HomeMy WebLinkAboutFIN-10-143 - Uncollectible Receivables Write Offl
FirrancialServicres
REPORT
Report To: Mayor Carl Zehr and Members of Council
Date of Meeting: September 7, 2010
Submitted By: Dan Chapman, General Manager of Financial Services
Prepared By: Joyce V. Evans, Director of Revenue (Ext. 2895)
Ward(s) Involved: All
Date of Report: September 1, 2010
Report No.: FIN-10-143
Subject: Uncollectable Receivables Write Off
RECOMMENDATION:
That Uncollectable Receivables, amounting to $14,009.52 be written off
against the Allowance for Doubtful Sundry Receivables and the
Allowance for Doubtful Utility Receivables.
BACKGROUND:
The last write off report for Sundry Receivables approved by Council in February 2010, totalling
$41,959.73 covering the period from 2005 to December, 2010. The current report includes
amounts covering a period from 2004 to June, 2010 of write-off of Sundry Receivables totalling
$14, 009.52
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The write-offs set out in the following table represent only a fraction of the total invoices billed.
2010 Sundry Receivables Write-Off
Detailed summary
Cumulative
Write-offs
for the ear Total $ invoiced
Year to Date Write-offs as a
% of sales
2010 $ 2, 855.00 $10, 743, 000 0.0266%
2009 21, 360.10 $16, 512, 000 0.01294%
2008 39, 930.23 13, 835, 000 0.2886%
2007 57,239.30 13,636,000 0.4198%
2006 39, 072.56 15, 571, 000 0.2509%
2005 70, 868.56 12, 724, 000 0.5570%
2004 68, 987.02 13, 951, 000 0.4945%
2003 75,416.91 14, 055, 000 0.5366%
2002 33,214.21 19,465,000 0.1706%
2001 54, 940.60 17, 941, 000 0.3062
2000 11, 995.60 16, 897, 000 0.0710%
Total $475, 880.09 $165, 330, 000 0.2878%
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The original invoices being written off generated revenues for the following services:
Chief Administrator's Office
Chief Administrator's Office $ 513.03
Community Services:
Operations
Accidents/Signs Etc $ 3,406.14
Corporate Services
Enforcement $ 121.75
Development and Technical Services:
Fire $ 175.21
Engineering Services (Parking) $ 4,382.82
Financial Services -Utilities:
Utilities (includes finance contracts) $ 5,410.57
If you have any questions or concerns regarding any of these amounts to be written off, we would
be happy to address your concerns.
REPORT:
The current report represents write offs of sundry receivable accounts, which have been
deemed to be uncollectable up to the end of June 2010.
FINANCIAL IMPLICATIONS:
The cumulative write off of $475,880.09represents approximately .2787% of the total billings.
CONCLUSION:
It has been determined that $14,009.52 of sundry receivable accounts is uncollectable and staff
recommends that the accounts be written off in 2010. The uncollectable accounts listing will be
forwarded to a collection agency, which will use their best efforts to collect these accounts.
ACKNOWLEDGED BY: Dan Chapman, CA, MPA
General Manager of Financial Services & City Treasurer
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