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Home My WebLink AboutFND-016-15 juf k V1 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 Government Committee Date of Meeting: November 9t", 2015 Report Number: FND-016-15 Resolution: C � File Number: By-law Number: Report Subject: Financial Update as at September 30, 2015 Recommendations: 1. That Report FND-016-15 be received for information. Municipality of Clarington Report FND-016-15 Page 2 Report Overview The purpose of this report is to update Council on the overall budget variances as of September 30, 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. Third 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 September 30, 2015. This statement reflects the Municipality's operating budget only and excludes year to date expenditures for the consolidated hall/arena boards. Year to date expenditures as of September 30, 2015 totalled $55,609,973 which represents 102.1% of the third quarter budget. Year to date revenues totalled $70,428,040 which represents 107.7% of the third 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 September 30, 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 September 30, 2015. Revenues exceed the expenditures. The positive net position is higher than budgeted at 135.93%. 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 non-departmental revenues and recoveries are higher than the third quarter budget. This is due to the timing of the transfers from the reserve funds which can vary from year to year as well as transfers from reserve funds relating to previous commitments. As the expenditures are made within department budgets for these previous commitments, the offsetting transfer is posted to the non-departmental accounts. Municipality of Clarington Report FND-016-15 Page 3 2.5 The CAO's office net expenditures are on target at 95.89% as of September 30, 2015. The Port Granby expenditures and recovery of these expenditures is now monitored by the Corporate Initiatives Officer. Both the higher revenue and expenditures can be attributed to Port Granby. There is often a timing difference between expenditures and the issuing of the invoices for recovery of expenditures. 2.6 The Legal net expenditures are at 90.11% as of the third quarter budget. This can be attributed to higher than budgeted professional fee recoveries from Clarington Wind and Port Granby recoveries. Legal expenditures are at 107.17% as of September 30, 2015 but are only at 67.56% of the total 2015 budget. Due to the changeable timing of legal activities over the year, it is better to compare the total budget expenditures rather than quarter to quarter. 2.7 The Clerks department net expenditures are at 96.88% as of September 30, 2015. The higher revenues and expenditures can be attributed to higher parking fine revenues. In late May 2015, parking fines were increased. The associated transfer to the Parking Reserve fund of parking revenues explains the increase in the expenditures. Also, sidewalk snow clearing fines are now reported as a revenue and a recoverable expense thereby increasing both revenue and expenditures. This has offset the lower animal licencing fees. In May 2015, the Clerks department introduced an online animal licencing system. It is expected to increase animal licencing revenues over the year. Wildlife damage claims which can be difficult to predict have increased in comparison to the same period in the previous year. 2.8 Emergency Services net expenditures are at 104% of the third quarter 2015 budget. The revenues are slightly higher than the budget due to MTO emergency calls which are unbudgeted revenues. Expenditures are above budget due to salary and wage accounts. Other factors are higher electricity costs and the matching transfer of MTO emergency calls to the reserve fund. There is also a transfer to the capital fund from a trade-in value of a fire truck. 2.9 Engineering net expenditures are 82.7% as of September 30, 2015. This is due in large part to the building permit revenues of$1,655,077 as of the third quarter compared to the total 2015 budgeted amount of$1,300,000. Due to the increased building activity, inspections fees and the associated transfer to the reserve funds has increased. The variance in the debenture payments is due to interest accrual entries which will be posted at year-end. Overall the operating expenditures are on target. 2.10 Operations net expenditures are at 104.78% as of September 30, 2015. Revenues are higher than the budgeted amount at 146.18% at the end of the third quarter due to due to cemetery revenues, sports field rentals and senior snow clearing revenues. Also due to the severity of the 2014/2015 winter, there are increased revenues from the snow clearing and spring clean-up of unassumed developments. The operating expenditures are higher than budgeted at 111.35%. This is due to factors noted in earlier reports. The most significant is the winter maintenance costs. Also the Municipality of Clarington Report FND-016-15 Page 4 impact of the 2014 ice storm and harsh winter increase had an impact on other operating expenditures. As noted in the second quarter financial update, there was a write off of waste royalties. Other significant expenditure increases are the electricity cost for street lighting and Ontario One Call locate costs. The variance in the fleet and debenture payments is due to closing and interest accrual entries which will be posted at year-end. 2.11 Boards and agencies are on budget. The slight increase is due to a capital budget transfer to the library approved in prior years. This is offset by a non-departmental revenue transfer from reserve fund from a previous commitment. Also, the original grant of $55,000 to the COAA is not released due to their revised 2015 budget. This is discussed in report LGL-009-15. 2.12 Attachment 2, Continuity of Taxes Receivable for the nine months ending September 30, 2015 provides the status of the taxes billed and collected by the Municipality during this time period. A total of $47,568,934 in final tax bills and $738,462 in supplementary tax bills were issued to property owners in the Municipality during the third quarter. At the end of September 2015, a total of$19,046,152 remains unpaid compared to September 2014 taxes receivable of$18,273,894. The net balance is $772,258 higher or 4.23% higher than the prior year at this time. The ongoing collection efforts continue to hold the line on the balance of taxes outstanding. 2.13 Attachment 3, Investments Outstanding as of September 30, 2015 provides the status of the Municipality's general, capital, and reserve fund investment holdings at the end of third quarter of 2015. The Municipality at September 30, 2015 holds $0 in general fund investments, $0 in capital fund investments, $9,147,743.98 in Development Charge reserve fund investments and $46,142,559.57 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 continuing low interest environment. The short term interest rates and current cash flow needs are reviewed on a regular basis. Clarington investments are very conservative in nature and only high quality investments are chosen as per the policy. Due to the changing economy in western Canada, investments in Canadian Western Bank (CWB) were sold in August. This action will reduce the exposure of the Alberta economy currently weakening from the changes in the oil and gas industry. 2.14 Attachment 4, Debenture Repayment Schedule provides the status of the Municipality's long term debt obligations as of January 1, 2016. The Municipality will have approximately $21,071,254.27 in outstanding debt as of January 1, 2016. The debenture for the Courtice Library has yet to be issued by the Region but will done by the end of 2015. The Region debentures are issued based on the needs of the Municipality of Clarington Report FND-016-15 Page 5 Region and all the lower tiers, therefore the timing can be delayed due to others needs. For 2015, the debt repayment obligations of$3,765,509.96 have been included in the 2015 budget. The estimated debt repayment obligations for 2016 are $3,835,430.44. 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. 2.15 Attachment 5, Municipal Development Charges as of September 30, 2015 provides the Municipal Development charges collected separated into residential and non- residential. As of September 30, 2015, Residential Municipal Development Charges collected are $8,910.45.13. 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 September 2015, there were 713 units. However, approximately a third of these units were for apartment units of which the development charges are less than those charges for single or semi house units. Compared to the same period the previous year there was 15.7% increase in development charges collected and a 41.2% increase in the number of units. 2.16 As of September 30, 2015, Non-Residential Municipal Development Charges collected are $339,595.98. Compared to the same period the previous year there was 50.5% decrease in development charges collected and a 100% increase in the number of units. Non-residential development charges are based on the area in square metres rather than per unit cost so it can be expected to have significant variances from one year to another. In the 2015 Development Charges By-law 2015- 035, there are a number of incentives to encourage development in Clarington. In July 2015, there was as credit of$110,671.30 given to a development at 222 King Street East in Bowmanville under the medical exemption incentive. 3. Concurrence Not Applicable 4. Conclusion It is respectfully recommended that the third quarter of 2015 financial update report be received for information. 5. Strategic Plan Application The recommendations contained in this report conform to the Strategic Plan. Municipality of Clarington Report FND-016-15 Page 6 r' Submitted by: "� Reviewed by: Na' cy a to ,'B C A, CA Franklin Wu, Director of Finance/Treasurer Chief Administrative Officer Staff Contact: Nancy Taylor, Director of Finance/Treasurer, 905-623-3379 ext. 2602 or ntaylor @clarington.net Attachments: Attachment 1 — Summary of Operating Revenues and Expenditures Attachment 2 — Continuity of Taxes Receivable Attachment 3 — Investments Outstanding Attachment 4 — Debenture Repayment Schedule Attachment 5 — Municipal Development Charges There are no interested parties to be notified of Council's decision. NT/CC/hjl THE MUNICIPALITY OF CLARINGTON ---- ATTACHMENT 1 SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE NINE MONTHS ENDING SEPTEMBER 30,2015 to Report FND-016-15 2015 2015 2015 YTD 1 2015 YTD 2014 2014 2014 YTD 1 11 2015 Qtr 2 " 2015 Qtr 2 Quarter 2015 2015 - .. .. _ _ _ Budget YTD ( Actual YTD ($) /o Expended Budget YTD Actual YTD $ : YTD Budget 6 YTD Actuals %Expended Total Budget; --------- of Annual Budget Spent I j i BBudget Spent 05 NON-DEPT'LACCTS .....` (50,25 - �...... .. . -. 1 _. .. _ Munici al Taxation incl BIA 53,049 660 '� p ( ) ( ) (53,623,249 � 573,589 , 101.08% 8,438} (50,897 291) 638,853. (411 904) (709,779) 172 32/o (53 242,756) 100.71 Other Revenues (1,950,541): (2,140,420): 189,879 ] 109.73% {1,466]788} (1,519,597)'" 52,809 (138,834)' (496,616) 357.70% (2,139,57ij 100.04% Contributions 3,510 404 - - �- _ ( ) (6 218 357; 2 707,953 177.14% - - 67A 1,007 416 k ..... .. ._.......... . ....._. .. .. � �. ...,. - :., ( ). (70,113) .. .. 696/. ._.(5,573,121)...__11158 RevenuefTaxatioNContributions (58,510 605); (61 982 026)? 3 471 421 105 93/ (55,583 514) 57,575,850)'„ 2,192, ( )s (1,276,508)1 81.92% (60,955,450) 101.68% _. 0:. 50 g._... ...... Expenditures 194,230 j 194,230 ! 0 100.00% 190,000 190,000 _ 0 #DIV/0. 194,230 i 100,00% Net Expenditures (58,316,375) (61,787,796) 3,471,421 4 105.95% (55193,514) ::(57,385850)'.% 1192,$36. (1,558,154) (1,276,508) 81.92% (60,761,220)] 101.69% _..._......_. f......... ........_ _. 10 MAYOR&.COUNCIL f _ p -_._..._ ....... ° 224,558 96.68% 903,733 i 74.14% Net Expenditures 671,384 670,018 1,366" 99.80/ 694;972 607 933.` 87,039 232,280 .......... ........ ...... , 9 13 ADMINISTRATOR'S OFFICE - .... ... Revenue/Recoveries (42,162) 77,996 ;8;47% 479 511) (925) 414 (56)4 (60 664)1 108 328 57/ (85 500)s 140 54% J. _._. Expenditures 511,929 570,636 (58,707)4 479,008:::, 470274_ 8,-734 170,8001 225,5171 132.04% 747,794 76,31 _... Net Expenditures 469,767 i 450,478 j 19,289 95.89% .478,497 469,349 ;9;148- 170,744 i 164,853 1 96.55% 662,294 4 68.02% 14 LEGAL ADMIN _ __ ......_ _....... (56,641 57314 873. 21,259, 37,654 177.12% , Revenue/Recoveries (61077)' (97,1831 36,106 15912% ) ( j ( ) ( ) (105,000)f 9256% 0 Expenditures 299,689 312,186 (12,497)' 104.17% 367;929 • 306,828 r: 61,'101. 111,126 95,858 86.26% 462,087 67.56% _. Net Expenditures 238,612 215,003 23,609 90.11% 311,288 249,514 ;? 61, 74' 89,867 58,204 64.77% 357,087 j 60.21% ......... .................. ..... ...... .. ) .... .. ... ..... _. ... ....... .... j 16 CORPORATE SERVICES T _. .. ... i.. .._. _ ), Revenue/Recoveries (96,132) (84,852j'! (11,280)'1 88.27% (89,943) (92,730 r,,2,787 (20 006) (21,333)I 106.63% (100,500)i 84.43% p __. _................ . .._..__... Ex endrtures 3,663,435 , 3,585,519 77,916 I 97.87% 3729,552 ,3,223,604'; 505,948- 1,029,022 4. 1,315,506 j 127.84% 4,718,536 ... Net Expenditures 3,567,303 j 3,500,667 66,636 98.13% 3 639,609 9,'!M4 ',87* 1,009,016 1,294,1731 128.26% 4,618,036? 75.80% _ .... .. _.__.. .. _......... ............. ........ 19 CLERK'S _ _... E..._. _ .... .....__......................_.._....... .......__ ... _..._..... _ } Revenue/Recoveries (422,291) (684824)] 262,533 16217/ (525,644) (419701) (105943) (124532)# (236,148)1 18963/ _ (629300)4 108.82% _ ..... .... . "'2;274 483- 1 4;898. 697,741 777,561 _ _ ....5% Expenditures 2,100,021 2,310,142 (210,121) 110.01% i 2 389;341 1 I j 111.44% 2,914,872 4 79.25% Net Expenditures 1,677,730 1,625,318 52,412 96.88% 1,863,69, 1,854,782." 8,915, 573,209 541,413! 94.45% 2,285,572 i 71.11 .............................. 4 21 FINANCE&UNCLASS.ADMIN __...... --_..__.............................._...__ .._ _......... ........ ... _ _ Revenue/Recoveries (1,156,563)i (1,173,410)' 16,847 101.46% (1,170,194 (1,222,137);,. 51'943' 379 410 4 _.._._. (1,564,000)1 75.03% _. _.. _.._ _. ...._. i................. ( ) (asa 2ao i zz63% .. _ .. __ Unclassified Admm&Board of Trade 2 2,105,263 2 093 326 11,937 j 99.43% 046,001 2,31Q 151 U (264,150} 153,602 s 241,529# 2,406,973 _ 86.97 __... _...._ _... ... .......... .. .... .. /.. .. . ._. Operating Expenditures 1,720,429 1,724,259 (3,830)' 100.22% 1 763;987 .1,70},081-' 69,906 608,255 603,640 j 99.24% 2,324,331 j 74.18% Expenditures 3,825,692 1 3,817,585 j 8,107; 99.79% 3,809,988 4"0Q4232, (204;24 q} 761,857 845,169 j 110.94% 4,731,304 i 80.69% Net Expenditures 2,669,129 j 2,644,175; 24,954 99.07% 2;639,794 2,792,095?', (1521101) 382,447 360,929 94.37% 3,167,304 83.4891 THE MUNICIPALITY OF CLARINGTON I ATTACHMENT 1 _ SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE NINE MONTHS ENDING SEPTEMBER 30,2015 to Report FND-016-15 2015 2015 1 2015 YTD 2015 YTD 014 __------_-- ($) Expended Budget YTU, Actual¢ 2014 O15 Qtr 2 ! Quarter 2015 2015 Budget YTD Actual YTD YTD $� YTD Budget YTD Actuals : %Expended Total Budget %of Annual D: __....... ...... _.. ._.......,. .. Budget Spent ... _ ? i 28 EMERGENCY SERVICES-FIRE Revenue/Recoveries (40,371):1 (85,344)i 44,973 i 211.40/ (38031) "{218535) _( 182,504 (11264) (29,087)1 (49,000): Expenditures 8,435,413 1 8,816,187 (380,774)! 104.51% r:: 26 8 7 81.3 8,318,031 (50 218) 2,797,559 2,897,480 103.57% 11,506,881 76.62% Net Expenditures 8,395,042 i 8,730,843 ' (335,801)! 104.00/ 8,231,78? 8,099,496 =- 132286: 2,786,295 2,868,393 102.95% 11,457,881 76.20% ......... ...... _. _.... _._._................ ... ... .:......... . .. . 32 ENGINEERING SERVICES Revenue/Recover 1,061,703 i (1,898,736)1 ( ) 837,033 178.84% (759 965 . .._........ (1;756 354) rx 996 389. (399 801). (893,065) 223.38% (1,359,500) 139.66% Debenture Payments 522,189 433 608 88 581 i 83 04/ 64tl,000 0 640 000 0: 0 #DIV/O! 522,189 83.04 . Operating Expenditures 5,030,933 I 5,179,308 (148,375) 102.95% 4;778;429 41689,501 88 928` 889 906: 906,422 101.86% 6,284,391 82.42% __..._. _...... P...._.._ ._.................................... Expenditures 5,553,122 5,612,916 (59,794); 101.08% 5,418,429 4;689 501 728.928 889,906 906,422 ; 101.86% 6,806,580 : 82.46% Net Expenditures 4,491,419 3,714,180 777,239 . 82.70% 4,658_.,4..6.4 2933147 1,725,317 490,105 13,3571 2.73% 5,447,080 : 68.19 _ ...... ........................... i 36 OPERATIONS -... Revenue/Recoveries (344,081j' (502,966) 158,885 146.18% { 6 790) 108,843' (159,157) (167,634) 105.33% (606,100) 82.98 (307;947) 41 �....... ...... ..._. ....... Operating Expenditures 10,486,413 11,677,043 (1,190,630)1' 1 190 630); 111.35% 9 726;634 11,537,899 .'(1,811,285) 3,033,695 1 3,330,699 109.79/ 14,888,669? 78.43% Fleet&DebenuturePa merits WVW 992,573 492709 499,864( 49.64% 791;252 444,802 346,45 . Y "� 0 188172; 11,486 6.10/ 1,163,820; 42.341/. Expenditures 11,478,986 ; 12,169,752 (690,766)1 106.02% 10,517;886 11,982,761:. (1,464,815) 3,221,867 j 3,342,185 103.73% 16,052,489 1 75.81% .... ..... ..... ..... Net Expenditures P 11,134,905 ! 11,666,786 ; (531,881); 104.78% 101209;939 11,565,911 - (1,355;972) 3,062,710 3,174,551 : 103.65% 15,446,389 I 75.53 _ .. 42 COMMUNITY SERVICES i Revenue/Recoveries (3,346,103)1 (3,528,403) 182 300 , 105.45% (3,216,7M): (3,393 396) 156,658 (893,835 (951,582)1 106.46% (4,574,215)1 77.14% Annual Grants&Debenture Pmts 3,205,368 ; 2,982 789 222,579 93.06% 3,212,157 3,070 132 142;025 0} 6,375) #DIV/01 3,205,368)! 93.06 _ .. _ _.. Expenditures 10,673,598 10,540,013 133,585 I 98.75% '':10,566,591 10;321 yll,15 244,776 2,395,147€ 2,455,995 102.54% 13,444,789 78.39% M Net Expenditures...- .. 7,327,495 7,011,610 315,885 95.69% ;'.7,329,853 "�.-6,928,419 401,434 1,501,312 1,504,413 100.21% 8,870,574 79.04% ...... ... .. .._._ _.._..._..... ....... ......... ......... ..._...... .... l. ......._.._. ..... " .. ..........._ .. ......... .......... _.... ................... .. ):_......., (35,806 i .....- 88.-.3I 0%.-- ; ) o ), ...... 50 PLANNING SERVICES Revenue/Recoveries (305 944) (270,136 : )> (280,023) (361 116) 81 093 (105 346): (97,989 ! ...... s � 93.02/ (405,0001 66.70% 68,619 94. % 3,094 3240,056 (15,416) 80446Ex P enditures 3,111,278 942,659 _.... 2 , 1 94.75/ 3,980,012 73.94% „W Net Expenditures 2,805,334 2,672,521 1 132,813 95.27% !'2,814,617 2,876 940 (64323) 699,116 664,212 95.01% 3,575,012 74.76 ......_... ..... ... ......._.. .... .. BOARDS&AGENCIES _ ... ..._ ..._ .. ....... ._.._........_. Net Expenditures 3,967,299 ! 4,068,130 (100,831);. 102.54/ 3,867,457 3799341 %'. 68;116 3,371 I 23,361 693.00% '3,970,258 > 102.47% ........................ .. , TOTAL OPERATING: � ,,. _ ,�., `� ; Revenue/Recoveries 65,387,032 i ( _ ) (70,428,040 5 041,008 107.7% (61,847,151 65,514 848 - ... _._._ ) ( ) .. ,3,667,697: _(3,672,820) (4,255,904). 115.88/, (70,433,565) 99.99% Expenditures 54,486,076 55,609,973 i (1,123,897)1 102.1% 53,393,606 614U,799:1 (45,193) 13,115,138 13,871,813 105.77% 70,433,565 78.95% Net Difference (10,900,956) (14,818,067)1 3,917,111 135.93% ,(8,453,545) ,:'(12,076,049) ;.3,622,504.. 9,442,318 9,615,909 ! 101.84% 0 Municipality of Clarington Attachment 2 to Report FND-016-15 CORPORATION OF THE MUNICIPALITY OF CLARINGTON Continuity of Taxes Receivable for the Third Quarter of the Year 2015 June 30,2015 ISEPTEMBERI SEPTEMBER BEGINNING BALANCE INTEREST TAXES PAYMENTS/ 2015 2014 RECEIVABLE ADDED BILLED BALANCE ADJUST.- CURRENT YEAR TAXES 7,610,163 48,307,396 55,917,559 (39,879,232) 16,038,327 14,896,879 PENALTY AND INTEREST 88,487 236,588 325,075 143,138 181,936 159,100 FIRST PRIOR YEAR TAXES 2,583,320 0 2,583,320 (669,613) 1,913,707 2,188,866 PENALTY AND INTEREST 183,028 89,020 272,048 105,787 166,261 181,683 SECOND PRIOR YEAR TAXES 724,805 0 724,805 (317,606) 407,200 547,809 PENALTY AND INTEREST 72,284 23,587 95,871 36,914 58,957 71,315 THIRD&PRIOR YEARS TAXES 198,313 0 198,313 (22,991) 175,322 157,884 PENALTY AND INTEREST 109,011 7,240 116,250 11,808 104,442 70,357 TOTAL 11,569,410 356,434 48,307,396 60,233,241 187,0891 19,046,152 18,273,894 Includes refunds,write-offs,357's,etc. NOTES: 2015 Interim Instalment months(for all classes): February and April 2015 Final Instalment months(for non-capped classes): June and September 2015 Final Instalment months(for capped classes): August and September I Attachment 3 to Municipality of Clarington Report FND-016-15 INVESTMENTS OUTSTANDING As at September 30,2015 ORIGINAL ISSUER OF TYPE OF RATING PURCHASE COST OF INTEREST MATURITY MATURITY INVESTMENT INVESTMENT I DATE I INVESTMENT RATE DATE AMOUNT GENERALFUND GENERAL FUND Total: CAPITAL FUND CAPITAL FUND Total: - NON DEV.CHARGE MONIES(including STATEGIC CAPITAL) BMO GIC H 15-Oct-13 598,890.00 1.90% 15-Oct-15 621,864.02 RBC GIC H 07-Dec-11 1,922,733.00 2.35% 07-Dec-15 2,109,941.00 RBC GIC H 07-Dec-11 1,976,951.00 2.35% 07-Dec-15 2,169,438.00 BMO coupons H 15-Mar-12 176,636.37 2.54% 28-Mar-16 195,351.00 Tangerine 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 GIC H 01-Oct-12 1,819,048.00 2.35% 03-Oct-16 1,996,160.91 Manulife Bank GIC HM 02-Dec-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 2.86% 28-Mar-17 183,615.00 RBC GIC H 01-May-13 1,000,000.00 2.10% 01-May-17 1,086,683.24 BMO coupons L 15-Mar-12 196,287.25 2.92% 28-Sep-17 230,141.00 BNS GIC H 30-Oct-12 1,884,365.00 2.50% 30-Oct-17 2,131,986.04 HSBC GIC H 21-Dec-12 1,121,354.00 2.40% 21-Dec-17 1,262,352.30 National Bank GIC I M 08-Jan-13 1,900,503.00 2.40% 08-Jan-18 2,139,776.15 National Bank IGIC M 12-Feb-13 1 1,927,464.00 2.45% 12-Feb-18 . 2,175,434.89 National Bank GIC M 04-Mar-13 741,320.00 2.45% 05-Mar-18 836,748.00 Tangerine GIC 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 GIC H 03-Jun-13 1,499,069.00 2.30% 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 Tangerine GIC HM 10-Aug-15 672,368.00 1.60% 10-Au_g-18 705,160.801 BMO GIC H 30-Sep-13 1,174,214.00 2.90%I 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 GIC H 17-Mar-14 1,000,000.00 2.50% 18-Mar-19 1,131,408.21 Tangerine GIC H 02-May-14 1,000,000.00 2.60% 02-May-19 1,139,019.14 BMO GIC H 17-Aug-14 830,000.00 2.41% 19-Aug-19 935,015.04 BNS GIC H 12-Sep-14 1,037,127.00 2.46% 12-Sep-19 1,171,126.20 Manulife Bank GIC HM 23-Sep-14 789,343.56 2.50% 22-Sep-19 893,069.79 Tangerine GIC H 02-Dec-14 1,191,382.00 2.56% 02-Dec-19 1,351,889.19 Tangerine GIC H 18-Dec-14 1,045,809.00 2.56% 18-Dec-19 1,186,704.08 BNS GIC H 01-Jun-15 1,500,632.00 2.10% 01-Jun-20 1,664,956.59 RBC GIC H 11-Aug-15 1,741,656.00 1.95% 11-Aug-20 1,918,220.51 BMO GIC H 11-Aug-15 2,000,000.00 1.95%i 11-Aug-20 2,202,754.75 BNS GIC H 28 Sep 15 708,582.00 2.10%, 29-Sep-20 786,174.27 Prov BC Bond H 11-Dec-13 1 2,369,685.75 2.70% 18-Dec-22 2,425,000.00 (C) NON D/C Total: 1 46,142,559.57 51,440,739.09 DEV.CHARGE FUNDS ONE FUND Bond NR 08-Aug-00 3,810,382.98 n/a 3,810,382.98 (D) ONE FUND Equity NR 31-Jan-07 500,000.00 1 n/a 500,000.00 (D) RBC GIC H 02-Jun-15 71,470.00 0.95% 30-Nov-15 71,806.69 SCHEDULE I BANKS: GIC H 20-Dec-13 1,062,541.00 2.03% 20-Dec-16 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% 024un-23 2,500,000.00 (C) i DC Total: 9,147,743.98 9,499,617.24 TOTAL INVESTMENTS 55,290,303.55 60,940,356.33 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-016-15 Debenture Repayment Schedule as of January 1, 2016 Year South Courtice Indoor Soccer/ RRC Green Road Newcastle Courtice Newcastle Total Arena Lacrosse CCD Space Grade Separation Library Libra est Aquatic 2016 1,073,850.10 162,519.91 105,147.42 528,770.77 103,201.88 99,000.00 1,762,940.36 3,835,430.44 2017 1,069,666.77 163,532.59 105,047.39 534,406.77 103,787.14 101,000.00 1,761,701.91 3,839,142.57 2018 164,093.85 104,942.45 538,772.66 106,787.14 103,000.00 1,759,687.50 2,777,283.60 2019 165,174.58 104,831.80 541,802.38 109,787.14 105,000.00 1,757,651.34 2,784,247.24 2020 164,755.07 104,715.46 538,416.38 112,787.14 107,000.00 1,604,355.98 2,632,030.03 2021 163,863.49 104,593.15 546,623.02 115,000.00 109,000.00 1,054,141.30 2,093,220.96 2022 163,542.75 546,559.49 117,000.00 111,000.00 1,006,711.96 1,944,814.20 2023 162,800.11 546,276.36 119,000.00 113,000.00 941,076.47 2024+ 160,675.42 3,239,406.27 847,000.00 4,247,081.69 2,143,516.87 1,470,957.77 629,277.67 7,561,034.10 887,350.44 1,695,000.00 10,707,190.35 25,094,327.20 Principal at Jan 1/2016 2,096,000.00 1,298,000.00 547,654.27 6,047,600.00 671,000.00 990,000.00 9,421,000.00 21,071,254.27 Principal at Jan 1/2017 1,057,000.00 1,167,000.00 467,583.43 5,695,600.00 602,000.00 910,800.00 8,040,000.00 17,939,983.43 Interest Rates 2.00%to 2.25% 1.35% to 3.35% 5.12% 1.35%to 3.8% 4.9% to 5.2% 4.5% to 4.75% NOTE: 2018 Newcastle library 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 following 5 year period. An estimate is provided based on a further five year extension Municipality of Clarington Attachment 5 to Report FND-016-15 MUNICIPAL DEVELOPMENT CHARGES January to September YTD RESIDENTIAL 2015 2014 Municipal Development Number Municipal Development Number Charges Paid of Units Charges Paid of Units Single/Semi- Detached -New construction $ 7,184,354.03 470 $ 6,939,452.00 448 -Additions $ 172.10 1 $ 2,928.64 1 Townhouse $ 247,786.00 19 $ 758,756.00 56 Apartment $ 1,478,093.00 223 $ - - TOTAL: $ 8,910,405.13 713 $ 7,701,136.64 505 Change in DC paid from prior year: 15.70% Change in DC units from prior year: 41.19% Noted DC Incentives under By-law 2015-035 none as of September 30, 2015 NON-RESIDENTIAL 2015 2014 Municipal Development Number Municipal Development Number Charges Paid of Units Charges Paid of Units Commercial $ 67,355.63 2 -New construction $ 46,214.61 2 -Additions $ - - Industrial $ 618,477.51 7 -New construction $ 289,094.57 15 -Additions $ 4,286.80 1 Agricultural $ - - $ - - Government $ - - $ - - Institutional $ - - $ - - TOTAL: $ 339,595.98 18 $ 685,833.14 9 Change in DC paid from prior year: -50.48% Change in DC units from prior year: 100.00% Noted DC Incentives under By-law 2015-035: Date Value of Incentive 222 King Street East, Bowmanville Jul-15 110,671.30 Medical Exemption