HomeMy WebLinkAboutFND-011-14 j n REPORT
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FINANCE DEPARTMENT
Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
Date: MAY 5, 2014 Resolution#: By-law#:
Report#: FND-011-14 File#:
Subject: FINANCIAL UPDATE AS AT MARCH 31, 2014
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report FND-011-14 be received for information.
Submitted by: Reviewed by:
Nancy T4Ior, BAA, C A, CA ranIlin Wu,
Director of Finance/ Treasurer Chief Administrative Officer
NT/CC/hjl
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1 C 3A6 T 905-623-3379
REPORT NO.: FND-011-14 PAGE 2
1.0 BACKGROUND AND COMMENT
1.1 The financial update report has been designed to focus on overall budget
variance reporting.
2.0 FIRST QUARTER OF 2014 RESULTS
2.1 Attachment "A", The Summary of Operating Expenditures and Revenue
statement compares the Municipality's budget to actual posted expenditures as
of March 31, 2014. The statement reflects the Municipality's operating budget
only and excludes year to date expenditures for the consolidated hall/arena
boards. Net year to date expenditures as of March 31, 2014 totaled
$15,151,120, which represents 29.9% of the total 2014 budget.
2.2 Attachment "A" is intended to provide an indication of the status of the
Municipality's operating accounts compared to the approved budget as at March
31, 2014. Many departments are affected by high levels of activity during
specific times of the year. For example, some activities are seasonal in nature,
such as ice rentals and winter control, which result in a fluctuation of the timing of
recognition of revenue and expenses. The budget is allocated monthly based on
the 2013 actual monthly distribution. In cases where there is no prior year
history, the monthly budget allocation is divided equally over the 12 months.
While this is best method available to be reflective of seasonal trends, there may
be some variations from year to year. Due to these timing differences, this
statement cannot be used in isolation.
2.3 In general, the operating budget is overall on target. As of March 31 , 2014 the
net year to date expenditures are at 93.4% of the first quarter budget. Some of
the variances can be attributed to the timing differences in revenue and
expenditures between 2014 and 2013. As this is the first quarter analysis, it may
be premature to extrapolate the figures and percentages to future quarters.
2.4 The operating budget is on target for the Mayor and Council, the CAD's office
and the Legal department. Respectively, the net expenditures are 86.9%,
92.1% and 90.1% of the first quarter 2014 budget
2.5 Corporate Services net expenditures are 83.5% of the first quarter 2014 budget.
The lower expenditures as of March 31, 2014 are due to the timing differences in
advertising and design costs as well as software maintenance fees and other
expenditures. This should be smoothed out over the next quarter.
2.6 As of March 31, 2014, the Clerk's department net expenditures are at 89.5%.
Revenues are below budget due to do lower animal licences and cemetery sales
REPORT NO.: FND-011-14 PAGE 3
received in the first quarter. This variance could be due to timing difference
between 2013 and 2014. Also, the net expenditures as of the first quarter is due
to the timing differences from year to year in the Wildlife Damage Compensation
program. There is not a consistent trend in the claims and there can be great
variation year to year.
2.7 The Finance net expenditures are at 86.5% of the first quarter 2014 budget.
Due to the improved position of the taxes receivable, fines and penalties are in
line with budgeted amount at 94.6%. This in contrast to previous years where
fines and penalties exceeded the budget amount. The Taxes Receivable
(Attachment B) are further discussed in 2.14.
2.8 The Emergency Services net expenditures are on budget with the first quarter
2014 budget figures at 90.4% As of March 31, 2014 year to date expenditures
represents 95.3% of the related budget. Revenues are above budget due to the
MOU with OPG for Fire Protection and Community Emergency Management
Plan.
2.9 The Engineering Department net expenditures are 49.4% of the first quarter 2014
budget. This favourable result is due to the increase in the revenues in the first
quarter. Building permit revenue is at 32.8% of the total budgeted amount.
2.10 The Operations Department net expenditures are 131.6% of the first quarter
2014 budgeted amount. The Fleet expenditures are currently below the
budgeted amount. It is important to note that most adjustments to these
accounts are made at year-end. As of the first quarter, Operation revenues are
lower due to timing on posting entries for senior snow clearing. Operation
expenditures are higher than the same period last year due to the harsh winter in
2013/2014. Winter control costs were significantly higher for roads and
sidewalks as well as tree removal costs.
2.11 Community Services net expenditures are 82.8% of the first quarter 2014 budget.
Revenues are at 107.2% and total expenditures are at 89.7% as of March 31,
2014. In general, there is an increase in Community Services revenues
particularly in aquatic, fitness, children's' camp revenues as well as ice rentals at
RRC.
2.12 The Planning Department net expenditures as of March 31, 2014 are 87.7% of
the 2014 first quarter budget. The expenditures are in line with the budget as of
March 31, 2014 at 91.7%. The favorable net expenditures are due to the higher
revenues in this period at 132.2%. Areas of higher revenues are official plan
amendments, rezoning fees, part lot controls fees and other miscellaneous fees.
REPORT NO.: FND-011-14 PAGE 4
2.13 Attachment "B", Continuity of Taxes Receivable for the three months ending
March 31 , 2014 provides the status of the taxes billed and collected by the
Municipality of Clarington during the first quarter of 2014. A total of $36,303,368
in interim tax bills were issued to property owners in the Municipality during this
period. At the end of March 2014, a total of$416,419 shows as a credit on the
taxes receivable compared to March 2013 taxes receivable of $2,221 ,671. Note
that the current year taxes are in also in a negative position as they include the
taxes prepaid for the April 2014 installment. The net balance at ($416,419) is
118.7% lower than the prior year at this time. This is a substantial improvement
over the first quarter 2013. A number of factors affect this favourable result
including increase in the PAP program, some mortgage companies paying both
February and April installments in February as well as voluntary pre-payment of
taxes by individuals. Furthermore, in 2013 and the first quarter of 2014, there
was an increase in tax write offs due to ARB decisions on commercial properties
and 2013 settlement of a commercial tax sale property which has reduced the
taxes receivable especially the in the prior years' taxes.
2.14 Attachment "C", Investments Outstanding as of March 31, 2014 provides the
status of the Municipality's general, capital and reserve fund investment holdings
at the end of the first quarter in 2014. The Municipality at March 31, 2014 holds
$0 in general fund investments, $0 in capital fund investments, $8,927,179.82 in
Development Charge reserve fund investments and $46,248,334.78 in reserve
fund investments to fund future commitments. 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 on the Ontario Municipal
Act, Ontario Regulation 438/97 and the Municipality's investment policy.
Currently, general fund investments are held in the Municipality's general bank
account as the interest rate on the account is more favourable than money
market instruments because of current economic conditions that are likely to
continue for some time. The short-term interest rates and the current cash flow
needs are reviewed on a regular basis.
2.15 Attachment "D", Debenture Repayment Schedule provides the status of the
Municipality's long-term obligations. The Municipality had $21,839,480.59 in
outstanding debt as of January 1, 2013 and debt repayment obligations of
$3,405,690.41. Factoring in a new debenture for the Green Road Grade
Separation works (as approved in 2013) but not yet issued, the outstanding debt
in 2014 will be $25,687,677.76. The 2014 budget amount of $3,895,375.22
reflects debt repayment amount adjusted for the accrual basis for interest and the
estimate for the new debenture for Green Road. The annual principal and
REPORT NO.: FND-011-14 PAGE 5
interest payments required to service these liabilities are well within the annual
debt repayment limits prescribed by the Ministry of Municipal Affairs and
Housing.
2.16 Attachment "E", Municipal Development Charges as of March 31, 2014 provides
the total Municipal development charges collected of $3,802,530.57. In the
2010 Development Charges Background Study, it was forecasted that the
municipality would be collecting approximately 878 residential units total for 2014
or approximately 73 units per month. For the first quarter in 2014, there were 63
units. For 2014 budget calculations, the figure of 525 units was used for the
year.
2.17 Analyzing the number of units issued in the first quarter of 2014, there was a
significant increase of 146% compared to the same quarter in 2013. Comparing
the total dollars collected in the first quarter of 2014 to the same quarter in 2013,
there was an increase of 183.9% in municipal development charges collected.
2.18 New building permits applied for after January 1, 2014 are required to comply
with the 2012 Building Code including enhanced energy efficiency requirements.
As a result there was a substantial increase in building permits in December
2013. However, the corresponding increase in development charges for
December 2013 was delayed. This is a result of the grace period given to
developers in the beginning of January due to the shutdown of the Municipal
Administration Centre over the holidays. A similar situation occurred in
December 2012; however the grace period was not in affect at this time. Also in
January 2014 there was a large increase in development charges collected due
to OPG industrial buildings. In March there were two significant subdivisions
registered as well.
3.0 CONCURRENCE — not applicable
4.0 CONCLUSION
4.1 The report is provided as information to Council. Ongoing reports will be
provided quarterly.
REPORT NO.: FND-011-14 PAGE 6
CONFORMITY WITH STRATEGIC PLAN —
The recommendations contained in this report conform to the general intent of the
following priorities of the Strategic Plan:
Promoting economic development
X Maintaining financial stability
_ Connecting Clarington
_ Promoting green initiatives
Investing in infrastructure
_ Showcasing our community
Not in conformity with Strategic Plan
Staff Contact: Nancy Taylor, BBA, CPA, CA, Director of Finance/Treasurer
Attachments:
Attachment "A": Summary of Operating and Expenditure and Revenue
Attachment "B": Continuity of Taxes Receivable
Attachment "C": Investments Outstanding
Attachment "D": Debenture Repayment Schedule
Attachment "E": Municipal Development Charges
THE MUNICIPALITY OF CLARINGTON ATTACHMENT"A"
SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE THREE MONTHS ENDING MARCH 31,2014
2014 2014 2014 YTD : 2014 YTD 2013 2013 2013 YTD 2014 2014
_. _..
Budget YTD Actual YTD: Unexpended$ %Expended Budget YTD Actual YTD Unexpended$. Total Budget %°of Annual
_....__....._.... ..... _1111__.
05 NON-DEPTL ACCTS
_1111.. _ .....1_111
°
Revenue/Recoveries (57,007) (305,241), 248,234 . 535.4/° (45,574) (76,472) 30,898 (7,385,377) 4.1%
Expenditures 190,000 190,000 0 100.0% 184,500 184,500 0 192,498 98.7%°
........ ........_....,._1111
Net Expenditures 132,993 (115,241): 248,234 (86.7%) 138,926 108,028 30,898 (7,192,879) 1.6%
.................................._.............................................
........_.
_�___. __.__'_.._. _
10 MAYOR&COUNCIL..
Net Expenditures 245,351 213,312 !, 32,039 86.9% 234,058 210,546 23,512 900,196 23.7%
.........
_1111. ..............._ __. _1111... _1111.. _�..._ __... __... ___._ _.._ ..____.�..... . ............._....
13 ADMINISTRATOR'S OFFICE
Net Expenditures 169,712 156,241 13,471 92.1% 155,581 147,324 8,257 650,017 24.0%
111.1 .__.............
14 LEGAL ADMIN
.............
...... ._..
RevenuelRecoveries (7 ------�_ __ �_...._.. _____ _ 1_11___1__ .�.�__.�..._.� �__ �. ....�..�...._... ._A�_._._..___---
Expenditures 109,090 97,717 11,373 89.6% 100,535 166,796 (6,261) 470,622 20.8%
Net Expenditures 101,422 91,355 . 10,067 90.1% 92,162 94,545 (2,383) 363,622 25.1%
......................... ..... ........ __. ..._1111. .........
- _. --- - __. _....... _
...-- _._ ...............111------
16 CORPORATE SERVICES
.__..._ _._ ._._ �..._...__...
.. _-.. ___ _ .� _ _--_�
Revenue/Recoveries (52,606) (55,289) 2,683 . 105.1%0 (47,463) (51,060) 3,597 (100,000) 55.3%
Expenditures 1,165,408 984,330 181,078 84.5% 1,143,851 1,041,697 102,154 4,633,050 21.2%
Net Expenditures 1,112,802 929,041 183,761 . 83.5% 1,096,388 990,637 105,751 4,533,050 20.5%
_......................_.................._1111.1111.................._.....................,........
........ .. ......_...._ 111.1__. .. _
19 CLERK'S
Revenue/Recoveries (157,890) (100,184): (57,706) 63.5% (262,577) (97,584) (164,993) (703,800) 14.2%
_... .. ._...... - .......... ................. ........... ......11..1..1.._ .. ......._..... .......... _...__..... .................... ---..--
_..........._.. _.._.
Expenditures 767,741 : 646,118 121,623 84.2% 682,084 517,677 164,407 3,154,127 20.5%
......... ....... .
Net Expenditures 609,851 . 545,934 63,917 . 89.5% 419,507 420,093 (586) 2,450,327 22.3%
. m.m.____ .... ...._............._....... __ _. _. ..-.._....... __ _ __ ._
21 FINANCE&UNCLASS.ADMIN
_. .......1111 _.. .
RevenuelRecoveries (386,363) (372,709) (13,654) 96.5%0 (345,638) (450,124) 104,486 (1,562,000) 23.9%
... ......._.......... _ ....._......... ._ ._1_111. ................. _ ...
--._-----------
Unclassified Admin&Board of Trade 826,556 719,235 107,321 87.0% 715,078 808,418 2,412,497 29.8%
.-.
Operating Expenditures 613,771 565,001 48,770 92.1% 602,270 528,589 73,681 2,263,518 25.0%
.......1111 .........._.................
Expenditures 1,440,327 1,284,236 156,091 89.2% 1,317,348 1,337,007 (19,659) 4,676,015 27.5%
...._P...........__._...__...._ _.__._.._................_--- °
Net Expenditures 1,053,964 911,527 142,437 86.5/0 971,710 886,88$ 84827 3,114,015 29.3%
28 EMERGENCY SERVICES-FIRE
RevenuelRecoveries (4,337) (131,886)! 127,549 3,040.9% (5,120) (21,131) 16,011 (49,000) 269.2%
...__..._................... _......_.._. ...__... .............. _._. _1111.. ......1111................................
1111..
Expenditures 2,586,533 2,465,912 : 120,621 95.3% 2,622,614 2,229,417 393,197 10,769,266 22.9%
Net Expenditures 2,582,196 2,334,026 : 248,170 90.4% 2,617,494 2,268,286 409,208` 10,720,266 21.$%
FND-011-14 Attachment"A" 1 of 2
THE MUNICIPALITY OF CLARINGTON ATTACHMENT"A"
SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE THREE MONTHS ENDING MARCH 31,2014
2014 2014 2014 YTD 2014 YTD 2013 2013 2013 YTD 2014 2014
Budget YTD Actual YTD Unexpended$ %Expended Budget YTD Actual YTD Unexpended$ Total Budget %°of Annual
.................... __.... ............... ........... ...................... ............. _ ......_... _._ _.....
-._.......__.....'._..............Budget.._.._
32 ENGINEERING SERVICES
..._._....
........... _..__._._ ____ ..... __
Revenue/Recoveries (236,131) (487,568); 251,437 206.5%° (410,656) (329,041) (81,615) (1,359,050) 35.9%
Expenditures 894,907 813,030 81,877 90.9% 880,052 776,488 103,564 6,322,705 12.9%
.............._... ..............
Net Expenditures 658,776 325,462 333,314 49.4% 469,396 447,447 21,949 4,963,655 . 6.6%
....... ...................
36 OPERATIONS
Revenue/Recoveries (49,697) (36,168)'; (13,529); 72.8% (77,989) (50,021) (27,968) (545,665) 6.6%
Operating Expenditures 2,707,214 4,015,304 . (1,308,090) 148.3% 3,421,095 2,919,939 501,156 13,984,438 28.7%
_.. _._
- . .............
--- _ __... .
Fleet&Debenture Payment l 349,357 (22,266) 371,623 (6.4%) - 355,422. 48,440 306,982 954,863 (2.3%)
Expenditures 3,056,571 3,993,038 (936,467): 130.6% 3,776,517 2,968,379 808,-138 14,939,301 26.7%
_._....
Net Expenditures 3,006,874 : 3,956,870 (949,996) 131.6% 3,698,528 2,918,358 780,170 14,393,636 27.5%
.... . ...................
_ _.__--------........- ------._.._____ ... . __-_.____.__.._---_...___._.._......__._ _ __..__......------
42,,-C OMMUNITY SERVICES
Revenue/Recoveries (1,577,730) (1,690,825) 113,095 107.2% (1,590,777) (1,650,862) 60,085 (4,434,787). 38.1%
... ..
Annual Grants&Debenture Payments 3,212,157 2,937,132 .....°
y
275,025 ' 91.4/° 3,269,010 2,975,963 293,047 3,212,157 9,1.4%
Ex pen ditures 5,548,641 4,978,585 570,056 89.7% 5,598,656 5,023,686 574,970 13,010,914 38.3%
Net Expenditures 3,970,911 3,287,760 683,151 ! 82.8% 4,007,879 3,372,824 635,055 8,576,127 : 38.3%
...... ................. ._ ................ .........._ ...................... .....__.._........._.. ._ ... .__..__.
50 PLANNING SERVICES
Revenue/Recoveries (76,668) (101,389)i 24,721 132.2% (46,807) (107,012) 60,205 (489,500) 20.7%
Expenditures 856,589 785,570 : 71,019 91.7% 844,135 755,666 88,469 3,895,366 20.2%
Net Expenditures 779,921 684,181 95,740 87.7% 797,328 648,654 148,674 3,405,866 20.1%
_.....
....................
.......
__._.....____- _. _.__...._ _.__._..._.. .._. -._..___..._.___...._._. __._......_.. _...__....__ _.
.. ........
BOARDS&AGENGIES
Net Expenditures� � . 1,795,175 1,830,652, (35,477) 102.0% 2,589,177 2,588,918 259 3,869,879 47.3%
...........
TOTAL OPERATING:
Revenue/Recoveries (2,606,097) (3,287,621)' 681,524 126.2% (2,840,974) (2,845,558) 4,584 (16,736,179) 19.6%
___..........._._ ___..__....... _.__.......... ...... . .___. _. ...__...._ ._______ .......
Expenditures 18,826,045 18,438,741 387,304 97.9% 20,129,108 17,888,101 2,241,007 67,483,956 27.3%
Net Operating Expenditures 16,219,948' 15,151,120 1,068,828 93.4% 17,288,134 15,042,543 2,245,591 50,747,777 29.9%
FND-011-14 Attachment"A" 2 of 2
ATTACHMENT "B"
H:\Reports-Cash Activit 2013 Reports-Cash Activit 2013 Cash Activit .XLS
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the First Quarter of the Year 2014
December 31,2013 MARCH MARCH
BEGINNING BAL. INTEREST TAXES PAYMENTS/ 2014 2013
RECEIVABLE ADDED BILLED BALANCE ADJUST.-
CURRENT YEAR
TAXES 5,986,643 36,303,368 42,290,011 (48,722,417) (6,432,406) (5,364,281)
PENALTY AND INTEREST 240,289 49,019 289,308 265,436 23,872 25,926
FIRST PRIOR YEAR
TAXES 1,792,113 - 1,792,113 2,384,143 4,176,256 4,462,498
PENALTY AND INTEREST 150,635 199,476 350,111 99,699 250,412 245,645
SECOND PRIOR YEAR
TAXES 277,766 277,766 910,653 1,188,419 1,584,399
PENALTY AND INTEREST 47,365 56,505 103,869 20,260 124,130 166,537
THIRD&PRIOR YEARS
TAXES 111,552 111,552 68,966 180,518 852,031
PENALTY AND INTEREST 57,830 12,473 70,304 2,075 72,379 248,917
SUB-TOTAL 8,664,192 317,473 36,303,368 45,285,034 45,701,453 416,419 2,221,671
PREPAID TAXES 3,727,090
TOTAL 4,937,103 317,473 36,303,368 45,285,034 45,701,453 416,419 2,221,671
Includes refunds,write-offs,357's,etc.
NOTE 1: 2014 Interim Instalment months: February and April.
NOTE 2: Current year taxes are in a negative position because they include taxes prepaid for the April instalment.
CORPORATION OF MUNICIPALITY OF CLARINGTON ATTACHMENT"C"
INVESTMENTS OUTSTANDING
As at March 31,2014
ORIGINAL
ISSUER OF TYPE OF PURCHASE COST OF INTEREST MATURITY MATURITY
INVESTMENT JINVESTMENT DATE INVESTMENT RATE DATE AMOUNT
GENERALFUND
TOTAL GENERAL FUND
CAPITAL FUND
TOTAL CAPITAL FUND -
NON DEV.CHARGE MONIES(including STATEGIC CAPITAL)
Laurentian GIG 02-May-12 1,000,000.00 2.15% 02-May-14 1,043,462.25
BNS GIG 17-Aug-09 1,600,000.00 3.20% 17-Aug-14 1,893,626.00 (B)
BMO GIG 12-Sep-11 983,080.00 1.80% 12-Sep-14 1,037,127.61
Manulife Bank GIG 20-Sep-11 742,599.00 2.05% 22-Sep-14 789,211.47
Prov Ontario STRIP BOND 05-Aug-09 999,807.77 3.35% 02-Dec-14 1,191,382.00
BMO GIG 07-Dec-10 1,000,000.00 2.60% 08-Dec-14 1,013,000.00 (A)
BNS GIG 01-Jun-12 1,500,632.00 2.35% 01-Jun-15 1,608,632.21 (B)
BMO GIG 26-Sep-11 624,188.00 2.00% 28-Sep-15 675,641.17
BMO GIG 15-Oct-13 598,890.00 1.90% 15-Oct-15 621,864.02
RBC GIG 07-Dec-11 1,922,733.00 2.35% 07-Dec-15 2,109,941.00
RBC GIG 07-Dec-11 1,976,951.00 2.35% 07-Dec-15 2,169,438.00
BMO coupons 15-Mar-12 176,636.37 2.54% 28-Mar-16 195,351.00
ING GIG 02-May-13 1,001,980.00 1.90% 02-May-16 1,060,184.88
Manulife Bank GIG 20-Sep-11 2,000,000.00 2.60% 20-Sep-16 2,273,876.11
BMO coupons 15-Mar-12 213,067.68 2.61% 28-Sep-16 239,375.00
ING(b/b Scotia) GIG 01-Oct-12 1,819,048.00 2.35% 03-Oct-16 1,996,160.91
Manulife Bank GIG 02-Dec-11 2,000,000.00 2.71% 02-Dec-16 2,286,091.67
Manulife Bank GIG 19-Mar-12 1,693,000.00 2.88% 19-Mar-17 1,951,224.70
BMO coupons 15-Mar-12 159,396.18 2.86% 28-Mar-17 183,615.00
RBC GIG 01-May-13 1,000,000.00 2.10% 01-May-17 1,086,68324
BMO coupons 15 Mar-12 196,287.25 2.92% 28-Sep-17 230,141.00
CWB GIG 01-Oct-12 3,500,000.00 2.55% 01-Oct-17 3,969,596.54
_BNS GIG 30-0ct-12 1,884,365.00 2.50% 30-Oct-17 2,131,986.04
HSBC GIG 21-Dec-12 1,121,354.00 2.40% 21-Dec-17 1,262,352.30
National Bank GIG 08-Jan-13 1,900,503.00 2.40% 08-Jan-18 2,139,776.15
National Bank GIG 12-Feb-13 1,927,464.00 2.45% 12-Feb-18 2,175,434.89
National Bank GIG 04-Mar-13 741,320.00 2.45% 05-Mar-18 836,748.00
RBC GIG 17-Mar-14 672,368.00 2.30% 19-Mar-18 736,392.86
ING GIG 25-Mar-13 1,254,427.00 2.40% 26-Mar-18 1,412,449.93
HSBC GIG 13-May-13 321,079.00 2.25% 14-May-18 358,862.84
BNS GIG 03-Jun-13 1,499,069.00 2.30% 03-Jun-18 1,679,576.51
RBC GIG 30-Jul-13 2,341,277.00 2.60% 30-Jul-18 2,661,886.92
BMO GIG 30-Sep-13 1,174,214.00 2.90% 01-Oct-18 1,3 4,748.00
RBC coupons 27-Jun-13 248,068.78 2.59% 03-Dec-18 285,071.00
RBC GIG 11-Mar-14 1,084,844.00 2.50% 11-Mar-19 1,227,401.41
CWB GIG 17-Mar-14 1,000,000.00 2.50% 18-Mar-19 1,131,408.21
Prov BC Bond 11-Dec-13 2,369,685.75 2.70% 18,--Dec-22 2,425,000.00 (C)
NON D/C Total: 46,248,334.78 51,444,720.84
DEV.CHARGE FUNDS
ONE FUND Bond 08-Aug-00 3,661,288.82 n/a 3,661,288.82 (D)
ONE FUND Equity 31-Jan-07 500,000.00 n/a 500,000.00 (D)
BNS GIG 20-Dec-13 1,062,541.00 2.03% 20-Dec-16 1,128,572.22
National Bank GIG 20-Dec-13 1,300,000.00 2.75°/0 20-Dec-18 1,488,855.35
Prov Ontario Bond 19-Dec-13 2,403,350.00 2.85% 02-Jun-23 2,500,000.00 (C)
DC Total: 8,927,179.82 9,278,716.39
TOTAL INVESTMENTS $ 55,175,514.60 $ 60,723,437.23
Note that interest is annual compounding with the exception of the following:
(A) GIG Interest is paid semi-annually (B) GIG Interest is paid annually
(C) Bond interest is paid semi-annually (D) Pooled Investment Fund
ATTACHMENT"D"
Debenture Repayment Schedule
As of January 1,2014
Year South Courtice Indoor Soccer/ RRC Green Road Newcastle Newcastle Total
Arena Lacrosse CCD Space Grade Separation Library Aquatic
2014 1,081,988.50 251,407.50 107,074.68 640,000.00 103,480.98 1,783,101.25 3,967,052.91
2015 1,083,940.50 205,900.00 107,074.68 640,Q00.00 103,677.48 1,784,674.00 3,925,266.66
2016 1,083,562.50 205,900.00 107,074.68 640,000.00 103,575.48 1,785,231.50 3,925,344.16
2017 1,080,782.50 205,900.00 107,074.68 640,000.00 104,194.48 1,785,285.25 3,923,236.91
2018 205,900.00 107,074.68 640,000.00 556,507.98 1,784,635.50 3,294,118.16
2019 205,900.00 107,074.68 640,000.00 1,784,054.75 2,737,029.43
2020 205,900.00 107,074.68 640,000.00 1,629,375.00 2,582,349.68
2021 205,900.00 53,537.34 640,000.00 1,071,000.00 1,970,437.34
2022 205,900.00 640,000.00 1,023,750.00
2023+ 205,900.00 3,840,000.00
4,330,274.00 2,104,507.50 803,060.10 9,600,000.00 971,436.40 14,431,107.25 32,240,385.25
Principal
at Jan 1/2013 5,105,000.00 1,902,000.00 764,480.59 - 861,000.00 13,207,000.00 21,839,480.59
Principal
atJan1/2014 4,120,000.00 1,670,000.00 695,677.76 6,400,000.00 800,000.00 12,002,000.00 25,687,677.76
Interest Rates 1.55%to 2.30% 4.0% 5.12% 3.5% 3.9%to 5.2% 4.3%to 4.75%
NOTE: 2014 changed to accrual basis for interest. Total budget is$3,967,052.91+225,818.39-297,496.08=$3,895,375.22
NOTE: 2014 and 2018 each require renewal of debentures 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.
Attachment "E"
MUNICIPAL DEVELOPMENT CHARGES
MONTH OF MARCH
2014 2013
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF
UNITTYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS DEV.CHGS 2012-2011
Single/Semi- Detached
-New construction $ 933,900.00 60 $ 450,022.00 29
-Additions $ - 0 $ - 0
Townhouse $ 40,674.00 3 $ - 0
Apartment $ - 0 $ - 0
Commercial $ - 0 $ - 0
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 Is - 0
Industrial $ - 0 1 $ - 0
TOTAL $ 974,574.00 1 63 1 $ 450,022.00 1 29 1 116.6%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO MARCH -YEAR TO DATE
2014 2013
MUNICIPAL NUMBER MUNICIPAL NUMBER Y.CHANGE OF
UNITTYPE DEV. CHARGES PAID OF UNITS DEV.CHARGES PAID OF UNITS DEV.CHGS 2012-2011
Single/Semi- Detached
-New construction $ 2,923,682.00 189 $ 1,140,416.'54 74
-Additions $ 2,928.64 2 $ - 0
Townhouse $ 284,226.00 21 $ 135,170.00 10
Apartment $ - 0 $ - 0
Commercial $ - 0 $ 63,903.61 3
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 0
Industrial $ 591,693.93 2 $ - 0
TOTALI $ 3,802,530.57 214 $ 1,339,490.15 8 183.9%