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1. Treasurer's Statement on Development Charges for 2005 & 2006 COMMUNICATION DE LA
TRÉSORIÈRE DE LA VILLE SUR LES REDEVANCES D’AMÉNAGEMENT DE 2005 ET 2006 |
Committee Recommendation
That Council receive this report for
information.
Recommandation du comité
Que le
Conseil municipal prenne
connaissance du présent rapport.
Documentation
1. City Treasurer's report dated 28 January 2008
(ACS2008-CMR-FIN-0003).
2. Extract of Draft Minute, 5 February 2008.
Corporate Services and Economic Development
Committee
Comité des services organisationnels et du développement économique
and Council / et au Conseil
28 January 2008 / le 28 janvier 2008
Submitted by/Soumis par : Marian Simulik,
City Treasurer / Tresorière municipal
Contact
Person/Personne ressource : Marian Simulik,
City
Treasurer / Tresorière municipal
(613)
580-2424 x, 14159
Marian.Simulik@ottawa.ca
SUBJECT:
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Treasurer's Statements on |
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OBJET :
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COMMUNICATION
DE LA TRÉSORIÈRE DE LA VILLE |
That the Corporate Services and Economic
Development Committee and Council receive this report for information.
Que le Comité des services organisationnels et du développement
économique et le Conseil prennent connaissance du présent rapport.
Section 43 of the Development Charges Act, 1997 (DCA) requires that the City Treasurer submit financial statements regarding development charge fund activity to Council and the Ministry of Municipal Affairs and Housing. The attached statements, provided as Documents 1 and 2, include opening and closing account balances, descriptions of services covered, and a summary of the financial transactions for each of the years 2005 and 2006.
Development charges are fees levied on residential and non-residential properties to assist in financing a portion of the capital infrastructure requirements associated with growth. Growth‑related spending authority is approved annually as part of the City’s capital budgeting process with only those capital projects included in the current background study being eligible for development charge funding. Account balances are continually monitored through the annual capital budget approval process to ensure they remain consistent with the overall funding policies adopted by Council.
The preparation of the attachments is a legislative requirement and no
public consultation has been undertaken.
The Development
Charges Act includes a requirement that a Treasurer’s Statement be prepared
each year for Council prior to submitting to the Ministry of Municipal Affairs
and Housing.
Document 1 – 2005 Treasurer's Statement - Development Charge Reserve Fund Activity
Document 2 – 2006 Treasurer's Statement - Development Charge Reserve Fund Activity
In accordance with the Development Charge Act, a copy of the Treasurer’s Statements will be provided to the Minister of Municipal Affairs and Housing. These statements will be presented at the next City of Ottawa / Greater Ottawa home builder’s Association Liaison Committee meeting.
Treasurer's
Statement on
Development Charges for 2005 & 2006
COMMUNICATION
DE LA TRÉSORIÈRE DE LA VILLE
SUR LES REDEVANCES D’AMÉNAGEMENT DE 2005 ET 2006
ACS2008-CMR-FIN-0003 city-wide / À l’Échelle de la
ville
Responding to questions from Councillor Wilkinson, Ms. M. Simulik, City Treasurer, explained that in 2006, there was a change in accounting practice with respect to development charges, which accounted for the surplus reported at the end of 2005 versus the deficit reported at the end of 2006. She advised that the deficit reported for 2006 reflected funds committed to projects, as opposed to the actual account balance. She further indicated the 2006 commitments included the Light Rail project, which had been cancelled in 2007.
In reply to a question from Councillor Desroches, Ms. N. Schepers, Deputy City Manager of Planning, Transit and the Environment, indicated that a review of the City’s Development Charge (DC) By-law would be conducted in 2009. She explained the timing related to the need to complete updates of the Official Plan and the Infrastructure Master Plan prior to reviewing the DC by-law.
That the Corporate Services and Economic
Development Committee and Council receive this report for information.
RECEIVED