HomeMy WebLinkAboutTR-17-82 REPORT #6
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CORPORATION OF THE TOWN OF NEWCASTLE
q 40 TEMPERANCE STREET
BOWMANVILLE, ONTARIO
L1C3A6 TELEPHONE 623-3379
REPORT TO COUNCIL FOR THE MEETING HELD APRIL 26/82
TR-17-82
SUBJECT: INTEREST CALCULATION ON MONIES RECEIVED FOR THE
BASELINE COMMUNITY CENTRE EXPROPRIATION.
RECOMMENDATION:
It is respectfully recommended:
1. That this report be received for consideration.
BACKGROUND AND COMMENT:
Two schedules are attached to the report indicating the history of the
capital account in which the expropriation funds were placed and an
interest calculation based on the average term deposit rate available
in each year as provided by the Canadian Imperial Bank of Commerce.
My review of the Treasury files and minutes of meetings concerning
the expropriation of the Baseline Community Centre and the disposition
of the funds do not provide any direction that those funds were to be
placed in an interest bearing account upon receipt. Therefore the funds
have remained in a separate capital account for the construction of a
recreation facility since their receipt and has not attracted any interest.
If Council feels interest should have been earned on the proceeds
of the expropriation it would be appropriate to present a resolution
to draw down the Working Capital Reserve (a/c #2900-x-00001-8) by
the $37061.06. Any interest earned in General Fund by the presence
of those monies would have been credited to the Working Capital Reserve
or have formed part of the General Surplus.
Respectfully Submitted,
Kathry A. Campbell , C.A. , B. Com. ,
Treasurer
KAC:s v
LB82-CP-11 ��
21 04 82 °
Baseline Community Centre
Account History
Receipts Payments Balance
January 9, 1980
Ontario Hydro
Supplementary Agreement
#6 35000.00 35000.00
August 22, 1980
Grant Robertson
( Architecture (1023.00) 33977.00
Ontario Hydro
Reimbursement 1023.00 35000.00
September 29, 1980
Proceeds of Expropriation 85000.00 120000.00
Interest
July 25, 1978 to
September 12, 1980 25768.44 145768.44
January 9, 1981
Merrill D. Brown Ltd. (250.00) 145518.44
Merrill D. Brown Ltd. (441.00) 145077.44
April 15, 1982
Grant Robertson
Architecture (9902.25) 135175.19
Baseline Community Centre
Interest Calculation
January 9, 1980 to September 29, 1980
Average Interest rate term deposits 12.75%
35000 x 12.75% x 263_ 3215.45
365
September 29, 1980 to December 31, 1980
145768.44 x 12.75% x 93_
365 4735.48
January 1, 1981 to January 9, 1981
145768.44 x 16% x 9 575.09
365
January 9, 1981 to December 31, 1981
145077.44 x 16% x 356 22640.03
365 -
January 1, 1982 to April 15, 1982
145077.44 x 14. 125% x 105 = 5895.01
365
37061.06