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Report
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Clerk at 905-623-3379 ext. 2102.
Report To: General Government Committee
Date of Meeting: September 26, 2016
Report Number: FND-013-16 Resolution:
File Number: By-law Number:
Report Subject: Financial Update as at June 30, 2016
Recommendations:
1.That Report FND-013-16 be received for information.
Municipality of Clarington
Report FND-013-16 Page 2
Report Overview
The purpose of this report is to update Council on the overall budget variances as of June 30,
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 designated to focus on overall budget variance
reporting.
2. Second Quarter of 2016 Results
2.1 Attachment 1, Summary of Operating Expenditures and Revenues compares the
Municipality’s budget to actual posted expenditures as of June 30, 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 June 30, 2016
totalled $43,701,847 which represents 98.6% of the budget as of the end of the second
quarter. Year to date revenues totalled $68,492,636 which represents 102.5% of the
budget as of the end of the second quarter.
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 of June 30, 2016. Many of the
departments are affected by high levels of activity during specific times of the year.
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 revenues and expenses. The budget is
allocated monthly based on the prior year actual monthly distribution. Where there is no
prior year history, the monthly allocation is divided equally over the year. While this is the
best method available to be reflective of seasonal trends, some municipal activities have
significant variations from year to year, such as the Legal and Planning Services
activities. Due to the timing differences that occur throughout the accounts, this
statement cannot be used in isolation.
2.3 As of June 30, 2016, the operating budget is on target. Revenues exceed the
expenditures. The positive net position is higher than budgeted at 110.2%. Monthly trial
balance reports are sent to each department for regular review. Revenues and
expenditures that have a variance either above or below budget that are noteworthy are
discussed in this report.
Municipality of Clarington
Report FND-013-16 Page 3
2.4 The CAO’s office net expenditures are at 101.3% at the end of the second quarter. The
higher revenues and expenditures offset each other and can be attributed to the Port
Granby activities.
2.5 Corporate Services net expenditures are at 99.3% as of June 30, 2016. Advertising
revenues are higher as of the second quarter budget.
2.6 The Clerk’s department net expenditures are 98.6% at the end of the second quarter.
Revenues are higher than budgeted at 123.7%. There are a variety of budget variances
within the Clerk’s department. Most significantly, increased revenues can be attributed to
higher parking revenues and wildlife damage payments from the province. Accordingly
the expenditures are higher for both parking revenue transfers to the reserve fund and
wildlife damage claim payments. Animal licences revenues are lower than budgeted at
only 22.6% of the total 2016 budget as of June 30, 2016.
2.7 Finance and Unclassified net expenditures are at 103.2% as of June 30, 2016. The
Unclassified expenditures are higher than budgeted due to an increase in taxes written
off. There have been some large vacancy rebates for retail properties.
2.8 Emergency Services net expenditures are 97.4% at the end of the second quarter.
Emergency call revenues are unbudgeted and are offset by a corresponding expense
which transfers this revenue to the reserve fund. The increase in the revenues and
expenditures can be attributed mainly to these transactions. There are some
expenditures in prevention and suppression below budget but could be attributed to
timing of fire activities which can vary year to year.
2.9 Engineering net expenditures are 78.5% as of June 30, 2016 budget. This can be
attributed to the higher revenues in building inspections and building permits. At the end
of the second quarter, building permit revenues were at $1,314,395 or 99.4% of the total
2016 budget. The higher expenditures are mainly due to the corresponding transfer of
inspection fees to the reserve fund. Some expenditures are below budget as of June 30,
2016 however there can be timing differences from year to year.
2.10 Operations net expenditures are at 90.4% at the end of the second quarter budget.
Higher revenues such as entrance and culvert fees as well as the recovery of winter and
spring maintenance costs of unassumed subdivisions have improved the net
expenditures. Note that fleet costs are not completed until year end.
2.11 Boards and agencies are on budget for 2016. The increase is due to capital budget
transfers to the library approved in prior years. This is offset by a non-departmental
revenue transfer from reserve fund from a previous commitment.
Municipality of Clarington
Report FND-013-16 Page 4
2.12 Attachment 2, Continuity of Taxes Receivable for the six months ending June 30, 2016
provides the status of the taxes billed and collected by the Municipality during this time. A
total of $38,827,945 in interim tax bills and $34,113,778 in final tax bills were issued to
property owners in the Municipality during the second quarter. At the end of June 2016, a
total of $10,859,692 remains unpaid compared to June 2015 taxes receivable of
$11,569,410. The net balance is $709,718 lower or 6.1% lower than the previous year at
this time. The ongoing collection efforts continue to hold the line on the balance of taxes
outstanding.
2.13 Attachment 3, Investments Outstanding as of June 30, 2016 provides the status of the
Municipality’s general, capital, and reserve fund investment holdings at the end of second
quarter of 2016. The Municipality at June 30, 2016 holds $0 in general fund investments,
$0 in capital fund investments, $9,291,097.89 in Development Charge reserve fund
investments and $46,620,650.60 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. Council has approved participation in the ONE Fund high interest savings
account. This will take affect in September 2016 in order to diversify general fund
investments. 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.
2.14 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 $17,939,983.42 in outstanding debt as of January 1, 2017. 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.
2.15 Attachment 5, Municipal Development Charges as of June 30, 2016 provides the
Municipal Development charges collected separated into residential and non-residential.
As of June 30, 2016, Residential Municipal Development Charges collected are
$7,856,453.27. In the recent 2015 Development Charges Background Study, it is
forecasted that the Municipality would be collecting approximately 927 residential units in
Municipality of Clarington
Report FND-013-16 Page 5
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 June 2016, there
were 604 residential units. Compared to the same period the previous year there was
29.67% increase in development charges collected and a 14.39% increase in the number
of units. In the 2015 Development Charges By-law 2015-035, there are some incentives
to encourage multi-residential development in Clarington. In January 2016, a credit of
$413,822.26 was given to a mid-rise residential development at 105 Queen Street in
Bowmanville. This incentive must be funded from non-development charge sources in
2016. A budget will be proposed in 2017 for future incentives.
2.16 As of June 30, 2016, Non-Residential Municipal Development Charges collected are
$53,658.51. Compared to the same period the previous year there was 66.06% decrease
in development charges collected and a 175% increase in the number of units. Non-
residential development charges are based on the area in square meters 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. Previous incentives were reported in the previous
financial update report. In April 2016, a credit of $1,470.67 was given to a development
at 70 Mearns Court in Bowmanville under the existing industrial development incentive.
3. Concurrence
Not Applicable
4. Conclusion
It is respectfully recommended that the second 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.
Submitted by: Reviewed by:
Nancy Taylor, BBA., CPA, CA Curry Clifford, MPA, CMO
Director of Finance/Treasurer Interim CAO
Municipality of Clarington
Report FND-013-16 Page 6
Staff Contact: Nancy Taylor, Director of Finance, 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/hjl
The Municipality of Clarington
Summary of Operating Expenditures and Revenues for the Six Months ending June 30, 2016
Attachment 1
for FND-013-16
2016 Budget
YTD
2016 Actual
YTD
2016 YTD
Unexpended
$
2016 YTD
Expended
%
2015 Budget
YTD
2015 Actual
YTD
2015 YTD
Unexpended
$
2016 Qtr 2
YTD Budget
2016 Qtr 2
YTD Actuals
Qtr %
Expended
2016 Total
Budget
2016 % of
Annual
Budget
Spent
05 Non-departmental Accounts
Municipal Taxation (including BIA)(55,270,509)(55,586,236)315,727 100.6%(52,637,756)(52,913,470)275,714 (29,118,973)(30,352,520)104.2%(55,890,029)99.5%
Other Revenue (1,053,900)(1,079,657)25,757 102.4%(1,511,707)(1,643,796)132,089 (976,970)(961,082)98.4%(1,646,289)65.6%
Contributions (5,839,274)(5,548,796)(290,478)95.0%(2,502,988)(5,137,370)2,634,382 (5,839,274)(4,955,201)84.9%(5,839,274)95.0%
Revenue/Taxation/Contributions (62,163,683)(62,214,689)51,006 100.1%(56,652,451)(59,694,636)3,042,185 (35,935,217)(36,268,803)100.9%(63,375,592)98.2%
Expenditures 199,200 199,200 0 100.0%194,230 194,230 0 0 0 199,200 100.0%
Net Expenditures (61,964,483)(62,015,489)51,006 100.1%(56,458,221)(59,500,406)3,042,185 (35,935,217)(36,268,803)100.9%(63,176,392)98.2%
10 Mayor and Council
Net Expenditures 470,015 456,628 13,387 97.2%439,104 445,462 (6,358)260,875 251,320 96.3%908,605 50.3%
13 Administrator's Office
Revenue/Recoveries (26,154)(66,377)40,223 253.8%(42,106)(59,494)17,388 (26,149)(140)0.5%(85,500)77.6%
Expenditures 349,049 393,557 (44,508)112.8%341,129 377,937 (36,808)176,486 218,494 123.8%746,676 52.7%
Net Expenditures 322,895 327,180 (4,285)101.3%299,023 318,443 (19,420)150,337 218,354 145.2%661,176 49.5%
14 Legal Administration
Revenue/Recoveries (40,443)(30,089)(10,354)74.4%(39,818)(59,530)19,712 (20,808)(20,035)96.3%(69,000)43.6%
Expenditures 209,253 212,114 (2,861)101.4%188,563 216,329 (27,766)121,673 104,868 86.2%417,659 50.8%
Net Expenditures 168,810 182,025 (13,215)107.8%148,745 156,799 (8,054)100,865 84,833 84.1%348,659 52.2%
16 Corporate Services
Revenue/Recoveries (40,356)(69,733)29,377 172.8%(76,126)(63,518)(12,608)(20,181)(17,109)84.8%(189,200)36.9%
Expenditures 2,838,290 2,849,146 (10,856)100.4%2,334,413 2,266,411 68,002 1,724,061 1,773,246 102.9%4,930,326 57.8%
Net Expenditures 2,797,934 2,779,413 18,521 99.3%2,258,287 2,202,893 55,394 1,703,880 1,756,137 103.1%4,741,126 58.6%
19 Clerk's
Revenue/Recoveries (323,912)(400,778)76,866 123.7%(297,759)(448,677)150,918 (181,084)(235,429)130.0%(708,900)56.5%
Expenditures 1,560,974 1,620,355 (59,381)103.8%1,402,280 1,517,391 (115,111)907,063 924,426 101.9%3,074,911 52.7%
Net Expenditures 1,237,062 1,219,577 17,485 98.6%1,104,521 1,068,714 35,807 725,979 688,997 94.9%2,366,011 51.5%
21 Finance & Unclassified Administration
Revenue/Recoveries (674,031)(700,156)26,125 103.9%(777,153)(689,170)(87,983)(347,433)(360,563)103.8%(1,564,000)44.8%
Unclassified Admin & CBOT 1,861,768 1,965,425 (103,657)105.6%1,951,661 1,851,794 99,867 1,558,901 1,671,455 107.2%2,512,726 78.2%
Operating Expenditures 1,227,501 1,226,532 969 99.9%1,112,174 1,120,618 (8,444)665,308 666,475 100.2%2,407,015 51.0%
Expenditures 3,089,269 3,191,957 (102,688)103.3%3,063,835 2,972,412 91,423 2,224,209 2,337,930 105.1%4,919,741 64.9%
Net Expenditures 2,415,238 2,491,801 (76,563)103.2%2,286,682 2,283,242 3,440 1,876,776 1,977,367 105.4%3,355,741 74.3%
The Municipality of Clarington
Summary of Operating Expenditures and Revenues for the Six Months ending June 30, 2016
Attachment 1
for FND-013-16
2016 Budget
YTD
2016 Actual
YTD
2016 YTD
Unexpended
$
2016 YTD
Expended
%
2015 Budget
YTD
2015 Actual
YTD
2015 YTD
Unexpended
$
2016 Qtr 2
YTD Budget
2016 Qtr 2
YTD Actuals
Qtr %
Expended
2016 Total
Budget
2016 % of
Annual
Budget
Spent
28 Emergency Services - Fire
Revenue/Recoveries (29,094)(94,212)65,118 323.8%(29,107)(56,257)27,150 (15,120)(45,710)302.3%(80,000)117.8%
Expenditures 6,168,962 6,073,717 95,245 98.5%5,640,651 5,887,153 (246,502)3,519,356 3,482,445 99.0%11,815,340 51.4%
Net Expenditures 6,139,868 5,979,505 160,363 97.4%5,611,544 5,830,896 (219,352)3,504,236 3,436,735 98.1%11,735,340 51.0%
32 Engineering Services
Revenue/Recoveries (542,829)(1,645,377)1,102,548 303.1%(661,902)(1,005,671)343,769 (332,294)(607,751)182.9%(1,381,500)119.1%
Debenture Payments 442,539 442,539 0 100.0%522,189 433,608 88,581 0 0 528,771 83.7%
Operating Expenditures 4,614,468 4,748,042 (133,574)102.9%4,154,647 4,272,892 (118,245)3,776,636 3,953,025 104.7%6,536,575 72.6%
Expenditures 5,057,007 5,190,581 (133,574)102.6%4,676,836 4,706,500 (29,664)3,776,636 3,953,025 104.7%7,065,346 73.5%
Net Expenditures 4,514,178 3,545,204 968,974 78.5%4,014,934 3,700,829 314,105 3,444,342 3,345,274 97.1%5,683,846 62.4%
36 Operations
Revenue/Recoveries (264,065)(429,740)165,675 162.7%(184,924)(335,333)150,409 (217,695)(362,815)166.7%(677,300)63.4%
Operating Expenditures 8,448,772 8,132,539 316,233 96.3%7,452,718 8,346,349 (893,631)4,869,947 5,328,240 109.4%15,840,827 51.3%
Fleet & Debenture Payments 731,904 360,182 371,722 49.2%804,401 481,222 323,179 291,106 213,154 73.2%1,090,643 33.0%
Expenditures 9,180,676 8,492,721 687,955 92.5%8,257,119 8,827,571 (570,452)5,161,053 5,541,394 107.4%16,931,470 50.2%
Net Expenditures 8,916,611 8,062,981 853,630 90.4%8,072,195 8,492,238 (420,043)4,943,358 5,178,579 104.8%16,254,170 49.6%
42 Community Services
Revenue/Recoveries (2,562,208)(2,636,718)74,510 102.9%(2,452,268)(2,576,816)124,548 (789,043)(775,700)98.3%(4,694,600)56.2%
Operating Expenditures 5,628,364 5,617,853 10,511 99.8%5,073,083 5,025,539 47,544 3,266,444 3,353,699 102.7%10,900,097 51.5%
Debenture Payments 2,933,102 2,933,102 0 100.0%3,105,368 2,899,209 206,159 0 0 3,104,458 94.5%
Annual Grants & Sponsorships 113,800 97,500 16,300 85.7%100,000 77,205 22,795 103,800 87,500 84.3%115,000 84.8%
Expenditures 8,675,266 8,648,455 26,811 99.7%8,278,451 8,001,953 276,498 3,370,244 3,441,199 102.1%14,119,555 61.3%
Net Expenditures 6,113,058 6,011,737 101,321 98.3%5,826,183 5,425,137 401,046 2,581,201 2,665,499 103.3%9,424,955 63.8%
50 Planning Services
Revenue/Recoveries (166,332)(204,767)38,435 123.1%(200,598)(172,148)(28,450)(62,437)(124,215)198.9%(436,000)47.0%
Expenditures 2,557,673 2,303,416 254,257 90.1%2,306,816 2,162,225 144,591 1,790,866 1,565,240 87.4%4,141,092 55.6%
Net Expenditures 2,391,341 2,098,649 292,692 87.8%2,106,218 1,990,077 116,141 1,728,429 1,441,025 83.4%3,705,092 56.6%
BOARDS & AGENCIES
Net Expenditures 3,985,345 4,070,000 (84,655)102.12%3,963,928 4,044,769 (80,841)2,149,531 2,235,498 104.0%3,991,671 102.0%
TOTAL OPERATING:
Revenue/Recoveries (66,833,107)(68,492,636)1,659,529 102.5%(61,414,212)(65,161,250)3,747,038 (37,947,461)(38,818,270)102.3%(73,261,592)93.5%
Expenditures 44,340,979 43,701,847 639,132 98.6%41,087,355 41,620,343 (532,988) 25,182,053 25,829,085 102.6%73,261,592 59.7%
Net Difference (22,492,128)(24,790,789)2,298,661 110.2%(20,326,857)(23,540,907)3,214,050 (12,765,408)(12,989,185)101.8%0
CORPORATION OF THE MUNICIPALITY OF CLARINGTON Attachment 2 to
Continuity of Taxes Receivable Report FND-013-16
for the Second Quarter of the Year 2016
March 31, 2016
Beginning Balance
Receivable
Interest
Added Taxes Billed Balance
Payments and
Adjustments
**
June 2016 June 2015
Current Year
Taxes (8,170,762) 72,941,733 64,770,971 (57,808,508) 6,962,463 7,610,163
Penalty and Interest 23,390 153,422 176,812 (96,556) 80,256 88,487
First Prior Year
Taxes 3,644,543 - 3,644,543 (1,149,389) 2,495,155 2,583,320
Penalty and Interest 215,739 116,874 332,613 (146,971) 185,642 183,028
Second Prior Year
Taxes 1,122,909 - 1,122,909 (408,372) 714,536 724,805
Penalty and Interest 101,590 33,262 134,852 (58,040) 76,813 72,284
Third and Prior Years
Taxes 304,231 - 304,231 (99,778) 204,453 198,313
Penalty and Interest 141,650 9,878 151,528 (11,153) 140,375 109,011
Total (2,616,710) 313,436 72,941,733 70,486,931 (59,778,767) 10,859,692 11,569,410
*** Includes refunds, write-offs, 357's, etc.
NOTES:
2016 Interim Instalment months (for all classes): February and April
2016 Final Instalment months (for non-capped classes): June and September
2016 Final Instalment months (for capped classes): August and September
Attachment 3 to
Municipality of Clarington Report FND-013-16
Investments Outstanding
As at June 30, 2016
Issuer Type Rating
Purchase
Date Cost
Interest
Rate
Maturity
date Maturity
General Fund
General Fund total:- -
Capital Fund
Capital Fund total:- -
Non development charge monies (including Strategic Capital)
Manulife Bank GIC HM 20-Sep-11 2,000,000.00 2.60%20-Sep-16 2,273,876.11
RBC GIC H 22-Jun-16 42,293.00 0.70%22-Sep-16 42,366.00
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 L 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-17 230,141.00
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-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
Tangerine GIC HM 10-Aug-15 672,368.00 1.60%10-Aug-18 705,160.80
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
Attachment 3 to
Municipality of Clarington Report FND-013-16
Investments Outstanding
As at June 30, 2016
Issuer Type Rating
Purchase
Date Cost
Interest
Rate
Maturity
date Maturity
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
RBC GIC H 11-Aug-15 1,741,656.00 1.95%11-Aug-20 1,918,220.51
BMO GIC H 11-Aug-15 2,000,000.00 1.95%11-Aug-20 2,202,754.75
BNS GIC H 28-Sep-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
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 1,500,000.00 2.32%10-Dec-20 1,682,263.09
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
HSBC GIC H 02-May-16 1,001,980.00 2.15%03-May-21 1,114,256.16
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: 46,620,650.60 52,050,287.73
Attachment 3 to
Municipality of Clarington Report FND-013-16
Investments Outstanding
As at June 30, 2016
Issuer Type Rating
Purchase
Date Cost
Interest
Rate
Maturity
date Maturity
Development charge funds
ONE FUND Bond NR 08-Aug-00 3,881,780.89 n/a 3,881,780.89 (B)
ONE FUND Equity NR 31-Jan-07 500,000.00 n/a 500,000.00 (B)
RBC GIC H 07-Jun-16 143,426.00 0.70%05-Dec-16 143,923.87
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: 9,291,097.89 9,643,132.33
Total Investments 55,911,748.49$ 61,693,420.06$
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-013-16
Debenture Repayment Schedule
As of January 1, 2016
Year
South Courtice
Arena
Indoor Soccer
Lacrosse
RRC CCD
space
Green Road Grade
Separation
Newcastle
Library
Courtice
Library
(estimated)
Newcastle
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 165,174.58 104,831.80 541,802.38 109,787.14 105,000.00 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-013-16
RESIDENTIAL
Municipal Development
Charges Paid
Number
of Units
Municipal Development
Charges Paid
Number of
Units
Single/Semi- Detached
-New construction 4,411,294.00$ 280 4,332,774.00$ 285
-Additions 15,985.00$ 1 172.10$ 1
Townhouse 2,273,872.00$ 184 247,786.00$ 19
Apartment 1,155,302.27$ 139 1,478,093.00$ 223
TOTAL:7,856,453.27$ 604 6,058,825.10$ 528
Change in DC paid from prior year:29.67%
Change in DC units from prior year:14.39%
Noted DC Incentives under By-law 2015-035
105 Queen Street, Bowmanville Jan-16 413,822.26$ Mid-Rise
Residential
NON-RESIDENTIAL
Municipal Development
Charges Paid
Number
of Units
Municipal Development
Charges Paid
Number of
Units
Commercial 8,120.82$ 1
-New construction 48,993.31$ 2
-Additions -$ 1
Industrial -$ -
-New construction 4,665.20$ 8
-Additions -$ -
Agricultural -$ - -$ -
Government -$ - 145,673.14$ 2
Institutional -$ - 4,286.80$ 1
TOTAL:53,658.51$ 11 158,080.76$ 4
Change in DC paid from prior year:-66.06%
Change in DC units from prior year:175.00%
Noted DC Incentives under By-law 2015-035:Date Value of Incentive
222 King Street East, Bowmanville Jul-15 110,671.30
Medical
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
28 King Avenue East, Newcastle Feb-16 937.96$ Small
Business
Expansion
70 Mearns Court, Bowmanville Apr-16 1,470.67$ Existing
Industrial
Development
MUNICIPAL DEVELOPMENT CHARGES
January to June YTD
2016 2015
2016 2015