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Home My WebLink AboutFND-018-05 Cl!1!il]glOn REPORT FINANCE DEPARTMENT Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE Date: MONDAY, NOVEMBER 14,2005 Resolution #: cPA . lk '3r6--S f Report #: FND-018-05 File#: By-law #: Subject: CASH ACTIVITY - THIRD QUARTER OF 2005 Recommendations: It is respectfully recommended that the General Purpose and Administration Committee recommend to Council the following: 1. THAT Report FND-018-05 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 third quarter of the year 2005, as shown on the attached schedule; and 3. THAT Part "A" of the expenditures for the third quarter of the year be confirmed. Submitted by: ",/1/ i/t:f~ N'ancy tayJ6r, B.B. ., C.A., Director of Finance. R. db )~--.:.-~ eVlewe yY Franklin Wu, Chief Administrative Officer. NT/AA/hjl REPORT NO.: FND-018-05 PAGE 2 BACKGROUND AND COMMENT: The attached schedules indicate the Corporation of the Municipality of Clarington's cash transactions for the third quarter of 2005, the cash investment position, the taxes receivable position and the comparative information for the month ending September 30, 2005. Statistical information, transit revenue and expenditure schedule is for the third quarter of 2005. Attachments: Attachment A - Analysis of Revenue and Expenditures - Third Quarter of 2005 Attachment B - Continuity of Taxes Receivable - As at September 2005 Attachment C - Statistical Information - As at September 2005 - Transit Revenue and Expenditure - As at September 2005 Attachment D - Investments Outstanding - As at September 2005 CORPORATION OF THE MUNICIPALITY OF CLARINGTON 40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L 1C 3A6 T (905)623-3379 F (905)623-4169 CORPORATION OF THE MUNICIPALITY OF CLARINGTON Analysis of Revenue and Expenditures for the Third Quarter of the Year 2005 PART "A" Third Quarter Third Quarter 2005 2004 REVENUE RECEIVED FOR GENERAL OPERATING AND RESERVE FUND PURPOSES: GENERAUTAX PAYMENTS RECEIVED 36,980,524 36,643,874 LINEAR PROPERTIES 2,122,438 1,917,717 PITS & QUARRIES - LICENSE FEES 213,731 223,352 PROVINCE - COMMUNITY REINVESTMENT FUNDING 29,000 CANADIAN WASTE - RENT AND ROYALTIES 42,423 38,705 PET SMART DONATION FOR SPAY/NEUTER PROGRAM 10,000 DONATION-CLARINGTON MINOR LACROSSE-LACR,BOWL 10,000 - DEVELOPMENT CHARGES-MUNICIPAL 2,067,263 956,847 DEVELOPMENT CHARGES-REGION 2,709,084 1,272,433 DEVELOPMENT CHARGES-SCHOOL BOARD 347,547 138,391 INTEREST 437 153 439,211 44930162 41 669530 USE OF FUNDS: PAYROLL 4,494,586 4,126,163 REGION LEVY 21,397,375 12,124,336 SCHOOL BOARD LEVIES - 4,722,141 GENERAL-INCLUDING CAPITAL EXP:* 27 590 452 14824169 53482413 35 796 809 NET CASH PROVIDED (USED) 18552251 \ 5872721 BANK NET CASH BANK BANK BALANCE PROVIDED BALANCE BALANCE FINANCIAL POSITION: JUN, 30 2005 / (USED SEP, 30 2005 SEP. 30 2004 GENERAL FUND 21,576,072 (10,845,616) 10,730,456 16,105,937 RESERVE FUND 633,482 541,734 1,175,216 2,669,747 MUNICIPAL BOND INVESTMENTS 2,630,656 27,419 2,658,075 2,549,688 HOST COMMUNITY FUND IN TRUST 10,000,000 - 10,000,000 10,000,000 INVESTMENTS (GENERAL + RESERVE FUNDS) 50 355 700 1 724212 52079912 65 755 849 TOTALS 85 195,910 (8552251) 76 643 659 97,081,221 BANK BALANCES AS AT: JULY 31 2005 JULY 31 2004 AUG, 31 2005 AUG, 31, 2004 GENERAL FUND 6,056,060,54 19,316,363,00 5,409,750.31 17,701,087.00 RESERVE FUND 890,330,51 2,058,211,00 991,907.73 2,884,014.00 MUNICIPAL BOND INVESTMENTS 2 640 025.46 2 531 628.00 2649256,18 2 540 793.00 NOTE A: Difference in comparison between years due to timing difference in receipt of funds, CORPORATION OF THE MUNICIPALITY OF CLARINGTON PART "8" Continuity of Taxes Receivable or the Third Quarter of the Year 2005 June 30, 2005 SEPTEMBER SEPTEMBER BEGINNING BALANCE INTEREST TAXES PAYMENTS 2005 2004 RECEIVABLE ADDED BILLED BALANCE /ADJUST..** PREPAID TAXES CURRENT YEAR TAXES 7,744,753 30,973,283 38,718,036 (29,898,347) OOH' "on 8,590,039 PENALTY AND INTEREST 72 506 218631 291137 (143119 14Rn1R 147,480 FIRST PRIOR YEAR TAXES 2,269,954 134,965 2,404,919 (625,400) 'i~~:Ti: 1,889,035 PENALTY AND INTEREST 184019 77 564 261 583 . 169 405 217145 SECOND PRIOR YEAR TAXES 969,367 36,807 1,006,174 (257,911) 748,263 958,751 PENALTY AND INTEREST 138 872 32 344 171216 (36051 135165 162 998 THIRD & PRIOR YEARS TAXES 1,106,153 0 1,106,153 (188,945) ~lI'~~~ 1,092,260 PENALTY AND INTEREST 581 802 36621 618 423 .137312 593 590 OTAL 13067427 365 160 31 145055 44 577 642 (31 256491 13.321151 13651,298 ... Includes refunds, write-offs, 496's, etc. NOTE 1: Tax payments do not tie into Part A due to timing differences since Part A is on a cash basis (ie. difference due to outstanding deposits) CORPORATION OF THE MUNICIPALITY OF CLARINGTON PART"C" STATISTICAL INFORMATION for the Third Quarter of the Year 2005 Year to Date Tax Certificates 266 721 Number of Properties eligible for Tax ReQistration (see Note 1) 29 ** see Note 2 Accounts Payable Cheques Issued #071161 to #073035 1,579 5,042 Transit Total Adult Ridership 8,120 28,687 Transit Total Student Ridership 9,963 65,079 Transit Total Sr./Child Ridership 2,086 7,351 Transit Total Ridership Across Region (Durham "D' 249 705 Transit Total Transfers 1,244 5,188 Number of Births ReQistered 3 12 Number of Deaths/Stillbirths ReQistered 102 414 Note 1: Only includes those properties whose arrears are greater than $20,000, Note 2: Number of eligible properties for tax registration not applicable fOI year-to-date comparison. TRANSIT REVENUE AND EXPENDITURE for the Third Quarter of the Year 2005 Year to Date REVENUE TRANSIT REVENUE 45,906 162,858 EXPENSES MISCELLANEOUS OPERATING 3,553 26,093 TRANSIT CONTRACT 187,225 564,577 OPERATING lLOSSVGAIN (144,872) (427,812\ CAPITAL EXPENDITURES 0 0 CORPORATION OF THE MUNICIPALITY OF CLARINGTON INVESTMENTS OUTSTANDING PART "0" AS AT SEPTEMBER 30, 2005 FINANCIAL INVESTMENT INTERES # OF DAYS MATURITY MATURITY INSTITUTION COST RATE O/S VALUE DATE GENERAL FUND TD 1,995,320,00 2.76% 31 2,000,000.00 Oct. 13/05 TD 1,996,000,00 2.82% 26 2,000,000.00 Oct. 26/05 SCOTIA BAN 5,999,059,68 2,92% 77 6,000,000.00 Dec, 15/05 TOTAL GENERAL FUND 9,990,379.68 RESERVE FUND 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 01/06 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. 06/06 RBC 1,379,343,53 4,65% 2085 1,787,409.00 Dec, 01/08 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,29/06 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. 03/06 RBC . 970,000,00 3.20% 372 970,000,00 Mar, 19/06 RBC 500,000,00 6.75% 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 . 550,000.00 4,00% 730 550,000,00 Oct. 14/06 RBC 1,143,285.67 3,80% 1547 1,338,742.00 Dee, 15/08 RBC 733,772.63 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. 10/06 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. 25/05 TD 2,344,665.50 2.77% 30 2,350,000,00 Oct. 19/05 RBC 3,796,000.00 3.75% 365 3,796,000,00 Jul. 29/06 TOTAL RESERVE FUND 42,089,53$,29 TOTAL INVESTMENTS . Investment interest paid on a monthly/semi-annual/annual basis