HomeMy WebLinkAboutFND-006-15 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: March 30, 2015
Report Number: FND-006-15
File Number: By-law Number:
Report Subject: Financial Update as at December 31, 2014
Recommendations:
1. That Report FND-006-15 be received for information.
Municipality of Clarington
Report FND-006-15 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variances as of
December 31, 2014 as well as other financial indicators such as taxes receivable, reserve
fund investments, debt and development charges collected. These are not audited figures
and are subject to change as the year-end review processes are completed.
1 . Background
1.1 The financial update report has been designed to focus on overall budget variance
reporting.
2. Fourth 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 December 31, 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 December 31, 2014 totalled $45,384,495 which represents 99.6% 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 December 31, 2014. It is
important to note that the figures presented in this report do not represent final year-
end figures. Year-end accruals and adjustments necessary to ensure revenue and
expenditures are charged to the appropriate fiscal year will continue to be done to
finalize the 2014 year and prepare the Municipal Financial Statements in accordance
with the Canadian generally accepted accounting principles. These are unaudited
year-end figures as our audit will not be completed until the end of June 2015.
2.3 The majority of revenues and expenditures are overall in line with the 2014 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.
2.4 The non-departmental revenues and recoveries are higher than the 2014 budget.
This is due to transfers from reserve funds relating to previous commitments such as
Official Plan review, Showcasing Water Innovation, DC appeal and other
commitments. As the expenditures are made within department budgets for these
previous commitments, the offsetting transfer is posted to the non-departmental
accounts. Also included in these revenues are the additional amounts over the
budgeted amount of the supplementary taxes, right of ways and PIL education
retained amounts.
Municipality of Clarington
Report FND-006-15 Page 3
2.5 Overall the Legal net expenditures are inline the 2014 budget at 98.61%. Revenues
are higher than budgeted at 120.96%. Of note are higher than budgeted plan
agreement fees. Expenditures are slightly higher than budget at 103.69%. This can
be attributed to costs associated with the DC appeal however these are offset by
transfers from the DC reserve funds which are posted in the non-departmental
revenues as noted above.
2.6 Corporate Services net expenditures are on track with the 2014 budget at 97.62%.
Higher than budgeted revenues have improved the department net expenditures.
Increased revenues are due to a WSIB refund. Also Corporate Services has had
some savings in Communications in areas such as advertising, printing and mail
distribution due in part to the transition within the Communications department. Also
the computer software and hardware maintenance contracts were under budget for
2014 although these costs are increasing year to year.
2.7 The Clerks net expenditures are at 111.44% as of December 31, 2014. The
revenues are below the 2014 budget at 95.64%. This is due to lower than budget
revenues for dog and cat licences which are at 54% of the total 2014 budget.
However, this has been offset by higher than budgeted revenues in civil marriage
fees, marriage licences, other licences and sale of animals. The expenditures are at
107.92% of the 2014 budget. There have been higher than budget expenses relating
to election costs. 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 December 31, 2014 the grants and loss claims were only at
23% of the 2014 budget.
2.8 The Finance net expenditures are at 110.75% of the 2014 budget. Revenues are
higher than budgeted at 110%. This is due to the higher than budgeted amount of
fines and penalties on accounts receivable and taxes. The penalty on taxes as of
December 31, 2014 is $1,344,741 compared to the 2013 value of$1,518,769. This is
a reflection of the continuing success of the collection of outstanding taxes and an
increase in participants of the monthly pre-authorized payment plan. The decrease
in taxes receivable is discussed in 2.14. The Unclassified Administrative
expenditures are above budget, largely due to the increase in tax write offs. As
noted in earlier reports there has been an increase in ARB decisions (multiple years)
on commercial properties and propertied directly affected by 407 expropriation.
2.9 Emergency Services net expenditures are at 104.9% of the 2014 budget. Revenues
are above budget due to unbudgeted amounts from OPG for Fire Protection and
Community Emergency Management Plan and Republic Live. Expenditures are at
107.25% of the 2014 budget. This can be attributed to higher than budget payroll for
full-time and part-time firefighters as well as higher utility costs. The funds from OPG
for the Community Emergency Management Plan were transferred to the Community
Emergency Reserve Fund so therefore show as an offsetting expense to the
revenue.
Municipality of Clarington
Report FND-006-15 Page 4
2.10 Engineering net expenditures are below budget at 84.31% as of December 31, 2014.
This is due in large part to the building permit revenues. Building permits revenues
at $2,056,892 as of December 31, 2014 as compared to the total 2014 budget
amount of $1,300,000. A separate report FND-005-15 addresses this issue.
Expenditures are at 106.13% of the total 2014 budget. The budget account for the
Green Road grade separation debenture was based on an estimate for the 2014
budget. The debenture was issued in July 2014 so does not have a payment due in
2014 but an interest accrual was posted. Other transactions such as transfers to
reserves relating to engineering review and inspection fees increase expenditures
but are offset by the corresponding revenues.
2.11 Operations net expenditures are at 113.4% of the 2014 budget. Revenues are
higher than the budgeted amount at 172.63% as of December 31, 2014. There was
an increase in winter and spring maintenance charges to developers due to the past
two winter seasons. There was an increase in entrance culvert fees as well as
burial fees at municipal cemeteries. As noted Operations 2014 Winter Budget
Report, the effect of the harsh winter of 2013/2014 and the ice storm of 2014 resulted
in a significant increase in winter control costs. Other expenditures that were higher
than budgeted were the maintenance of roads, sidewalks and parks as well as utility
costs for streetlights. Council was updated with respect to the status of the storm
recovery application during the budget process. There is no additional information at
this time.
2.12 Community Services net expenditures are at 107.87% of the 2014 budget.
Revenues are higher than budgeted at 104.57% as of December 31, 2014. In
particular aquatic revenues are higher as well as camp revenues, fitness revenues
including memberships and facility revenues. Operating expenditures also higher
than budgeted at 107.97%. This is due to higher utility costs for the recreation
facilities as well as higher costs for increased programming.
2.13 Planning net expenditures are over budget as of the 2014 budget at 104.75%.
Revenues are overall in line with the 2014 budget. Port Granby revenues as per the
management agreement are higher than budgeted. Expenditures are at 107.06% of
2014 budget. Costs relating to the Port Granby site are compensated by the higher
associated revenues. As previously noted, it is important to note most of these
expenditures showing the overage are related to projects that are financed through
reserve and reserve funds such as OP review and Showcasing Water Innovation.
Therefore the corresponding revenue is shown as a transfer from reserves and
reserve funds as budgeted in the non-departmental accounts. Without these
expenditures then the Planning expenditures are in line with the 2014 budget at
101.65% and put the net expenditures at 98.56%.
2.14 Attachment 2, Continuity of Taxes Receivable for the year ending December 31,
2014 provides the status of the taxes billed and collected by the Municipality during
the fourth quarter of 2014. A total of $1,765,147 in supplementary tax bills were
Municipality of Clarington
Report FND-006-15 Page 5
issued to property owners in the Municipality during this period. At the end of 2014,
there was a balance of $3,430,886 compared to a total of $4,937,103 which
remained unpaid as of December 31, 2013. This is a decrease of 30.5% from 2013
to 2014 figures. There are two factors that contribute to the favourable position.
There has been an increase of 22.31% from 2013 to 2014 of pre-authorized
payments (PAP) plan. There has been an increase in participation of the PAP plan
including non-residential properties. Under the PAP plan, instalments are collected
for the 2014 year from December 1, 2013 to November 30, 2014. The PAPs
collected in December 2014 are collected in advance of the 2015 tax year. As of
December 31, 2014 there is an increase of 22.3% in pre-paid taxes when compared
to the end of 2013. Another contributing factor has been the reduction in taxes
receivable due to collection efforts of the tax department and tax write offs over 2014.
2.15 Attachment 3, Investments Outstanding as of December 31, 2014 provides the status
of the Municipality's general, capital, and reserve fund investment holdings at the end
of 2014. The Municipality at December 31, 2014 holds $0 in general fund
investments, $0 in capital fund investments, $9,039,940 in Development Charge
reserve fund investments and $45,816,510 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 Attachment 4, Debenture Repayment Schedule provides the status of the
Municipality's long term debt obligations as of January 1, 2015. The Municipality has
$22,995,326 in outstanding debt as of January 1, 2015 and debt repayment
obligations of $3,765,509.96 as reflected in the 2015 budget. 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.
2.17 Attachment 5, Municipal Development Charges as of December 31, 2014 provides
the total Municipal Development charges collected of$10,269,428.41. In the 2010
Development Charges Background Study, it was forecasted that the Municipality
would be collecting approximately 878 residential units in total for 2014 or about 73
units per month. For 2014 budget considerations, the figure of 525 units was used
for the year. At the end of 2014, there were 645 units.
2.18 Analysing the number of units issued in 2014, there was an increase of 52.84%
compared to the same period in 2013. Comparing the total dollars collected in 2014
Municipality of Clarington
Report FND-006-15 Page 6
to 2013, there was an increase of 62.0% in municipal development charges
collected.
3. Concurrence
Not Applicable
4. Conclusion
It is respectfully recommended that the fourth quarter of 2014 financial update
report be received for information.
5. Strategic Plan Application
The recommendations contained in this report conform to the Strategic Plan.
Submitted by: r,G Reviewed b :
Y Y
or, BB CPA, CA
Nancy ay Franklin Wu,
Director o Finance/Treasurer Chief Administrative Officer
Staff Contact: Nancy Taylor, Director of Finance/Treasurer, 905-623-3379 ext. 2602 or
ntaylor @clarington.net
Attachments:
Attachment 1 — Summary of Operating Revenues and Expenditures
Attachment 2 — Continuity of Taxes Receivable
Attachment 3 — Investments Outstanding
Attachment 4 — Debenture Repayment Schedule
Attachment 5 — Municipal Development Charges
There are no interested parties to be notified of Council's decision.
NT/CC/hjl
THE MUNICIPALITY OF CLARINGTON ATTACHMENT 1
Summary of Operating Expenditures and Revenues for the Twelve Months Ending December 31,2014 to Report FND-006-15
2014 2014 2014 YTD 2014 YTD 2013 2013 2013 YTD 2014 Qtr 4 2014 Qtr 4 Quarter
Total Budget Actual YTD Unexpended %Expended Total Actual Unexpended$ Budget YTD Actuals %Expended
Oct-Dec Oct-Dec Oct-Dec
05 NON-DEPT'L ACCTS
Revenue/Recoveries (12,572,608) (15,830,485) 3,257,877 125.91% (11,702,873) (16,233,422) 4,530,649 (2,747,142); (2,973,198): 108.23%
Expenditures 192,498 191,628 870 99.55% 210,769 209,899 870 0 . 0 #DIV/0!
Net Expenditures (12,380,110) (15,638,857) 3,258,747 126.32% (11,492,104) (16,023,523) 4,531,419 (2,747,142), (2,973,198) 108.23%
10 MAYOR&COUNCIL
Net Expenditures 900,196 842,363 : 57,833 93.58% 870,733 836,559 34,174 205,224 234,431 114.23%
13 ADMINISTRATOR'S OFFICE
Net Expenditures 650,017 . 649,275 742 99.89% 598,176 637,017 (38,841) 171,520 179,925 104.90%
14 LEGAL ADMIN
Revenue/Recoveries (107,000) (129,426): 22,426 120.96% (128,000) (122,114) (5,886) (50,359) (72,112) 143.20%
Expenditures 470,622 488,010 : (17,388) 103.69% 532,088 585,290 (53,202) 102,693 181,183 : 176.43%
Net Expenditures 363,622 358,584. 5,038 98.61% 404,088 463,176 (59,088) 52,334 109,071 208.41%
16 CORPORATE SERVICES
Revenue/Recoveries (100,000). (116,439): 16,439 116.44% (96,500) (219,654) 123,154 (10,057): (23,711) 235.77%
Expenditures 4,633,050 : 4,541,580 91,470 98.03% 4,366,498 4,358,715 7,783 903,498 ! 1,317,972 145.87%
Net Expenditures 4,533,050 4,425,141 107,909 97.62% 4,269,998 4,139,061 130,937 893,441 1,294,261 144.86%
19 CLERK'S
Revenue/Recoveries (703,800) (673,113) (30,687) 95.64% (738,600) (638,116) (100,484) (178,156), (253,411) 142.24%
Expenditures 3,154,127 3,403,799 (249,672): 107.92% 2,859,195 2,620,299 238,896 764,786 ! 1,129,315 147.66%
Net Expenditures 2,450,327 2,730,686 (280,359) 111.44% 2,120,595 1,982,183 138,412 586,630 875,904 149.31%
21 FINANCE&UNCLASS.ADMIN
Revenue/Recoveries (1,562,000) (1,718,289): 156,289 110.01% (1,567,000) (1,890,132) 323,132 (391,806)1 (496,152) 126.63%
Unclassified Admin&Board of Trade 2,412,497 2,889,099 (476,602) 119.76% 2,217,200 2,896,673 (679,473) 366,496 578,950 157.97%
Operating Expenditures 2,263,518 2,278,017 : (14,499) 100.64% 2,201,993 2,154,188 47,805 499,531 573,933 114.89°%
Expenditures 4,676,015 5,167,116 : (491,101) 110.50% 4,419,193 5,050,861 (631,668) 866,027 1,152,883 133.12°%
Net Expenditures 3,114,015 3,448,827 (334,812) 110.75% 2,852,193 3,160,729 (308,536) 474,221 656,731 138.49%
28 EMERGENCY SERVICES-FIRE
Revenue/Recoveries (49,000)!, (304,423)! 255,423 621.27% (49,000)- (305,806) 256,806 (12,969)' (85,889). 662.26%
Expenditures 10,769,266 11,550,030 (780,764)' 107.25% 10,364,679 10,850,393 (485,714) 2,501,453 I 3,232,004 . 129.21%
Net Expenditures 10,720,266 11,245,607 (525,341), 104.90°% 10,315,679 10,544,587 (228,908) 2,488,484 3,146,115 126.43%
THE MUNICIPALITY OF CLARINGTON ATTACHMENT 1
Summary of Operating Expenditures and Revenues forthe Twelve Months Ending December 31,2014 to Report FND-006-15
2014 2014 2014 YTD 2014 YTD 2013 2013 2013 YTD 2014 Qtr 4 2014 Qtr 4 Quarter
Total Budget Actual YTD Unexpended %Expended Total Actual Unexpended$ Budget YTD Actuals %Expended
Oct-Dec Oct-Dec Oct-Dec
32 ENGINEERING SERVICES
Revenue/Recoveries (11359,050) (2,525,133)! 1,166,083 ' 185.80°% (1,559,050) (2,850,557) 1,291,507 (599,085)! (768,779)' 128.33%
Expenditures 6,322,705 6,710,054 (387,349)1 106.13% 5,475,757 6,376,374 (900,617) 904,276 2,020,560 223.45%
Net Expenditures 4,963,655 4,184,921 778,734 84.31°% 3,916,707 3,525,817 390,890 305,191 1,251,781 410.16%
36 OPERATIONS
Revenue/Recoveries (545,665)! (941,980)! 396,315 172.63% (543,665) (697,768) 154,103 (237,718)', (525,192) 220.93%
Operating Expenditures 13,984,438 16,297,256 (2,312,818) 116.54% 13,337,745 14,932,892 (1,595,147) 4,257,804 4,759,358 111.78%
Fleet&Debenture Payments 954,8631 967,647 (12,784) 101.34% 935,055 673,159 261,896 163,611 ', 522,844 319.57%
Expenditures 14,939,301 17,264,903 : (2,325,602) 115.57% 14,272,800 15,606,051 (1,333,251) 4,421,415 5,282,202 119.47%
Net Expenditures 14,393,636 : 16,322,923 : (1,929,287)! 113.40% 13,729,135 14,908,283 (1,179,148) 4,183,697 4,757,010 113.70%
42 COMMUNITY SERVICES
Revenue/Recoveries (4,434,787) (4,637,311) 202,524 104.57% (4,555,570) (4,599,282) 43,712 (1,198,049) (1,243,916) 103.83%
Operating Expenditures 9,798,757 10,579,498 (780,741). 107.97% 9,471,148 10,044,429 (573,281) 2,444,323 3,327,817 136.14%
Annual Grants&Debenture Payments 3,212,157 3,308,544 (96,387) 103.00% 3,329,010 3,326,362 2,648 0 238,412 #DIV/0!
TOTAL SECTION EXPENSE 13,010,914 13,888,042 (877,128) 106.74°% 12,800,158 13,370,791 (570,633) 2,444,323 3,566,229 145.90°%
Net Expenditures 8,576,127 9,250,731 : (674,604) 107.87% 8,244,588 8,771,509 (526,921) 1,246,274 2,322,313 186.34%
50 PLANNING SERVICES
Revenue/Recoveries (489,500) (602,753), 113,253 123.14% (467,500) (747,342) 279,842 (209,477)! (241,637) 115.35%
Expenditures 31895,366 4,170,561 (275,195): 107.06°% 3,797,152. 4,023,694 (226,542) 800,726 930,506 . 116.21%
Net Expenditures 3,405,866 3,567,808 (161,942): 104.75°% 3,329,652 3,276,352 53,300 591,249 688,869 116.51%
Boards&Agencies
Net Expenditures 3,869,879! 3,996,486' (126,607) 103.27°% 3,749,490 4,172,498 (423,008) 2,422 197,145 8,139.76%
TOTAL OPERATING:
Revenue/Recoveries (21,923,410) (27,479,352)1 5,555,942 125.3% (21,407,758) (28,304,193) 6,896,435 (5,634,818) (6,683,997) 118.6%
Expenditures 67,483,956 72,863,847 (5,379,891) 108.0% 64,316,688 68,698,441 (4,381,753) 14,088,363 19,424,355 137.9%
Net Operating Expenditures 45,560,546 j 45,384,495 176,051 99.6% 42,908,930 40,394,248 2,514,682 8,453,545 12,740,358 150.71°%
Municipality of Clarington Attachment 2 to
Report FND-006-15
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Fourth Quarter of the Year 2014
Sep 30,2014 DECEMBER DECEMBER
BEG. BALANCE INTEREST TAXES PAYMENTS/ 2014 2013
RECEIVABLE ADDED BILLED BALANCE ADJUST.-
PREPAID TAXES Note 1 4,558,569 3,727,090
CURRENT YEAR
TAXES 14,896,879 1,519,620 16,416,499 (10,843,132) 5,573,367 5,986,643
PENALTY AND INTEREST 159,100 286,331 445,431 230,343 215,088 240,289
FIRST PRIOR YEAR
TAXES 2,188,866 218,465 2,407,332 (831,254) 1,576,078 1,792,113
PENALTY AND INTEREST 181,683 73,120 254,804 124,571 130,233 150,635
SECOND PRIOR YEAR
TAXES 547,809 27,061 574,870 (311,029) 263,841 277,766
PENALTY AND INTEREST 71,315 17,401 88,716 42,894 45,821 47,365
THIRD&PRIOR YEARS
TAXES 157,884 - 157,884 (46,635) 111,249 111,552
PENALTY AND INTEREST 70,357 4,151 74,508 (731fl 73,777 57,830
TOTAL 18,273,894 381,002 1,765,147 20,420,043 12,430,588 3,430,886 4,937,103
Includes refunds,write-offs,357's,etc.
NOTE 1: Prepaid taxes include property tax preauthorized payment program(PAP).
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Attachment 3 to
Municipality of Clarington Report FND-006-15
INVESTMENTS OUTSTANDING
As at December 31,2014
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)
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
Tangerine 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
Tangerine 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
CWB GIC 17-Mar-14 672,368.00 2.30% 19-Mar-18 736,392.86
Tangerine 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
Prov NB 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
RBC GIC 17-Mar-14 1,000,000.00 2.50% 18-Mar-19 1,131,408.21
Tangerine 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
Tangerine GIC 02-Dec-14 1,191,382.00 2.56% 02-Dec-19 1,351,889.19
Tangerine GIC 18-Dec-14 1,045,809.00 2.56% 18-Dec-19 1,186,704.08
Prov BC Bond 11-Dec-13 2,369,685.75 2.70% 18-Dec-22 2,425,000.00 (C)
NON D/C Total: 45,816,509.57 51,153,734.95
DEV.CHARGE FUNDS
ONE FUND_ Bond 08-Aug-00 3,737,877.79 n/a 3,737,877.79 (D)
ONE FUND Equity 31-Jan-07 500,000.00 n/a 500,000.00 (D)
RBC GIC 02-Dec-14 35,625.00 1.25% 01-Jun-15 35,845.83
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: 9,039,393.79 9,391,151.19
TOTAL INVESTMENTS $ 54,855,903.36 $ 60,544,886.14
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
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Attachment 4 of
Muncipality of Clarington Report FND-006-15
Debenture Repayment Schedule as of January 1,2015
Year South Courtice Indoor Soccer/ RRC Green Road Newcastle Newcastle Total
Arena Lacrosse CCD Space Grade Separation Library Aquatic
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 1,742,353.30
2023 165,253.00 553,160.30 718,413.30
2024+ 163,293.00 3,290,956.80 3,454,249.80
3,248,285.50 1,648,908.50 695,985.42 8,179,829.50 867,955.42 12,648,006.00 27,288,970.34
Principal
at Jan 1/2015 3,117,000.00 1,426,000.00 585,726.46 6,388,600.00 737,000.00 10,741,000.00 22,995,326.46
Principal
at Jan 1/2016 2,096,000.00 1,298,000.00 507,654.27 6,047,600.00 671,000.00 9,421,000.00 20,041,254.27
Interest 1.80%to 2.25% 1.2%to 3.35% 5.12% 1.2%to 3.8% 4.7%to 5.2% 4.45%to 4.75%
Rates
NOTE: 2014 changed to accrual basis for interest. Total 2015 budget is$3,730,892.21 -298,562.58+333,180.33=$3,765,509.96
NOTE: 2018 requires renewal of debenture for a further 5 year period unless funding is available from other sources.
Partial funding at those times would reduce debenture burden for the following 5 year period.
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Municipality of Clarington Attachment 5 to
Report FND-006-15
MUNICIPAL DEVELOPMENT CHARGES
MONTH OF DEC
2014 2013
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE
UNITTYPE DEV. CHARGES PAID OF UNITS DEV,CHARGES PAID OF UNITS 2014 to 2013
Single/Semi- Detached
-New construction $ 357,995.00 23 $ 589,684.00 38
-Additions $ -
Townhouse $ 176,254.00 13 $1 527,163.00 39
Apartment $ -
Commercial $ - 1
Agricultural $ -
Government $ -
Institutional $ -
Industrial $ 2,744.26 1 1 $ 32,740.13 1
TOTAL $ 536,993.26 37 $ 1,149,587.13 79 -53.3%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO DEC-YEAR TO DATE
2014 2013
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE
UNITTYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS 2014 to 2013
Single/Semi- Detached
-New construction $ 8,371,432.00 540 $ 4,414,714.54 287
-Additions $ 2,928.64 2 $ -
Townhouse $ 1,206,170.00 89 $ 1,620,039.00 120
Apartment $ - $ - 1
Commercial $ 67,676.00 5 $ 230,808.28 11
Agricultural $ - $ -
Government $ - $ -
Institutional $ - 1 $ -
Industrial $ 621,221.77 8 $ 73,582.34 3
TOTAL $ 10,269,428.41 645 $ 6,339,144.16 422 62.0%
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