HomeMy WebLinkAboutFND-014-15 Oaf, np,..ton
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 Government Committee
Date of Meeting: September 8, 2015
Report Number: FND-014-15 G a .
File Number: Department File# By-law Number:
Report Subject: Financial Update as at June 30, 2015
Recommendations:
1. That Report FND-014-15 be received for information.
Municipality of Clarington
Report FND-014-15 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variances as of June
30, 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. Second 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 June 30, 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 June 30, 2015 totalled $42,013,566 which represents 102% of the
second quarter budget. Year to date revenues totalled $65,274,121 which
represents 106.1% of the second 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 June 30, 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 June 30, 2015. Revenues exceed
the expenditures. The positive net position is higher than budgeted at 114.43%.
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 CAD's office net expenditures are at 106.4% as of June 30, 2015. The Port
Granby expenditures and recovery of these expenditures is now monitored by the
Corporate Initiatives Officer. Both the higher revenue and expenditures can be
attributed to Port Granby. There is often a timing difference between expenditures
Municipality of Clarington
Report FND-014-15 Page 3
and the issuing of the invoices for recovery of expenditures. Overall the CAO's
office is on track with the second quarter budget.
2.5 The Legal net expenditures are at 105.4% as of the second quarter budget. As
noted previously in first quarter report, professional fee recoveries are higher than
budgeted as of June 30 due to Clarington Wind recoveries. Legal expenditures are
at 43.9% of the total 2015 budget. Due to the changeable timing of legal activities
over the year, it is better to compare the total budget expenditures rather than
quarter to quarter.
2.6 The Clerks net expenditures are at 115.65% as of June 30, 2015. Municipal Law
Enforcement revenues are higher than budgeted. This can be attributed in part to an
increase in parking fines starting in May. Also, sidewalk snow clearing fines are now
reported as a revenue and a recoverable expense thereby increasing both revenue
and expenditures. This has offset the lower animal licencing fees. In May 2015, the
Clerks department introduced an online animal licencing system. It is expected to
increase animal licencing revenues over the year. Wildlife damage claims which can
be difficult to predict have increased in the first half of 2015.
2.7 Emergency Services net expenditures are at 104.47% of the second quarter 2015
budget. The revenues are slightly higher than the budget due to MTO emergency
calls which are unbudgeted revenues. Expenditures are above budget due in
general to salary and wage accounts. Higher electricity costs are also a factor.
2.8 Engineering net expenditures are 92.18% as of June 30, 2015. This is due in large
part to the building permit revenues. Also, the inspections fees and the associated
transfer to the reserve funds has increased from building activity. The variance in the
debenture payments is due to interest accrual entries which will be posted at year-
end. Overall the revenues and operating expenditures are on target.
2.9 Operations net expenditures are at 105.21% as of June 30, 2015. Revenues are
higher than the budgeted amount at 181.18% at the end of the second quarter due to
due to cemetery revenues, sports field rentals and senior snow clearing revenues.
Also due to the severity of the 2014/2015 winter, there are increased revenues from
the snow clearing and spring clean-up of unassumed developments. While
revenues are higher than budgeted as June 30, 2015, the Municipality had budgeted
for waste royalties which will not be received. Due to a legal settlement there will be
a write off of $91,300 for 2015 royalties and a reduction in the amount owing from
2014. Operating expenditures are higher than budgeted as of June 30, 2015 at
112%. 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. Some of these costs are recoverable
as noted in the higher revenues. However, many of the winter maintenance
expenditures already exceed the total 2015 budget amounts.
Municipality of Clarington
Report FND-014-15 Page 4
2.10 Community Services net expenditures are at 93.57% of the June 30, 2015 budget.
Revenues are higher than budgeted overall at 104.78% at the end of the second
quarter. Revenues for recreation programs such as day camps, fitness programs
and aquatics at CCC and NRDC are higher than budgeted. Currently, the higher
expenditures for programs and facilities is offset by the increased revenues.
Electricity costs continue to be over budget. There will be increased pressure on the
expenditures with the addition to the Community Services of the Older Adult
Programmer and the Older Adult Coordinator approved after finalization of the 2015
budget.
2.11 Boards and agencies are on budget. The slight increase is due to a capital budget
transfer to the library approved in prior years. This is offset by a non-departmental
revenue transfer from reserve fund from a previous commitment. Also, the original
grant of $55,000 to the COAA is on hold pending the finalization of their revised 2015
budget. This will be updated in the third quarter report.
2.12 Attachment 2, Continuity of Taxes Receivable for the six months ending June 30,
2015 provides the status of the taxes billed and collected by the Municipality during
this time period. A total of $37,685,675 in interim tax bills and $32,856,433 in final
tax bills were issued to property owners in the Municipality during the second quarter.
At the end of June 2015, a total of$11,569,410 remains unpaid compared to June
2014 taxes receivable of $11,144,819. The net balance is $424,591 higher or 3.8%
higher than the prior year at this time. This is generally attributed to a timing issue as
conditions continue to be favourable in this area.
2.13 Attachment 3, Investments Outstanding as of June 30, 2015 provides the status of
the Municipality's general, capital, and reserve fund investment holdings at the end of
second quarter of 2015. The Municipality at June 30, 2015 holds $0 in general fund
investments, $0 in capital fund investments, $9,122,087.68 in Development Charge
reserve fund investments and $45,849,275.57 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 continuing low interest environment. The short term interest
rates and current cash flow needs are reviewed on a regular basis. Clarington
investments are very conservative in nature and only high quality investments are
chosen as per the policy. Due to the changing economy in western Canada,
investments in Canadian Western Bank (CWB) were sold in August. This action will
reduce the exposure of the Alberta economy currently weakening from the changes
in the oil and gas industry.
2.14 Attachment 4, Debenture Repayment Schedule provides the status of the
Municipality's long term debt obligations as of January 1, 2015. The Municipality has
Municipality of Clarington
Report FND-014-15 Page 5
$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.
2.15 Attachment 5, Municipal Development Charges as of June 30, 2015 provides the
total Municipal Development charges collected of $6,216,905.86. 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 June 2015, there were 532 units.
2.16 Analysing the number of units issued as of the second quarter of 2015, there was an
increase of 41.5% compared to the same period in 2014. Comparing the total dollars
collected as of June 30, 2015 to the same period in 2014, there was a small
decrease of 0.6% in municipal development charges collected. Most notably the
increase is due to apartment development.
2.17 As an update to the appeal to the Municipality's 2010 Development Charges By-law,
all refunds pertaining to the Ontario Municipal Board have now been issued. No
appeal was received within the legislative timeframe on the Municipality's 2015
Development Charges By-law.
3. Concurrence
Not Applicable
4. Conclusion
It is respectfully recommended that the second 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.
f,
Submitted by: ff `� Reviewed by:
Nancy T yl r, BOA, 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
Municipality of Clarington
Report FND-014-15 Page 6
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 I
SUMMARY OF OPERATING EXPENDITURES.&REVENUES FOR THE SIX MONTHS ENDING JUNE 30,2015 to Report FND-014-15
2015 2015 2015 YTD 2015 YTD 2014 2014 2014 YTD 2015 Qtr 2 2015 Qtr 2 Quarter 2015 2015
Budget YTD Actual YTD Unexpended %Expended Budget YTD Actual YTD Unexpended YTD Budget YTD Actuals %Expended Total Budget %of Annual
Budget Spent
05 NON-DEPT'L ACCTS
Municipal&BIA Taxation (52,637,756) (52,913,470) 275,714 100.52% (49,858,508) (50,413,946) 555,438 (27,822,022) (29,500,114) 106.03% (53,242,756)
99.38%
Other Revenues&Contributions (4,014,695) (6,792,166) 2,777,471 169.18% (3,065,256) (5,323,287) 2,258,031 (3,465,716) (6,195,870) 178.78% (7,712,694)
88.06%
Revenue/Recoveries/Taxation (56,652,451) (59,705,636) 3,053,185 105.39% (52,923,764) (55,737,233) 2,813,469 (31,287,738) (35,695,984) 114.09% (60,955,450)
97.95%
Expenditures 194,230 194,230 0 100.00% 190,000 190,000 0 0 0 #DIV/0! 194,230 100.00%
Net Expenditures (56,458,221) (59,511,406) 3,053,185 105.41% (52,733,764) (55,547,233) 2,813,469 (31,287,738) (35,695,984) 114.09% (60,761,220) 97.94%
10 MAYOR&COUNCIL
Net Expenditures 439,104 445,463 (6,359) 101.45% 458,818 399,421 59,397 209,681 252,840 120.58% 903,733 49.29%
13 ADMINISTRATOR'S OFFICE
Revenue/Recoveries (42,106) (59,494) 17,388 141.30% (26) (799) 773 (42,042) (59,437) 141.38% (85,500) 69.58%
Expenditures 341,129 377,937 (36,808) 110.79% 312,727 301,137 11,590 148,677 155,090 104.31% 747,794 50.54%
Net Expenditures 299,023 318,443 (19,420) 106.49% 312,701 300,338 12,363 106,635 95,653 89.70% 662,294 48.08%
14 LEGAL ADMIN
Revenue/Recoveries (39,818) (59,530) 19,712 149.51% (20,816) (29,174) 8,358 (22,572) (25,367) 112.38% (105,000) 56.70%
Expenditures 188,563 216,329 (27,766) 114.73% 215,385 198,657 16,728 101,468 92,404 91.07% 462,087 46.82%
Net Expenditures 148,745 156,799 (8,054) 105.41% 194,569 169,483 25,086 78,896 67,037 84.97% 357,087 43.91%
16 CORPORATE SERVICES
Revenue/Recoveries (76,126) (63,518) (12,608) 83.44% (162,963) (167,432) 4,469 (15,951
(13,264) 83.15% (100,500) 63.20
Expenditures 2,334,413 2,270,013 64,400 97.24% 2,518,488 2,351,414 167,074 1,267,623 1,203,399 94.93% 4,718,536 48.11%
Net Expenditures 2,258,287 2,206,495 51,792 97.71% 2,355,525 2,183,982 171,543 1,251,672 1,190,135 95.08% 4,618,036 47.78%
19 CLERK'S
Revenue/Recoveries (297,759) (448,677) 150,918 150.68% (334,901) (295,464) (39,437) (181,394
(268,740) 146,15% (629,300) 71.30%
Expenditures 1,402,280 1,726,072 (323,792) 123.09% 1,571,949 1,544,183 27,766 774,434 1,049,209 135.48% 2,914,872 59.22%
Net Expenditures 1,104,521 1,277,395 (172,874) 115.65% 1,237,048 1,248,719 (11,671) 593,040 780,469 131.60% 2,285,572 55.89%
21 FINANCE&UNCLASS.ADMIN
Revenue/Recoveries (777,153) (686,506) (90,647) 88.34% (806,367) (832,489) 26,122 (431,073) (353,073) 81.91% (1,564,000) 43.89%
Unclassified Admin&Board of Trade 1,951,661 1,851,794 99,867 94.88% 1,409,191 2,084,400 (675,209) 1,096,508 1,553,692 141.69% 2,406,973
76.93%
Operating Expenditures 1,112,174 1,120,618 (8,444) 100.76% 1,170,892 1,118,230 52,662 564,649 556,829 98.62% 2,324,331 48.21%
Expenditures 3,063,835 2,972,412 91,423 97.02% 2,580,083 3,202,630 (622,547) 1,661,157 2,110,521 127.05% 4,731,304 62.82%
Net Expenditures 2,286,682 2,285,906 776 99.97% 1,773,716 2,370,141 (596,425) 1,230,084 1,757,448 142.87% 3,167,304 72.17%
28 EMERGENCY SERVICES-FIRE
Revenue/Recoveries (29,107) (56,257) 27,150 193.28% (11,099) (154,015) 142,916 (8,399) (12,969) 154.41% (49,000) 114.81%
Expenditures 5,640,651 5,918,708 (278,057) 104.93% 5,633,491 5,443,770 189,721 3,009,430 3,199,661 106.32% 11,506,881 51.44%
Net Expenditures 5,611,544 5,862,451 (250,907) 104.47% 5,622,392 5,289,755 332,637 1 3,001,031 3,186,692 106.19% 11,457,881 51.17%
THE MUNICIPALITY OF CLARINGTON
_ - __ _ _- _ _- ATTACHMENT 1
SUMMARY OF OPERATING EXPENDITURES&REVENUES FOR THE SIX MONTHS ENDING JUNE 30,2015 to Report FND-014-15
2015 2015 2015 YTD 2015 YTD 2014 2014 2014 YTD 2015 Qtr 2 2015 Qtr 2 Quarter 2015 2015
Budget YTD Actual YTD Unexpended %Expended Budget YTD Actual YTD Unexpended YTD Budget YTD Actuals %Expended Total Budget %of Annual
Budget Spent
32 ENGINEERING SERVICES
Revenue/Recoveries (661,902) (1,005,671) 343,769 151.94% (530,243) (1,081,821) 551,578 (339,855) (677,039) 199.21% (1,359,500) 73.97%
Debenture Payments 522,189 433,608 88,581 83.040/ 640,000 0 640,000 0 0 #DIV/0! 522,189 83.04%
Operating Expenditures 4,154,647 4,272,892 (118,245) 102.85% 3,863,889 3,887,246 (23,357) 3,204,445 3,440,695 107.37% 6,284,391
67.99%
Expenditures 4,676,836 4,706,500 (29,664) 100.63% 4,503,889 3,887,246 616,643 3,204,445 3,440,695 107.37°! 6,806,580 69.15%
Net Expenditures 4,014,934 3,700,829 314,105 92.18% 3,973,646 2,805,425 1,168,221 2,864,590 2,763,656 96.48% 5,447,080 67.94%
36 OPERATIONS
Revenue/Recoveries (184,924) (335,043) 150,119 181.18% (192,544) (264,018) 71,474
(153,822) (280,791) 182.54% (606,100) 55.28%
Operating Expenditures 7,452,718 8,346,349 (893,631) 111.99% 6,568,659 8,470,440 (1,901,781) 4,441,827 4,708,875 106.01% 14,888,669
56.06%
Fleet&Debenture Pmts 804,401 481,222 323,179 59.82% 603,698 283,864 319,834 460,253 450,575 97.90% 1,163,820 41.35%
Expenditures 8,257,119 8,827,571 (570,452) 106.91% 7,172,357 8,754,304 (1,581,947) 4,902,080 5,159,450 105.25% 16,052,489 54.99%
Net Expenditures 8,072,195 8,492,528 (420,333) 105.21% 6,979,813 8,490,286 (1,510,473) 4,748,258 4,878,659 102.75% 15,446,389 54.98%
42 COMMUNITY SERVICES
Revenue/Recoveries (2,559,268) (2,681,641) 122,373 104.78% (2,364,799) (2,463,838) 99,039 (816,592) (854,353) 104.62% (4,708,215)
56.96%
Annual Grants&Debenture Pmts 3,205,368 2,976,414 228,954 92.86% 3,212,157 3,070,132 142,025 100,000 77,205 77.21% 3,205,368
92.86
Expenditures 8,385,451 8,133,100 252,351 96.99% 8,369,826 7,968,280 401,546 3,126,069 2,982,938 95.42% 13,578,789 59.90%
Net Expenditures 5,826,183 5,451,459 374,724 93.57% 6,005,027 5,504,442 500,585 2,309,477 2,128,585 92.17% 8,870,574 61.46%
50 PLANNING SERVICES
Revenue/Recoveries (200,598) (172,148) (28,450) 85.82% (160,531) (224,377) 63,846 (95,961) (55,648) 57.99% (405,000) 42.51%
Expenditures 2,306,816 2,180,462 126,354 94.52% 2,265,443 2,431,229 (165,786) 1,576,231 1,481,592 94.00% 3,980,012 54.79%
Net Expenditures 2,106,218 2,008,314 97,904 95.35% 2,104,912 2,206,852 (101,940) 1,480,270 1,425,944 96.33% 3,575,012 56.18%
BOARDS&AGENCIES
Net Expenditures 3,963,928 4,044,769 (80,841) 102.04% 3,864,515 3,796,036 68,479 2,114,333 2,249,631 106.40% 3,970,258 101.88%
TOTAL OPERATING:
Revenue/Recoveries (61,521,212) (65,274,121) 3,752,909 106.1% (57,508,053) (61,250,660) 3,742,607 (33,395,399) (38,296,665) 114.68% (70,567,565)
92.50%
Expenditures 41,194,355 42,013,566 (819,211) 102.0% 39,656,971 40,468,307 (811,336) 22,095,628 23,377,430 105.80% 70,567,565 59.54%
Net Difference (20,326,857) (23,260,555) 2,933,698 114.43% (17,851,082) (20,782,353) 2,931,271 (11,299,771) (14,919,235) 132.03% 0
Municipality of Clarington Attachment 2 to
Report FND-014-15
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
Continuity of Taxes Receivable
for the Second Quarter of the Year 2015 ,
March 31,2015 JUNE JUNE
BEGINNING BALANCE INTEREST TAXES PAYMENTS/ 2015 2014
RECEIVABLE ADDED BILLED BALANCE ADJUST.*
CURRENT YEAR
TAXES (7,243,069) 70,542,108 63,299,039 (55,688,876) 7,610,163 6,741,746
PENALTY AND INTEREST 22,274 156,505 178,780 90,293 88,487 89,053
FIRST PRIOR YEAR
TAXES 3,638,518 - 3,638,518 (1,055,198) 2,583,320 2,961,737
PENALTY AND INTEREST 192,564 119,144 311,707 128679 183,028 219,453
SECOND PRIOR YEAR
TAXES 1,037,179 11037,179 (312,374) 724,805 839,510
PENALTY AND INTEREST 94,946 33,773 128,720 56,435 72,284 85,766
THIRD&PRIOR YEARS
TAXES 231,805 231,805 (33,493) 198,313 138,073
PENALTY AND INTEREST 105,587 8,292 113,879 4,869 109,011 69,481
SUB-TOTAL (1,920,194) 317,714 70,542,108 68,825,748 (57,370,217) 11,569,410 11,144,819
ITOTAL 1,920 194 317,714 1 70,542,108 1 68,825,748 (57,370,217)1 11,569 410 1 11,144,819
` Includes refunds,write-offs,357's,etc.
NOTES:
2015 Interim Instalment months(for all classes): February and April
2015 Final Instalment months(for non-capped classes): June and September
2015 Final Instalment months(for capped classes): August and September
Attachment 3 to
Municipality of Clarington Report FND-014-15
INVESTMENTS OUTSTANDING
As at June 30,2015
ORIGINAL
[NVESTMENT SSUEROF TYPE OF RATING PURCHASE COST OF INTEREST MATURITY MATURITY
INVESTMENT I I DATE INVESTMENT RATE I DATE AMOUNT
GENERALFUND
GENERAL FUND Total:
CAPITAL FUND
CAPITAL FUND Total: - -
NON DEV.CHARGE MONIES(including STATEGIC CAPITAL)
RBC GIC H 26-Jun-15 32,766.00 0.95% 26-Sep-15 32,842.75
BMO GIC H 26-Sep-1 1 624,188.00 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 07-Dec-11 1,922,733.00 2.35% 07-Dec-15 2,109,941.00
RBC GIC H 07-Dec-11 1,976,951.00 2.35% 07-Dec-15 2,169,438.00
BMO coupons H 15-Mar-12 176,636.37 2.54% 28-Mar-16 195,351.00
Tangerine GIC H 02-May-13 1,001,980.00 1.90% 02-May-1 6 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 GIC H 01-Oct-12 1,819,048.00 2.35% 03-Oct-16 1,996,160.91
Manulife Bank GIC HM 02-Dec-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 2.86% 28-Mar-17 183,615.00
RBC GIC H 01-May-13 1,000,000.00 2.10% 01-May-17 1,086,683.24
BMO coupons L 15-Mar-12 196,287.25 2.92% 28-Sep-1 7 230,141.00
CWB GIC HM 01-Oct-12 3,500,000.00 2.55% 01-Oct-17 3,969,596.54
BNS GIC H 30-Oct-12 1,884,365.00 2.50% 30-Oct-17 2,131,986.04
HSBC GIC H 21-Dec-12 1,121,354.00 2.40% 21-Dec-17 1,262,352.30
National Bank GIC M 08-Jan-13 1,900,503.00 2.40% 08-Jan-18 2,139,776.15
National Bank GIC M 12-Feb-13 1,927,464.00 2.45% 12-Feb-18 2,175,434.89
National Bank GIC M 04-Mar-13 741,320.00 2.45% 05-Mar-18 836,748.00
CWB GIC HM 17-Mar-14 672,368.00 2.30% 19-Mar-18 736,392.86
Tangerine GIC H 25-Mar-13 1,254,427.00 2.40% 26-Mar-18 1,412,449.93
HSBC GIC H 13-Ma-13 321,079.00 2.25% 14-May-18 358,862.84
BNS GIC H 03-Jun-13 1,499,069.00 2.30% 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 2.90% 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 GIC H 17-Mar-14 1,000,000.00 2.50% 18-Mar-19 1,131,408.21
Tangerine GIC H 02-May-14 1,000,000.00 2.60% 02-May-19 1,139,019.14
BMO GIC H 17-Aug-14 830,000.00 2.41% 19-Aug-19 935,015.04
BNS GIC H 12-Sep-14 1,037,127.00 2.46% 12-Sep-19 1,171,126.20
Manulife Bank GIC HM 23-Sep-14 789,343.56 2.50% 22-Sep-19 893,069.79
Tangerine GIC H 02-Dec-14 1,191,382.00 2.56% 02-Dec-19 1,351,889.19
Tangerine GIC H 18-Dec-14 1,045,809.00 2.56% 18-Dec-19 1,186,704.08
BNS GIC H 01-Jun-15 1,500,632.00 2.10% 01-Jun-20 1,664,956.59
Prov,BC Bond H 11-Dec-13 2,369,685.75 2.70% 18-Dec-22 2,425,000.00 (C)
NON D/C Total: 45,849,275.57 51,242,902.08
DEV.CHARGE FUNDS
ONE FUND Bond NR 08-Aug-00 3,784,726.68 n/a 3,784,726.68 (D)
ONE FUND Equity NR 31-Jan-07 500,000.00 n/a 500,000.00 (D)
RBC GIC H 02-Jun-15 71,470.00 0.95% 30-Nov-15 71,806.69
BNS GIC H 20-Dec-13 1,062,541.00 2.03% 20-Dec-16 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% 02-Jun-23 2,500,000.00 (C)
DC Total: 9,122,087.68 9,473,960.94
TOTAL INVESTMENTS 54,971,363.25 60,716,863.02
Note that interest Is annual compounding with the exception of the follow ng:
(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-014-15
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.
Municipality of Clarington Attachment 5 to
Report FND-014-15
MUNICIPAL DEVELOPMENT CHARGES
MONTH OF JUNE
2015 2014
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF
UNITTYPE DEV.CHARGES PAID OF UNITS DEV.CHARGES PAID OF UNITS DEV.CHGS 2015-2014
Single/Semi-Detached
-New construction $ 1,458,068.00 105 $ 996,160.00 64
-Additions $ - 0
Townhouse $ 98,648.00 8 $ 67,790.00 5
Apartment $ 1,478,093.00 223 $ - 0
Commercial $ - 0
Agricultural $ - 0
Government $ - 0
Institutional $ - 0
Industrial $ 142,476.99 1 $ 24,024.48 3
TOTAL $ 3,177,285.99 337 $ 1,087,974.48 72 192.0%
MUNICIPAL DEVELOPMENT CHARGES
JANUARY TO JUNE-YEAR TO DATE
2015 2014
MUNICIPAL NUMBER MUNICIPAL NUMBER %CHANGE OF
UNITTYPE DEV.CHARGES PAID OF UNITS DEV.CHARGES PAID OF UNITS DEV.CHGS 2015-2014
Single/Semi-Detached
-New construction $ 4,332,774.00 285 $ 5,196,172.00 335
-Additions $ 172.10 1 $ 2,928.64 2
Townhouse $ 247,786.00 19 $ 433,364.00 32
Apartment $ 1,478,093.00 223 $ - 0
Commercial $ 8,120.82 1 $ 7,683.93 1
Agricultural $ - 0 $ - 0
Government $ - 0 $ - 0
Institutional $ - 0 $ - 1
Industrial $ 149,959.94 3 $ 615,718.41 5
TOTAL $ 6,216,905.86 532 $ 6,255,866.98 376 -0.6%