 2014 budget amount of $3,895,375.22
reflects debt repayment amount adjusted for the accrual basis for interest and the
estimate for the new debenture for Green Road. 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 December 31, 2013
provides the total Municipal development charges collected of $6,339,144.16.
In 2010 Development Charges Background Study, it was forecasted that the
municipality would be collecting approximately 854 residential units total for 2013
or approximately 69 units per month. For the 2013 year there were 422 units.
For 2013 budget calculations, the figure of 525 units was used.
2.18 Analyzing the number of units issued in 2013, there was a decrease of 21%
compared to 2012. Comparing the total dollars collected 2013 to 2012, there
was a decrease of 26.3% in municipal development charges collected.
2.19 New building permits applied for after January 1, 2014 are required to comply
with the 2012 Building Code including enhanced energy efficiency requirements.
REPORT NO.: FND-003-14 PAGE 6
Builders will choose to avoid the new requirements and the associated costs. As
a result there was a substantial increase in building permits in December 2013.
However, the corresponding increase in development charges for December
2013 has been delayed. This is a result of the grace period given to developers
in the beginning of January due to the shutdown of the Municipal Administration
Centre over the holidays. A similar situation occurred in December 2012;
however the grace period was not in affect at this time. In January 2014 there is
a significant increase in development charges collected. This will be included in
the first quarter report for 2014.
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 2013 (Preliminary)
2013
Budget YTD
2013
Actual YTD
2013 YTD
Unexpended
2013
%
2012
Budget YTD
2012
Actual YTD
2012 YTD
Unexpended
2013 Qtr 4
YTD Budget
2013 Qtr 4
YTD
Quarter
%
2013 2013
Total Budget %of Annual
Budget
05 NON- DEPT'L ACCTS
Revenue /Recoveries
Expenditures
(6,894,007)
210,769
(7,483,136)
209,899
589,129
870
108.5%
99.6%
(7,357,561)
209,899
(13,487,462)
209,899
6,129,901
0
(2,139,807)
0
(539,549)
0
25.2%
(6,894,007)
210,769
108.5%
99.6%
Net Expenditures
(6,683,238)
(7,273,237)
589,999.
108.8%
(7,147,662)
(13,277,563)
6,129,901
(2,139,807)
(539,549)
25.2%
(6,683,238)
108.8%
10 MAYOR & COUNCIL
Net Expenditures
870,733
794,724
76,009
91.3%
855,240
800,484
54,756
190,544
192,309
100.9%
870,733
91.3%
13 ADMINISTRATOR'S OFFICE
Net Expenditures
598,176
593,156
5,020
99.2%
493,308
529,789
(36,481)
145,616
158,263
108.69%
598,176
99.2%
14 LEGAL ADMIN
Revenue /Recoveries
Expenditures
(128,000)
532,088
(108,236)
586,041
(19,764)
(53,953)
84.6%
110.1%
(176,000)
544,592
(96,938)
587,820
(79,062)
(43,228)
(58,012)
149,645
(44,079)
181,878
MIDI
121.51/.
(128,000)
532,088
84.6%
110.1%
Net Expenditures
404,088
477,805
(73,717)
118.2%
368,592
490,882
(122,290)
91,633
137,799
150.4%
404,088
118.2%
16 CORPORATE SERVICES
Revenue /Recoveries
Expenditures
(96,500)
4,366,498
(219,694)
4,267,382
123,194
99,116
227.7%
97.7%
(100,200)
4,242,740
(247,684)
4,316,652
147,484
(73,912)
(5,110)
897,001
(132,121)
918,834
2,585.5%
102.4%
(96,500)
4,366,498
227.7%
97.7%
Net Expenditures
4,269,998
4,047,688
222,310
94.8%
4,142,540
4,068,968
73,572
891,891
786,713
88.2%
4,269,998
94.8%
19 CLERK'S
Revenue /Recoveries
Expenditures
(738,600)
2,859,195
(638,056)
2,551,583
(100,544)
307,612
86.4%
89.2%
(655,400)
2,471,628
(748,226)
2,549,599
92,826
(77,971)
(136,595)
666,404
(159,907)
505,662
117.1%
75.9%
(738,600)
2,859,195
86.4%
89.2%
Net Expenditures
2,120,595
1,913,527
207,068
90.2%
1,816,228
1,801,373
14,855
529,809
345,755
65.3%
2,120,595
90.2%
21 FINANCE & UNCLASS. ADMIN
(1,567,000)
2,217,200
2,201,993
(1,819,301)
2,082,343
2,128,070
252,301
134,857
73,923
116.1%
93.9%
96.6%
(1,455,000)
2,039,706
2,029,410
(2,102,349)
6,862,031
2,071,344
647,349
(4,822,325)
(41,934)
(402,012)
352,200
493,871
(455,539)
146,500
544,022
113.3%
41.6%
110.2%
(1,567,000)
2,217,200
2,201,993
116.1%
93.9%
96.6%
Revenue /Recoveries
Unclassified Admin & Board of Trade
Expenditures
Total Expenditures
4,419,193
4,210,413
208,780
95.3%
4,069,116
8,933,375
(4,864,259)
846,071
690,522
81.6%
4,419,193
95.3%
Net Expenditures
28 EMERGENCY SERVICES - FIRE
2,852,193
2,391,112
461,081
83.8%
2,614,116
6,831,026
(4,216,910)
444,059
234,983
52.9%
2,852,193
83.8%
(49,000)
10,364,679
(302,144)
10,373,926
253,144
(9,247)
616.6%
100.1%
(38,800)
9,713,809
(92,836)
9,859,474
54,036
(145,665)
(21,822)
2,389,919
(94,691)
2,767,216
433.9%
115.8%
(49,000)
10,364,679
616.6%
100.1%
Revenue /Recoveries
Expenditures
Net Expenditures
10,315,679
10,071,782
243,897
97.6%
9,675,009
9,766,638
(91,629)
2,368,097
2,672,525
112.9%
10,315,679
97.6%
FND- 003 -14 1 of 2 Attachment "A"
THE MUNICIPALITY OF CLARINGTON
I i
ATTACHMENT "A"
SUMMARY OF OPERATING EXPENDITURES & REVENUES FOR 2013 (Preliminary)
2013
Budget YTD
2013
Actual YTD
2013 YTD
Unexpended
2013
%
2012.
Budget YTD
2012
Actual YTD
2012 YTD
Unexpended
2013 Qtr 4
YTD Budget
2013 Qtr 4
YTD
Quarter
%
2013 2013
Total Budget % ofAnnual
Budget
32 ENGINEERING SERVICES
Revenue /Recoveries
Expenditures
(1,559,050)
5,475,757
(2,846,777)
6,041,558
1,287,727
(565,801)
182.6%
110.3%
(1,359,050)
5,498,407
(2,121,909)
5,376,673
762,859
121,734
(304,197)
820,602
(1,342,175)
1,286,874
441.2%
156.8%
(1,559,050)
5,475,757
182.6%
110.3%
Net Expenditures
3,916,707
3,194,781
721,926
81.6%
4,139,357
3,254,764
884,593
516,405
(55,301)
(10.7 %)
3,916,707
81.6%
36 OPERATIONS
Revenue /Recoveries
Operating Expenditures
Fleet & Debenture Pymts
(543,665)
13,337,745
935,055
(506,841)
14,044,094
505,300
(36,824)
(706,349)
429,755
93.2%
105.3%
54.0%
(437,700)
12,728,518
832,968
(713,647)
13,308,947
1,103,991
275,947
(580,429)
(271,023)
(98,532)
3,513,301
149,875
(153,513)
4,187,375
87,105
155.8%
119.2%
58.1 %
(543,665)
13,337,745
935,055
93.2%
105.3%
54.0%
Total Expenditures
14,272,800
14,549,394
(276,594)
101.9%
13,561,486
14,412,938
(851,452)
3,663,176
4,274,480
116.7%
14,272,800
101.9%
Net Expenditures
42 COMMUNITY SERVICES
Revenue /Recoveries
Operating Expenditures
Annual Grants & Debenture Pymts
13,729,135
14,042,553
(313,418)
102.3%
13,123,786
13,699,291
(575,505)
3,564,644
4,120,967
115.6%
13,729,135
102.3%
(4,555,570) (4,599,272) 43,702 101.0%
9,471,148 9,382,454 88,694 99.1%
3,329,010 3,326,362 2,648 99.9%
(4,440,865) (4,444,604) 3,739
9,317,422 9,594,484 (277,062)
3,400,972 3,442,690 (41,718)
(1,268,459) (1,181,553) 93.1%
2,317,562 2,725,350 117.6%
293,150
(4,555,570)
9,471,148
3,329,010
101.0%
99.1
99.9%
Total Expenditures
12,800,158
12,708,816
91,342
99.3%
12,718,394
13,037,174
(318,780)
2,317,562
3,018,500
130.2%
12,800,158
99.3%
Net Expenditures
............................................... ...............................
50 PLANNING SERVICES
Revenue /Recoveries
Expenditures
8,244,588
8,109,544
135,044
98.4%
8,277,529
8,592,570
(315,041)
1,049,103
1,836,947
175.1%
8,244,588
98.4%
(467,500) (745,070) 277,570 159.49%
3,797,152. 3,842,702 (45,550) 101.2%
(432,000) (763,563) 331,563
3,747,707 4,026,565 (278,858)
(156,073) (325,121) 208.3%
715,411 837,398 117.1%
(467,500)
3,797,152
159.4%
101.2%
Net Expenditures
3,329,652
3,097,632
232,020
93.0%
3,315,707
3,263,002
52,705
559,338
512,277
91.6%
3,329,652
93.0%
BOARDS & AGENCIES
Net Board & External Agencies
3,749,490
4,118,627
(369,137)
109.8%
3,614,005
3,696,881
(82,876)
2,749
2,892
105.2%
3,749,490
109.8%
TOTAL OPERATING:
(16,452,576)
61,740,331
(24,819,218)
68,337,323
8,366,642
6,596,992
(16,598,892)
64,316,688
116.11.
100.8%
(16,598,892) (19,268,527) 2,669,635 11 6.1 %
64,316,688 64,848,221 531,533 100.8%
(4,428,248 96.5%
14,834,828 115.9%
Revenue /Recoveries
(4,590,619
Expenditures
12,804,700
Net Operating Expenditures
47,717,796
45,579,694
2,138,102
95.5%
45,287,755
43,518,105
1,769,650
8,214,081
10,406,580
126.7%
47,717,796 -
95.5%
FND- 003 -14 2 of 2 Attachment "A"
ATTACHMENT "B"
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Fourth Quarter of the Year 2013
Sep 30,2013 DECEMBER DECEMBER
BEG. BALANCE INTEREST TAXES PAYMENTS/ 2013 2012
RECEIVABLE ADDED BILLED BALANCE ADJUST.-
PREPAID TAXES Note 1 3,727,090 3,305,389
CURRENT YEAR
TAXES 14,785,819 2,587,421 17,373,240 (11,386,597) 5,986,643 6,394,895
PENALTY AND INTEREST 183,086 315,159 498,246 257,957 240,289 265,801
FIRST PRIOR YEAR
TAXES 2,434,052 439,756 2,873,809 (1,081,696) 1,792,113 2,668,341
PENALTY AND INTEREST 202,095 79,734 281,830 131,195 150,635 245,339
SECOND PRIOR YEAR
TAXES 590,434 53,376 643,810 (366,044) 277,766 604,075
PENALTY AND INTEREST 73,688 18,546 92,234 44,869 47,365 115,853
THIRD&PRIOR YEARS
TAXES 127,746 - 127,746 (16,194) 111,552 508,302
PENALTY AND INTEREST 57,595 4,433 62,028 4,197 57,830 145,865
TOTAL 18,454,516 1 417,872 1 3,080,554 21,952,942 13,288,750 4,937,103 7,643,082
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 31,2013
ORIGINAL
ISSUER OF TYPE OF PURCHASE COST OF INTEREST MATURITY MATURITY
INVESTMENT INVESTMENT DATE INVESTMENT I RATE DATE AMOUNT
GENERALFUND
TOTAL GENERAL FUND
CAPITAL FUND
TOTAL CAPITAL FUND
NON DEV.CHARGE MONIES(including STATEGIC CAPITAL)
TD GIC 21-Jan-08 35,497.64 8.00% 21-Jan-14 38,337.45
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 2.65% 17-Mar-14 1,808,875.64 (B)
Laurentian GIC 02-May-12 1,000,000.00 2.15% 02-May-14 1,043,462.25
BNS GIC 17-Aug-09 1,600,000.00 3.20% 17-Aug-14 9,893,626.00 (B)
BMO GIC 12-Sep-11 983,080.00 1.80% 12-Sep-14 1,037,127.61
Manulife Bank IGIC 20-Sep-11 742,599.00 2.05% 22-Sep-14 789,211.47
Prov Ontario STRIP 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 (A)
BNS IGIC 01-Jun-12 1,500,632.00 1 2.35% 01-Jun-15 1 1,608,632.21 (B)
BMO 26-Sep-1 624,188.00 2.00% 28-Sep-15 675641.17
IC 1.90 15-Oct-15 .02 BMO 15-Oct-13 598,890.00 ,
RBC GIC 07-Dec-11 1,922,733.00 2.35% 07-Dec-15 I 2,109,941.00
RBC GIC 07-Dec-11 1,976,951.00 2.35% 07-Dec-15 2,169,438.00
BMO Icoupons 15-Mar-12 176,636.37 2.54% 28-Mar-16 195,351.00
ING GIC 02-May-13 1,001,980.00 1.90% 02-May-16 1,060,184.88
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
RBC GIC 01-May-13 1,000,000.00 2.10% 01-May-17 1,086,683.24
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 IGIC 21-Dec-12 1,121,354.00 2.40% 21-Dec-17 1,262,352.30
National Bank GIC 08-Jan-13 1,900,503.00 2.40% 08-Jan-18 2,139,776.15
National Bank GIC 12-Feb-13 1,927,464.00 2.45% 12-Feb-18 2,175,434.89
National Bank GIC 04-Mar-13 741,320.00 2.45% 05-Mar-18 836,748.00
ING GIC 25-Mar-13 1,254,427.00 2.40% 26-Mar-18 1,412,449.93
HSBC GIC 13-May-13 321,079.00 2.25% 14-May-18 358,862.84
BNS GIC 03-Jun-13 1,499,069.00 2.30% 03-Jun-18 1,679,576.51
RBC GIC 30-Jul-13 2,341,277.00 2.60% 30-Jul-18 2,661,886.92
BMO IGIC 30-Sep-13 1,174,214.00 1 2.90% 01-Oct-18 1 1,354,748.00
RBC coupons 27-Jun-13 248,068.78 2.59% 03-Dec-18 285,071.00
Prov BC Bond 11-Dec-13 2,369,685.75 2.70% 18-Dec-22 2,425,000.00 (C)
NON D/C Total: 46,198,988.42 51,281,521.45
DEV.CHARGE FUNDS
ONE FUND lBond 1 08-Aug-00 3,634,513.93 3,634,513.93 (D)
ONE FUND Equity 31-Jan-07 500,000.00 500,000.00 (D)
BNS IGIC 20-Dec-13 1,062,541.00 2.03% 20-Dec-16 1,128,572.22
National Bank GIC 20-Dec-13 1,300,000.00 2.75% 20-Dec-18 1,488,855.35
Prov Ontario Bond 19-Dec-13 2,403,350.00 2.85% 02-Jun-23 2,500,000.00 (C)
DC Total: 8,900,404.93 9,251,941.50
TOTAL INVESTMENTS $ 55,099,393.35 $ 60,533,462.95
Note that interest is annual compounding with the exception of the following:
(A) GIC Interest is paid semi-annually
(B) GIC Interest is paid annually
(C) Bond interest is paid semi-annually
(D) Pooled Investment Fund
This GIC was transferred from Hampton Union Cemetery when the Muncipality took over
the operation and maintenance of this cemetery. It was a 5 year step-up GIC
originally purchased in 2008 by the Hampton Union Cemetery. The fifth year interest
rate was 8%. $35,497.64 is the value of the term as of January 21,2013.
ATTACHMENT"D"
Debenture Repayment Schedule
As of January 1,2014
Year South Courtice Indoor Soccer/ RRC Green Road Newcastle Newcastle Total
Arena Lacrosse CCD Space Grade Separation Library Aquatic
2014 1,081,988.50 251,407.50 107,074.68 640,000.00 103,480.98 1,783,101.25 3,967,052.91
2015 1,083,940.50 205,900.00 107,074.68 640,000.00 103,677.48 1,784,674.00 3,925,266.66
2016 1,083,562.50 205,900.00 107,074.68 640,000.00 103,575.48 1,785,231.50 3,925,344.16
2017 1,080,782.50 205,900.00 107,074.68 640,000.00 104,194.48 1,785,285.25 3,923,236.91
2018 205,900.00 107,074.68 640,000.00 556,507.98 1,784,635.50 3,294,118.16
2019 205,900.00 107,074.68 640,000.00 1,784,054.75 2,737,029.43
2020 205,900.00 107,074.68 640,000.00 1,629,375.00 2,582,349.68
2021 205,900.00 53,537.34 640,000.00 1,071,000.00 1,970,437.34
2022 205,900.00 640,000.00 1,023,750.00
2023+ 205,900.00 3,840,000.00
4,330,274.00 2,104,507.50 803,060.10 9,600,000.00 971,436.40 14,431,107.25 32,240,385.25
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 6,400,000.00 800,000.00 12,002,000.00 25,687,677.76
Interest Rates 1.55%to 2.30% 4.0% 5.12% 3.5% 3.9%to 5.2% 4.3%to 4.75%
NOTE: 2014 changed to accrual basis for interest. Total budget is$3,967,052.91+225,818.39-297,496.08=$3,895,375.22
NOTE: 2014 and 2018 each require renewal of debentures for a further 5 year period unless funding is available from other sources.
Partial funding at those times would reduce debenture burden for following 5 year period.
Attachment "E"
MUNICIPAL DEVELOPMENT CHARGES
MONTH OF DEC
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 $ 589,684.00 38 $ 213,416.00 14
-Additions $ - 0 $ - 0
Townhouse $ 527,163.00 39 $ 358,506.00 27
Apartment $ - 0 $ - 0
Commercial $ - 1 $ - 0
Agricultural $ - 0 $ - 0
Government $ - 0 $ 0
Institutional $ - 0 $ - 0
Industrial $ 32,740.13 1 $ - 1
TOTALI $ 1,149,587.13 79 $ 571,922.00 42 101.0%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO DEC-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 $ 4,414,714.54 287 $ 6,051,868.00 400
-Additions $ - 0 $ - 0
Townhouse $ 1,620,039.00 120 $ 1,434,024.00 108
Apartment $ - 1 $ - 0
Commercial $ 230,808.28 11 $ 762,425.62 19
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 1
Industrial $ 73,582.34 3 $ 356,011.37 6
TOTALI $ 6,339,144.16 422 $ 8,604,328.99 534 -26.3%