HomeMy WebLinkAboutP-8-81 ti
CORPORATION OF THE TOWN OF NEWCASTLE
PLANNING AND DEVELOPMENT DEPARTMENT D.N.SMITH, M.C.I•P., Director
HAMPTON.ONTARIO LOB 1JO TEL.(416)263-2231
REPORT TO THE FINANCE AND ADMINISTRATION COMMITTEE MEETING OF :
JANUARY 6, 1981.
REPORT NO.: P-8-81
SUBJECT: Ontario Housing Deficit
Account #7706-501-000
BACKGROUND:
In April of 1980, the Town received the attached statement
(April 17, 1980) from the Ontario Housing Corporation in respect
of the operating losses on rental housing projects in Newcastle for
the year ending December 31, 1979. This matter was brought before
the Finance and Administration Committee on October 14, 1980 via the
attached Memorandum (June 18, 1980) between the Treasurer and Town
Manager.
On October 14, 1980, the Finance and Administration Committee
considered the matter and adopted Resolution #F-25-4-80 as follows:
"That the matter of the O.H.C. deficit be referred to
Planning staff for comment."
COMMENT:
In accordance with the above resolution, Planning staff have
reviewed the "O.H.C. deficit" and offer the following comments:
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1. Account 7706-501-000 falls within the Planning
and Development Department section of the 1980
budget, but is not a matter under the control of
the Department. The Municipal share of the operating
costs of the O.H.C. rental properties are a fixed
percentage (7%) of the annual operating loss.
2. The 1980 budget estimated the 1979 municipal share
at $4,000 based on the previous year's share of
$3,868.34. The $4,000 estimate is a 3.3% increase
over $3,868.34. Actual 1979 expenditures were
$4,830.35 or 24.8% over $3,868.34. The municipal
share of the annual operating loss was underestimated.
However, an overall increase to the municipality of
24.8% could not be reasonably anticipated.
3. The over-expenditure of $868.34 in account 7706-501-000
is not critical. The over-expenditure may be absorbed
by under-expenditure in other areas of the Planning and
Development Department budget.
RECOMMENDATION:
That this report be received for information.
Respectfully submitted,
DNS:lb D. N. Smith, M.C.I.P.
December 4, 1980 Director of Planning
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!On arlo Ministry tot Blow Siroet W091
Housing 01 Toronlo,Ontario
s,.! ,� Ij li! j �Gp►poration Housing
Tel. 11965-9766
April 17, 1930 z
The Treasurer
Jill li' I Town of Newcastle
r 1 4PITemperance Street,,�
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s� '';lowmanville, Ontttrlo`i� ,
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e� !.Munic.ipal� $hare of Operating Losses on Rental
Housin P r eels for Year ended December 31 J 1979
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Attached .ire Stat�'ments of Revenue and Expennes for the Ontario
housing Corporation's Rental IlouSi.Ml, 1)1-r,)rct,13 located within your
municipality.
p' Pro_jc cG Actual boss
�i 0. li. Projects $ 4,830. 35
Net Amount Uuu; $ 4,830. 35 �.
rompt pavnu,nt of your Municipality:; P-, share of '4 ,1330. 35
old be ,ll,i,i-ecfated.
When remitsinl; the pa`Yment , I)Ioasv make your cherluv payable to
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Tontario Ilotising 6rp:arat iron" , and mail lo:
Ontario llouaing Corporation
�I J, 101 llloor Street West
10tH floor t ' `
Toronto, Ontario
MSS '1P8 i
i Attention. Ms. Abraham 1
ji�ours truly, -
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fE. Rrtthp ti:lad
Pet'viso1, !'t'a45t.,ta rwv�rt►1��' � �� l r �,