HomeMy WebLinkAboutFND-008-16 Finance r
r
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: May 9, 2016
Report Number: FND-008-16 Resolution #:
File Number: By-law Number:
Report Subject: Financial Update as at March 31, 2016
Recommendations:
1 . That Report FND-008-16 be received for information.
Municipality of Clarington
Report FND-008-16 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variances as of
March 31 , 2016 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. FirstQ uarter of 2016 Results
2.1 Attachment 1, Summary of Operating Expenditures and Revenues compares the
Municipality's budget to actual posted expenditures as of March 31, 2016. This
statement reflects the Municipality's operating budget only and excludes year to date
expenditures for the consolidated hall/arena boards. Year to date expenditures as of
March 31 , 2016 totalled $17,786,293 which represents 92.6% of the first quarter
2016 budget. Year to date revenues totalled $30,106,247 which represents 103.7%
of the first quarter 2016 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, 2016. 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 reflective of seasonal trends, some municipal activities have significant
variations from year to year, such as the Legal and Planning Services revenues.
Due to these timing differences, this statement cannot be used in isolation.
2.3 As of March 31, 2016, the operating budget is well within the first quarter budgeted
allocation. 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 Administrator's office net expenditures are on target at 92.6% as of March 31,
2016. As noted in previous reports, the Port Granby expenditures and recovery of
these expenditures is now monitored by the Corporate Initiatives Officer. The higher
revenues can be attributed to the Port Granby project.
2.5 The net expenditures of the Legal Department are at 82.7%. As noted in 2.2 the
timing of some municipal activities vary from year to year and the monthly budget
allocation may not reflect this year's timing. The first quarter figures cannot be
Municipality of Clarington
Report FND-008-16 Page 3
extrapolated to the balance of the year. Future quarterly reports will reflect a more
complete update on the Legal revenues and expenditures.
2.6 Corporate Services net expenditures are at 93.4% of the first quarter budget. The
revenues are higher than budgeted at 260.8% due to advertising revenues. This
could be due to timing of these revenues. As of the first quarter, advertising
revenues are at 63.7% of the total 2016 budget.
2.7 The Clerks department net expenditures are at 103.2% as of March 31 , 2016. The
first quarter revenues are at 113.8% of the first quarter budget. This is due to the
higher than budgeted parking revenues from meters and fines. The corresponding
transfer of these parking revenues to the reserve fund has increased the
expenditures as well. In May 2015, parking fines were increased and have
contributed to the higher revenues. Animal licence sales are below the first quarter
budged amount by approximately $20,000.
2.8 Engineering net expenditures are 18.7% as of March 31, 2016. The building permit
revenues continue to boost Engineering revenues. The first quarter 2016 building
permit revenue of $975,213 is 73.8% of the total 2016 budget. The building permit
activity for the first quarter of 2016 is reported in EGD-019-16. One large property is
triggering the building permit revenue increase.
2.9 Operations net expenditures are at 71.2% as of March 31, 2016. Revenues are
higher than the budgeted at 144.3% of the first quarter budget. Operating
expenditures are below budget due to the lower than the previous year's winter
control costs. This is because the monthly allocation is based on the previous year's
expenditures. As of March 31, 2016 the winter control costs are approximately 46%
of the total 2016 budget. Note that fleet costs are not completed until year end. The
debenture for the Courtice library expansion has not yet been issued by the Region
but has been included in the 2016 budget.
2.10 Planning Services net expenditures are at 99.1% of the first quarter 2016 budget.
Revenues are lower than budgeted as of March 31, 2016. However, the timing of
Planning revenues can vary from year to year as do some of the expenditures. The
first quarter results cannot be extrapolated and used to predict the activity for the
year. Future reports will show a more complete picture.
2.11 Attachment 2, Continuity of Taxes Receivable as of March 31, 2016 provides the
status of the taxes billed and collected by the Municipality during the first quarter of
2016. A total of $38,925,091 in interim tax bills were issued to property owners in the
Municipality during this period. Note that the current year taxes are in a credit
position as it also includes the taxes prepaid for the April 2016 instalment. This is
includes pre-authorized monthly payments collected in advance as well as mortgage
companies paying both the February and April instalments in February. The net
balance of ($2,616,710) is 36.27% lower than the same period in 2015. This is due
in large part to the increasing participation in the PAP program both residential and
non-residential.
Municipality of Clarington
Report FND-008-16 Page 4
2.12 Attachment 3, Investments Outstanding as of March 31, 2016 provides the status of
the Municipality's general, capital, and reserve fund investment holdings at the end of
the first quarter of 2016. The Municipality at March 31, 2016 holds $0 in general fund
investments, $0 in capital fund investments, $9,233,312.37 in Development Charge
reserve fund investments and $46,578,357.60 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. The One Fund
has a new High Interest Savings account. This may prove to be a prudent choice for
investing general fund monies.
2.13 Attachment 4, Debenture Repayment Schedule provides the status of the
Municipality's long term debt obligations as of January 1, 2016. The Municipality will
have approximately $21,071,254.27 in outstanding debt as of January 1, 2016. The
debenture for the Courtice Library has yet to be issued by the Region but will be
issued later in 2016. The Region debentures are issued based on the needs of the
Region and all the lower tiers, therefore the timing can be delayed due to others
needs. For 2016, the debt repayment obligations of $3,835,430.44 have been
included in the 2016 budget. The Courtice Library debenture payments are
estimated for the 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.
2.14 Attachment 5, Municipal Development Charges as of March 31, 2016 provides the
Municipal Development charges collected separated into residential and non-
residential. As of March 31, 2016, Residential Municipal Development Charges
collected are $1,995,491.27. In the recent 2015 Development Charges Background
Study, it is forecasted that the Municipality would be collecting approximately 927
residential units in total for 2016 or about 77 units per month. For 2016 budget
considerations, the figure of 600 units (50 units per month) was used for the year. At
the end of March 2016, there were 117 residential units. Compared to the same
period the previous year there was 21% increase in development charges collected
and a 12.5% increase in the number of units.
2.15 As of March 31, 2016, Non-Residential Municipal Development Charges collected
are $53,658.51. Compared to the same period the previous year there was 560.75%
increase in development charges collected and a 900% increase in the number of
units. Non-residential development charges are based on the area in square metres
rather than per unit cost so it can be expected to have significant variances from one
year to another. In the 2015 Development Charges By-law 2015-035, there are a
number of incentives to encourage development in Clarington. In February 2016,
two properties received a development charge credit. A credit of $13,279.78 was
given to a development at 222 Baseline Road East in Bowmanville under the existing
Municipality of Clarington
Report FND-008-16 Page 5
industrial development incentive. Also, a credit of $937.96 was given to a
development at 28 King Avenue East, Newcastle under the small business
expansion incentive.
3. Concurrence
Not Applicable
4. Conclusion
It is respectfully recommended that the first quarter of 2016 financial update report
be received for information.
5. Strategic Plan Application
The recommendations contained in this report conform to the Strategic Plan.
r
Submitted by: � � �G�,� Reviewed by:
Nancy Tay or; 'CPA, CA F in Wu,
Director o Finance/Treasurer Chief Administrative Officer
Staff Contact: Nancy Taylor, Director of Finance/Treasurer 905-623-3379 ext. 2602 or
ntaylor@clarington.net
Attachments:
Attachment 1 — Summary of Operating Revenues and Expenditures
Attachment 2 — Continuity of Taxes Receivable
Attachment 3 — Investments Outstanding
Attachment 4 — Debenture Repayment Schedule
Attachment 5 — Municipal Development Charges
There are no interested parties to be notified of Council's decision.
NT/CC/hjl
The Municipality of Clarington Attachment 1
Summary of Operating Expenditures and Revenues for the Three Months Ending March 31 , 2016 to Report FND-008-16
E 2016 Qtr 1 2016 Qtr 1 2015: Qtr 1 2015 Qtr 1 2016 % of
2016 Qtr 1 2016 Qtr 1 Unexpended % Budgeted 2015 Qtr 1 Unexpendend 2016 Total budget
Budget YTD Actual YTD ($) Expended YTD Actual YTD :, ($) Budget spent
05 Non-departmental Accounts
Municipal Taxation (including BIA) (26,244,446) (26,326,626) 82,180 ' 100.3% (24,815,734) (23,971,872) (843,862) (55,890,029) 47.1%
Other Revenue _ -
(76,930) (81,256) 4,326 105.6% (5387942) (581,787) 42,845 (1,646,289) 4.9%
Contributions 0 (6,948) 6,948 (10,037) (1;025,392 1,015,355 (5,839,274), 0.1%
Revenue/Taxation/Contributions (26,321 ,376) (26,414,830) 93,454 100.4% (25,364,713) (25,579,051) 214,338 (63,375,592) 41.7%
Expenditures 199,200 199,200 0 100.0% 194,230 194230 0 199,200 100.0%
Net Ex enditures (26,122,176) (26,215,630) 93,454 100.4/
(25,170;483) (25,384,821) 214,338 (63,176,392); 41 .5%
10 Mayor and Council
Net Expenditures 201 ,301 205,054 (3,753) 101 .9% 229,423 236,813 (7,390) 908,605 22.6%
13 Administrator's Office -
Revenue/Recoveries (55,381) (66,237) 10,856 119.6% (64) (57) (7) (85,500) 77.5%
Expenditures 172,563 174,697 (2,134) 101.2% 192,452 190,030 2,422 746,676 23.4%
Net Expenditures 117,182 108,460 8,722 92.6% 192,388 189,973 21415 661 ,176 16.4%
14 Legal Administration
Revenue/Recoveries (19,635) 10,054 (9,581) 51 .2% 17 246 34 163 . 16,917 69 000 14.6%
Expenditures 137,217 107,242 29,975 78.2% 87,095 123,927 (36,832) 417,659 25.7%
Net Expenditures 117,582 97,188 20,394 82.7% . 69,849 89,764 (19,915) 348,659 27.9%
16 Corporate Services
Revenue/Recoveries (20,175) (52,624) 32,449 260.8% . (60,175) (50,254) (9,921) (189,200) 27.8%
Expenditures 1 ,114,229 1 ,074,948 39,281 96.5% 1,066,790 1,063,011 3,779 4,930,326 21 .8%
Net Expenditures 1 ,094,054 1 ,022,324 71 ,730 93.4% 1,006,615 1,012,757 (6,142) 4,741 ,126 21 .6%
Ell
-7
The Municipality of Clarington Attachment 1
Summary of Operating Expenditures and Revenues for the Three Months Ending March 31 , 2016 to Report FND-008-16
2016 Qtr 1 2016 Qtr 1 2015 Qtr 1 2015 Qtr 1 2016 % of
2016 Qtr 1 2016 Qtr 1 Unexpended % Budgeted 2015 Qtr 1 Unexpendend 2016 Total budget
Budget YTD Actual YTD ($) Expended YTD Actual YTD ($) Budget spent
19 Clerk's
Revenue/Recoveries (142,828) (165,370) 22,542 115.8% (116;365) (179,937) 63,572 (708,900) 23.3%
Expenditures 653,911 692,906 (38,995) 106.0% 622,824 674,685 (51,861) 3,074,911 ' 22.5%°
Net Expenditures 511 ,083 527,537 (16,454) 103.2% 506,459 494,748 11,711 2,366,011 22.3%
21 Finance & Unclassified Administration
Revenue/Recoveries 326,598 339,594 12,996 104.0% (346,080) 335,626 (10,454) 1 ,564,000 21 .7%
Unclassified Admin & CBOT 302,867 291 ,076 11 ,791 96.1% 3241255 298,104 26,151 2,512,726 11.6%°
Operating Expenditures 562,193 560,058 2,135 99.6%° 547,525 563,791 (16,266) 2,407,015 23.3%
Expenditures 865,060 851 ,134 13,926 : 98.4% 871,780 861,895 91885 4,919,741 17.3%
Net Expenditures 538,462 511 ,540 26,922 95.0% 5251700 526,269 569 3,355,741 15.2%
28 Emergency Services - Fire
Revenue/Recoveries (13,974) (12,631) (1 ,343) 90.4% (20,708) (43,288) 22,580 (80,000) 15.8%
Expenditures 2,649,606 2,579,467 70,139 97.4% 2,539,511 2,687,495 (147,984) 11 ,815,340 21 .8%
Net Expenditures 2,635,632 2,566,836 68,796 97.4% 2,518,803 2,644,207 (125,404) 11,735,340 21 .9%
32 Engineering Services
Revenue/Recoveries (210,535) (1 ,036,411) 825,876 492.3% (322,047) (328,633) 6,586 (1 ,381 ,500) 75.0%
Debenture Payments 442 539 442 539 0 100.0% 341 000 433,608 °
Y � (92,608} 528,771 83.7 /°
Operating Expenditures 837,832 794,034 43,798 94.8% 783,587 832,191 (48,604) 6,536,575 12.1%
Expenditures 1 ,280,371 1 ,236,573 43,798 96.6% 1,124,587 .1,265,799 (141,212) 7,065,346 17.5%
Net Expenditures 1 ,069,836 200,162 869,674 18.7% 802,540 937,166 134,626 5,683,846 3.5%
The Municipality of Clarington Attachment 1
Summary of Operating Expenditures and Revenues for the Three Months Ending March 31 , 2016 to Report FND-008-16
2016 Qtr 1 2016 Qtr 1 2015 Qtr 1 2015 Qtr,1 2016 % of
2016 Qtr 1 2016 Qtr 1 Unexpended % Budgeted 20,15`Qtr 1 Clnexpendend 2016 Total budget
Budget YTD Actual YTD ($) Expended YTD Actual YTD . ($) Budget spent
36 Operations
Revenue/Recoveries (46,370) (66,925) 20,555 144.3% (31 ,102) (54,542) 23,440 (677,300) 9.9%
Operating Expenditures 3,578,825 2,795,480 783,345 78.1% 3,010,891 3,637,480 (626,589) 15,840,827 17.6%
Fleet & Debenture Payments 440,798 98,687 342,111 22.4% 344,148 30,642 313,506 1 ,090,643 9.0%
Expenditures 4,019,623 2,894,167 1,125,456 72.0% 3,355,039 3,668,122 (313,083) 16,931 ,470 17.1%
Net Expenditures 3,973,253 2,827,242 1 ,146,011 71 .2% 3,323,937 3,613,580 289,643 16,254,170 17.4%
42 Community Services
Revenue/Recoveries (1 ,771 ,965); (1 ,861 ,020) 89,055 105.0% (1,685,676) (1,777,894) 92,218 (4,694,600) -39.6%
Operating Expenditures 2,360,468 2,255,990 104,478 95.6% 2,097,014 2,149,789 (52,775) 10,900,097 20.7%
Debenture Payments 2_,933,102 2,933,102 0 100.0% 3,1051368 2,899,209 206,159 3,104,458 94.5%
- -
Annual Grants & Sponsorships 10,000 10,000 0 100.0% 0 0 0 115,000 8.7%
Expenditures 5,303,570 5,199,092 104,478 98.0% 5,202,3-82 5,048,998 153,384 14,119,555 36.8%
Net Expenditures 3,531 ,605 3,338,072 193,533 94.5% 3,516,706 3,271,104 245,602 9,424,955 35.4%
50 Planning Services
Revenue/Recoveries (103,895) (80,552) (23,343) 77.5% (104,637) (116,500) 11,863 (436,000) 18.5%
Expenditures - 766,807 737,311 29,496 96.2% 727,624 713,457 14,167 4,141 ,092 17.8%
Net Expenditures 662,912 656,759 6,153 99.1% 622,987 596,957 26,030 3,705,092 17.7%
BOARDS & AGENCIES
Net Expenditures 1,835,814 1 ,834,502 1 ,312 99.9% 1,849,595 1,795,138 54,457 3,991 ,671 46.0%
Total Operating:
Revenue/Recoveries (29,032,732)_(30,106,247) 1,073,51 103.7% (281068,813) (28,499,945) 431,132 (73,261,592) 41.1%
Expenditures 19,199,272 17,786,293 1,412,979 92.6% 18,063,332 18,523,600 (460,268) 73,261,592 24.3%
Net Difference (9,833,460)' (1 2,3119,954)', 2,486,494 125.3% (10,005,481) (9,976,345) (29,136) 0
Corporation of the Municipality of Clarington Attachment 2 to
Continuity of Taxes Receivable Report FND-008-16
for the First.Quarter of the Year 2016
December 31, 2015
Payments and
Beginning Balance Interest Adjustments
Receivable Added Taxes Billed Balance ** March 2016 March 2015
Current Year
Taxes 5,326,613 38,925,091 44,251,703 (52,422,465) (8,170,762) (7,243,069)
Penalty and Interest 222,747 113,040 335,788 (312,397) 23,390 22,274
First Prior Year
Taxes 1,644,504 - 1,644,504 2,000,039 3,644,543 3,638,518
Penalty and Interest 129,726 131,338 261,065 (45,326) 215,739 192,564
Second Prior Year ,
Taxes 325,428 - 325,428 797,480 1,122,909 1,037,179
Penalty and Interest 36,165 35,291 71,455 30,134 101,590 94,946
Third and Prior Years
Taxes 163,670 - 163,670 140,561 304,231 231,805
Penalty and Interest 109,055 10,793 119,849 21,801 141,650 105,587
Sub-total 7,957,908 290,463 38,925,091 47,173,462 (49,790,172) (2,616,710) (1,920,194)
Prepaid Taxes (4,809,135)
Total 3,148,772 290,463 38,925,091 47,173,462 (49,790,172) (2,616,710) (1,920,194)
** Includes refunds, write-offs, 357's, etc.
Note 1: 2015 Interim Instalment months: February and April.
Attachment 3 to
Municipality of Clarington Report FND-008-16
Investments Outstanding
As at March 31, 2016
Purchase Interest Maturity
Issuer Type I Rating I Date I Cost I Rate I date I Maturity
General Fund
General Fund total: - -
Capital Fund
Capital Fund total: - -
Non development charge monies (including Strategic Capital)
Tangerine GIC H 02-May-1 3 1,001,980.00 1.90% 02-May-1 6 1,060,184.88
Manulife Bank GIC HM 20-Sep-1 1 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 21286,091.67
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
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 12-Feb-13 1,927,464.00 2.45% 12-Feb-18 2,175,434.89
Tangerine GIC H 25-Mar-13 1,254,427.00 2.40% 26-Mar-18 1,412,449.93
HSBC GIC H 13-May-1 3 321,079.00 2.25% 14-May-1 8 358,862.84
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
Tangerine GIC HM 10-Au -15 672,368.00 1.60% 10-Au -18 705,160.80
Attachment 3 to
Municipality of Clarington Report FND-008-16
Investments Outstanding
As at March 31, 2016
Purchase Interest Maturity
Issuer Type Rating Date Cost Rate date Maturity
BMO GIC H 30-Sep-1 3 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 (A)
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-1 9 1,139,019.14
BMO GIC H 17-Aug-1 4 830,000.00 2.41% 19-Aug-1 9 935,015.04
BNS GIC H 12-Sep-1 4 1,037,127.00 2.46% 12-Sep-1 9 1,171,126.20
Manulife Bank GIC HM 23-Sep-14 789,343.56 2.50% 22-Sep-1 9 893,069.79
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
BMO GIC H 11-Aug-1 5 2,000,000.00 1.95% 11-Au -20 2,202,754.75
RBC GIC H 11-Aug-1 5 1,741,656.00 1.95% 11-Au -20 1,918,220.51
BNS GIC H 28-Se -15 708,582.00 2.10% 29-Sep-20 786,174.27
BMO GIC H 15-Oct-15 621,864.00 2.15% 15-Oct-20 691,651.42
BNS GIC H 10-Dec-15 1,500,000.00 2.32% 10-Dec-20 1,682,263.09
BMO GIC H 10-Dec-15 1,500,000.00 2.20% 10-Dec-20 1,672,421.48
BNS GIC H 10-Dec-15 1,976,951.00 2.32% 10-Dec-20 2,220,381.86
HSBC GIC H 18-Dec-15 1,182,689.00 2.25% 18-Dec-20 1,321,865.11
HSBC GIC H 29-Mar-16 195,399.00 2.18% 29-Mar-21 217,646.57
Prov BC Bond H 11-Dec-13 2,369,685.75 2.70% 18-Dec-22 2,425,000.00 (A)
Prov Manitoba Bond H 23-Nov-15 775,928.40 2.45% 02-Jun-25 780,000.00 (A)
NON D/C Total: 46,578,357.60 51,953,850.45
Attachment 3 to
Municipality of Clarington Report FND-008-16
Investments Outstanding
As at March 31, 2016
Purchase Interest Maturity
Issuer Type I Rating I Date I Cost I Rate I date I Maturity
Development charge funds
ONE FUND Bond NR 08-Aug-00 3,859,989.37 n/a 3,859,989.37 (B)
ONE FUND Equity NR 31-Jan-07 500,000.00 n/a 500,000.00 (B)
RBC GIC H 04-Dec-15 107,432.00 0.70% 01-Jun-16 107,801.85
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 (A)
DC Total: 9,233,312.37 9,585,218.79
Total investments 55,811,669.97 61,539,069.24
Note that interest is annual compounding with the exception of the following:
(A) Bond interest is paid semi-annually (B) Pooled Investment Fund
Attachment 4 of
Muncipality of Clarington Report FND-008-16
Debenture Repayment Schedule
As of January 1, 2016
Courtice
South Courtice Indoor Soccer RRC CCD Green Road Grade Newcastle Library Newcastle
Year Arena Lacrosse space Separation Library (estimated) Aquatic Total
2016 1,073,850.10 162,519.91 105,147.42 528,770.77 103,201.88 99,000.00 1,762,940.36 3,835,430.44
2017 1,069,666.77 163,532.59 105,047.39 534,406.77 103,787.14 101,000.00 1,761,701.91 3,839,142.57
2018 164,093.85 104,942.45 538,772.66 106,787.14 103,000.00 1,759,687.50 2,777,283.60
2019 165,1'74.58 104,831.80 541,802.38 109,787.14 105,000.00 1,757,651.34 2,784,247.24
2020 164,755.07 104,715.46 538,416.38 112,787.14 107,000.00 1,604,355.98 2,632,030.03
2021 163,863.49 104,593.15 546,623.02 115,000.00 109,000.00 1,054,141.30 2,093,220.96
2022 163,542.75 546,559.49 117,000.00 111,000.00 1,006,711.96 1,944,814.20
2023 162,800.11 546,276.36 119,000.00 113,000.00 941,076.47
2024+ 160,675.42 3,239,406.27 847,000.00 4,247,081.69
2,143,516.87 1,470,957.77 629,277.67 7,561,034.10 887,350.44 1,695,000.00 10,707,190.35 25,094,327.20
Principal at
January 1, 2016 2,096,000.00 1,298,000.00 547,654.27 6,047,600.00 671,000.00 990,000.00 9,421,000.00 21,071,254.27
Principal at
January 1, 2017 1,057,000.00 1,167,000.00 467,583.43 5,695,600.00 602,000.00 910,800.00 8,040,000.00 17,939,983.43
Interest Rates 2.00%to 2.25% 1.35%to 3.35% 5.12% 1.35%to 3.8% 4.9%to 5.2% 4.5%to 4.75%
NOTE: 2018 Newcastle library 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 following 5 year period. An estimate is provided based on a further five year extension
Municipality of Clarington Attachment 5 to
Report FND-008-16
MUNICIPAL DEVELOPMENT CHARGES
January to March YTD
RESIDENTIAL 2016 2015
Municipal Development Number Municipal Development Number of
Charges Paid of Units Charges Paid Units
Single/Semi- Detached
-New construction $ 638,834.00 40 $ 1,499,814.00 92
-Additions $ 15,985.00 1 $ 172.10 1
Townhouse $ 679,690.00 55 $ 149,138.00 11
Apartment $ 660,982.27 21 $ - -
TOTAL: $ 1,995,491.27 117 $ 1,649,124.10 104
Change in DC paid from prior year: 21.0%
Change in DC units from prior year: 1.2.5%
Noted DC Incentives:
NON-RESIDENTIAL 2016 2015
Municipal Development Number Municipal Development Number of
Charges Paid of Units Charges Paid Units
Commercial $ 48,993.31 3 $ 8,120.82 1
Industrial $ 4,665.20 7 $ - -
Agricultural $ - - $ - -
Government $ - - $ - -
Institutional $ - - $ - -
TOTAL: $ 53,658.51 10 $ 8,120.82 1
Change in DC paid from prior year: 560.8%
Change in DC units from prior year: 900.0%
Noted DC Incentives under By-law 2015-035: Date Value of Incentive
Medical
222 King Street East, Bowmanville Jul-15 110,671.30 Exemption
21 King Avenue East, Newcastle Oct-15 $ 3,636.08 Revitalization
222 Baseline Road East, Bowmanville Feb-16 $ 13,279.78 Existing
Industrial
Development
Small
Business
28 King Avenue East, Newcastle Feb-16 $ 937,96 Expansion