HomeMy WebLinkAboutFIN-07-024 - Uncollectable Receivables Write Off
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Financial Services
Report To:
Date of Meeting:
Submitted By:
Prepared By:
Ward(s) Involved:
Date of Report:
Report No.:
Subject:
Mayor Carl Zehr and Members of Council
February 5, 2007
Pauline Houston, General Manager of Financial Services
& City Treasurer
Joyce V. Evans, Director of Revenue (Ext. 2895)
All
January 30, 2007
FIN-07-24
Uncollectable Receivables Write Off
RECOMMENDATION:
That Uncollectable Receivables, amounting to $35,501 .98 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 September 2005
totalling $50,212.57 covering the period from 2003 to June 30, 2006. The current report
includes amounts covering a period from 2003 to December 31, 2006 of write-off of Sundry
Receivables totalling $35,501.98.
Included in this report is a fagade loan dating back to 1995 in the amount of $3,417.28, which has
been determined to be uncollectible. Due to the age of the debt it has not been included in the
cumulative write-off summary.
The write-offs set out in the following table represent only a fraction of the total invoices billed.
2006 Sundry Receivables Write-Off
Detailed summary
Cumulative Total $ invoiced Write-offs as a
Write-offs Year to Date 0/0 of sales
for the vear
2006 $22,495.43 $13,855,000 0.1 62360/0
2005 68,793.32 12,724,000 0.540660/0
2004 58,492.14 13,951 ,000 0.419270/0
2003 73,305.40 13,582,000 0.539720/0
2002 33,214.21 19,460,000 0.170680/0
2001 54,940.60 17,942,000 0.306210/0
2000 11 ,995.60 16,897,000 0.070990/0
1999 1 ,102.55 16,951 ,000 0.006500/0
Total $324,339.25 $125,362,0000 0.258720/0
The original invoices being written off generated revenues for the following services:
Chief Administrators Office
Communications and Marketing
Marketing
Tourism
Economic Development
Small Business Centre
Downtown Community Development
$ 370.76
2,596.00
139.23
3,417.28
Corporate Services:
Legislated Services
Enforcement
Facilities Management
143.23
265.00
Community Services:
Enterprise
Cemetery
Market
Golf Courses
Rentals
Operations
Support and Analysis
6,454.1 0
302.77
490.31
2,356.87
3,253.34
Development and Technical Services:
Fire
198.65
Financial Services - Utilities:
Gas Repairs
Financing Program
468.73
15,045.71
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 December 2006.
FINANCIAL IMPLICATIONS:
The cumulative write off of $324,339.25 represents approximately 0.25872% of the total billings
for the eight period covered in the report.
CONCLUSION:
It has been determined that $35.501.98 of sundry receivable accounts is uncollectable and staff
recommends that the accounts be written off in 2006. The uncollectable accounts listing will be
forwarded to a collection agency, which will use their best efforts to collect these accounts.
Joyce V. Evans, CMO, MPA, FCGA
Director of Revenue
Pauline Houston, CA
General Manager of Financial
Services & City Treasurer