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HomeMy WebLinkAboutFND-011-15 q _ 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: May 25, 2015 Report Number: FND-011-15 File Number: Department File# By-law Number: Grv)'Ot Report Subject: Financial Update as at March 31, 2015 Recommendations: 1. That Report FND-011-15 be received for information. Municipality of Clarington Report FND-011-15 Page 2 Report Overview The purpose of this report is to update Council on the overall budget variances as of March 31, 2015 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. First Quarter of 2015 Results 2.1 Attachment 1, Summary of Operating Expenditures and Revenues compares the Municipality's budget to actual posted expenditures as of March 31, 2015. This statement reflects the Municipality's operating budget only and excludes year to date expenditures for the consolidated hall/arena boards. The statement has been revised to include municipal taxes in the non-departmental accounts. Year to date expenditures as of March 31, 2015 totalled $18,307,475 which represents 98.5% of the first quarter budget. Year to date revenues totalled $42,198,018 which represents 101% of the first quarter 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 March 31, 2015. 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, some municipal activities have significant 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 on target as of March 31, 2015. 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 Legal net expenditures are at 125.79% of the first quarter budget. However, due to the changeable timing of legal activities over the year and this being only the first quarter, the Legal net expenditures are on track with the budget. Professional fee recoveries are higher than budgeted as of March 31 due to Clarington Wind and Port Hope Area Initiative recoveries. Legal expenditures are at 26.4% of the total 2015 budget. Municipality of Clarington Report FND-011-15 Page 3 2.5 Corporate Services net expenditures are within the first quarter 2015 budget. Revenues are slightly below the first quarter budget but are at 50% of the total 2015 budget. At this point it can be attributed to timing variances on advertising revenue. Expenditures are also below the first quarter budget. Accounts of note would be printing, design, special events as well as hardware and software maintenance contracts. As there has been a reorganization of the Communication unit, the previous year's timing of expenditures may be quite different to this year. The expenditures and revenues should be smoothed out over the next quarter. 2.6 The Clerks net expenditures are at 97.29% as of March 31, 2015. Lower revenues have been offset by lower expenditures. Some of this is attributed to the timing of general ledger entries for the parking revenues and the associated transfer to the reserve fund. Animal licences are below the budgeted amount. The Clerks department is introducing an online licensing module this month with the goal of increasing animal licencing over the year. 2.7 The Finance net expenditures are at 48.07% of the net expenditures as of March 31, 2015. This can be attributed to the timing of posting the insurance for the first half of 2015. Revenues are slightly lower than budgeted because of the reduction in the taxes receivable from 2014 to 2015. The decrease in taxes receivable is discussed in 2.14. 2.8 Emergency Services net expenditures are at 104.9% of the first quarter 2015 budget. The revenues are slightly below the budget as of March 31, 2015 however this is most likely due to timing variances from 2014 to 2015. Expenditures are above budget due in general to salary and wage accounts. It is a challenge to extrapolate first quarter results to the full year. These accounts should be smoothed over the next quarter. 2.9 Engineering net expenditures are 114.4% as of March 31, 2015. This is due in large part to the building permit revenues. The variance in the debenture payments is due to the timing of interest accrual entries and will be on budget at year end. Overall the revenues and operating expenditures are on target. 2.10 Operations net expenditures are at 108.38% of the first quarter 2015 budget. Revenues are higher than the budgeted amount at 174.43% as of March 31, 2015 due to cemetery revenues and senior snow clearing revenues. Operating expenditures are higher than budgeted in the first quarter at 120.43%. This can be attributed to the winter maintenance costs. A significant factor is the high cost of sand and salt. As noted Operations 2014 Winter Budget Report, the effect of the harsh winter and the ice storm of 2014 resulted in a significant increase in winter control costs that continued into 2015. 2.11 Community Services net expenditures are at 95.45% of the March 31, 2015 budget. Revenues are higher than budgeted overall at 105.47% in the first quarter even with the closure of the Clarington Fitness Facility due to renovations. The higher Municipality of Clarington Report FND-011-15 Page 4 expenditures for programs and facilities is offset by the increased revenues. Utility costs continue to be over budget. 2.12 Overall Planning revenues are higher than budgeted. Combined with lower than budgeted expenditures, the Planning net expenditures are favourable at 96.4°/x. 2.13 Attachment 2, Continuity of Taxes Receivable as of March 31, 2015 provides the status of the taxes billed and collected by the Municipality during the first quarter of 2015. A total of$37,785,430 in interim tax bills were issued to property owners in the Municipality during this period. As of March 31, 2015, a total of$1,920,194 shows as a credit on the taxes receivable compared the same period in the prior year of a credit of$416,419. Note that the current year taxes are also in a prepaid position as it includes the taxes prepaid for the April 2015 instalment. The net balance of ($1,920,194) is in a greater prepaid position than the same period in 2014. This is due in large part to the increasing participation in the preauthorized payment program both residential and non-residential. 2.14 Attachment 3, Investments Outstanding as of March 31, 2015 provides the status of the Municipality's general, capital, and reserve fund investment holdings at the end of first quarter of 2015. The Municipality at March 31, 2015 holds $0 in general fund investments, $0 in capital fund investments, $9,062,961 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. 2.15 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. 2.16 Attachment 5, Municipal Development Charges as of March 31, 2015 provides the total Municipal Development charges collected of $1,657,244.92. In the recent 2015 Development Charges Background Study, it is forecasted that the Municipality would be collecting approximately 597 residential units in total for 2015 or about 50 units per month. For 2015 budget considerations, the figure of 550 units was used for the year. At the end of March 2015, there were 105 units. Municipality of Clarington Report FND-011-15 Page 5 2.17 Analysing the number of units issued in the first quarter of 2015, there was a decrease of 50.9% compared to the same period in 2014. Comparing the total dollars collected in the first quarter of 2015 to the same period in 2014, there was a decrease of 56.4% in municipal development charges collected. As noted in the Building Permit Activity Report EGD-007-15, comparisons made to 2014 can be misleading due to the exceptional activity in 2014, in particular the first quarter of 2014. 3. Concurrence Not Applicable 4. Conclusion It is respectfully recommended that the first quarter of 2015 financial update report be received for information. 5. Strategic Plan Application The recommendations contained in this report conform to the Strategic Plan. gyp`';, Submitted by: s % �� � Reviewed by. Nancy Taylor, A, CPA, 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 Three Months Ending March 31,2015 to Report FND-011-15 2015 Qtr 1 2015 Qtr 1 2015 Qtr 1 2015 Qtr 1 2014 Qtr 1 2014 Qtr 1 2014 Qtr 1 2015 2015 Budget YTD Actual YTD Unexpended($) %Expended Budget YTD Actual YTD Unexpended$ Total Budget Annual Budget O5 NON-DEPT'L ACCTS Municipal&BIA Taxation (38,526,419 -(_3 8_,.8 91,449) _ 365,030 100.95% (37>002,897) (37,302,786) 299,889 (81,250,781), 47.87% Other Revenues&Contributions (548,979) (526,591) (22,388) 95.92% (57,00 310, 7) 183( ) 253,176 (7,712,694) 6.83 Revenue/Recoveries/Taxation (39,075,398). (39,418,040) 342,642 100.88% (37,059,904) {37,612,969 553,065 % _ ) (88,963,475): 44.31/ Expenditures 194,230 194,230 0 100.00% 190,000 190,000 0 195,100 99.55% Net Expenditures (38,881,168)' (39,223,810) 342,642 100.88% (36,869,904 (37>422,969) 553,065 (88,768,375) 44.19% 10 MAYOR&COUNCIL Net Expenditures 229,423 232,358 (2,935) 101.28% 245,351 213,654 31,697 903,733 25.71% 13 ADMINISTRATOR'S OFFICE Net Expenditures 192,388 186,444 5,944 96.91% 169,712 156,937 12,775 662,294 28.15% 14 LEGAL ADMIN Revenue/Recoveries (17,246) (34,163) 16,917 198.09% (7,668) (6,362) (1,306) (105,000) 32.54% Expenditures 87,095 122,028 (34,933) 140.11% 109,090 99,598 9,492 462,08' 62,087 26.41% Net Expenditures 69,849 87,865 (18,016) 125.79% 101,422 93,236 8,186 357,087 24.61% RP RATE SERVICES Revenue/Recoveries .._ (60,175) (50,254) (9,921) 83.51% (52,606) (55,289} 2,683 (100,500) 0.00/ Expenditures 1,066,790 978,054 88,736 91.68% 1,165,408 1,040,530 124,878 4,718,536 20.73% Net Expenditures 1,006,615 927,800 78,815 92.17% 1,112,802 985,241 127,561 4,618,036 20.09°% 19 CLERK'S Revenue/Recoveries 116,365 ( ) (87,482) (28,883) 75.18 (157,890) (116,997) (40,893) (629,300) 13.90% Expenditures 622,824 580,216 42,608 93.16% 767,741 663,666 104,075 2,914,872 19.91°% Net Expenditures 506,459 : 492,734 13,725 97.29% 609,851 $46,669 63,182 2,285,572 21.56% 21 FINANCE&UNCLASS.ADMIN Revenue/Recoveries (346,080) (333,431) (12,649) 96.35% (386,363) (372,709) (13,654) (1,564,000) 21.32% Unclassified Admin&Board of Trade 855,153 291,062 564,091 34.04% 826,556 721,199 105,357 2,406,973 12.09% Operating Expenditures 547,525 550,269 (2,744) 100.50% 613,771 566;288 47,483 2,324,331 23.67% Expenditures 1,402,678 841,331 561,347 59.98% 1,440,327 1,287,487 152,840 4,731,304 17.78°% Net Expenditures 1,056,598 507,900 548,698 48.07% 1,053,964 914,778 139,186 3,167,304 16.04% 28 EMERGENCY SERVICES-FIRE Revenue/Recoveries (20,708) (12,743) (7,965). 61.54°% (4,337) (141,521) 137,184 (49,000) 26.01% Expenditures 2,526,536 . 2,637,709 (111,173) 104.40% 2,586,533 2,481,289 105,244 11,506,881 22.92% Net Expenditures 2,505,828 2,624,966 (119,138) 104.75% 2,582,196 2,339,768 242,428 11,457,881 22.91% THE MUNICIPALITY OF CLARINGTON ATTACHMENT 1 Summary of Operating Expenditures and Revenues for the Three Months Ending March 31,2015 to Report FND-011-15; 2015 Qtr 1 2015 Qtr 1 2015 Qtr 1 2015 Qtr 1 2014 Qtr 1 2014 Qtr 1 2014 Qtr 1 2015 2015 Budget YTD Actual YTD Unexpended($) %Expended Budget YTD Actual YTD Unexpended$ Total Budget % Annual Budget 32 ENGINEERING SERVICES Revenue/Recoveries (322,047) (313,260) (8,787). 97.27% (236,131) (487,568) 251,437 (1,359,500) 23.04% Debenture Payment 341,000 433,608 (92,608) 127.16% 0 0 0 522,189 83.04% Operating Expenditures 783,587 : 797,877 (14,290) 101.82% 894,907 813,810 81,097 6,284,391 12.70% Expenditures 1,124,587 1,231,485 (106,898) 109.51% 894,907 813,810 81,097 6,806,580 18.09% Net Expenditures 802,540 918,225 (115,685), 114.41% 658,776 326,242 332,534 5,447,080 . 16.86% 36 OPERATIONS Revenue/Recoveries (31,102): (54,251) 23,149 174.43% (49,697) (36,168) (13,529) (606,100) 8.95% Operating Expenditures 3,010,891 3,626,006 (615,115) 120.43% 2,707,214 3,978,759 (1,271,545) 14,888,669 24.35% Fleet&Debenture Payments 344,148 30,683 313,465 8.92% 349,357 27,799 321,558 1,163,820 2.64% Expenditures 3,355,039 3,656,689 (301,650) 108.99% 3,056,571 4,006,558 (949,987) 16,052,489 22.78% Net Expenditures 3,323,937 3,602,438 (278,501) 108.38% 3,006,874 3,970,390 (963,516) 15,446,389 23.32% 42 COMMUNITY SERVICES Revenue/Recoveries (1,685,676): (1,777,894) 92,218 105.47% (1,577,730) (1,690,825) 113,095 (4,574,215) 38.87% Operating Expenditures 2,097,014 2,235,506 (138,492) 106.60% 2,336,484 2,047,409 289,075 10,239,421 21.83% Annual Grants&Debenture Payments 3,105,368 2,899,209 206,159 93.36% 3,212,157 3,014,132 198,025 3,205,368 90.45% Expenditures 5,202,382 : 5,134,715 67,667 98.70% 5,548,641 5,061,541 487,100 13,444,789 38.19% Net Expenditures 3,516,706 3,356,821 159,885 95.45% 3,970,911 3,370,716 600,195 8,870,574 37.84% 50 PLANNING SERVICES Revenue/Recoveries (104,637) (116,500) 11,863 111.34% (76,668) (101,389) 24,721 (405,000) 28.77° Expenditures 727,624 717,078 10,546 98.55% 856,589 786,244 70,345 3,980,012 18.02° Net Expenditures 622,987 600,578 22,409 96.40% 779,921 684,855 95,066 3,575,012 16.80% BOARDS&AGENCIES Net Expenditures 1,849,595 1,795,138 54,457 9,705.57% 1,795,175 1,830,652 (35,477) 3,970,258 4,521.46% TOTAL OPERATING: Revenue/Recoveries (41,779,434) (42,198,018) 418,584 101.0% (39,608,994) (40,621,797) 1,012,803 (98,356,090) 42.9% Expenditures 18,581,191 18,307,475 273,716 98.5% 18,826,045 18,631,966 194,079 1 70,348,935 26.0% Net Operating Expenditures (23,198,243) (23,890,543) 692,300 103.0% (20,782,949) (21,989,831) 1,206,882 1 (28,007,155) 85.3% i Municipality of Clarington Attachment 2 to Report FND-011-15 CORPORATION OF THE MUNICIPALITY OF CLARINGTON Continuity of Taxes Receivable for the First Quarter of the Year 2015 I December 31,2014 MARCH MARCH BEGINNING BAL. INTEREST TAXES PAYMENTS/ 2015 2014 RECEIVABLE ADDED BILLED BALANCE ADJUST.- CURRENT YEAR i TAXES 5,573,367 37,785,430 43,358,797 (50,601,866) (7,243,069) (6,432,406) PENALTY AND INTEREST 215,088 48,778 263,866 241,592 22,274 23,872 FIRST PRIOR YEAR TAXES 1,576,078 - 1,576,078 2,062,440 3,638,518 4,176,256 PENALTY AND INTEREST 130,233 179,895 310,128 117,565 192,564 250,412 SECOND PRIOR YEAR TAXES 263,841 263,841 773,338 1,037,179 1,188,419 PENALTY AND INTEREST 45,821 52,600 98,421 3,475 94,946 124,130 THIRD&PRIOR YEARS TAXES 111,249 111,249 120,556 231,805 180,518 PENALTY AND INTEREST 73,777 11,666 85,443 20,145 105,587 72,379 SUB-TOTAL 7,989,455 292 939 37,785,430 46,067,824 , (47,988,018), (1 920 194 416 419 PREPAID TAXES 4,558,569 TOTAL 3,430,886 292 939 37,785,430 46 067,824 47 988018 1 920 194 (416,419) Includes refunds,write-offs,357's,etc. NOTE 1: 2015 Interim Instalment months: February and April. I Attachment 3 to Municipality of Clarington Report FND-011-15 INVESTMENTS OUTSTANDING As at March 31,2015 ORIGINAL ISSUER OF TYPE OF RATING PURCHASE COST OF INTEREST MATURITY MATURITY INVESTMENT INVESTMENT DATE I INVESTMENT RATE DATE AMOUNT GENERALFUND GENERAL FUND Total: CAPITAL FUND CAPITAL FUND Total: NON DEV.CHARGE MONIES(including STATEGIC CAPITAL) BNS G107 H 01-Jun-12 j 1,500,632.00 2.35% 01-Jun-15 1,608,632.21 (B) BMO GIC H 26-Sep-11 624,188.00 2.00% 28-Sep-15 675,641.17 BMO GIC H 15-Oct-13 .598,890.00 1.90% 15-Oct-15 621,864.02 RBC GIC H Dec 11 1,922,733.00 2.35% 07-Dec-15 2,109,941.00 jRBC GIC H 07-Dec-11 1,976,951.00 2.35% 07-Dec-15 2,169,438.00 BMO coupons H 15-Mar-121 176,636.37 2.54% 28-Mar-16 195,351.00 Tangerine(b/b BNS) GIC H 02-May-13 1,001,980.00 1.90% 02-May-16 1,060,184.88 Manulife Bank GIC HM 20-Sep-11 2,000,000.00 2.60% 20-Sep-16 2,273,876.11 BMO coupons L 15-Mar-12 213,067.68 2.61% 28-Sep-16 239,375.00 Tangerine(b/b BNS) GIC H 01-Oct-12 1,819,048.00 2.35% 03-Oct-16 1,996,160.91 Manulife Bank GIC HM 02-D_ec-11 2,000,000.00 2.71% 02-Dec-16 2,286,091.67 Manulife Bank GIC HM 19-Mar-12 1,693,000.00 2.88% 19-Mar-17 1,951,224.70 BMO coupons H 15-Mar-12 ! 159,396.18 2.869% 28-Mar-17 183,615.00 RBC GIC H 01-May-13 1,000,000.00 2.10%1 01-May-17 1,086,683.24 BMO coupons L 15-Mar-12 196,287.25 2.92% 28-Sep-17 230,141.00 CWB GIC HM 01-Oct-12 3,500,000.00 2.55% 01-Oct-17 3,969,596.54 BNS GIG H 30-Oct-12 1,884,365.00 2.50% 30-Oct-17 2,131,986.04 iHSBC GIC H 21-Dec-12 1,121,354.00 2.40% 21-Dec-17 1,262,352.30 National Bank GIG M 08-Jan-13 1,900,503.00 2.409/. 08-Jan-18 2,139,776.15 National Bank GIC M I 12-Feb-13 1,927,464.00 2.45% 12-Feb-18 2,175,434.89 National Bank GIC M 04-Mar-13 741,3 20.00 2.45% 05-Mar-18 836,748.00 CWB GIG HM 17-Mar-14 672,368.00 2.30% 19-Mar-18 736,392.86 Tangerine(b/b BNS) GIG H 25-Mar-13 1,254,427.00 2.40% 26-Mar-18 1,412,449.93 HSBC GIC H 13-May-13 321,079.00 2.25% 14-May-18 358,862.84 BNS GIG H 03-Jun-13 1,499,069.00 2.309/o 03-Jun-18 1,679,576.51 RBC GIC H 30-Jul-13 2,341,277.00 2.60% 30-Jul-18 2,661,886.92 BMO GIC H 30-Sep-13 1,174,214.00 2.900% 01-Oct-18 1,354,748.00 Prov NB coupons H 27-Jun-13 248,068.78 2.59% 03-Dec-18 285,071.00 RBC GIC H 11-Mar-14 1,084,844.00 2.50% 11-Mar-19 1,227,401.41 RBC IGIC H 17-Mar-14 1,000,000.00 2.50% 18-Mar-19 1,131,408.21 Tangerine(b/b BNS) IGIC H 02-May-14 1,000,000.00 2.60% 02-May-19 1,139,019.14 BMO GIG H 17-Aug-14 830,000.00 2.41% 19-Aug-191 935,015.04 BNS GIC H 12-Sep-14 1,037,127.00 2.46% 12-Sep-19 1,171,126.20 Manulife Bank GIC HM 21Sep-14 789,343.56 2.501/o 22-Sep-19 893,069.79 Tangerine(b/b BNS) GIC H 02-Dec-14 1,191,382.00 2.56% 02-Dec-19 1,351,889.19 Tangerine(b/b BNS) GIC H 18-Dec-14 1,045,809.00 2.56% 18-Dec-19 1,186,704.08 Prov BC Bond H j 11-Dec-13 2,369,685.75 2.70%I 18-Dec-22 2,425,000.00 (C) NON D/C Total: 1 45,816,509.57 51,153,734.95 DEV.CHARGE FUNDS ONE FUND Bond NR 08-Aug-00 3,761,445.19 n/a 3,761,445.19 (D) ONE FUND Equity NR 31-Jan-07 500,000.00 n/a 500,000.00 (D) RBC GIC H 02-Dec-14 35,625.00 1.25% 01-Jun-15 35,845.83 BNS GIC H 20-Dec-13 1,062,541.00 2.03%1 1,128,572.22 National Bank GIC HM 20-Dec-13 1,300,000.00 2.75% 20-Dec-18 1,488,855.35 Prov Ontario Bond H 19-Dec-13 2,403,350.00 2.85 1/( 02-Jun-23 2,500,000.00 (C) i DC Total: 1 9,062,961.19 1 9,41417i&59 TOTAL INVESTMENTS 54,879,470.76 60,568,453.54 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-011-15 Debenture Repayment Schedule as of January 1,2015 i 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. I I i Municipality of Clarington Attachment 5 to Report FND-011-15 MUNICIPAL DEVELOPMENT CHARGES i MONTH OF MARCH i 2015 2014 MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE UNIT TYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS 2015 to 2014 I Single/Semi- Detached -New construction $ 404,905.00 22 $ 933,900.00 60 -Additions $ 172.10 1 $ - 0 Townhouse $ - 0 $ 40,674.00 3 Apartment $ - 0 $ - 0 Commercial $ - 0 $ - 0 Agricultural $ - 0 $ - 0 Government $ - 0 $ - 0 Institutional $ - 0 $ - 0 Industrial $ - 0 $ - 0 TOTAL $ 405,077.10 1 23 $ 974,574.00 63 -58.4% MUNICIPAL DEVELOPMENT CHARGES JANUARY TO MARCH -YEAR TO DATE 2015 2014 MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE UNIT TYPE DEV. CHARGES PAID OF UNITS DEV. CHARGES PAID OF UNITS 2015 to 2014 Single/Semi- Detached -New construction $ 1,499,814.00 92 $ 2,923,682.00 189 -Additions $ 172.10 1 $ 2,928.64 2 Townhouse $ 149,138.00 11 $ 284,226.00 21 Apartment $ - 0 $ - 0 Commercial $ 8,120.82 1 $ - 0 Agricultural $ - 0 $ - 0 Government $ - 0 $ - 0 Institutional $ - 0 $ - 0 Industrial $ - 0 $ 591,693.93 2 TOTAL $ 1,657,244.92 105 $ 3,802,530.57 214 -56.4% i i I I