HomeMy WebLinkAboutFND-001-15 Clatington
Finance Department
Report
If this information is required in an alternate accessible format, please contact the Municipal
Clerk at 905-623-3379 ext. 2102.
Report To: General Purpose and Administration Committee
Date of Meeting: January 5, 2015
Report Number: FND-001-15
File Number: By-law Number:
Report Subject: Financial Update as at September 30, 2014
Recommendations:
1. That Report FND-001-15 be received for information.
Municipality of Clarington
Report FND-001-15 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variances as of
September 30, 2014 as well as other financial indicators such as taxes receivable, reserve
fund investments, debt and development charges collected
1 . Background
1.1 The financial update report has been designed to focus on overall budget variance
reporting.
2. Third Quarter of 2014 Results
2.1 Attachment 1, Summary of Operating Expenditures and Revenues compares the
Municipality's budget to actual posted expenditures as of September 30, 2014. This
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 September 30, 2014 totalled $38,822,870 which represents 76.5% of the total
2014 budget.
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 at September 30, 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 whereas other activities are less predictable on timing such as legal
and planning. This results in fluctuations in the timing of recognition of revenues and
expenses. The budget is allocated monthly based on the 2013 actual monthly
distribution. In cases where there is no prior year history, the allocation is divided
equally over the twelve months. While this is the 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 As a whole, the operating budget is on target. As of September 30, 2014 the net
year to date expenditures are at 92.9% of the third quarter budget. Some of the
variance can be attributed to timing differences in revenue and expenditures between
2014 and 2013. However, it is best not to extrapolate the figures and percentages to
future quarters.
2.4 The majority of revenues and expenditures are overall in line with the third quarter
budget. Monthly trial balance reports are sent to each department for regular review.
Revenues and expenditures that have a variance either above or below budget that
are noteworthy are discussed in this report.
Municipality of Clarington
Report FND-001-15 Page 3
2.5 Overall the Legal net expenditures are below the third quarter budget at 80.16%.
This is largely attributed to lower than budgeted amounts for professional fees which
are only at 23.6% of the total 2014 budgeted amount.
2.6 The Clerks net expenditures are on target overall as of September 30th at 99.43%.
The revenues are below the third quarter budget by $104,252. This is due to lower
than budget revenues for dog and cat licences which are at 46% of the total 2014
budget. However, this has been offset by higher than budgeted revenues in civil
marriage fees, marriage licences, raffle lottery licences and other licences. Similarly,
the expenditures are below the third quarter budget by $114,858. Together this put
the net expenditures in line with the third quarter budget. The Clerks department
also administers the wildlife loss grant program. It is difficult to estimate the amount
and timing of such losses and matching grants. As of September 30, 2014 the
grants and loss claims were only at 11% of the 2014 budget.
2.7 The Finance net expenditures are at 105.77% of the third quarter 2014 budget or
86.66% of the total 2014 budget. Revenues are higher than budgeted at 104.44%.
This is due to the higher than budgeted amount of fines and penalties on taxes. The
year to date figure of September 2014 ($986,508) compared to the September 2013
year to date figure ($1,126,439). This is a reflection of the continuing success of the
collection of outstanding taxes. The Unclassified Administrative expenditures are
above budget, largely due to the increase in tax write offs. As noted in the first and
second quarter financial update reports there has been an increase in ARB decisions
(multiple years) on commercial properties.
2.8 Emergency Services net expenditures are overall in line with the third quarter 2014
budget at 98.39%. Revenues are above budget due to unbudgeted amounts from
OPG for Fire Protection and Community Emergency Management Plan and Republic
Live.
2.9 Engineering net expenditures are below the third quarter budget at 62.96%. Building
permits revenues at $1,586,644 as of September 30, 2014 are higher than the total
2014 budget amount of $1,300,000. Other revenues are higher than the total 2014
budgeted amounts such as photocopying, miscellaneous revenues, plumbing
licences and pool enclosure permits. Expenditures are lower than budgeted as of
the third quarter. 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 line. This debenture does not have a payment due in 2014 but
will have an accrual entry at year end.
2.10 Operations net expenditures are at 113.3% of the third 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
than the third quarter budgeted amount at 135.34% as of September 30, 2014. As
Municipality of Clarington
Report FND-001-15 Page 4
noted in the 2014 second quarter report the harsh winter of 2013/2014 resulted in an
increase in winter and spring maintenance charges to developers. Also there has be
higher than the total budgeted revenues for entrance culvert fees, and burial fees at
the various cemeteries. Operating expenditures are at 118.64% of the third quarter
budget or 82.52% of the total 2014 budget. These higher expenditures can be
directly attributed to harsh winter through winter maintenance costs and the
subsequent clean up required.
2.11 Community Services net expenditures are at 94.52% of the third quarter budget.
Revenues are slightly higher than budgeted at 104.84% in particular aquatic, fitness,
summer camp revenues, public skate and some rentals.
2.12 Planning net expenditures are slightly over budget as of the third quarter at 102.29%.
Revenues are higher than budgeted in some areas such as official plan
amendments, subdivision clearance fees, zoning clearance fees and miscellaneous
fees. Other revenues are lower than budgeted such as site plan fees and sign
permits. Some of these variances may be due to timing differences from year to
year. Expenditures are above budget at 104.7% of the third quarter 2014 budget. It
is important to note most of these expenditures showing the overage are related to
projects that are financed through reserve and reserve funds. Therefore the
corresponding revenue is shown as a transfer from reserves and reserve funds as
budgeted in the Non-departmental accounts. Other planning expenditures are under
the third quarter 2014 budget.
2.13 The non-departmental revenues and recoveries are higher than the third quarter
budget. This is due to the timing of the transfers from the reserve 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 budgeted total.
2.14 Attachment 2, Continuity of Taxes Receivable for the nine months ending September
30, 2014 provides the status of the taxes billed and collected by the Municipality
during this time period. A total of $46,567,681 in final tax bills and $577,632 in
supplementary tax bills were issued to property owners in the Municipality during this
period. At the end of September 2014, a total of $18,273,894 remains unpaid
compared to September 2013 taxes receivable of$18,454,516. The ongoing
collection efforts continue to hold the line on the balance of taxes outstanding. The
taxes receivable balance has dropped significantly since this time.
2.15 Attachment 3, Investments Outstanding as of September 30, 2014 provides the
status of the Municipality's general, capital, and reserve fund investment holdings at
the end of the third quarter in 2014. The Municipality at September 30, 2014 holds
Municipality of Clarington
Report FND-001-15 Page 5
$0 in general fund investments, $0 in capital fund investments, $8,979,149 in
Development Charge reserve fund investments and $45,579,126 in reserve fund
investments. 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, the 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
current cash flow needs are reviewed on a regular basis.
2.16 Compared to the 2014 second quarter financial update, the reserve fund investment
amount has decreased. This is due to the use of $770,000 from the Strategic Capital
reserve fund for partial financing of the capital project for Lake Road to extend the
east limit to Lambs road as noted in report EGD-039-13.
2.17 Attachment 4, Debenture Repayment Schedule provides the status of the
Municipality's long term debt obligations for 2014. 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 debentures
issued in 2014, namely Green Road separation debenture and extension of the
Bowmanville Indoor Soccer 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.
2.18 Attachment 5, Municipal Development Charges as of September 30, 2014 provides
the total Municipal Development charges collected of $8,386,969.78. 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 third quarter, there were 516 units. For 2014 budget
considerations, the figure of 525 units was used for the year.
2.19 Analysing the number of units issued as of the third quarter, there was an increase of
74.3% compared to the same period in 2013. Comparing the total dollars collected
as of September 30, 2014 to same period in the prior year, there was an increase of
87.5% in municipal development charges collected. This is a positive trend for 2014
municipal development charges.
3. Concurrence
Not Applicable
Municipality of Clarington
Report FND-001-15 Page 6
4. Conclusion
It is respectfully recommended that the third quarter of 2014 financial update report
be received for information.
5. Strategic Plan Application
The recommendations contained in this report conform to the Strategic Plan.
Submitted by: Reviewed by.(-")
Nancy Taylor,' CPA,BBA, CA Franklin Wu,
Director of Finance/Treasurer Chief Administrative Officer
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.
NT/CC/hjl
THE MUNICIPALITY OF CLARINGTON ATTACHMENT 1
Summary of Operating Expenditures and Revenues for the Nine Months Ending September 30,2014 to Report FND-001-15
2014' 2014, 2014 YTD! 2014 YTD 2013 2013 2013 YTD 2014 Qtr 2, 2014 Qtr 2 Quarter 2014 2014
Budget YTD Actual YTD, Unexpended: %Expended Budget YTD Actual YTD Unexpended YTD Budget YTD Actuals %Expended Total Budget %of Annual
Budget Spent
O5 NON-DEPT'L ACCTS
Revenue/Recoveries (5,125,076) (6,678,559) 1,553,483 : 130.31% (4,754,200) (6,943,585) 2,189,385 (2,059,820) (1,355,271) 65.80°% (7,385,377)!
90.43°/
Expenditures 192,498 _ 191,628 870 99.55% 210,769 209,899 870 2,498 1,628 . 65.17% 192,498 99.55%
.. ...
Net Expenditures (4,932,578) (6,486,931) 1,554,353 131.51% (4,643,431) (6,733,686) 2,190,255 (2,057,322) (11353,643) 65.80% (7,192,879)
90.19°%
10 MAYOR 8 COUNCIL
Net Expenditures 694,972 607,933 87,039 : 87.48% 680,189 602,417 77,772 236,154 208,513 88.30% 900,196 67.53°%
13 ADMINISTRATOR'S OFFICE
Net Expenditures 478,497 469,349 9,148 98.09% 452,560 434,894 17,666 165,796 169,013 101.94% 650,017 72.21%
14 LEGAL ADMIN
Revenue/Recoveries (56,641) (57,314)' 673
101.19% (69,988) (64,157) (5,831) (35,825). (28,141) 78.55% (107,000): 53.56%
Expenditures 367,929 306,828 61,101 83.39% 382,443 404,163 (21,720) 152,544 108,170 70.91% 470,622 65.20%
NetExp end itures 311,288 249,514 61,774 80.16% 312,455 340,006 (27,551) 116,719 80,029 68.57% 363,622 68.62%
16 CORPORATE SERVICES
..........
Revenue/Recoveries (89,943) (92,730): 2,787 : 103.10% (91,390) (87,573) (3,817) (35,043) (18,402) 52.51% (100,000) 92.73%
Expenditures 3,729,552 31223,604 505,948 86.43% 3,499,746 3,356,349 143,397 1,276,278 . 915,100 . 71.70% 4,633,050 69.58%
. .......... ....
Net Expenditures 3,639,609 3,130,874: 508,735 86.02% 3,408,356 3,268,776 139,580 1,241,235 896,698 72.24% 4,533,050 69.07°%
19 CLERK'S
Revenue/Recoveries (525,644) (421,392)1 (104,252)1 80.171/6 (602,005) (478,149) (123,856) (190,743) (125,927): 66.02% (703,800)'
59.87%
Ex p enditures 2,389,341 2,274,483 114,858 95.19% 2,192,791 2,045,924 146,867 817,392, 730,304 89.35% 3,154,127 72.11%
N et E x p e n d it u r e s 1,863,697 1,853,091 10,606 99.43°% 1,590,786 1,567,775 23,011 626,649 604,377 96.45% 2,450,327 !
75.63%
21 FINANCE$UNCLASS.ADMIN
Revenue/Recoveries (1,170,194) (1,222,137) 51,943 104.44% 1,164,988 1,363,762 198,774 363,827 389,649 107.10% (1,562,000)! 78.24%
_ .__ .. _.. .
Unclassified Admin 8< ... ___ (264,150)i 112.91% 1,865,000 1,935,843 (70,843) 636,810 225,751 35.45% 2,412,497 ! 95.76%
'
O p eratin 1 9 Ex enditures 1,763,987. 1,704,081
59,906 i 96.60% 1,708,122 1,584,048 124,074 593,095 585,851 I 98.78% 2,263,518 ' 75.28
.......... ............
Expenditures 3,809,988 4,014,232 (204,244) 105.36°% 3,573,122 3,519,891 53,231 1,229,905 811,602 65.99% 4,676,015 85.85%
Net Expenditures 2,639,794 2,792,095 (152,301); 105.77% 2,408,134 2,156,129 252,006 866,078 421,953 48.72% 3,114,015 ' 89.66%
28 EMERGENCY SERVICES-FIRE
Revenue/Recoveries (36,031) (218,535): 182,504 : 606.52% (27,178) (207,453) 180,275 (24,932) (64,519) 258.78°% (49,000) 445.99%
__._. ................. ................ .........._.....__.. ..._.._._.. _.__.._..._........ _. ... .................,
Expenditures 8,267,813 8,318,031 (50,218): 100.61% 7,974,760 7,606,709 368,051 2,634,322 2,874,256 109.11% 10,769,266 77.24%
Net Expenditures 8,231,782 8,099,496 132,286 : 98.39% 7,947,582 7,399,256 548,326 2,609,390 2,809,737 107.68% 10,720,266 75.55
THE MUNICIPALITY OF CLARINGTON ATTACHMENT 1
Summary of Operating Expenditures and Revenues for the Nine Months Ending September 30,2014 to Report FND-001-15
2014 2014 2014 YTD 2014 YTD 2013 2013 2013 YTD 2014 Qtr 2 2014 Qtr 2 Quarter 2014:
Budget YTD Actual YTD: Unexpended °/Expended BudgetYTD Actual YTD Unexpended YTD Budget YTD Actuals %Expended Total Budget) %ofAnnual
Budget Spen
32 ENGINEERING SERVICES
Revenue/Recoveries (759,965), (1,756,354)', 996,389 231.11% (1,254,853) (1,504,603) 249,750 (229,722) (674,533) 293.63% (1,359,050)
129.23%
Expenditures 5,418,429 41689,501 728,928 : 86.55% 4,655,155 4,754,678 (99,523) 914,540 802,255 87.72% 6,322,705 : 74.17%
Net Expenditures 4,658,464 2,933,147: 1,725,317 : 62.96% 3,400,302 3,250,075 150,227 684,818 127,722 18.65% 4,963,655 59.09%
36 OPERATIONS
Revenue/Recoveries (307,947) (416,790) 108,843 135.34% (445,133) (353,330) (91,803) (115,403)' (152,774) 132.38% (545,665): 76.38%
Operating Expenditures 9,726,634 11,539,590 (1,812,956): 118.64% 9,824,444 9,856,720 (32,276) 3,157,975 3,069,152 97.19% 13,984,438
82.52%
_
_1.... ..... _._.........._ 79 _....... _ _..........
Fleet&Debenture Pa y menu 1,252 : 444,802 346,450 56.21% 785,180 418,198 366,982 187,554 160,946 ' 85.81% 954,863 46.58%
Expenditures 10,517,886 : 11,984,392 (1,466,506); 113.94% 10,609,624 10,274,918 334,706 3,345,529 3,230,098 96.55% 14,939,301 !. 80.22%
Net Expenditures 10,209,939 11,567,602 (1,357,663) 113.30% 10,164,491 9,921,588 242,903 3,230,126 3,077,324 95.27% 14,393,636 ! 80.37%
42 COMMUNITY SERVICES
Revenue/Recoveries (3,236,738) (3,393,396)', 156,658 104.84% (3,287,111) (3,417,728) 130,617 (871,939), (929,556) 106.61% (4,434,787):
76.52%
p. ..
O erati__.n 9. Ex P endi_. .... ....... ........._.......... ... .. .354.4. _.....
tures 7,354,434 . 7,251,683 ' 102,751 98.60% 7,153586 6,657,102 496,484 2,196,765 2,353,541 107.14% 9,798,757 74.01
3434 4443._.
Annual Grants&Debentures Payments 3,212,157 3,070,132 142,025 95.58% 3,329,010 3,033,213 295,797 0 0 . #DIV/0! 3,212,157 95.58%
3444._ 3444_ _....._... _.. _..
Expenditures 10,566,591 10,321,815 244,776 97.68% 10,482,596 9,690,315 792,281 2,196,765 2,353,541 107.14% 13,010,9141 79.33%
Net Expenditures 7,329,853 . 6,928,419 : 401,434 94.52% 7,195,485 6,272,587 922,898 1,324,826 1,423,985 107.48% 8,576,127 80.79%
___..... _....... .... ._._..__..._ ..._......._ __..._... _. _....... .. .. 3444... __ ... ._ _........._ 4444.
50 PLANNING SERVICES
Revenue/Recoveries (280,023) (361,116) 81,093
128.96% (311,427) (419,949) 108,522 (119,492) (136,739) 114.43% (489,500). 73.77%
_....... 3444... _
3444.
Expenditures 3,094,640 3,240,056 (145,416); 104.70% 3,081,741 3,005,308 76,433 829,197 808,830 97.54% 3,895,366 83.18%
Net Expenditures 2,814,617 2,878,940 ' (64,323) 102.29% 2,770,314 2,585,359 184,955 709,705 672,091 94.70% 3,405,866 ; 84.53%
_. 4444. _....... __.
BOARDS&AGENCIE3433 S
Net Board&External Agencies 3,867,4571 3,799,341: 68,116 98.2% 3,746,741 4,115,735 (368,994) 2,942 3,305 112.3% 3,869,879' 98.2%
3334 3433.. ....
TOTAL OPERATING:
Revenue/Recoveries (11,588,202) (14,618,323) 3,030,121 126.1% (12,008,273) {14,840,289) 2,832,016 (4,046,746) (3,875,511) 95.8% (16,736,179)
87.3%
Expenditures 53,395,593 53,441,193 (45,600) 100.1% 51,542,237 50,021,200 1,521,037 13,803,862 13,016,615 94.3% 67,483,956 : 79.2%
Net Operating Expenditures 41,807,391 38,822,870 2,984,521 ! 92.9% 39,533,964 35,180,911 4,353,053 9,757,116 9,141,104 93.69% 50,747,777
: 76.5%
Municipality of Clarington Attachment 2 to
Report FND-001-15
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Third Quarter of the Year 2014
June 30,2014 SEPTEMBER SEPTEMBER
BEGINNING BALANCE INTEREST TAXES PAYMENTS/ 2014 2013
RECEIVABLE ADDED BILLED BALANCE ADJUST.-
CURRENT YEAR
TAXES 6,741,746 47,038,262 53,780,008 (38,883,129) 14,896,879 14,785,819
PENALTY AND INTEREST 89,053 242,989 332,043 172,943 159,100 183,086
FIRST PRIOR YEAR
TAXES 2,961,737 103,127 3,064,864 (875,998) 2,188,866 2,434,052
PENALTY AND INTEREST 219,453 100,001 319,454 (137,771) 181,683 202,095
SECOND PRIOR YEAR
TAXES 839,510 3,923 843,434 (295,625) 547,809 590,434
PENALTY AND INTEREST 85,766 27,471 113,237 41,922 71,315 73,688
THIRD&PRIOR YEARS
TAXES 138,073 0 138,073 19,811 157,884 127,746
PENALTY AND INTEREST 69,481 4,731 74,213 3,856 70,357 57,595
11,144,820
TOTAL 11,144,820 375,193 47145,313 58,665,325 40391,432 18,273,894 18454,516
- 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-001-15
INVESTMENTS OUTSTANDING
As at September 30,2014
ORIGINAL
ISSUER OF TYPE OF PURCHASE COST OF INTEREST MATURITY MATURITY
INVESTMENT INVESTMENT I DATE INVESTMENT RATE DATE AMOUNT
GENERALFUND
GENERAL FUND Total:
CAPITAL FUND
CAPITAL FUND Total:
NON DEV.CHARGE MONIES(including STATEGIC CAPITAL)
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 2.71% 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 GIC 12-Feb-13 1,927,464.00 2.45% 12-Feb-18 2,175,434.89
National Bank GIC 04-Mar-13 741,320.00 2.45% 05-Mar-18 836,748.00
RBC GIC 17-Mar-14 672,368.00 2.30% 19-Mar-18 736,392.86
ING GIC 25-Mar-13 1,254,427.00 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
BMO GIC 17-Aug-14 830,000.00 2.41% 19-Aug-19 935,015.04
BNS GIC 12-Sep-14 1,037,127.00 2.46% 12-Sep-19 1,171,126.20
Manulife Bank GIC 23-Sep-14 789,343.56 2.50% 22-Sep-19 893,069.79
Prov BC Bond 11-Dec-13 2,369,685.75 2.70% 18-Dec-22 2,425,000.00 (C)
NON D/C Total: 45,579,126.34 50,819,523.68
DEV.CHARGE FUNDS
ONE FUND Bond 08-Aug-00 3,713,257.87 n/a 3,713,257.87 (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: 8,979,148.87 9,330,685.44
TOTAL INVESTMENTS $ 54,558,275.21 $ 60,150,209.12
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-001-15
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 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-001-15
MUNICIPAL DEVELOPMENT CHARGES
MONTH OF SEPT
2014 2013
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF
UNIT TYPE DEV.CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS DEV.CHGS 2013-2012
i
Single/Semi- Detached
-New construction $ 622,600.00 40 $ 201,734.00 13
-Additions
Townhouse $ 119,652.00 9
Apartment
Commercial
Agricultural
Government
Institutional
Industrial
TOTAL $ 622,600.00 40 $ 321,386.00 22 93.7%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO SEPT-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 2013-2012
Single/Semi- Detached
-New construction $ 6,939,452.00 448 $ 3,235,346.54 210
-Additions $ 2,928.64 2 $ - 0
Townhouse $ 758,756.00 56 $ 1,011,774.00 75
Apartment $ - 0 $ - 1 1
Commercial $ 67,355.63 2 $ 185,761.42 8
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 1 $ - 0
Industrial $ 618,477.51 7 $ 40,842.21 2
TOTALI $ 8,386,969.78 516 $ 4,473,724.17 296 87.5%
I
i