HomeMy WebLinkAboutFND-011-15 q _
Finance Department
Report
If this information is required in an alternate accessible format, please contact the Municipal
Clerk at 905-623-3379 ext. 2102.
Report To: General Purpose and Administration Committee
Date of Meeting: May 25, 2015
Report Number: FND-011-15
File Number: Department File# By-law Number: Grv)'Ot
Report Subject: Financial Update as at March 31, 2015
Recommendations:
1. That Report FND-011-15 be received for information.
Municipality of Clarington
Report FND-011-15 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variances as of
March 31, 2015 as well as other financial indicators such as taxes receivable, reserve fund
investments, debt and development charges collected.
1 . Background
1.1 The financial update report has been designed to focus on overall budget variance
reporting.
2. First Quarter of 2015 Results
2.1 Attachment 1, Summary of Operating Expenditures and Revenues compares the
Municipality's budget to actual posted expenditures as of March 31, 2015. This
statement reflects the Municipality's operating budget only and excludes year to date
expenditures for the consolidated hall/arena boards. The statement has been
revised to include municipal taxes in the non-departmental accounts. Year to date
expenditures as of March 31, 2015 totalled $18,307,475 which represents 98.5% of
the first quarter budget. Year to date revenues totalled $42,198,018 which
represents 101% of the first quarter budget.
2.2 Attachment 1 is intended to provide an indication of the status of the Municipality's
operating accounts compared to the approved budget as at March 31, 2015. Many
departments are affected by high levels of activity during the 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 the recognition of revenue
and expenses. The budget is allocated monthly based on the prior year actual
monthly distribution. In cases where there is no prior year history, the monthly
allocation is divided equally over the 12 months. While this is the best method
available to be reflective of seasonal trends, some municipal activities have
significant 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 on target as of March 31, 2015. Monthly trial
balance reports are sent to each department for regular review. Revenues and
expenditures that have a variance either above or below budget that are noteworthy
are discussed in this report.
2.4 The Legal net expenditures are at 125.79% of the first quarter budget. However, due
to the changeable timing of legal activities over the year and this being only the first
quarter, the Legal net expenditures are on track with the budget. Professional fee
recoveries are higher than budgeted as of March 31 due to Clarington Wind and Port
Hope Area Initiative recoveries. Legal expenditures are at 26.4% of the total 2015
budget.
Municipality of Clarington
Report FND-011-15 Page 3
2.5 Corporate Services net expenditures are within the first quarter 2015 budget.
Revenues are slightly below the first quarter budget but are at 50% of the total 2015
budget. At this point it can be attributed to timing variances on advertising revenue.
Expenditures are also below the first quarter budget. Accounts of note would be
printing, design, special events as well as hardware and software maintenance
contracts. As there has been a reorganization of the Communication unit, the
previous year's timing of expenditures may be quite different to this year. The
expenditures and revenues should be smoothed out over the next quarter.
2.6 The Clerks net expenditures are at 97.29% as of March 31, 2015. Lower revenues
have been offset by lower expenditures. Some of this is attributed to the timing of
general ledger entries for the parking revenues and the associated transfer to the
reserve fund. Animal licences are below the budgeted amount. The Clerks
department is introducing an online licensing module this month with the goal of
increasing animal licencing over the year.
2.7 The Finance net expenditures are at 48.07% of the net expenditures as of March 31,
2015. This can be attributed to the timing of posting the insurance for the first half of
2015. Revenues are slightly lower than budgeted because of the reduction in the
taxes receivable from 2014 to 2015. The decrease in taxes receivable is discussed
in 2.14.
2.8 Emergency Services net expenditures are at 104.9% of the first quarter 2015 budget.
The revenues are slightly below the budget as of March 31, 2015 however this is
most likely due to timing variances from 2014 to 2015. Expenditures are above
budget due in general to salary and wage accounts. It is a challenge to extrapolate
first quarter results to the full year. These accounts should be smoothed over the
next quarter.
2.9 Engineering net expenditures are 114.4% as of March 31, 2015. This is due in large
part to the building permit revenues. The variance in the debenture payments is due
to the timing of interest accrual entries and will be on budget at year end. Overall the
revenues and operating expenditures are on target.
2.10 Operations net expenditures are at 108.38% of the first quarter 2015 budget.
Revenues are higher than the budgeted amount at 174.43% as of March 31, 2015
due to cemetery revenues and senior snow clearing revenues. Operating
expenditures are higher than budgeted in the first quarter at 120.43%. This can be
attributed to the winter maintenance costs. A significant factor is the high cost of
sand and salt. As noted Operations 2014 Winter Budget Report, the effect of the
harsh winter and the ice storm of 2014 resulted in a significant increase in winter
control costs that continued into 2015.
2.11 Community Services net expenditures are at 95.45% of the March 31, 2015 budget.
Revenues are higher than budgeted overall at 105.47% in the first quarter even with
the closure of the Clarington Fitness Facility due to renovations. The higher
Municipality of Clarington
Report FND-011-15 Page 4
expenditures for programs and facilities is offset by the increased revenues. Utility
costs continue to be over budget.
2.12 Overall Planning revenues are higher than budgeted. Combined with lower than
budgeted expenditures, the Planning net expenditures are favourable at 96.4°/x.
2.13 Attachment 2, Continuity of Taxes Receivable as of March 31, 2015 provides the
status of the taxes billed and collected by the Municipality during the first quarter of
2015. A total of$37,785,430 in interim tax bills were issued to property owners in the
Municipality during this period. As of March 31, 2015, a total of$1,920,194 shows as
a credit on the taxes receivable compared the same period in the prior year of a
credit of$416,419. Note that the current year taxes are also in a prepaid position as
it includes the taxes prepaid for the April 2015 instalment. The net balance of
($1,920,194) is in a greater prepaid position than the same period in 2014. This is
due in large part to the increasing participation in the preauthorized payment
program both residential and non-residential.
2.14 Attachment 3, Investments Outstanding as of March 31, 2015 provides the status of
the Municipality's general, capital, and reserve fund investment holdings at the end of
first quarter of 2015. The Municipality at March 31, 2015 holds $0 in general fund
investments, $0 in capital fund investments, $9,062,961 in Development Charge
reserve fund investments and $45,816,510 in reserve fund investments. 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 of the Ontario Municipal
Act, Ontario Regulation 438/97 and the Municipality's investment policy. Currently,
the general fund investments are held in the Municipality's general bank account as
the interest rate on the account continues to be 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 current cash flow needs are reviewed
on a regular basis.
2.15 Attachment 4, Debenture Repayment Schedule provides the status of the
Municipality's long term debt obligations as of January 1, 2015. The Municipality has
$22,995,326 in outstanding debt as of January 1, 2015 and debt repayment
obligations of $3,765,509.96 as reflected in the 2015 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.
2.16 Attachment 5, Municipal Development Charges as of March 31, 2015 provides the
total Municipal Development charges collected of $1,657,244.92. In the recent 2015
Development Charges Background Study, it is forecasted that the Municipality would
be collecting approximately 597 residential units in total for 2015 or about 50 units
per month. For 2015 budget considerations, the figure of 550 units was used for the
year. At the end of March 2015, there were 105 units.
Municipality of Clarington
Report FND-011-15 Page 5
2.17 Analysing the number of units issued in the first quarter of 2015, there was a
decrease of 50.9% compared to the same period in 2014. Comparing the total
dollars collected in the first quarter of 2015 to the same period in 2014, there was a
decrease of 56.4% in municipal development charges collected. As noted in the
Building Permit Activity Report EGD-007-15, comparisons made to 2014 can be
misleading due to the exceptional activity in 2014, in particular the first quarter of
2014.
3. Concurrence
Not Applicable
4. Conclusion
It is respectfully recommended that the first quarter of 2015 financial update report
be received for information.
5. Strategic Plan Application
The recommendations contained in this report conform to the Strategic Plan.
gyp`';,
Submitted by: s % �� � Reviewed by.
Nancy Taylor, A, CPA, CA Franklin Wu,
Director of Finance/Treasurer Chief Administrative Officer
Staff Contact: Nancy Taylor, Director of Finance/Treasurer, 905-623-3379 ext. 2602 or
ntaylor @clarington.net
Attachments:
Attachment 1 — Summary of Operating Revenues and Expenditures
Attachment 2 — Continuity of Taxes Receivable
Attachment 3 — Investments Outstanding
Attachment 4 — Debenture Repayment Schedule
Attachment 5 — Municipal Development Charges
There are no interested parties to be notified of Council's decision.
NT/CC/hjl
THE MUNICIPALITY OF CLARINGTON ATTACHMENT 1
Summary of Operating Expenditures and Revenues for the Three Months Ending March 31,2015 to Report FND-011-15
2015 Qtr 1 2015 Qtr 1 2015 Qtr 1 2015 Qtr 1 2014 Qtr 1 2014 Qtr 1 2014 Qtr 1 2015 2015
Budget YTD Actual YTD Unexpended($) %Expended Budget YTD Actual YTD Unexpended$ Total Budget
Annual Budget
O5 NON-DEPT'L ACCTS
Municipal&BIA Taxation (38,526,419
-(_3 8_,.8 91,449) _
365,030 100.95% (37>002,897) (37,302,786) 299,889 (81,250,781), 47.87%
Other Revenues&Contributions (548,979) (526,591) (22,388) 95.92% (57,00 310,
7) 183( ) 253,176 (7,712,694) 6.83
Revenue/Recoveries/Taxation (39,075,398). (39,418,040) 342,642 100.88% (37,059,904) {37,612,969 553,065 %
_ ) (88,963,475): 44.31/
Expenditures 194,230 194,230 0 100.00% 190,000 190,000 0 195,100 99.55%
Net Expenditures (38,881,168)' (39,223,810) 342,642 100.88% (36,869,904
(37>422,969) 553,065 (88,768,375) 44.19%
10 MAYOR&COUNCIL
Net Expenditures 229,423 232,358 (2,935) 101.28% 245,351 213,654 31,697 903,733 25.71%
13 ADMINISTRATOR'S OFFICE
Net Expenditures 192,388 186,444 5,944 96.91% 169,712 156,937 12,775 662,294 28.15%
14 LEGAL ADMIN
Revenue/Recoveries (17,246) (34,163) 16,917 198.09% (7,668) (6,362) (1,306) (105,000) 32.54%
Expenditures 87,095 122,028 (34,933) 140.11% 109,090 99,598 9,492 462,08'
62,087 26.41%
Net Expenditures 69,849 87,865 (18,016) 125.79% 101,422 93,236 8,186 357,087 24.61%
RP RATE SERVICES
Revenue/Recoveries .._
(60,175) (50,254) (9,921) 83.51% (52,606) (55,289} 2,683 (100,500) 0.00/
Expenditures 1,066,790 978,054 88,736 91.68% 1,165,408 1,040,530 124,878 4,718,536 20.73%
Net Expenditures 1,006,615 927,800 78,815 92.17% 1,112,802 985,241 127,561 4,618,036 20.09°%
19 CLERK'S
Revenue/Recoveries 116,365
( ) (87,482) (28,883) 75.18
(157,890) (116,997) (40,893) (629,300) 13.90%
Expenditures 622,824 580,216 42,608 93.16% 767,741 663,666 104,075 2,914,872 19.91°%
Net Expenditures 506,459 : 492,734 13,725 97.29% 609,851 $46,669 63,182 2,285,572 21.56%
21 FINANCE&UNCLASS.ADMIN
Revenue/Recoveries (346,080) (333,431) (12,649) 96.35% (386,363) (372,709) (13,654) (1,564,000) 21.32%
Unclassified Admin&Board of Trade 855,153 291,062 564,091 34.04% 826,556 721,199 105,357 2,406,973 12.09%
Operating Expenditures 547,525 550,269 (2,744) 100.50% 613,771 566;288 47,483 2,324,331 23.67%
Expenditures 1,402,678 841,331 561,347 59.98% 1,440,327 1,287,487 152,840 4,731,304 17.78°%
Net Expenditures 1,056,598 507,900 548,698 48.07% 1,053,964 914,778 139,186 3,167,304 16.04%
28 EMERGENCY SERVICES-FIRE
Revenue/Recoveries (20,708) (12,743) (7,965). 61.54°% (4,337) (141,521) 137,184 (49,000) 26.01%
Expenditures 2,526,536 . 2,637,709 (111,173) 104.40% 2,586,533 2,481,289 105,244 11,506,881 22.92%
Net Expenditures 2,505,828 2,624,966 (119,138) 104.75% 2,582,196 2,339,768 242,428 11,457,881 22.91%
THE MUNICIPALITY OF CLARINGTON ATTACHMENT 1
Summary of Operating Expenditures and Revenues for the Three Months Ending March 31,2015 to Report FND-011-15;
2015 Qtr 1 2015 Qtr 1 2015 Qtr 1 2015 Qtr 1 2014 Qtr 1 2014 Qtr 1 2014 Qtr 1 2015 2015
Budget YTD Actual YTD Unexpended($) %Expended Budget YTD Actual YTD Unexpended$ Total Budget %
Annual Budget
32 ENGINEERING SERVICES
Revenue/Recoveries (322,047) (313,260) (8,787). 97.27% (236,131) (487,568) 251,437 (1,359,500) 23.04%
Debenture Payment 341,000 433,608 (92,608) 127.16% 0 0 0 522,189 83.04%
Operating Expenditures 783,587 : 797,877 (14,290) 101.82% 894,907 813,810 81,097 6,284,391 12.70%
Expenditures 1,124,587 1,231,485 (106,898) 109.51% 894,907 813,810 81,097 6,806,580 18.09%
Net Expenditures 802,540 918,225 (115,685), 114.41% 658,776 326,242 332,534 5,447,080 . 16.86%
36 OPERATIONS
Revenue/Recoveries (31,102): (54,251) 23,149 174.43%
(49,697) (36,168) (13,529) (606,100) 8.95%
Operating Expenditures 3,010,891 3,626,006 (615,115) 120.43% 2,707,214 3,978,759 (1,271,545) 14,888,669 24.35%
Fleet&Debenture Payments 344,148 30,683 313,465 8.92% 349,357 27,799 321,558 1,163,820 2.64%
Expenditures 3,355,039 3,656,689 (301,650) 108.99% 3,056,571 4,006,558 (949,987) 16,052,489 22.78%
Net Expenditures 3,323,937 3,602,438 (278,501) 108.38% 3,006,874 3,970,390 (963,516) 15,446,389 23.32%
42 COMMUNITY SERVICES
Revenue/Recoveries (1,685,676): (1,777,894) 92,218 105.47% (1,577,730) (1,690,825) 113,095 (4,574,215) 38.87%
Operating Expenditures 2,097,014 2,235,506 (138,492) 106.60% 2,336,484 2,047,409 289,075 10,239,421 21.83%
Annual Grants&Debenture Payments 3,105,368 2,899,209 206,159 93.36% 3,212,157 3,014,132 198,025 3,205,368 90.45%
Expenditures 5,202,382 : 5,134,715 67,667 98.70% 5,548,641 5,061,541 487,100 13,444,789 38.19%
Net Expenditures 3,516,706 3,356,821 159,885 95.45% 3,970,911 3,370,716 600,195 8,870,574 37.84%
50 PLANNING SERVICES
Revenue/Recoveries (104,637) (116,500) 11,863 111.34% (76,668) (101,389) 24,721 (405,000) 28.77°
Expenditures 727,624 717,078 10,546 98.55% 856,589 786,244 70,345 3,980,012 18.02°
Net Expenditures 622,987 600,578 22,409 96.40% 779,921 684,855 95,066 3,575,012 16.80%
BOARDS&AGENCIES
Net Expenditures 1,849,595 1,795,138 54,457 9,705.57% 1,795,175 1,830,652 (35,477) 3,970,258 4,521.46%
TOTAL OPERATING:
Revenue/Recoveries (41,779,434) (42,198,018) 418,584 101.0% (39,608,994) (40,621,797) 1,012,803 (98,356,090) 42.9%
Expenditures 18,581,191 18,307,475 273,716 98.5% 18,826,045 18,631,966 194,079 1 70,348,935 26.0%
Net Operating Expenditures (23,198,243) (23,890,543) 692,300 103.0% (20,782,949) (21,989,831) 1,206,882 1 (28,007,155) 85.3%
i
Municipality of Clarington Attachment 2 to
Report FND-011-15
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the First Quarter of the Year 2015
I
December 31,2014 MARCH MARCH
BEGINNING BAL. INTEREST TAXES PAYMENTS/ 2015 2014
RECEIVABLE ADDED BILLED BALANCE ADJUST.-
CURRENT YEAR
i
TAXES 5,573,367 37,785,430 43,358,797 (50,601,866) (7,243,069) (6,432,406)
PENALTY AND INTEREST 215,088 48,778 263,866 241,592 22,274 23,872
FIRST PRIOR YEAR
TAXES 1,576,078 - 1,576,078 2,062,440 3,638,518 4,176,256
PENALTY AND INTEREST 130,233 179,895 310,128 117,565 192,564 250,412
SECOND PRIOR YEAR
TAXES 263,841 263,841 773,338 1,037,179 1,188,419
PENALTY AND INTEREST 45,821 52,600 98,421 3,475 94,946 124,130
THIRD&PRIOR YEARS
TAXES 111,249 111,249 120,556 231,805 180,518
PENALTY AND INTEREST 73,777 11,666 85,443 20,145 105,587 72,379
SUB-TOTAL 7,989,455 292 939 37,785,430 46,067,824 , (47,988,018), (1 920 194 416 419
PREPAID TAXES 4,558,569
TOTAL 3,430,886 292 939 37,785,430 46 067,824 47 988018 1 920 194 (416,419)
Includes refunds,write-offs,357's,etc.
NOTE 1: 2015 Interim Instalment months: February and April.
I
Attachment 3 to
Municipality of Clarington Report FND-011-15
INVESTMENTS OUTSTANDING
As at March 31,2015
ORIGINAL
ISSUER OF TYPE OF RATING PURCHASE COST OF INTEREST MATURITY MATURITY
INVESTMENT INVESTMENT DATE I INVESTMENT RATE DATE AMOUNT
GENERALFUND
GENERAL FUND Total:
CAPITAL FUND
CAPITAL FUND Total:
NON DEV.CHARGE MONIES(including STATEGIC CAPITAL)
BNS G107 H 01-Jun-12 j 1,500,632.00 2.35% 01-Jun-15 1,608,632.21 (B)
BMO GIC H 26-Sep-11 624,188.00 2.00% 28-Sep-15 675,641.17
BMO GIC H 15-Oct-13 .598,890.00 1.90% 15-Oct-15 621,864.02
RBC GIC H Dec 11 1,922,733.00 2.35% 07-Dec-15 2,109,941.00
jRBC GIC H 07-Dec-11 1,976,951.00 2.35% 07-Dec-15 2,169,438.00
BMO coupons H 15-Mar-121 176,636.37 2.54% 28-Mar-16 195,351.00
Tangerine(b/b BNS) GIC H 02-May-13 1,001,980.00 1.90% 02-May-16 1,060,184.88
Manulife Bank GIC HM 20-Sep-11 2,000,000.00 2.60% 20-Sep-16 2,273,876.11
BMO coupons L 15-Mar-12 213,067.68 2.61% 28-Sep-16 239,375.00
Tangerine(b/b BNS) GIC H 01-Oct-12 1,819,048.00 2.35% 03-Oct-16 1,996,160.91
Manulife Bank GIC HM 02-D_ec-11 2,000,000.00 2.71% 02-Dec-16 2,286,091.67
Manulife Bank GIC HM 19-Mar-12 1,693,000.00 2.88% 19-Mar-17 1,951,224.70
BMO coupons H 15-Mar-12 ! 159,396.18 2.869% 28-Mar-17 183,615.00
RBC GIC H 01-May-13 1,000,000.00 2.10%1 01-May-17 1,086,683.24
BMO coupons L 15-Mar-12 196,287.25 2.92% 28-Sep-17 230,141.00
CWB GIC HM 01-Oct-12 3,500,000.00 2.55% 01-Oct-17 3,969,596.54
BNS GIG H 30-Oct-12 1,884,365.00 2.50% 30-Oct-17 2,131,986.04
iHSBC GIC H 21-Dec-12 1,121,354.00 2.40% 21-Dec-17 1,262,352.30
National Bank GIG M 08-Jan-13 1,900,503.00 2.409/. 08-Jan-18 2,139,776.15
National Bank GIC M I 12-Feb-13 1,927,464.00 2.45% 12-Feb-18 2,175,434.89
National Bank GIC M 04-Mar-13 741,3 20.00 2.45% 05-Mar-18 836,748.00
CWB GIG HM 17-Mar-14 672,368.00 2.30% 19-Mar-18 736,392.86
Tangerine(b/b BNS) GIG H 25-Mar-13 1,254,427.00 2.40% 26-Mar-18 1,412,449.93
HSBC GIC H 13-May-13 321,079.00 2.25% 14-May-18 358,862.84
BNS GIG H 03-Jun-13 1,499,069.00 2.309/o 03-Jun-18 1,679,576.51
RBC GIC H 30-Jul-13 2,341,277.00 2.60% 30-Jul-18 2,661,886.92
BMO GIC H 30-Sep-13 1,174,214.00 2.900% 01-Oct-18 1,354,748.00
Prov NB coupons H 27-Jun-13 248,068.78 2.59% 03-Dec-18 285,071.00
RBC GIC H 11-Mar-14 1,084,844.00 2.50% 11-Mar-19 1,227,401.41
RBC IGIC H 17-Mar-14 1,000,000.00 2.50% 18-Mar-19 1,131,408.21
Tangerine(b/b BNS) IGIC H 02-May-14 1,000,000.00 2.60% 02-May-19 1,139,019.14
BMO GIG H 17-Aug-14 830,000.00 2.41% 19-Aug-191 935,015.04
BNS GIC H 12-Sep-14 1,037,127.00 2.46% 12-Sep-19 1,171,126.20
Manulife Bank GIC HM 21Sep-14 789,343.56 2.501/o 22-Sep-19 893,069.79
Tangerine(b/b BNS) GIC H 02-Dec-14 1,191,382.00 2.56% 02-Dec-19 1,351,889.19
Tangerine(b/b BNS) GIC H 18-Dec-14 1,045,809.00 2.56% 18-Dec-19 1,186,704.08
Prov BC Bond H j 11-Dec-13 2,369,685.75 2.70%I 18-Dec-22 2,425,000.00 (C)
NON D/C Total: 1 45,816,509.57 51,153,734.95
DEV.CHARGE FUNDS
ONE FUND Bond NR 08-Aug-00 3,761,445.19 n/a 3,761,445.19 (D)
ONE FUND Equity NR 31-Jan-07 500,000.00 n/a 500,000.00 (D)
RBC GIC H 02-Dec-14 35,625.00 1.25% 01-Jun-15 35,845.83
BNS GIC H 20-Dec-13 1,062,541.00 2.03%1 1,128,572.22
National Bank GIC HM 20-Dec-13 1,300,000.00 2.75% 20-Dec-18 1,488,855.35
Prov Ontario Bond H 19-Dec-13 2,403,350.00 2.85 1/( 02-Jun-23 2,500,000.00 (C)
i
DC Total: 1 9,062,961.19 1 9,41417i&59
TOTAL INVESTMENTS 54,879,470.76 60,568,453.54
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
Attachment 4 of
Muncipality of Clarington Report FND-011-15
Debenture Repayment Schedule as of January 1,2015
i
Year South Courtice Indoor Soccer/ RRC Green Road Newcastle Newcastle Total
Arena Lacrosse CCD Space Grade Separation Library Aquatic
2015 1,083,940.50 161,930.50 107,074.68 524,212.80 103,677.48 1,784,674.00 3,765,509.96
2016 1,083,562.50 163,394.50 107,074.68 531,120.80 103,575.48 1,785,231.50 3,773,959.46
2017 1,080,782.50 164,626.00 107,074.68 537,368.80 104,194.48 1,785,285.25 3,779,331.71
2018 165,415.00 107,074.68 542,379.30 556,507.98 1,784,635.50 3,156,012.46
2019 166,743.50 107,074.68 546,086.30 1,784,054.75 2,603,959.23
2020 166,571.00 107,074.68 549,423.80 1,629,375.00 2,452,444.48
2021 165,899.00 53,537.34 552,300.30 1,071,000.00 1,842,736.64
2022 165,783.00 552,820.30 1,023,750.00 1,742,353.30
2023 165,253.00 553,160.30 718,413.30
2024+ 163,293.00 3,290,956.80 3,454,249.80
3,248,285.50 1,648,908.50 695,985.42 8,179,829.50 867,955.42 12,648,006.00 27,288,970.34
Principal
at Jan 1/2015 3,117,000.00 1,426,000.00 585,726.46 6,388,600.00 737,000.00 10,741,000.00 22,995,326.46
Principal
at Jan 1/2016 2,096,000.00 1,298,000.00 507,654.27 6,047,600.00 671,000.00 9,421,000.00 20,041,254.27
Interest 1.80%to 2.25% 1.2%to 3.35% 5.12% 1.2%to 3.8% 4.7%to 5.2% 4.45%to 4.75%
Rates
NOTE: 2014 changed to accrual basis for interest. Total 2015 budget is$3,730,892.21 -298,562.58+333,180.33=$3,765,509.96
NOTE: 2018 requires renewal of debenture for a further 5 year period unless funding is available from other sources.
Partial funding at those times would reduce debenture burden for the following 5 year period.
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Municipality of Clarington Attachment 5 to
Report FND-011-15
MUNICIPAL DEVELOPMENT CHARGES
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MONTH OF MARCH
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2015 2014
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE
UNIT TYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS 2015 to 2014
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Single/Semi- Detached
-New construction $ 404,905.00 22 $ 933,900.00 60
-Additions $ 172.10 1 $ - 0
Townhouse $ - 0 $ 40,674.00 3
Apartment $ - 0 $ - 0
Commercial $ - 0 $ - 0
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 0
Industrial $ - 0 $ - 0
TOTAL $ 405,077.10 1 23 $ 974,574.00 63 -58.4%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO MARCH -YEAR TO DATE
2015 2014
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE
UNIT TYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS 2015 to 2014
Single/Semi- Detached
-New construction $ 1,499,814.00 92 $ 2,923,682.00 189
-Additions $ 172.10 1 $ 2,928.64 2
Townhouse $ 149,138.00 11 $ 284,226.00 21
Apartment $ - 0 $ - 0
Commercial $ 8,120.82 1 $ - 0
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 0
Industrial $ - 0 $ 591,693.93 2
TOTAL $ 1,657,244.92 105 $ 3,802,530.57 214 -56.4%
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