HomeMy WebLinkAboutFIN-07-102 - Uncollectable Receivables Write Off1
KITC~~R
Financial Services
REPORT
Report To: Mayor Carl Zehr and Members of Council
Date of Meeting: August 27, 2007
Submitted By: Pauline Houston, General Manager of Financial Services
& City Treasurer
Prepared By: Joyce V. Evans, Director of Revenue (Ext. 2895)
Ward(s~ Involved: All
Date of Report: August 17, 2007
Report No.: FIN-07-102
A
Subject: Uncollectable Receivables Write Off
RECOMMENDATION:
That Uncollectable Receivables, amounting to $10,616.67 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 2007 totalling
$35,501.98 covering the period from 2003 to December 31, 2006. The current report includes
amounts covering a period from 2005 to June 30, 2007 of write-off of Sundry Receivables
totalling $10,616.67.
The write-offs set out in the following table represent only a fraction of the total invoices billed.
2007 Year to Date Sundry Receivables Write-Off
Detailed summary
Cumulative
Write-offs
for the ear Total $ invoiced
Year to Date Write-offs as a
% of sales
2007 $1,525.49 $ 7,762,000 0.01965%
2006 30,540.95 15,571,000 0.19614%
2005 69,838.98 12,724,000 0.54888%
2004 58,492.14 13,951,000 0.41927%
2003 73,305.40 14,055,000 0.52156%
2002 33,214.21 19,465,000 0.17064%
2001 54,940.60 17,941,000 0.30623%
2000 11,995.60 16,897,000 0.07099%
1999 1,102.55 16,951,000 0.00650%
Total $334,955.92 $135,317,000 0.24753%
The original invoices being written off generated revenues for the following services:
Community Services:
Aquatics and Athletics $ 334.11
Enterprise
Cemetery 1,102.81
Parking 3,425.58
Operations
Accidents 1,997.70
Development and Technical Services:
Fire 316.68
Financial Services -Utilities:
Gas Repairs 1,096.58
Financing Program 2,343.21
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 2007.
FINANCIAL IMPLICATIONS:
The cumulative write off of $334,955.92 represents approximately 0.24753% of the total billings
covered In the report.
CONCLUSION:
It has been determined that $10,616.67 of sundry receivable accounts is uncollectable and staff
recommends that the accounts be written off in 2007. The uncollectable accounts listing will be
forwarded to a collection agency, which will use their best efforts to collect these accounts.
Joyce V. Evans, MPA, FCGA
Director of Revenue
Pauline Houston, CA
General Manager of Financial
Services & City Treasurer