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Home My WebLink AboutFND-013-05 ~1(}l-!lJgton REPORT FINANCE DEPARTMENT Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE Date: MONDAY, SEPTEMBER 19,2005 Resolution #: Report #: FND-013-05 File#: By-law #: Subject: CASH ACTIVITY - SECOND QUARTER OF 2005 Recommendations: It is respectfully recommended that the General Purpose and Administration Committee recommend to Council the following: 1. THAT Report FND-013-05 be received; 2. THAT in accordance with provision of Chapter 25, Section 286 of the Municipal Act, S.O. 2001, the Treasurer reports the cash position of the Municipality of Clarington for the second quarter of the year 2005, as shown on the attached schedule; and 3. THAT Part "A" of the expenditures for the second quarter of the year be confirmed. Reviewed iJ Franklin Wu, Chief Administrative Officer. NT/ANhjl REPORT NO.: FND.013.05 PAGE 2 BACKGROUND AND COMMENT: The attached schedules indicate the Corporation of the Municipality of Clarington's cash transactions for the second quarter of 2005, the cash investment position, the taxes receivable position and the comparative information for the month ending June 30, 2005. Statistical information, transit revenue and expenditure schedule is for the second quarter of 2005. Attachments: Attachment A - Analysis of Revenue and Expenditures - Second Quarter of 2005 Attachment B - Continuity of Taxes Receivable - As at June 2005 Attachment C - Statistical Information - As at June 2005 - Transit Revenue and Expenditure - As at June 2005 Attachment D - Investments Outstanding - As at June 2005 CORPORATION OF THE MUNICIPALITY OF CLARINGTON 40 TEMPERANCE STREET, BOW MANVILLE, ONTARIO L 1 C 3A6 T (905)623-3379 F (905)623-4169 CORPORATION OF THE MUNICIPALITY OF CLARINGTON Analysis of Revenue and Expenditures for the Second Quarter of the Year 2005 PART"A" Second Quarter Second Quarter 2005 2004 REVENUE RECEIVEO FOR GENERAL OPERATING AND RESERVE FUND PURPOSES: GENERALfTAX PAYMENTS RECEIVED 42,475,563 36,436,235 LINEAR PROPERTIES 0 177,911 DURHAM REGION - PROVINCIAL OFFENCES ACT 160,708 192,206 CANADIAN WASTE - RENT AND ROYALTIES 12,783 13,969 PROVINCE - GAS TAX 90,999 0 ONTARIO MUNICIPAL PARTNERSHIP FUND (CRF) 87,000 58,000 DEVELOPMENT CHARGES-MUNICIPAL 1,739,594 3,817,584 DEVELOPMENT CHARGES-REGION 2,369,210 4,900,094 DEVELOPMENT CHARGES-SCHOOL BOARD 257,835 544,227 INTEREST 828 385 682814 48 022 077 46 823 040 USE OF FUNDS: PAYROLL 5,041,826 4,653,669 REGION LEVY 10,691,571 11,085,122 SCHOOL BOARD LEVIES 6,924,290 6,561,507 GENERAL-INCLUDING CAPITAL EXP". 11740608 10880049 34 398 295 33180347 NET CASH PROVIDED (USED) 13623782 13642693 BANK NET CASH BANK BANK BALANCE PROVIDED BALANCE BALANCE FINANCIAL POSITION: MAR. 31 2005 /lUSED JUN,302005 JUN. 30 2004 GENERAL FUND 6,552,942 15,023,130 21,57e,Q72 22,796,263 RESERVE FUND 273,045 360,437 633,482 4,196,022 MUNICIPAL BOND INVESTMENTS 2,603,854 26,802 2,630,656 2,522,406 HOST COMMUNITY FUND IN TRUST 10,000,000 0 10,000,000 10,000,000 INVESTMENTS (GENERAL + RESERVE FUNDS) 52142287 '1 786587 50355 700 51 693809 TOTALS 71 572 128 13623782 85195910 91 208500 BANK BALANCES AS AT: APR. 30 2005 APR. 30 2004 MAY31 2005 MAY 31 2004 GENERAL FUND 16,239,638 25,398,179 8,634,206 13,387,749 RESERVE FUND 525,849 2,138,787 535,518 3,117,998 MUNICIPAL BOND INVESTMENTS 2612602 2504173 2 621 728 2513451 NOTE A: Difference in comparison between years due to liming difference in receipt of funds. CORPORATION OF THE MUNICIPALITY OF CLAR1NGTON PART"B" Continuity of Taxes Receivable for the Second Quarter of the Year 2005 March 31, 2005 JUNE JUNE BEGINNING BALANCE INTEREST TAXES PAYMENTS 2005 2004 RECEIVABLE ADDED BILLED BALANCE IADJUST.... PREPAID TAXES CURRENT YEAR TAXES (2,810,148) 45,254,771 42,444,623 (34,699,870) 7,744,753 8,524,275 PENALTY AND INTEREST 20 085 114018 134103 '61597 72 506 70 536 FIRST PRIOR YEAR TAXES 2,955,852 0 2,955,852 (685,898) 2,269,954 2,291,954 PENALTY AND INTEREST 195213 99518 294 731 '110712 184019 216,735 SECOND PRIOR YEAR TAXES 1,232,842 0 1,232,842 (~~3.475) 969.367 965,366 PENALTY AND INTEREST 165 625 41141 206 766 67 894 138872 168819 HIRD & PRIOR YEARS TAXES 1,309,743 0 1,309,743 (203,590) 1,106,153 1,073,270 PENALTY AND INTEREST 600 901 43 455 644 356 ' 162 554 581 802 604 466 OTAL 3670113 298132 45254771 49223016 '36 155 589 13 067427 13915421 ... Includes refunds, write-ofts, 496's, etc. NOTE 1: 2005 AND 2004 Inlerim Installment months: February and April 2005 AND 2004 Final Installment months: June and September NOTE 2: Current year taxes open in a negative position because they represent prepaid taxes for the April Installment. CORPORATION OF THE MUNICIPALITY OF CLARINGTON PART "C" STATISTICAL INFORMATION for the Second Quarter of the Year 2005 Year to Date Tax Certificates 274 455 Number of Properties eligible for Tax Registration (see Note 1) 29 ** see Note 2 Accounts Payable Cheques Issued #0069514 to #0071660 1,647 3,463 Transit Total Adult Ridership 10,333 20,567 Transit Total Student Ridership 28,182 55,116 Transit Total Sr.lChild Ridership 2,764 5,265 Transit Total Ridership Across Region (Durham "D' 268 456 Transit Total Transfers 1,820 3,944 Number of Births Registered 4 9 Number of Deaths/Stillbirths Registered 151 312 Note 1: Only includes those properties whose arrears are greater than $20,000. Please note that the threshold has changed from $10,000 to $20,000. Note 2: Number of eligible properties for tax registration not applicable for year-to-date comparison. TRANSIT REVENUE AND EXPENDITURE for the Second Quarter of the Year 2005 Year to Date REVENUE TRANSIT REVENUE 58,100 116,952 EXPENSES MISCELLANEOUS OPERATING 5,893 22,540 TRANSIT CONTRACT 206,544 377,352 OPERATING (LOSS)/GAIN (154,337) (282,939) CAPITAL EXPENDITURES 0 0 CORPORATION OF THE MUNICIPALITY OF CLARINGTON INVESTMENTS OUTSTANDING AS AT JUNE 30, 2005 PART "0" I I FINANCIAL INVESTMENT INTEREST # OF DAYS MATURITY MATURITY INSTITUTION COST RATE O/S VALUE DATE GENERAL FUND TOTAL GENERAL FUND 0.00 RESERVE FUND RBC . 806,000.00 3.70% 1,827 806,000.00 Jul. 09/08 RBC 1,425,999.88 5.11% 1913 1,851,467.00 June 01/06 RBC 1,683,100.32 5.15% 2019 2,221,035.00 Sept. 15/06 RBC 1,855,574.20 5.15% 1913 2,414,000.00 June 01106 RBC . 4,180,000.00 3.75% 365 4,180,000.00 June 30/05 RBC 495,186.85 4.00% 1171 561,500.00 Jun. 06106 RBC 1,379,343.53 4.65% 2085 1,787,409.00 Dec. 01108 RBC 739,938.86 3.55% 1704 869,800.00 Oct. 05/09 RBC . 1,450,000.00 4.10% 366 1,450,000.00 Dec. 01/05 RBC 1,566,467.00 5.45% 1826 2,042,463.00 Jan.29106 RBC 500,000.00 3.25% 1827 595,239.37 June 21/08 RBC 481,878.00 4.45% 1827 599,072.41 Mar. 04/08 RBC 868,578.00 4.10% 1098 979,853.00 Apr. 03106 RBC . 970,000.00 3.20% 372 970,000.00 Mar. 19106 RBC 500,000.00 6.25% 1095 578,782.97 June 21/04 RBC . 1,815,962.00 5.00% 1825 1,815,962.00 Feb. 07/07 RBC . 1,482,702.57 5.50% 1825 1,487,000.00 Feb. 13/06 RBC . 1,480,000.00 4.20% 366 1,480,000.00 Feb. 10/06 RBC 208,000.00 4.35% 1830 257,351.00 May 12/08 RBC . 2,465,000.00 4.05% 365 2,465,000.00 Jul. 23/05 RBC . 550,000.00 4.00% 730 550,000.00 Oct. 14/06 RBC 1,143,285.67 3.80% 1547 1,338,742.00 Dec. 15/08 RBC 733,77263 3.85% 1980 900,445.00 Jun. 02/10 RBC 499,999.38 4.00% 1182 567,343.00 Jul. 26/06 RBC . 2,061,000.00 4.00% 365 2,061,000.00 Dec. 03/05 RBC 1,000,000.00 4.15% 1096 1,129,738.22 Apr. 10106 RBC 1,500,000.00 5.50% 1694 1,500,000.00 Dec. 20/07 RBC' 906,000.00 4.10% 730 906,000.00 Sep. 29/06 RBC 372,440.00 4.40% 1826 461,912.00 May 28/09 RBC 1,520,617.00 5.35% 1826 1,973,297.00 Mar.15/07 RBC 1,000,000.00 4.45% 1827 1,243,203.49 Aug. 09/07 HSBC 1,579,021.90 2.45% 365 1,617,707.94 Oct. 25105 TD 4,978,200.00 2.54% 63 5,000,000.00 Jul. 14105 TD 1,686,298.00 2.58% 115 1,700,000.00 Aug. 29105 BMO 4,471,335.00 2.57% 91 4,500,000.00 Aug. 05105 TOTAL RESERVE FUND 50,355,700.79 ITOTAL INVESTMENTS 50,355,700.79 I . Investment interest paid on a monthlylsemi-annual/annual basis