HomeMy WebLinkAboutFND-016-17Clarington
Finance Department
Report
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Report To: General Government Committee
Date of Meeting: November 6, 2017
Report Number: FND-016-17 Resolution: #GG -460-17
File Number: By-law Number:
Report Subject: Financial Update as at September 30, 2017
Recommendations:
That Report FND-016-17 be received for information.
Municipality of Clarington
Report FND-016-17 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variance as of September
30, 2017. Additional financial indicators are included in this report such as taxes receivable,
reserve fund investments, debt and development charges collected.
1. Background
The financial update report has been designed to focus on overall budget variance.
2. Third Quarter of 2017 Results
2.1 Attachment 1, Summary of Operating Expenditures and Revenues, compares the
Municipality's budget to actual posted transactions as of September 30, 2017. This
statement reflects the Municipality's operating budget only and excludes year to date
financial activities for the library, museum, BIAS and consolidated hall boards. Year to
date expenditures as of September 30, 2017 totalled $60,321,131 which represents 99.7%
of the budget as of the end of the third quarter. Year to date revenues totalled $76,808,496
which represents 104.3% of budget as of the end of the third quarter.
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 of September 30, 2017. Many of
the departments have seasonal trends in their activities such as Community Services and
Operations. Other departments activities, timing and/or amount, can vary from one year to
the next such as Planning and Legal Services. To best capture the trends in the activities,
the budget is allocated monthly based on the prior year's actual monthly distribution. In
cases where there is no prior history easily obtainable, the monthly allocation is divided
equally over the twelve months. Due to the timing differences that occured throughout the
accounts, this statement cannot be used in isolation.
2.3 As of September 30, 2017, the operating budget is on target. Revenues exceed the
expenditures. The positive net position is higher than budgeted at 125.4%. Monthly trial
balance reports are sent to each department for regular review. Revenues and
expenditures that have a variance either above or below that are noteworthly are discussed
in this report.
2.4 The Administrator's Office went through some changes in 2016. The Clarington Board of
Trade was transferred from Unclassified Administration. Both Communications and
Tourism were transferred from Corporate Services. For a fair comparison, the 2016
activities of these areas is shown under the Administrator's Office section of the report.
Municipality of Clarington
Resort FND-016-17
Paae 3
The expenditures for these areas is broken out in Attachment 1 for clarity. Communication
and Tourism revenues have been allocated equally over the 12 months. As of September
30, 2017 the Administrator's net expenditures are at 90.2%. Tourism advertising revenues
are at 207% of the total 2017 budgeted amount. The trend in the timing of the
Communications and Tourism activities will be better reflected in the next year's allocation.
As well there has been higher Port Granby revenues and expenditures.
2.5 The Legal net expenditures are at 85.6% as of September 30, 2017. This is due to higher
than budgeted revenues relating to development fees. Overall, Legal revenues are at
126.4% of the total 2017 budget.
2.6 The Clerk's department net expenditures are 91.9% of the end of their third quarter budget.
Revenues are higher than budgeted as of September 30th due to higher municipal
enforcement and parking revenues, Bowmanville cemetery plot sales and marriage
licences. Animal licences are at 55% of the 2017 budget.
2.7 Emergency Fire Services net expenditures are at 98.7% as of the end of September 2017.
As noted in prior reports, the higher revenues are due to charges to Ontario Power
Generation as per the Memorandum of Understanding. Overall the expendiutres are on
budget as of September 30, 2017. However, wages are higher due in part to the the extra
effort with the flooding.
2.8 Engineering net expenditures are at 81.7% as of September 30, 2017 budget. Revenues
are higher due to inspection fees and building permits. At the end of the third quarter
building permit revenues were at $1,645,654 or 110.57% of the total 2017 budgeted
amount. The higher expenditures can be attributed mainly to the corresponding transfer of
inspection fees to the reserve fund in the amount of $456,707 as of September 30tH
2.9 Operations net expenditures are at 102.3% of the budget as of September 30, 2017.
Operating expenditures are higher than budgeted due primarily to higher than budgeted
sand and salt costs and staffing costs due to the dealing with the flooding that occurred
earlier this year. Sand and salt purchases are over budget by approximately $554,000 as
of the end of the third quarter and are at 84.6% of the total sand and salt costs of 2016.
Depending on the severity of the weather in the last quarter, sand and salt costs could be
higher. Staffing costs are higher due to the efforts in dealing with flooding and winter
control. As of September 30, 2017, staffing costs are approximately $285,000 over budget.
Street lighting utility costs are over budget by $96,000. As well, brush and tree removal
expenditures are higher than budgeted by approximately $73,500 due to wind storms.
Some accounts are under budget at the end of the third quarter which mitigate the over
expenditures. Note, that fleet entries are completed as part of the year end process.
Municipality of Clarington
Resort FND-016-17
Paae 4
2.10 Planning Services net expenditures are at 70.4% of the third quarter budget. This is due to
the significantly higher than budgeted revenues. As of September 30, 2017 the revenues
were at 205.2% of the third quarter budget or at 135.3% of the total 2017 budget. In
particular, fees for rezoning, subdivision, site plans and condo applications have exceeded
their total annual budget. Expenditures are below budget at 85.6% of the third quarter
budget. This is due in part to timing variances from one year to the next such as CIP
programs as well as the timing of the hiring of new staff and consultants.
2.11 Attachment 2, Continuity of Taxes Receivable for the nine months ending September 30,
2017 provides the status of the taxes billed and collected by the Municipality during this
time. A total of $51,812,740 in final tax bills and $1,310,356 in supplementary tax bills
were issued to property owners in the Municipality during the third quarter. At the end of
September 2017, at total of $19,579,891 remains unpaid compared to September 2016
taxes receivable of $19,086,109. The net balance is $493,782 higher or 2.6% higher than
the previous year at this time. Collection efforts continue to manage the balance of taxes
outstanding.
2.12 Attachment 3, Investments Outstanding as of September 30, 2017 provides the status of
the Municipality's general, capital and reserve fund investment holdings as of the end of
the third quarter in 2017. The Municipality as of September 30, 2017 holds $10,116,071.19
in general fund investments, $0 in capital fund investments, $9,543,250.68 in Development
Charge reserve fund investments, and $47,774,169.49 in reserve fund investments.
Investments held in the Municipality's portfolio are assessed on a 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. Clarington investments are very
conservative in nature and only high quality investments are chosen as per the investment
policy.
2.13 Attachment 4, Debenture Repayment Schedule provides the status of the Municipality's
long term debt obligations projected to January 1, 2018. The debentures for the Rickard
Recreation Complex (RRC) and the Municipal Administrative Centre (MAC) improvements
were issued by the Region and Clarington received the funds in October 2017. As of
January 1, 2018 the Municipality will have $17,065,754.57 in outstanding debt. The annual
principal and interest payments required to service these liabilities continue to be well
within the annual debt repayment limits prescibed by the Ministry of Municipal Affairs and
Housing.
2.14 Attachment 5, Municipal Development Charges as of September 30, 2017 provides the
Municipal Development Charges collected separated into residential and non-residential.
A the end of the third quarter, Residential Municipal development Charges collected are
$7,182,867. In the 2015 Development charges Background Study, it is forcasted that the
Municipality would be collecting approximately 768 residential units in total for 2017 or
Municipality of Clarington
Resort FND-016-17
Paae 5
about 192 units per quarter. For 2017 budget considerations, the figure of 650 units was
used for the year. At the end of September 2017, there were 563 units. Compared to the
same period of the previous year there was a 14.5% decrease in the development charges
collected and a 27.9% decrease in the number of units. Development charges are for the
most part on target as of September 30, 2017 at 73% of the budgeted amount. It should
be noted that 2016 was an exceptional year for development charges.
2.15 As of September 30, 2017, Non -Residential Municipal Development Charges collected are
$676,269.07. Compared to the same period last year there was a 1160.3% increase in the
non-residential development charges collected. Non-residential development charges are
based on the area in square metres rather than a per unit cost so it can be expected to
have significant variance from one year to another.
2.16 In the 2015 Development Charges By-law 2015-035, there are a number of incentives to
encourage development in Clarington. There were no new incentives provided in the third
quarter. As of September 30, 2017 a total of $603,876.87 in incentives have been
provided to eleven (11) properties. To date, there has been one (1) residential
development of $413,822.26. The remaining $190,054.61 has been provided to non-
residential development.
3. Concurrence
Not Applicable
4. Conclusion
It is respectfully recommended that the third quarter of 2017 financial update report be
received for information.
5. Strategic Plan Application
The recommendations contained in this report conform to the Strategic Plan.
Submitted by:
Nancy Taylor, BBA, CPA, CA,
Director of Finance/Treasurer
Reviewed by:
Andrew C. Allison, B. Comm, LL.B
CAO
Municipality of Clarington
Report FND-016-17 Page 6
Staff Contact: Catherine Carr, Manager of Internal Audit, 905-623-3379 ext. 2606 or
ccarr@clarington.net
There are no interested parties to be notified of Council's decision.
Attachment 1
— Summary of Operation Revenues and Expenditures
Attachment 2
— Continuity of Taxes Receivable
Attachment 3
— Investments Outstanding
Attachment 4
— Debenture Repayment Schedule
Attachment 5
— Municipal Development Charges
NT/CC/hjl
The Municipality of Clarington
Summary of Operating Expenditures and Revenues for the Nine Months ending September 30, 2017
Attachment 1
for FND-016-17
2017 Budget
YTD
2017 Actual
YTD
2017 YTD
Unexpended
2017 YTD
Expended
2016 Budget
YTD
2016 Actual
YTD
2016 YTD
Unexpended
2017 Total
Budget
2017 % of
Annual
Budget
Spent
05 Non -departmental Accounts
(55,610,604)
(1,453,033)
(5,839,274)
(56,043,221)
(1,631,380)
(5,671,883)
432,617
178,347
(167,391)
(59,340,165)
(1,659,469)
(6,120,518)
100.8%
100.8%
91.1%
Municipal Taxation
(58,442,316) (59,787,578) 1,345,262 102.3%
Other Revenue
(1,470,253) (1,671,972) 201,719 113.7%
(6,120,518) (5,574,813) (545,705) 91.1%
Contributions
Revenue/Taxation/Contributions
(66,033,087)
(67,034,363)
1,001,276
101.5%
(62,902,911)
(63,346,484)
443,573
(67,120,152)
99.9%
(203,300)
(203,300)
0
100.0%
(199,200)
199,200
(199,200)
199,200
0
0
(203,300)
203,300
100.0%
100.0%
59 BIA Taxation
BIA Taxes
BIA Payments
203,300 203,300 0 100.0%
Net Expenditures
0
0
0
0
0
0
0
10 Mayor and Council
Net Expenditures
632,237
624,542
7,695
98.8%
669,344
635,681
33,663
879,297
71.0%
(112,687)
225,000
529,738
828,076
(265,827)
225,000
644,702
817,142
153,140
0
(114,964)
10,934
(165,500)
330,000
633,010
1,141,602
121.4%
100.0%
68.2%
67.3%
13 Administrator's Office
Revenue/Recoveries
(128,539) (200,874) 72,335 156.3%
Board of Trade
330,000 330,000 0 100.0%
Operating Expenditures (includes Port Granby)
425,562 431,569 (6,007) 101.4%
846,153 1 768,434 77,719 90.8%
Communications & Tourism
Expenditures
1,601,715
1 1,530,003
71,712
95.5%
1,582,814
1,686,844
(104,030)
2,104,612
72.7%
Net Expenditures
1,473,176
1,329,129
144,047
90.2%
1,470,127
1,421,017
49,110
1,939,112
68.5%
(61,142)
303,467
(95,617)
322,138
34,475
(18,671)
(69,000)
417,242
126.4%
72.6%
14 Legal Administration
Revenue/Recoveries
(49,931) (87,190) 37,259 174.6%
Expenditures
302,133 303,106 (973) 100.3%
Net Expenditures
252,202
215,916
36,286
85.6%
242,325
226,521
15,804
348,242
62.0%
16 Corporate Services
Revenue/Recoveries
Expenditures
Net Expenditures
(3,000)
3,431,177
(10,271)
3,331,696
7,271
99,481
342.4%
97.1%
(6)
2,989,250
(1,538)
3,078,416
1,532
(89,166)
(3,000)
4,264,170
342.4%
78.1%
3,4281177 3,321,425 106,752 96.9%
2,989,244 3,076,878 (87,634)
4,261,170
77.9%
(520,568)
2,239,988
(674,691)
2,377,634
154,123
(137,646)
(685,900)
3,183,373
88.9%
73.3%
19 Clerk's
Revenue/Recoveries
(458,901) (609,864) 150,963 132.9%
Expenditures
2,335,048 2,333,326 1,722 99.9%
Net Expenditures
1,876,147
1,723,462
152,685
91.9%
1,719,420
1,702,943
16,477
2,497,473
69.0%
(1,140,697)
1,779,917
1,958,319
(1,180,330)
1,779,496
2,068,100
39,633
421
(109,781)
(1,552,000)
2,513,141
3,146,536
73.3%
70.1%
90.7%
21 Finance & Unclassified Administration
Revenue/Recoveries
(1,149,271) (1,138,323) (10,948) 99.0%
Operating Expenditures
1,871,946 1,760,613 111,333 94.1%
2,863,786 2,854,446 9,340 99.7%
Unclassified Administration
Expenditures
4,735,732
4,615,059
120,673
97.5%
3,738,236
3,847,596
(109,360)
5,659,677
81.5%
The Municipality of Clarington
Summary of Operating Expenditures and Revenues for the Nine Months ending September 30, 2017
Attachment 1
for FND-016-17
Net Expenditures
2017 Budget
YTD
2017 Actual
YTD
2017 YTD
Unexpended
2017 YTD
Expended
2016 Budget
YTD
2016 Actual
YTD
2016 YTD
Unexpended
2017 Total
Budget
2017 % of
Annual
Budget
Spent
3,586,461 3,476,736 109,725 96.9%
2,597,539 2,667,266 69,727
4,107,677 84.6%
-+
(52,555) (251,915) 199,360
8,781,807 8,706,901 74,906
(85,000) 259.9%
12,112,470 74.4%
28 Emergency Services -Fire
Revenue/Recoveries
(80,993) (220,932) 139,939 272.8%
8,991,329 9,016,547 (25,218) 100.3%
Expenditures
Net Expenditures
8,910,336 8,795,615 114,721 98.7%
8,729,252 8,454,986 274,266
12,027,470 73.1%
(1,021,280) (2,107,438) 1,086,158
442,539 442,539 0
5,429,341 5,633,435 (204,094)
(1,550,700) 141.6%
534,407'100.0%
6,919,358 86.4%
32 Engineering Services
Revenue/Recoveries
(967,987) (2,195,234) 1,227,247 226.8%
Debenture Payment
534,407 534,407 0 100.0%
Operating Expenditures
Expenditures
Net Expenditures
5,717,520 5,978,690 (261,170) 104.6%
6,251,927 6,513,097 (261,170) 104.2%
5,871,880 6,075,974 (204,094)
7,453,765 87.4%
5,283,940 4,317,863 966,077 81.7%
4,850,600 3,968,536 882,064
5,903,065 73.1%
(420,422) (585,238) 164,816
11,398,286 11,601,011 (202,725)
888,129 431,897 456,232
(684,800) 81.7%
16,486,059 77.0%
1,205,586 42.5%
36 Operations
Revenue/Recoveries
(523,660) (559,269) 35,609 106.8%
Operating Expenditures
Fleet & Debenture Payments
Expenditures
Net Expenditures
11,848,441 12,688,941 (840,500) 107.1%
1,027,669 512,014 515,655 49.8%
12,876,110 13,200,955 (324,845) 102.5%
12,286,415 12,032,908 253,507
17,691,645 74.6%
12,352,450 12,641,686 289,236 102.3%
11,865,993 11,447,670 418,323
17,006,845 74.3%
(3,640,843) (3,741,602) 100,759 102.8%
(3,474,445) (3,642,658) 168,213
7,925,619 8,115,695 (190,076)
2,933,102 2,933,102 0
115,000 113,500 1,500
(4,875,365) 76.7%
11,421,127 _ 73.4%
3,177,849 _ 97.5%
95,000 100.0%
42 Community Services
Revenue/Recoveries
Operating Expenditures
8,343,273 8,382,535 1 (391262) 100.5%
Debenture Payments
3,099,950 3,099,95401 100.0%
95,000 95,000 01 100.0%
Annual Grant & Sponsorships
Expenditures
11,538,223 11,577,485 (39,262) 100.3%
10,973,721 11,162,297 (188,576)
14,693,976 78.8%
Net Expenditures
7,897,380 7,835,883 61,497 99.2%
7,499,276 7,519,639 20,363
9,818,611 79.8%
205.2%
85.6%
(266,010) (331,329) 65,319
3,296,154 3,027,100 269,054
(596,675) 135.3%
4,843,688 61.9%
50 Planning Services
Revenue/Recoveries
(393,483) (807,274) 413,791
Expenditures
3,505,610 2,999,615 505,995
Net Expenditures
3,112,127 2,192,341 919,786
70.4%
3,030,144 2,695,771 334,373
4,247,013 51.6%
Boards & Agencies
4,080,205 4,072,400 7,805
99.8%
3,988,263 4,128,485 (140,222)
4,084,177 99.7%
(70,171,923) (72,682,265) 2,510,342
56,920,539 57,281,174 (360,635)
(77,591,392) 99.0%
77,591,392 77.7%
Total Operating:
Revenue/Recoveries
(73,632,995)
(76,808,496)
3,175,501
104.3%
Expenditures
60,484,746
60,321,131
1 163,615
99.7%
Net Difference
(13,148,249)
(16,487,365)
3,339,116 125.4%
(13,251,384) (15,401,091) 2,149,707
1 0
CORPORATION OF THE MUNICIPALITY OF CLARINGTON Attachment 2 to
Continuity of Taxes Receivable Report FND-016-17
for the Third Quarter of the Year 2017
Beginning
Payments &
Balance
Interest
Taxes Billed
Balance
Adjustments
September 2017
September 2016
Receivable
Added
**
June 30, 2017
Current Year
Taxes
7,571,960
52,920,352
60,492,312
(44,242,352)
16,249,960
16,089,915
Penalty and Interest
74,293
206,847
281,140
(132,764)
148,376
163,240
First Prior Year
Taxes
2,493,600
199,235
2,692,835
(554,151)
2,138,684
1,946,094
Penalty and Interest
163,494
81,952
245,446
(78,823)
166,623
162,174
Second Prior Year
Taxes
824,814
3,509
828,323
(176,794)
651,529
532,202
Penalty and Interest
83,000
25,545
108,545
(35,260)
73,285
54,705
Third and Prior Years
Taxes
132,574
-
132,574
2,578
135,152
107,296
Penalty and Interest
33,291
3,890
37,181
(20,899)
16,282
30,483
TOTAL
11,377,026
318,234
53,123,096
64,818,356
(45,238,465)
19,579,891
19,086,109
** Includes refunds, write-offs, 357's, etc.
NOTES:
2017 Interim Instalment months (for all classes): February and April
2017 Final Instalment months (for non -capped classes): June and September
2017 Final Instalment months (for capped classes): August and September
2017 Supplementary Payments Due: September and November
Attachment 3 to
Municipality of Clarington Report FND-016-17
Investments Outstanding
As at September 30, 2017
General Fund
e Fund I HI
Capital Fund
NR 17 -Sep -16 10,116,071.19 n
General fund total 10,116,071.19
10,116,071.19 (B)
10,116,071.19
Capital fund total - -
Non -development
Charge
I
Purchase
I
I
Interest
I
I
I
Issuer
Type
Rating
Date
Cost
Rate
Maturity date
Maturity Amount
General Fund
e Fund I HI
Capital Fund
NR 17 -Sep -16 10,116,071.19 n
General fund total 10,116,071.19
10,116,071.19 (B)
10,116,071.19
Capital fund total - -
Non -development
Charge
Funds (including Strategic
Capital)
230,141.00
RBC
money
market
L
28 -Sep -1 7
230,141.00
n/a
30 -Oct -17
BNS
GIC
H
30 -Oct -12
1,884,365.00
2.50%
30 -Oct -17
2,131,986.04
RBC
GIC
H
19 -Jun -17
42,323.00
0.75%
18 -Dec -17
42,481.28
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
Tangerine
GIC
H
25 -Mar -13
1,254,427.00
2.40%
26 -Mar -18
1,412,449.93
RBC
GIC
H
02 -May -17
1,000,000.00
1.05%
02 -May -18
1,010,500.00
HSBC
GIC
H
13 -May -13
321,079.00
2.25%
14 -May -18
358,862.84
BNS
GIC
H
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
GIC
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
Municipality of Clarington Report FND-016-17
Investments Outstanding
As at September 30, 2017
Issuer
Type
Rating
Purchase
Date
Cost
Interest
Rate
Maturity date
Maturity Amount
BMO
GIC
H
17 -Aug -14
830,000.00
2.41%
19 -Aug -1 9
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 -1 9
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 -1 5
2,000,000.00
1.95%
11 -Au -20
2,202,754.75
RBC
GIC
H
11 -Aug -1 5
1,741,656.00
1.95%
11 -Au -20
1,918,220.51
BNS
GIC
H
28 -Sep -1 5
708,582.00
2.101/6
29 -Sep -20
786,174.27
BMO
GIC
H
15 -Oct -15
621,864.00
2.15%
15 -Oct -20
691,651.42
BNS
GIC
H
10 -Dec -15
1,976,951.00
2.32%
10 -Dec -20
2,220,381.86
BNS
GIC
H
10 -Dec -15
1,500,000.00
2.32%
10 -Dec -20
1,682,263.09
BMO
GIC
H
10 -Dec -15
1,500,000.00
2.20%
10 -Dec -20
1,672,421.48
HSBC
GIC
H
18 -Dec -15
1,182,689.00
2.25%
18 -Dec -20
1,321,865.11
HSBC
GIC
H
29 -Mar -16
195,399.00
2.18%
29 -Mar -21
217,646.57
HSBC
GIC
H
02 -May -16
1,001,980.00
2.15%
03 -May -21
1,114,256.16
RBC
GIC
H
03 -Oct -16
2,000,000.00
1.70%
04 -Oct -21
2,175,879.10
BMO
GIC
H
03 -Oct -16
1,281,741.00
1.70%
04 -Oct -21
1,394,456.73
BMO
GIC
H
05 -Oct -16
1,812,000.00
1.70%
05 -Oct -21
1,971,346.46
BNS
GIC
HM
21 -Dec -16
2,544,990.00
2.00%
21 -Dec -21
2,809,874.60
RBC
GIC
H
21 -Dec -16
181,765.00
1.80%
21 -Dec -21
198,723.46
RBC
GIC
H
31 -Mar -17
1,183,651.00
1.80%
31 -Mar -22
1,294,084.27
Prov BC
Bond
H
11 -Dec -13
2,369,685.75
2.70%
18 -Dec -22
2,425,000.00
Prov Manitoba
Bond
H
23 -Nov -15
775,928.40
2.45%
02 -Jun -25
780,000.00
Non -development charge total
47,774,169.49
52,888,241.00
(C)
(C)
(A)
(A)
Municipality of Clarington Report FND-016-17
Investments Outstanding
As at September 30, 2017
Development Charge Funds
One Fund
Bond
I
Purchase
I
I
Interest
I
I
I
Issuer
Type
Rating
Date
Cost
Rate
Maturity date
Maturity Amount
Development Charge Funds
One Fund
Bond
NR
08 -Aug -00
3,995,486.68
n/a
3,995,486.68
One Fund
Equity
NR
31 -Jan -07
500,000.00
n/a
500,000.00
RBC
GIC
H
12 -Jun -17
215,842.00
0.75%
11 -Dec -17
216,649.19
National Bank
GIC
HM
20 -Dec -13
1,300,000.00
2.75%
20 -Dec -18
1,488,855.35
BNS
GIC
H
21 -Dec -16
1,128,572.00
1.80%
21 -Dec -21
1,233,866.47
Prov Ontario
Bond
H
19 -Dec -13
2,403,350.00
2.85%
02 -Jun -23
2,500,000.00
Development charge total
9,543,250.68
9,934,857.69
Total Investments 67,433,491.36 72,939,169.88
Note that interest is annual compounding with the exception of the following:
(A) Bond interest is paid semi-annually (B) Pooled Investment Fund (C) Annual interest
(B)
(B)
(A)
Muncipality of Clarington
Attachment 4 of
Report FND-016-17
NOTE:
2018 Newcastle Library has a balloon payment of $452,000 to be financed from Library Development Charge Reserve Fund, Library Capital RF and tax levy.
Debenture Repayment Schedule
As of January 1, 2018
Green Road
Indoor Soccer
RRC
MAC
Grade
Newcastle
Newcastle
Year
Lacrosse RRC CCD space
Improvements
Improvements
Separation
Library
Courtice Library
Aquatic
Total
2018
164,093.85
104,942.45
86,760.21
111,327.96
538,772.66
558,787.14
78,904.97
1,759,687.50
3,403,276.74
2019
165,174.58
104,831.80
84,141.23
107,967.35
541,802.38
78,146.32
1,757,651.34
2,839,715.00
2020
164,755.07
104,715.46
84,010.16
107,799.19
544,416.38
78,341.53
1,604,355.98
2,688,393.77
2021
163,863.49
104,593.15
83,946.43
107,717.40
546,559.49
78,465.50
1,054,141.30
2,139,286.76
2022
163,542.75
83,964.94
107,741.15
546,559.49
78,488.31
1,006,711.96
1,987,008.60
2023
162,800.11
83,859.28
107,605.57
546,276.36
78,425.64
978,966.96
2024
160,675.42
83,823.08
107,559.13
553,240.30
78,249.84
983,547.77
2025+
668,981.96
858,416.52
2,693,604.53
546,030.80
4,767,033.81
1,144,905.27
419,082.86
1,259,487.29
1,616,134.27
6,511,231.59
558,787.14
1,095,052.91
7,182,548.08
19,787,229.41
Principal at
1,033,000.00
339,154.57
1,010,000.00
1,296,000.00
5,332,600.00
529,000.00
931,000.00
6,595,000.00
17,065,754.57
January 1, 2018
Principal at
896,000.00
248,296.31
950,705.28
1,219,914.89
4,958,600.00
-
871,000.00
5,083,000.00
14,227,516.48
January 1, 2019
Interest Rates
1.35% to 3.35%
5.12%
1.7% to 3.45%
1.7% to 3.45%
1.35% to 3.8%
4.9% to 5.2%
1.15% to 2.8%
4.5% to 4.75%
NOTE:
2018 Newcastle Library has a balloon payment of $452,000 to be financed from Library Development Charge Reserve Fund, Library Capital RF and tax levy.
Municipality of Clarington
RESIDENTIAL
Single/Semi- Detached
-New construction
-Additions
Townhouse
Apartment
TOTAL:
Attachment 5 to
Report FND-016-17
MUNICIPAL DEVELOPMENT CHARGES
January to September YTD
Change in DC paid from prior year:
Change in DC units from prior year:
NON-RESIDENTIAL
Commercial
-New construction
-Additions
Industrial
-New construction
-Additions
Agricultural
Government
Institutional
TOTAL:
-14.5%
-27.9%
2017
2016
2016
Municipal Development Charges
Municipal Development
Number of
Municipal Development
Number of
Charges Paid
Units
Charges Paid
Units
$
5,037,330.00
307
4,954,784
315
$
-
-
15,985
1
$
216,801.00
19
2,273,872
184
$
1,928,736.00
237
1,155,302
281
E$______:::
7,182,867.00
563
$ 8,399,943.27
781
Change in DC paid from prior year:
Change in DC units from prior year:
NON-RESIDENTIAL
Commercial
-New construction
-Additions
Industrial
-New construction
-Additions
Agricultural
Government
Institutional
TOTAL:
-14.5%
-27.9%
Change in DC paid from prior year: 1160.3%
2017
2016
Municipal Development Charges
Municipal Development Charges Paid
Paid
$ 48,993.31
$
372,802.29
$
20,744.28
$
274,617.72
$
8,104.78
$ 4,665.20
$
676,269.07
$ 53,658.51
Change in DC paid from prior year: 1160.3%
Municipality of Clarington
Municipal Development Charges Incentives
As of June 30, 2017
Under By-law 2015-035
Date Property
Residential
Jan -16 105 Queen Street, Bowmanville
Non -Residential
Attachment 5 to
Report FND-016-17
Value Incentive
413,822.26 Mid -Rise Residential
Residential Incentives to Date $ 413,822.26
Jul -15
222 King Street East, Bowmanville
Oct -15
21 King Avenue East, Newcastle
Feb -16
222 Baseline Road East, Bowmanville
Feb -16
28 King Avenue East, Newcastle
Apr -16
70 Mearns Court, Bowmanville
Oct -16
2323 Highway 2, Bowmanville
Oct -16
70 Mearns Court, Bowmanville
Feb -17
48 Britton Court, Bowmanville
May -17
5314 Main Street, Orono
Jun -17
1726 Baseline Road, Courtice
110,671.30
Medical Exemption
3,636.08
Revitalization Small Business
13,279.78
Existing Industrial Development
937.96
Revitalization Small Business
1,470.67
Existing Industrial Development
15,985.00
Conversion Residential to Commercial
8,232.17
Existing Industrial Development
24,676.61
New Industrial Development
974.18
Revitalization Small Business
10,190.86
New Industrial Development
Non -Residential Incentives to Date $ 190,054.61
Total Value of Incentives to Date $ 603,876.87