HomeMy WebLinkAboutFND-010-05
CI![-i!Jgton
REPORT
FINANCE DEPARTMENT
Meeting:
GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
TUESDAY, SEPTEMBER 6, 2005 Resolution #: 8PA<3'1f't>5"
Date:
Report #: FND-010-05
File#:
By-law #:
Subject:
ANNUAL LEASING REPORT - 2004
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-010-05 be received for information.
Submitted by:
Nancy Ta
Director
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Re';ewed bY'~ ~
ranklin Wu,
,
f Chief Administrative Officer.
NT/hjl
REPORT NO.: FND-010-05 PAGE 2
______________________________________________________________________
BACKGROUND:
Under Ontario Regulation 266/02, the Treasurer is required to report annually to Council
details of existing material leases confirming that they comply with the lease policy, a
summary of material leases, estimated cost of the material leases and the impact of
these leases on the financing arrangements and debt servicing levels of the
Municipality.
As required by the Municipal Act, 2001, Council adopted a Statement of Lease
Financing Policies and Goals in report FND-021-03, on Monday, September 8, 2003.
To-date, Clarington has typically chosen to purchase or debenture (if necessary), rather
than to use financial leases with the exception of small office equipment and a limited
number of computers. All existing leases are immaterial according to Council policy and
therefore have no impact on long term financing or debt service levels of the
Municipality. The total of all of Clarington’s minor leases do not exceed the threshold
for a single lease to be material.
CONCLUSION:
At this time, the Municipality of Clarington does not have any material leases. It is
recommended that this annual lease report be received for information in compliance
with Ontario Regulation 266/02.
______________________________________________________________________
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1C 3A6 T (905)623-3379 F (905)623-4169