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Meeting: General Purpose and Administration Committee
Date: September 8, 2014 Resolution: ' - b �� By-law: -C `
Report: FND-016-14 File: Department File#:
Subject: Financial Update as at June 30, 2014
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
a) That Report FND-016-14 be received for information.
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Submitted by: Reviewed by: -
Nancy Taylor, BBA, CPA, CA Franklin Wu,
Director of Finance/Treasurer Chief Administrative Officer
NT/CC
Municipality of Clarington
Report FND-016-14 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variance reporting as of
June 30, 2014 as well as other financial indicators such as taxes receivable, reserve fund
investments, debt and development charges collected.
Background
1. The financial update report has been designed to focus on overall budget variance
reporting.
Second Quarter of 2014 Results
2. Attachment 1, the Summary of Operating Expenditures and Revenue statement compares
the Municipality's budget to actual posted expenditures as of June 30, 2014. This
statement reflects the Municipality's operating budget only and excludes year to date
expenditures for the consolidated hall/arena boards. Also, most of the budget transfers and
debenture entries are posted in the month of June. Net year to date expenditures as of
June 30, 2014 totalled $29,528,567, which represents 58.2% of the total 2014 budget.
3. Attachment 1 is intended to provide an indication of the status of the Municipality's
operating accounts compared to the approved budget as at June 30, 2014. Many
departments are affected by high levels of activity during the 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 the recognition of revenue and expenses. The
budget is allocated monthly based on the prior year actual monthly distribution. In cases
where there is no prior year history, the monthly allocation is divided equally over the 12
months. While this is the best method available to be reflective of seasonal trends, there
are many variations from year to year. Due to these timing differences, this statement
cannot be used in isolation.
4. As a whole, the operating budget is on target. As of June 30, 2014 the net year to date
expenditures are at 92.13% of the second quarter budget. Some of the variances can be
attributed to the timing differences in revenue and expenditures between 2014 and 2013.
With the second quarter budget, comparisons, revenues and expenditures tend to smooth
out. However, it is best not to extrapolate the figures and percentages to future quarters.
5. The operating budget is on target for the Mayor and Council as well as the CAO's office.
As of June 30, 2014 the Mayor and Council's expenditures are at 87.02% of the second
quarter budget. The CAO's office is at 96.05% of the second quarter 2014 budget.
6. The Legal net expenditures are 87.11% as of June 30, 2014. This is due to an increase in
Planning Agreement fees collected. As of the second quarter approximately 78% of the
total budget for this revenue have been received. Expenditures are slightly lower than the
second quarter budget. It is important to note that the year to year trends in Legal
revenues and expenditures are not as consistent as in other areas such as recreation.
Municipality of Clarington
Report FND-016-14 Page 3
7. Corporate Services overall net expenditures are in line with the second quarter budget at
93.15%. The revenues are slightly higher than the second quarter budget at 135.4%.
This is due to the timing of advertising revenues in comparison to 2013. Similar revenues
recorded in June 2014 were posted in July in the prior year. However, the advertising
revenues are at 71.3% of the total 2014 budget.
8. As of June 30, 2014 the Clerk's department net expenditures are at 100.87%. The
revenues are less that the second quarter budget. Animal licences are significantly less
when compared to the prior year. This could be due to a timing difference from one year to
the next. Wildlife damage claims are also reduced when compared to the previous year.
The Municipality issues the payments for the approved claims and is reimbursed by the
province. The timing of the wildlife damage claims/grants can vary greatly from year to
year. The reduction in animal licences has been slightly offset by increases in other
licences.
9. The Finance net expenditures are at 133.5% as of the second quarter 2014 budget. The
Finance revenues are overall in line with the second quarter budget as well as the
operating finance expenditures. The unclassified expenditures are at 135.4% of the
second quarter budget. This can be attributed to two factors. There is a timing difference
of the insurance premium when compared to the previous years. In prior years the entry
was posted in July rather than June. This would be due in part to the strike at the Region.
Also the tax write-offs are over budget. There has been an increase in the ARB rulings
relating to commercial properties as noted in earlier reports. This is reflected in the
favourable taxes receivable figures as shown in attachment 2 and discussed in item 16.
10.The net expenditures for Emergency Services are on target at 94.05% of the second
quarter budget. Revenues are well above budget due to MOU with OPG for Fire Protection
and Community Emergency Management Plan as noted in report FND-011-14.
11.The Engineering Department net expenditures are 70.58% of the second quarter budget.
This favourable result is largely due to the building permit revenues. As of June 30th the
building permit revenues were approximately 78% of the total 2014 budget. As of the end
of July 2014 the building permit revenues are at 100% of the total budget. Operating
expenditures are in line with the second quarter budget at 100.58%. The net expenditures
are at 70.58%. This is due to the budget account for the Green Road grade separation
debenture. The debenture was issued in July 2014 so an estimate was made for this
budget amount. This debenture does not have a payment due in 2014 but will have an
accrual entry at year end.
12.The Operations Department net expenditures are 120.25% of the second quarter budget.
The Fleet expenditures are currently below the budgeted amount as most of these entries
are made at year end as well as accrual entries for debentures. Revenues are higher due
to the harsh winter and the increase in winter and spring maintenance charges to
unassumed developments. Higher expenditures can be directly attributable to the effects
of the long and harsh winter and the associated clean up to roads, ditches and brush
clearing.
Municipality of Clarington
Report FND-016-14 Page 4
13.Community Services net expenditures are 91.64% of the second quarter budget.
Revenues are slightly higher as of June 30, 2014 at 104.19% in particular aquatic, fitness
and summer camp revenues. Expenditures slightly lower at 95.18% of the second quarter
budget.
14.The Planning Department net expenditures as of June 30, 2014 are at 104.84% of the
second quarter budget. Revenues are higher than budgeted as of June 30, 2014 at
139.77% which is due to higher revenues such as official plan amendments, rezoning fees,
site plan fees, and subdivision application fees. Overall, expenditures are in line with the
second quarter budget at 107.3%. Some of these expenditures are covered by Reserve
Funds such as Official Plan Review and the Showcasing Water Innovation project. As a
result the offsetting transfer from the reserve is recorded in the Non-Department accounts.
15.Non-departmental revenues and recoveries are higher than the second quarter budget.
This is due to the timing of transfers from the reserves funds which can vary from year to
year as well as transfers from reserve funds relating to previous commitments. As the
expenditures are made within department budgets for these previous commitments, the
offsetting transfer is posted to the non-departmental accounts. Grant funds received from
higher levels of government are also recorded but not included in the budget total.
16.Attachment 2, Continuity of Taxes Receivable for the six months ending June 30, 2014
provides the status of the taxes billed and collected by the Municipality during this time
period. A total of $36,232,828 in interim tax bills and $32,108,354 in final tax bills were
issued to property owners in the Municipality during the second quarter. At the end of June
2014, a total of $11,144,820 remains unpaid compared to June 2013 taxes receivable of
$12,569,751. The net balance is $1,424,931 lower or 11.3% lower than the prior year at
this time. This improvement in the taxes receivable can be attributed to the increase in tax
write offs due to ARB decisions on commercial properties, the increase in the participation
of the PAP program, and the continuing efforts showing success.
17.Attachment 3, Investments Outstanding as of June 30, 2014 provides the status of the
Municipality's general, capital and reserve fund investment holdings at the end of the
second quarter. The Municipality at June 30, 2014 holds $0 in general fund investments,
$0 in capital fund investments, $8,953,642.57 in Development Charge reserve fund
investments and $46,248,334.78 in reserve fund investments, including the Strategic
Capital reserve fund, 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 of 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 continues to be
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.
18.Attachment 4, Debenture Repayment Schedule provides the status of the Municipality's
long term debt obligations for 2014. The debt Repayment has been updated with the July
2014 debenture issue for the Green Road Separation and the balloon payment on the
Municipality of Clarington
Report FND-016-14 Page 5
Bowmanville Indoor Soccer. The first quarter financial update report FND-011-14 used
estimated figures for this debenture. The Municipality has $25,432,277.76 in outstanding
debt as of July 2, 2014 and debt repayment obligations of $3,895,375.22 as reflected in the
2014 budget. Note that there are minor differences from the budget due to the estimation
of the new debenture. The annual principal and interest payments required to service
these liabilities are well within the annual debt repayment limits prescribed by the Ministry
of Municipal Affairs and Housing.
19.Attachment 5, Municipal Development Charges as of June 30, 2014 provides the total
Municipal Development Charges collected of $6,255,866.98. In the 2010 Development
Charges Background Study, it was forecasted that the Municipality would be collecting
approximately 878 residential units in total for 2014 or about 73 units per month. As of the
second quarter in 2014, there was 376 units. For 2014 budget considerations, the figure of
525 units was used for the year.
20.Analysing the number of units issued as of the second quarter, there was an increase of
89.9% compared to the same quarter in 2013. Comparing the total dollars collected as of
June 30, 2014 to the same period in 2013, there was an increase of 105.4% in municipal
development charges collected. There are indications that this positive trend will continue
for the year.
Concurrence
21.Not applicable
Conclusion
It is respectfully recommended that second quarter of 2014 financial update report be received
for information. Ongoing reports to council will be provided quarterly.
Strategic Plan Application
The recommendations contained in this report conform to the Strategic Plan.
Staff Contact: Nancy Taylor, Director of Finance/Treasurer, 905-623-3379 ext. 2602 or
ntaylor@clarington.net
Attachments:
Attachment 1 - Summary of Operating Revenues and Expenditures
Attachment 2 — Continuity of Taxes Receivable
Attachment 3 — Investments Outstanding
Attachment 4 — Debenture Repayment Schedule
Attachment 5 — Municipal Development Charges
There are no interested parties to be notified of Council's decision.
THE MUNICIPALITY OF CLARINGTON ATTACHMENT"A"
SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE SIX MONTHS ENDING JUNE 30,2014 E7 I
2014: 2014 2014 YTD 2014 YTD 2013 2013 2013 YTD 2014 Qtr 2 2014 Qtr 2: Quarter 2014 2014
......... ....111.1... _..
Budget YTD: Actual YTD Unexpended %"Expended Budget YTD Actual YTD Unexpended$ YTD Budget YTD Actualsi %Expended Total Budget %of Annual
.............
Budget Spent
05 NON-DEPT'L ACCTS
....1111. _... ... ...... ._.. ........ ,
Revenue/Recoveries (3,065256)', (5,371,401), 2,306,145 175.23% (2,735,721) (3,276,351) 540,630 (3,008,249), (5,061,218 168.24°/ (7,385,377
72.73%
1111 .............. ...._1111..._ .. ....1111. ........ .. _ .................................... .. ........... ..............
Expenditures 190,000 190,000 0 100.00% 184,500 184,500 0 0 0 #DIV/0! 192,498 98.70%
Net Expenditures (2,876,256) (5,181,401)'
2,306,145 180.21% (2,551,221) (3,091,851) 540,630 (3,008,249) (5,061,218) 168.24% (7,192,879)' 72.04%
........__..
.........
.. _ ... _... _1111! ...
10 MAYOR&COUNCIL
Net Expenditures 458,818 i 399,281 59,537 87.02% 446,182 395,035 51,147 213,467 185,628 : 86.96% 900,196 44.35%
13 ADMINISTRATOR'S OFFICE
Net Expenditures 312,701 : 300,338 12,363 96.05% 296,833 283,152 12,681 142,989 : 143,400 100.29% 650,017 46.20%
14 LEGAL ADMIN
_.___.._.. _....._.._. ........_.. _ _1_111... . __. _.
_ .... ._..___ ......_...
Revenue/Recoveries (20,816): (29,174) 8,368 140.15% (20,046) (31,267) 11,222 (13,148)" (22,812); 173.50% (107,000) 27.27%
..............
1...11.1.... _. ....1.1.11.
Expenditures 215,385 : 198,657 16,728 92.23% 247,302 259,439 (12,137) 106,295 99,064 93.20% 470,622 : 42.21%
Net Expenditures 194,569 : 169,483 25,086 87.11% 227,257 228,172 (915) 93,147 76,252! 81.86% 363,622 46.61%
_. . ................. _1111.. ....... ___........_ _............ .
1111__... ......... _ _ .
16 CORPORATE SERVICES
....... ... ...
....... ...............................
.... 11__11
............ ....
s (54,900) (74,327) 19,427 135.39% t 66,579) (53,410) (13,169) (2,294) (1...9....,038) 829.90% (100,000)
74.33%... . . 1..1....1..1_... ........
Expenditures 2,453,274 2,308,432 14 ,842 94.10%
2,283,737 2,172,256 111,481 1,287,866 : 1,267901 98.45% 4,633,050 '
49.83%
.._._.___._.. ._
Net Expenditures 2,398,374: 2,234,105' 164,269 93.15% 2,217,158 2,118,846 98,312 1,285,572! 1,248,863 97.14% 4,533,050 49.28%
_. _ _.._
19 CLERK'S
Revenue/Recoveries 1... "(334,901)',. __..._
...
_1111..
(277,862) (57,039) 8297% (451,070); (302,899) (148,171)"� --(177011)' (160,865): 90.88% (703,800), 39.48%
penditures .._.1,571,9491_ °
_..._.___�_._ _ 48.37%
Ex 1,525,630 ' 46,319 97.05% 1,444,766 1,400,568 44,198 804,208 I 861,960 ' 107.18/ 3,154127 '
Net Expenditures 1,237,048 1,247,768 (10,720) 100.87% 993,696 1,097,669 (103,973) 627,197 701,095 111.78% 2,450,327 ! 50.92%
............
..__..._.......... ......... ................ _ _. _...
21 FINANCE&UNCLASS.ADMIN
Revenue/Recoveries. ....... (806,367)i... . _ .............._.._ __ ........ _..._ _
_
(832,489)' 26,122 ! 103.24% (766,783) (939,122), 172,339 (420,004) (459,780) 109.47% (1,562,000)! 53.30%0
_. _..__...... T__ __ ._. _ __1111... _
............
Unclassified Admin&Board of Trade 1,409,191 2,082,311 (673,120). 147.77% 1,235,169 1,504,395 (269,226) 582,635 1,361,112 233.61% 2,412,497
86.31%
Operating Expenditures 1,170,892 1,118,002 52,890 95.48% 1,132,379 . 1,037,426 94,953 557,121 551,714: 99.03% 2,263,518 . 49.39°
Expenditures 2,580,083 3,200,313 (620,230) 124.04% 2,367,548 .2,541,821 (174,273) 1,139,756 1,912,826 167.83% 4,676,015 68.44%
Net Expenditures 1,773,716 : 2,367,824 (594,108) 133.50% 1,600,765 1,602,699 (1,934) 719,752 1,453,046 : 201.88% 3,114,015 . 76.04%
_-- ._-
28 EMERGENCY SERVICES-FIRE
u o_
Revenue/Recoveries (11,099): (153,605): 142,506 1,383.95/° (11,749) (30,947) : 19,198 (6,762) (11,674)1: 172.64/° (49,000): - 313.48%
..................... _... _ _._ ...
Expenditures 51633,491 5,441,401 192,090 96.59% 5,413,112 4,964,752 448,3601 3,046,958 2,959 704 97.14% 10,769,266 50.53%
NetExpenditures 5,622,392 5,287,796 334,596 94.05% 5,401,363 4,933,805 467,5581 3,040,196 2,948,030 96.97% 10,720,266 49.33%
Attachment 1 of
Municipality of Clarington Report FND-016-14
THE MUNICIPALITY OF CLARINGTON ATTACHMENT"A"
SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE SIX MONTHS ENDING JUNE 30,2014
2014! 2014 2014 YTD 2014 YTD 2013 2013 2013 YTD 2014 Qtr 2, 2014 Qtr 2: Quarter 2014, 2014
.......... ........... ......... __..._
Budget YTDi Actual YTD Unexpended %Expended Budget YTD Actual YTD Unexpended$ YTD Budget! YTD Actualsl %Expended Total Budget' %of Annual
..........-_
Budget Spent
............................................ ..... __._..... . _...__'_..... ......... ......... ................................ .......... _. .......................
.....__._....
32 ENGINEERING SERVICES
.... ............... ...................... ... .... .. .........
Revenue/Recoveries (530,243)'1 (1,081,821); 551,578 204.02% (871,542) (1,039,488) 167,946 (294,112) (594,253): 202.05% (1,359,050)
79.60%
........... . ............._.... ......._. ......................................... _. ........ _...... ..................................................
............. .................. .
Operating Expendiutres 3,863,889 3,886,432 (22,543) 100.58% 3,770,078 3,853,438 (83,360) 2,968,982 3,072,624 103.49% 5,682,705
68.39%
......... ........._...... .......__.... _. ......._........ ......_...... ............ ............................ ..............- ..._..... _..-_......_..
Debenture Payments 640,000 - 640,000 0.00% - 0 640,000 - 0.00% 640,000 0.00%
Expenditures 4,503,889 3,886,432 617,457 86.29% 3,770,078 3,853,438 (83:360) 3,608,982 3,072,624 85.14% 6,322,705 61.47%
Net Expenditures 3,973,646 : 2,804,611 1,169,035 70.58% 2,898,536 2,813,950 84,586 3,314,870 2,478,371 : 74.77% 4,963,655 56.50%
36 OPERATIONS
Revenue/Recoveries (192,544): (264,018) 71,474 137.12% (286,569) (235,339) (51,230) (142,847) (227,849). 159.51% (545,665)
48.38%
.....
.... ........ _
Operating Expenditures 6,568,659 8,470,440 (1,901,781) 128.95% 7,038,365 6,617,534 420,831 3,861,445 4,491,687 : 116.32% 13,984,438
60.57%
_...._._ . ____._. __-__.._ ____.__ ______ .
Fleet&Debenture Payment 603,698 186,894 416,804 30.96% 606,618 307,697 297,921 254,341 159,105 62.56% 954,863 . 19.57%
Expenditures 7,172,357 . 8,657,334 (1,484,977) 120.70% 7,643,983 6,925,231 718,752 4,115,786 4,650,792: 113.00% 14,939,301 57.95%
Net Expenditures 6,979,813 8,393,316 (1,413,503) 120.25% 7,357,414 6,689,892 667,522 3,972,939 4,422,943 111.33% 14,393,636 58.31%
42 COMMUNITY SERVICES
(2,396,615) (2,485,893) 89,278 (787,069): (773 013 98.21%
Revenue/Recoveries (2,364,799): (2,463,838)' 99,039 104.19% ) (4,434,787); 55.56%
_._
Operating Expenditures 5,157,669 : 4,896,418 261,251 94.93% 4,819,163 4,437,684 381,679 2,821,185 2,849,003 100.99% 9,798 757
49.97%
Annual Grants&Debenture Payments 3,212,157 : 3,070,132. 142,025 95.58% 3,329,010 3,029,213 299,797 0 56,000 3,212,157 95.58%
Expenditures 8,369,826 : 7,966,550 403,276 . 95.18% 8,148,173 7,466,797 681,376 2,821,185 2,905,003 102.97% 13,010,914 61.23%
Net Expenditures 6,005,027 : 5,502,712 502,315 91.64% 5,751,558 4,980,904 770,654 2,034,116 2,131,990 104.81% 8,576,127 64.16%
50 PLANNING SERVICES _.__ _.-_. ....._._...
Revenue/Recoveries (160,531); (224,377)1 63,846 139.77/0 (214,668) (231,466 16,798 (83,863) (122988)' 146.65% (489,500), 45.84%
_. ..._._.._....... ..... .. ....... ............
Expenditures 2,265,443 2,431,075! (165,632)', 107.31% 2,277,218 2,193,960 83,258 1,408,854 1,644,831 116.75% 3,895,366 62.41%
Net Expenditures 2,104,912 2,206,698 (101,786)1 104.84/° 2,062,550, 1,962,494 100,056 1,324,991 1,521,843 114.86% 3,405,866 64.79%
BOARDS&AGENCIES
Net Expenditures 3,864,515 1 3,796,036 68,479 98.23% 3,744,765 3,920,378 (175,613) 2,069,340 1,965,384 94.98% 3,869,879 98.09%
TOTAL OPERATING:
Revenue/Recoveries (7,541,456) (10,772,912) 3,231,456 142.8% (7,821,341) (8,626,182) 804,841 (4,935,359) (7,453,490) 151.02% (16,736 179)'
64.37%
......... .........-
Expenditures 39,591,731 40,301,479 (709,748) 101.8% 38,267,197 36,561,327 1,705,870 20,765,686 21,669,117 104.35% 67,483,956
59.72%
Net Operating Expenditures 32,050,275 29,528,5671 2,521,708 92.13% 30,445,856 27,936,145 2,510,711 15,830,327 14,215,627 89.80% 50,747,777
58.19%
Attachment 1 of
Municipality of Clarington Report FND-016-14
Municipality of Clarington Attachment 2 to
Report FND-016-14
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Second Quarter of the Year 2014
March 31,2014 JUNE JUNE
BEGINNING BALANCE INTEREST TAXES PAYMENTS/ 2014 2013
RECEIVABLE ADDED BILLED BALANCE ADJUST.***
CURRENT YEAR
TAXES (6,432,406) 68,341,482 61,909,077 (55,167,331) 6,741,746 7,936,240
PENALTY AND INTEREST 23,872 160,915 184,787 95,734 89,053 93,941
FIRST PRIOR YEAR
TAXES 4,176,256 - 4,176,256 (1,214,519) 2,961,737 3,181,638
PENALTY AND INTEREST 250,412 134,064 384,477 165,023 219,453 211,508
SECOND PRIOR YEAR
TAXES 1,188,419 1,188,419 (348,909) 839,510 834,899
PENALTY AND INTEREST 124,130 38,414 162,543 76,778 85,766 84,615
THIRD&PRIOR YEARS
TAXES 180,518 180,518 (42,445) 138,073 168,927
PENALTY AND INTEREST 72,379 6,086 78,465 8,984 69,481 57,983
SUB-TOTAL 416,419 339,479 68,341,482 68,186,078 57,119,722 11,144,820 12,569,751
ITOTAL (416,419)1 339,479 1 68,341,482 1 68,186,078 (57,119,722)1 11,144,820 1 12,569,751
*** Includes refunds,write-offs,357's,etc.
NOTES:
2014 Interim Instalment months(for all classes): February and April
2014 Final Instalment months(for non-capped classes): June and September
2014 Final Instalment months(for capped classes): August and September
Attachment 3 to
Municipality of Clarington Report FND-016-14
INVESTMENTS OUTSTANDING
As at June 30,2014
ORIGINAL
ISSUER OF TYPE OF PURCHASE COST OF INTEREST MATURITY MATURITY
INVESTMENT INVESTMENT I DATE INVESTMENT RATE DATE AMOUNT
GENERALFUND
TOTAL GENERAL FUND -
CAPITAL FUND
TOTAL CAPITAL FUND
NON DEV.CHARGE MONIES(including STATEGIC CAPITAL)
BNS GIC 17-Aug-09 1,600,000.00 3.20% 17-Aug-14 1,893,626.00 (B)
BMO GIC 12-Sep-11 983,080.00 1.80% 12-Sep-14 1,037,127.61
Manulife Bank GIC 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 GIC 07-Dec-10 1,000,000.00 2.60% 08-Dec-14 1,013,000.00 (A)
BNS GIC 01-Jun-12 1,500,632.00 2.35% 01-Jun-15 1,608,632.21 (B)
BMO GIC 26-Sep-11 624,188.00 2.00% 28-Sep-15 675,641.17
BMO GIC 15-Oct-13 598,890.00 1.90% 15-Oct-15 621,864.02
RBC GIC 07-Dec-11 1,922,733.00 2.35% 07-Dec-15 2,109,941.00
RBC GIC 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 GIC 02-May-13 1,001,980.00 1.90% 02-May-16 1,060,184.88
Manulife Bank GIC 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) GIC 01-Oct-12 1,819,048.00 2.35% 03-Oct-16 1,996,160.91
Manulife Bank GIC 02-Dec-11 2,000,000.00 211% 02-Dec-16 2,286,091.67
Manulife Bank GIC 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 GIC 01-May-13 1,000,000.00 2.10% 01-May-17 1,086,683.24
BMO coupons 15-Mar-12 196,287.25 2.92% 28-Sep-17 230,141.00
CWB GIC 01-Oct-12 3,500,000.00 2.55% 01-Oct-17 3,969,596.54
BNS GIC 30-Oct-12 1,884,365.00 2.50% 30-Oct-17 2,131,986.04
HSBC GIC 21-Dec-12 1,121,354.00 2.40% 21-Dec-17 1,262,352.30
National Bank GIC 08-Jan-13 1,900,503.00 2.40% 08-Jan-18 2,139,776.15
National Bank IGIC I 12-Feb-13 1 1,927,464.00 2.45% 12-Feb-18 2,175,434.89
National Bank IGIC 04-Mar-13 1 741,320.00 2.45% 05-Mar-18 836,748.00
RBC GIC 17-Mar-14 1 672,368.00 1 2.30% 19-Mar-18 736,392.86
ING GIC 25-Mar-13 1,254,427.00 1 2.40% 26-Mar-18 1,412,449.93
HSBC GIC 13-May-13 321,079.00 2.25% 14-May-18 358,862.84
BNS GIC 03-Jun-13 1,499,069.00 2.30% 03-Jun-18 1,679,576.51
RBC GIC 30-Jul-13 2,341,277.00 2.60% 30-Jul-18 2,661,886.92
BMO GIC 30-Sep-13 1,174,214.00 2.90% 01-Oct-18 1,354,748.00
RBC coupons 27-Jun-13 248,068.78 2.59% 03-Dec-18 285,071.00
RBC GIC 11-Mar-14 1,084,844.00 2.50% 11-Mar-19 1,227,401.41
CWB GIC 17-Mar-14 1,000,000.00 2.50% 18-Mar-19 1,131,408.21
ING GIC 02-May-14 1,000,000.00 2.60% 02-May-19 1,139,019.14
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 51,540,277.73
DEV.CHARGE FUNDS
ONE FUND Bond 08-Aug-00 3,687,751.57 n/a 3,687,751.57 (D)
ONE FUND Equity 31-Jan-07 500,000.00 n/a 500,000.00 (D)
BNS GIC 20-Dec-13 1,062,541.00 2.03% 20-Dec-16 1,128,572.22
National Bank GIC 20-Dec-13 1,300,000.00 2.75% 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: 8,953,642.57 9,305,179.14
TOTAL INVESTMENTS $ 55,201,977.35 $ 60,845,456.87
Note that interest is annual compounding with the exception of the following:
(A) GIC Interest is paid semi-annually (B) GIC Interest is paid annually
(C) Bond interest is paid semi-annually (D) Pooled Investment Fund
Attachment 4 of
Muncipality of Clarington Report FND-016-14
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 - 103,480.98 1,783,101.25 3,327,052.91
2015 1,083,940.50 161,930.50 107,074.68 524,212.80 103,677.48 1,784,674.00 3,765,509.96
2016 1,083,562.50 163,394.50 107,074.68 531,120.80 103,575.48 1,785,231.50 3,773,959.46
2017 1,080,782.50 164,626.00 107,074.68 537,368.80 104,194.48 1,785,285.25 3,779,331.71
2018 165,415.00 107,074.68 542,379.30 556,507.98 1,784,635.50 3,156,012.46
2019 166,743.50 107,074.68 546,086.30 1,784,054.75 2,603,959.23
2020 166,571.00 107,074.68 549,423.80 1,629,375.00 2,452,444.48
2021 165,899.00 53,537.34 552,300.30 1,071,000.00 1,842,736.64
2022 165,783.00 552,820.30 1,023,750.00
2023+ 328,546.00 3,844,117.10
4,330,274.00 1,900,316.00 803,060.10 8,179,829.50 971,436.40 14,431,107.25 30,616,023.25
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
at Jul 2/2014 1 4,120,000.00 1,426,000.00 695,677.76 6,388,600.00 800,000.00 12,002,000.00 25,432,277.76
Interest 1.55%to 2.30% 1.2%to 3.35% 5.12% 1.2%to 3.8% 3.9%to 5.2% 4.3%to 4.75%
Rates
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.
NOTE: July 2014 updated to reflect purchase of 2 new debentures.
Green Road Grade Separation and refinancing of balloon payment for Indoor Soccer Facility.
Municipality of Clarington Attachment 5 to
Report FND-016-14
MUNICIPAL DEVELOPMENT CHARGES
MONTH OF JUNE
2014 2013
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF
UNIT TYPE DEV.CHARGES PAID OF UNITS DEV.CHARGES PAID OF UNITS DEV.CHGS 2014-2013
Single/Semi-Detached
-New construction $ 996,160.00 64 $ 558,648.00 36
-Additions $ - 0 $ - 0
Townhouse $ 67,790.00 5 $ 270,340.00 20
Apartment $ - 0 $ - 0
Commercial $ - 0 $ 50,942.18 2
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 0
Industrial $ 24,024.48 3 $ - 0
TOTAL $ 1,087,974.48 72 $ 879,930.18 58 23.6%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO JUNE-YEAR TO DATE
2014 2013
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF
UNIT TYPE DEV.CHARGES PAID OF UNITS DEV.CHARGES PAID OF UNITS DEV.CHGS 2014-2013
Single/Semi-Detached
-New construction $ 5,196,172.00 335 $ 2,226,676.54 144
-Additions $ 2,928.64 2 $ - 0
Townhouse $ 433,364.00 32 $ 635,299.00 47
Apartment $ - 0 $ - 0
Commercial $ 7,683.93 1 $ 183,171.68 6
Agricultural $ - 0 $ - 0
Government $ - 0 $ 0
Institutional $ - 1 $ - 0
Industrial $ 615,718.41 5 $ 104.85 1
TOTAL $ 6,255,866.98 376 $ 3,045,252.07 198 105.4%