HomeMy WebLinkAboutFIN-08-042 - Uncollectable Receivables Write Off1
KITC~~R
Financial Services
REPORT
Report To: Mayor Carl Zehr and Members of Council
Date of Meeting: March 17, 2008
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: March 10, 2008
Report No.: FIN-08-042
A
Subject: Uncollectable Receivables Write Off
RECOMMENDATION:
That Uncollectable Receivables, amounting to $11,725.72 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 August 2007 totalling
$10,616.67 covering the period from 2003 to June 30, 2007. The current report includes
amounts covering a period from 2005 to December 31, 2007 of write-off of Sundry Receivables
totalling $11,725.72.
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 $ 8,950.87 $13,636,000 0.06564%
2006 34, 841.29 15, 571, 000 0.22376%
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 $346, 681.92 $141,191, 000 0.24554%
The original invoices being written off generated revenues for the following services:
Community Services:
Aquatics and Athletics $ 1,672.61
Enterprise
Cemetery 280.90
Parking 2,369.57
Operations
Accidents 2,201.78
Development and Technical Services:
Fire 593.06
Financial Services -Utilities:
Financing Program 4,607.80
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 2007.
FINANCIAL IMPLICATIONS:
The cumulative write off of $141,191,000 represents approximately 0.24554°0 of the total
billings of covered in the report.
CONCLUSION:
It has been determined that $11,725.72 of sundry receivable accounts is uncollectable and staff
recommends that the accounts be written off in 2008. 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