HomeMy WebLinkAboutFND-003-16 ' f
Finance r
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: March 7, 2016
Report Number: FND-003-16 GU- _ R\ `
File Number: Department File# By-law Number:
Report Subject: Financial Update as at December 31, 2015
Recommendations:
1. That Report FND-003-16 be received for information.
Municipality of Clarington
Report FND-003-16 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variances as of
December 31 , 2015 as well as other financial indicators such as taxes receivable, reserve
fund investments, debt and development charges collected. These are not audited figures
and are subject to change as the year-end review processes are completed.
1 . Background
1 .1 The financial update report has been designed to focus on overall budget variance
reporting.
2. Fourth 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 December 31, 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
December 31, 2015 totalled $72,299,054 which represents 102.6% of the 2015
budget. Year to date revenues totalled $74,485,189 which represents 105.8% of the
2015 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 December 31, 2015. 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 2015 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 2016.
2.3 In general, the operating budget is on target as of December 31, 2015. While this
preliminary report shows a surplus, as noted above there is still a number of year-
end entries to be posted. 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 2015 budget.
Included in the other revenue is the final payment for the ice storm recovery of
$413,032. Transfers from the reserve funds which correspond to previous
commitments increase the contribution figures. As the expenditures are made within
department budgets for these previous commitments, the offsetting transfer is posted
to the non-departmental accounts. Other factors are higher than budgeted general
investment income, supplementary taxes, right of way taxes and PIL retained
education portion.
Municipality of Clarington
Report FND-003-16 Page 3
2.5 The Administrator's office net expenditures are on target at 91.1% as of December
31 , 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.
2.6 Corporate Services revenues are at 263.5% of the 2015 budget. This is the result of
the 2015 Workplace Safety and Insurance Board NEER Rebate of $159,324. The
NEER Rebate is based on the Municipality of Clarington's favourable accident
performance. This can be attributed to Clarington's staff efforts towards a strong
Health and Safety practice.
2.7 The Clerks department net expenditures are at 99.1% as of December 31, 2015.
The higher revenues and expenditures can be largely 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 by approximately $230,000. Also, sidewalk snow clearing fines are
now reported as a revenue and a recoverable expense thereby increasing both
revenue and expenditures. Wildlife damage claims which can be difficult to predict
have increased revenues and expenditures in comparison to the previous year.
Cemetery plot sales are higher than budgeted but this revenue can also vary year to
year. All of these higher revenues have offset the lower animal licencing fees. As of
December 31, animal licensing is at 42% of the 2015 budgeted amount. In May
2015, the Clerks department introduced an online animal licencing system. It is
expected to increase animal licencing revenues over time.
2.8 Overall the Finance Department is at 110.6% of the 2015 budget. The significant
difference in the Unclassified Administration is due to the transfer of $413,032 final
ice storm payment to the Rate Stabilization Reserve Fund. The two payments for the
ice storm from the Province are recorded in the Non-departmental accounts under
Other Revenue — Provincial Grants.
2.9 Emergency Services net expenditures are at 101.8% of the 2015 budget. The
revenues are slightly higher than the budget due to Ministry of Transportation
emergency calls which are unbudgeted revenues. There is a corresponding
expenditure which transfers this revenue to Fire Equipment Reserve Fund.
Expenditures are above budget due to salary and wage accounts. Other factors are
higher electricity costs. There is also a transfer to the capital fund from a trade-in
value of a fire truck.
2.10 Engineering net expenditures are 75.8% as of December 31, 2015. The building
permit revenues continue to boost Engineering revenues. The 2015 building permit
revenue of $2,273,767 are 10% higher than 2014 building permit revenues and are
at 174% of the budgeted amount of $1,300,000. Due to the increased building
activity, inspections fees and the associated transfer to the reserve funds has
increased. A separate report will be forthcoming, as is required annually with respect
Municipality of Clarington
Report FND-003-16 Page 4
to building permit revenue. An additional transfer to the building division reserve
fund is anticipated to be necessary, as a result of this report.
2.11 Operations net expenditures are at 105% as of December 31, 2015. Revenues are
higher than the budgeted at 104.6%. This can be attributed to higher revenues from
cemeteries, sports field rentals, entrance culvert fees and maintenance charges on
unassumed developments. The operating expenditures are higher than budgeted at
107.9%. As noted in previous reports this is due to winter maintenance costs from
earlier in 2015. The impact of the 2014 ice storm and harsh winter of 2014/2015
resulted in higher costs in road maintenance costs. Street lighting costs and Ontario
One Call locate costs exceed budgeted amounts. The variance in the fleet is due to
closing entries which have yet to be posted.
2.12 Overall, Community Services net expenditures are at 101.7% of the 2015 budget.
Revenues are higher than budget in aquatic, fitness and recreation programs.
Revenues are at 104% of the 2015 budget amount. Operating expenditures are
higher than budgeted at 103.4%. This can be attributed in part to the increased
participation in Community Service Programs and the Pan Am Torch Relay event.
Utility costs continue to put pressure on the budget particularly for the large facilities.
2.13 Boards and agencies are on budget. The slight increase is due to a capital budget
transfer to the library approved in prior years of $156,214. Also, the original grant of
$55,000 to the COAA was not released due to their revised 2015 budget.
2.14 Attachment 2, Continuity of Taxes Receivable for the nine months ending December
31, 2015 provides the status of the taxes billed and collected by the Municipality
during this time period. A total of $1,829,711 in supplementary tax bills were issued
to property owners in the Municipality during the fourth quarter. At the end of
December 2015, a total of$3,148,772 remains unpaid compared to December 2014
taxes receivable of $3,430,866. The net balance is $282,094 lower or 8.2% lower
than the prior year at this time. The ongoing collection efforts continue to hold the
line on the balance of taxes outstanding.
2.15 Attachment 3, Investments Outstanding as of December 31, 2015 provides the status
of the Municipality's general, capital, and reserve fund investment holdings at the end
of 2015. The Municipality at December 31, 2015 holds $0 in general fund
investments, $0 in capital fund investments, $9,208,755.19 in Development Charge
reserve fund investments and $46,559,594.97 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.
Municipality of Clarington
Report FND-003-16 Page 5
2.16 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 be
issued in 2016. The Region debentures are issued based on the needs of the
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.
2.17 Attachment 5, Municipal Development Charges as of December 31, 2015 provides
the Municipal Development charges collected separated into residential and non-
residential. As of December 31, 2015, Residential Municipal Development Charges
collected are $11,336,922.13. 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
December 2015, there were 890 units. However, a quarter 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 18.33% increase in development charges collected and a 41.27% increase in
the number of units.
2.18 As of December 31, 2015, Non-Residential Municipal Development Charges
collected are $421,158.44. Compared to the same period the previous year there
was 38.86% decrease in development charges collected and a 108.33% 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
October 2015, there was a credit of $3,636.08 given to a development at 21 King
Avenue East in Newcastle under the revitalization incentive.
3. Concurrence
Not Applicable
4. Conclusion
It is respectfully recommended that the fourth quarter of 2015 financial update
report be received for information.
Municipality of Clarington
Report FND-003-16 Page 6
5. Strategic Plan Application
The recommendations contained in this report conform to the Strategic Plan.
Submitted by: l �f� A'. Reviewed by
Nancy T I , BBA, 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 2015 (not final figures) to Report FND-003-16
2015 4th 2015 4th
2015 total 2015 acutal 2015 YTD 2015 YTD 2014 budget 2014 actual 2014 YTD quarter quarter 2015 4th
budget YTD unexpended % YTD YTD unexpended budget actuals quarter %
05 Non-departmental Accounts
Municipal Taxation (including BIA) (53,242,756) (53,713,465) 470,709 100.9%0 (50,745,279) (51,119,366) 374,087 (193,096) (90,216) 46.7%
Other Revenue (2,139,573) (2,800,919) 661,346 130.9% (1,634,517) (2,201,434) 566,917 (489,032) (660,491) 135.1%
Contributions (5,573,121) (6,361,027) 787,906 114.1% (5,750,860) (17,536,919) 11,786,059 (2,062,717) (145,319) 7.0%
Revenue/Taxation/Contributions (60,955,450) (62,875,411) 1,919,961 103.1% (58,130,656) (70,857,719) 12,727,063 (2,744,845) (896,026) 32.6%
Expenditures 194,230 194,230 0 100.0% 190,000 190,000 0 0 0
Net Expenditures 60,761,220) 62,681,181) 1,919,961 103.2% (57,940,656) (70,667,719) 12,727,063 (2,744,845) (896,026) 32.6%
10 Mayor and Council
Net Expenditures 903,733 878,158 25,575 97.2% 900,196 844,399 55,797 232,349 208,139 89.6%
13 Administrator's Office
Revenue/Recoveries (85,500) (202,733) 117,233 237.1% (2,000) (4,490) 2,490 (43,338) (82,576) 190.5%
Expenditures 747,794 806,373 (58,579) 107.8% 652,017 687,170 (35,153) 235,865 235,738 99.9%
Net Expenditures 662,294 603,640 58,654 91.1% 650,017 682,680 (32,663) 192,527 ! 153,162 79.6%
14 Legal Administration
Revenue/Recoveries (105,000) (116,600) 11,600 111.0% (107,000) (129,426) 22,426 (43,923) (19,417) 44.2%
Expenditures 462,087 425,369 36,718 92.1% 470,622 492,768 (22,146) 162,398 108,200 66.6%
Net Expenditures 357,087 308,769 48,318 86.5% 363,622 363,342 280 118,475 88,783 74.9%
16 Corporate Services
Revenue/Recoveries (100,500) (264,859) 164,359 263.5% (228,170) (220,823) (7,347) (4,368) (180,007) 4,121%
Expenditures 4,718,536 4,727,637 (9,101) 100.2% 4,761,220 4,663,683 97,537' 1,355,101 1,145,724 84.5%
Net Expenditures 4,618,036 4,462,778 155,258 96.6% 4,533,050 4,442,860 90,190 1,350,733 965,717 71.5%
i
i
The Municipality of Clarington Attachment 1
Summary of Operating Expenditures and Revenues for 2015 (not final figures) ! to Report FND-003-16
i
2015 4th 2015 4th
2015 total 2015 acutal 2015 YTD 2015 YTD 2014 budget 2014 actual 2014 YTD quarter quarter 2015 4th
budget YTD unexpended % YTD YTD unexpended budget actuals quarter %
19 Clerk's
Revenue/Recoveries (629,300)' (924,803) 295,503 147.0% (703,800) (673,113) (30,687) (207,009) (201,052) 97.1%
Expenditures 2,914,872 3,190,150 (275,278) 109.4% 3,154,127 3,434;261 (280,134) 819,873 845,663 103.1%
Net Expenditures 2,285,572 2,265,347 20,225 99.1% 2,450,327 2,761,148 310,821) 612,864 644,611 105.2%
21 Finance & Unclassified Administration
Revenue/Recoveries (1,564,000) (1,594,893) 30,893 102.0% (1,562,000) (1,925,835) 363,835 (407,437) (421,485) 103.4%
Unclassified Admin & CBOT 2,406,973 2,741,382 (334,409) 113.9% 2,412,497 4,009,612 (1,597,115) 301,710 648,038 214.8%
Operating Expenditures 2,324,331 2,357,006 (32,675) 101.4% 2,263,518 2,285,895 (22,377) 603,902 632,750 104.8%
Expenditures 4,731,304 5,098,388 (367,084) 107.8% 4,676,015 6,295,507 (1,619,492) 905,612 1,280,788 141.4%
Net Expenditures 3,167,304 3,503,495 336,191 110.6% 3,114,015 4,369,672 1,255,657 498,175 859,303 172.5%
28 Emergency Services - Fire
Revenue/Recoveries (49,000) (103,100)' 54,100 210.4% (49,000) (304,435) 255,435 (8,629) (5,866) 68.0%
Expenditures 11,506,881 11,768,484 (261,603) 102.3% 10,769,266 11,465,310 (696,044) 3,160,381 2,970,440 94.0%
Net Expenditures 11,457,881 11,665,384 (207,503) 101.8% 10,720,266 11,,160,875 440,609 3,151,752 2,964,574 94.1%
32 Engineering Services
Revenue/Recoveries (1,359,500) (2,567,000) 1,207,500 188.8% (1,359,050) (2,526,233) 1,167,183 (297,797) (627)412) 210.7%
Debenture Payments 522,189 522,189 0 100.0% 640,000 90,605 549,395 181,189 88,582 48.9%
Operating Expenditures 6,284,391 6,171,311 113,080 98.2% 5,682,705 13,293,739 (7,611,034) 1,406,453 950,729 67.6%
Expenditures 6,806,580 6,693,500 113,080 98.3% 6,322,705 13,384,344 (7,061,639) 1,587,642 1,039,311 65.5%
Net Expenditures 5,447,080 4,126,500 1,320,580 75.8% 4,963,655 10,858,111 5,894,456 1,289,845 411,899 31.9%
i
The Municipality of Clarington Attachment 1
Summary of Operating Expenditures and Revenues for 2015 (not final figures) to Report FND-003-16
2015 4th 2015 4th
2015 total 2015 acutal 2015 YTD 2015 YTD 2014 budget 2014 actual 2014 YTD quarter quarter 2015 4th
budget YTD unexpended % YTD YTD unexpended budget actuals quarter %
36 Operations
Revenue/Recoveries (606,100) (634,215) 28,115 104.6% (545,665) (937,195) 391,530 (262,019) (131,248) 50.1%
Operating Expenditures 14,888,669 16,067,033 (1,178,364) 107.9% 13,984,438 16,741,691 (2,757,253) 4,402,256 4,389,984 99.7%
Fleet & Debenture Payments 1,163,820 783,005 380,815 67.3% 954,863 970,564 (15,701) 171,247 214,534 125.3%
Expenditures 16,052,489 16,850,038 (797,549) 105.0% 14,939,301 17,712,255 (2,772,954) 4,573,503 4,604,518 100.7%
Net Expenditures 15,446,389 16,215,823 769,434 105.0% 14,393,636 16,775,060 2,381,424 4,311,484 4,473,270 ' 103.8%
42 Community Services
Revenue/Recoveries (4,574,215) (4,759,244) 185,029 104.0% (4,434,787) (4,638,271) 203,484 (1,228,112) (1,230,846) 100.2%
Operating Expenditures 10,239,421 10,582,592 (343,171) 103.4% 9,798,757 11,398,088 (1,599,331) 2,771,191 3,102,249 111.9%
Debenture Payments 3,105,368 3,105,368 0 100.0% 3,152,157 4,678,544 (1,526,387) 0 206,160
Annual Grants 100,000 90,292 9,708 90.3% 60,000 56,000 4;000 0 6,712
Expenditures 13,444,789 13,778,252 (333,463) 102.5% 13,010,914 16,132,632 (3,121,718) 2,771,191 3,315,121 119.6%
Net Expenditures 8,870,574 9,019,008 148,434 101.7% 8,576 127 11,494,361 (2,91&,234) 1,543,079 2,084,275 135.1%
50 Planning Services
Revenue/Recoveries 405,000 442,331 37,331 109.2% 489,500 604,018 114,518 99,056 172,193 173.8%
Expenditures 3,980,012 3,8173271 162,741 95.9% 3,895,366 4,355,807 (460,441) 871,695 892,844 102.4%
Net Expenditures 3,575,012 3,374,940 200,072 94.4% 3,405,866 3,751,789 (345,923) 772,639 720,651 93.3%
Boards & Agencies
Net Expenditures 3,970,258 4,071,204 (100,946) 102.5% 3,869,879 4,207,761 337,882 2,959 3,074 103.9%
Total Operating:
Revenue/Recoveries (70,433,565) (74,485,189) 4,051,624 L105.8% (67,611,628) (82,821,558) 15,209,930 (5,346,533) (3,968,128) 74.2%
Expenditures 70,433,565 72,299,054 (1,865,489)I 102.6% 67,611,628 83,865,897 (16,254,269) 16,678,569 16,649,560 99.8%
Net Difference 0 (2,186,135) 2,186,135 1 0 1,044,339 (1,044,339) 11,332,036 12,681,432 111.9%
Municipality of Clarington Attachment 2 to
Report FND-003-16
The Municipality of Clarington
Continuity of Taxes Receivable
for the Fourth Quarter of the Year 2015
September 30, 2015
Beginning Balance Interest Payments & December December
Receivable Added Taxes Billed Balance Adjustments 2015 2014
Prepaid taxes (4,809,135) (4558569
Current year
Taxes 16,038,327 1,401,944 17,440,271 (12,113,658) 5,326,612 5,573,367
Penalty and Interest 181,936 284,134 466,071 (243,324) 222,747 215,088
First prior year
Taxes 1,913,707 283,631 2,197,338 (552,834) 1,644,504 1,576,078
Penalty and Interest 166,261 66,237 232,497 (102,771) 129,726 130,233
Second prior year
Taxes 407,200 144,137 551,336 (225,908) 325,428 263,841
Penalty and Interest 58,957 15,715 74,672 (38,508) 36,165 45,821
Third and prior years
Taxes 175,322 175,322 (11,652) 163,670 111,249
PenaltV and Interest 104,442 6,211 110,653 (1,598) 109,055 73,777
Total 19,046,152 372,297 1,829,711 21,248 16013 290,253 3,148,772 3430886
*** Includes refunds, write-offs, 357's, etc.
Note 1: Prepaid taxes include property tax preauthorized payment program (PAP).
Attachment 3 to
Municipality of Clarington Report FND-003-16
Investments Outstanding
As at December 31, 2015
Purchase Purchase Purc ase
Issuer Type I Rating I Date Cost Date Date Purchase Date
General Fund
General Fund total: - -
Capital Fund
Capital.Fund total: - -
Non development charge monies (including Strategic Capital)
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 11884,365.00 2.50% 30-Oct-17 21131,986.04
HSBC GIC H 21-Dec-12 1,121,354.00 2.40% 21-Dec-17 1,262,352.30
National Bank GIC M 12-Feb-13 1,927,464.00 2.45% 12-Feb-18 2,175,434.89
Attachment 3 to
Municipality of Clarington Report FND-003-16
Investments Outstanding
As at December 31, 2015
Purchase urc ase Purchase
Issuer Type Rating Date Cost Date Date Purchase Date
Tangerine GIC H 25-Mar-13 1,254,427.00 2.40% 26-Mar-18 1,412,449.93
HSBC GIC H 3-May-13 321,079.00 2.25% 14-May-18 358,862.84
BNS GIC H +_1
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-Aug-18 705,160.80
BMO GIC H 30-Sep-13 1,174,214.00 2.90% 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 IGIC 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
-BMO-- ,-- GIC H 11-Aug-15 2,000,000.00 1.95% 11-Aug-20 2,202,754.75
RBC GIC-- H 11-Aug-15 1,741,656.00 1.95% 11-Aug-20 1,918,220.51
BNS IGIC H 28-Sep-15 708,582.00 2.10% 29-Sep-20 786,174.27
BMO GIC H 15-Oct-15 621,864.00 2.15% 15-Oct-20 691,651.42
BMO GIC _H 10-Dec-15 1,500,000.00 2.20% 10-Dec-20 1,672,421.48
BNS GIC H 10-Dec-15 1,500,000.00 2.32% 10-Dec-20 1,682,263.09
BNS GIC_ H 10-Dec-15 1,976,951.00 2.32% 10-Dec-20 2,220,381.86
HSBC GIC H 18-Dec-15 1,182,689.00 2.25% 18-Dec-20 1,321,865.11
_Prov BC Bond H 11-Dec-13 2,369,685.75 2.70% 18-Dec-22 2,425,000.00 (C)
Prov Manitoba Bond H 23-Nov-15 775,928.40 2.45% 02-Jun-25 780,000.00 (C)
Non DC total: 46,559,594.97 51,931,554.88
Attachment 3 to
Municipality of Clarington Report FND-003-16
Investments Outstanding
As at December 31, 2015
Purchase Purchase Purchase
Issuer Type Rating Date Cost Date Date Purchase Date
Development charge funds
One fund Bond NR 08-Aug-00 3,835,432.19 n/a 3,835,432.19 (B)
One fund Equity NR 31-Jan-07 500,000.00 n/a 500,000.00 (B)
RBC GIC_ _H 04-Dec-15 107,432.00 0.70% 01-Jun-16 107,801.85
BNS 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 Ontano Bond H 19-Dec-13 2,403,350.00 2.85% 02-Jun-23 2,500,000.00 (A)
DC total: 9,208,755.19 9,560,661.61
Total investments 55,768,350.16 61,492,216.49
Note that interest is annual compounding with the exception of the following:
(A) Bond interest is paid semi-annually (B) Pooled Investment Fund
Attachment 4 of
Muncipality of Clarington Report FND-003-16
Debenture Repayment Schedule
As of January 1, 2016
Courtice
South Courtice Indoor Soccer RRC CCD Green Road Grade Newcastle Library Newcastle
Year Arena Lacrosse space Separation Library (estimated) Aquatic Total
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
January 1, 2016 2,096,000.00 1,298,000.0.0 547,654.27 6,047,600.00 671,000.00 990,000.00 9,421,000.00 21,071,254.27
Principal at
January 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 12.00% 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-003-16
Municipal Development Charges
January to December YTD
Residential 2015 2014
Municipal Development Number of Municipal Development Number of
Charges Paid Units Charges Paid Units
Single/Semi- Detached
-New construction $ 8,530,500.03 558 $ 8,371,432.00 540
-Additions $ 172.10 1 $ 2,928.64 1
Townhouse $ 1,218,906.00 99 $ 1,206,170.00 89
Apartment $ 1,587,344.00 232 $ - -
Total: $ 11,336,922.13 890 $ 9,580,530.64 630
Change in DC paid from prior year: 18.33%
Change in DC units from prior year: 41.27%
Noted DC Incentives under By-law 2015-035
none as of December 31, 2015
Non-Residential 2015 2014
Municipal Development Number of Municipal Development Number of
Charges Paid Units Charges Paid Units
Commercial $ 67,676.00 5
-New construction $ 46,214.61 2
-Additions $ 4,941.17 1
Industrial $ 621,221.77 7
-New construction $ 365,715.86 21
-Additions $ 4,286.80 1
Agricultural $ - - $ - -
Government $ - - $
Institutional $ - - $ - -
Total: $ 421,158.44 25 $ 688,897.77 12
Change in DC paid from prior year: -38.86%
Change in DC units from prior year: 108.33%
Noted DC Incentives under By-law 2015-035: Date Value of Incentive
Medical
222 King Street East, Bowmanville Jul-15 110,671.30 Exemption
21 King Avenue East, Newcastle Oct-15 $ 3,636.08 Revitalization