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3. TREASURER'S
STATEMENT ON DEVELOPMENT CHARGES FOR 2009 COMMUNICATION DE LA
TRÉSORIÈRE DE LA VILLE SUR LES REDEVANCES D’AMÉNAGEMENT DE 2009 |
Committee recommendation
That Council receive this report for
information.
Documentation
1.
City
Treasurer's report dated 15 April 2010 (ACS2010-CMR-FIN-0023).
2.
Extract
of Draft Minutes, 27 April 2010.
Planning and Environment Committee
Comité de l'urbanisme et de l'environnement
and Council / et au Conseil
15 April 2010 / le 15 avril 2010
Submitted by/Soumis par : Marian Simulik, City Treasurer/Trésorière
municipale
Contact
Person/Personne ressource : Gary Baker, Program Coordinator, Development
Charges /Coordonnateur, Coordonnateur de programme, Redevances
d’aménagement
Planning
and Growth Management /Urbanisme
et Gestion de la croissance
(613)
580-2424 ext 27406, gary.baker@ottawa.ca
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Ref N°: ACS2010-CMR-FIN-0023 |
SUBJECT:
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OBJET :
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COMMUNICATION DE LA TRÉSORIÈRE DE
LA VILLE SUR LES REDEVANCES D’AMÉNAGEMENT DE 2009 |
That the Planning and Environment Committee and Council receive this report for information.
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 statement of Development Charge Reserve Fund Activity, provided as Document 1, includes opening and closing account balances, descriptions of the category of services covered and a summary of the financial transactions for the year 2009.
Development charges are one-time fees collected on new residential and non-residential properties to finance a portion of the capital infrastructure requirements associated with growth. The fees are collected at the time of building permit issuance. The 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.
The statement provides a summary of the financial activity of the various reserve funds for the years ending December 31, 2009. Revenues consist of contributions collected from developers plus interest earned in the fiscal year. Transfers to capital projects are made in accordance with the City’s 2004 background study in support of by-law 2004-298 and the area-specific stormwater management development charge by-laws. The unapplied project funding requirements represent the outstanding balance of commitments that have yet to be transferred to active capital projects. Regulations stipulate that for obligatory funds, which include development charges, revenue is only recognized as expenditures are incurred. Annual adjustments are made to the capital projects to reflect the funding portion to be transferred, which is based on actual expenditures. The closing reserve fund balances represent the development charge revenue available to fund future growth-related capital works.
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. Interest earnings have been adjusted in 2009 to take into account the carrying charges associated with those growth-related capital projects requiring the application of debt financing in the future.
Preparation of the attached documents is a legislative requirement; no public consultation has taken place.
There are no Legal/Risk Management impediments in receiving the information contained in this Report.
The Development Charges Act includes a requirement that a yearly Treasurer’s Statement be prepared for Council prior to submitting to the Ministry of Municipal Affairs and Housing.
N/A
Document 1 – 2009 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.
TREASURER'S STATEMENT ON DEVELOPMENT
CHARGES FOR 2009
COMMUNICATION DE LA TRÉSORIÈRE DE LA VILLE SUR LES REDEVANCES
D’AMÉNAGEMENT DE 2009
ACS2010-CMR-FIN-0023 City Wide/À l'échelle de la Ville
Councillor Doucet inquired why Committee could
not have received the report earlier. Marian Simulik, City Treasurer, explained that
this report is part of the annual reporting that Finance staff is required to
do at the end of the fiscal year. She
suggested that, given system limitations and limited resources, it takes some to
generate the reports. She indicated
staff would try in the future to bring the report forward earlier.
Councillor Doucet suggested he had not had
enough time to absorb the content of the report, noting he was interested in
determining the broader, longer-term implications. Ms. Simulik indicated that she would brief
the Councillor on the Development Charges By-law prior to the item rising for
receipt by Council. Staff indicated they
would provide a copy of the DC background study and levels of service issues to
be discussed.
That
the Planning and Environment Committee and Council receive this report for
information.
RECEIVED