HomeMy WebLinkAboutFIN-08-075 - 2007 Development Charges Reserve FundT~.,EN ~ ~
Financial Services
Report To: Councillor B. Vrbanovic, Dhair, and Members of the Finance
and Corporate services Committee
Date of Meeting: May ~~, ~aa8
submitted B~: Dan Chapman, general Manager of Financial services
Prepared By: Ruth~Anne Goetz, senior Financial Analyst
ward~~ Involved; All
Date of Report: May 1 G, 2a~8
Report No.: FIN-a8-g7~
subject: ~a0~ DEVELOPMENT CHARE RESERVE FUhlD
RECOMMENDATION:
For information.
BACKGROUND:
The Development Charges Act (1997} requires that the Treasurer submit to Council an annual
statement of the Development Charge (DC) Reserve Fund.
REPORT:
Cate cries of erv~ce
Developr~ent charges are collected to fund growth-related capital costs for services a allowed
by legislation. services are grouped into two categories ~ discounted services and non-
discounted servicesF The Development Oharges Act requires that a discount of 1 ~°lo be applied
to the growth~related capital casts for "soft services" when calculating developrr-ent charge
rates. Discounted services are for Recreation and Library services,
Non-discounted services refer to services for v~rhich the legislation does not require a reduction.
Non-discounted services are for Roads, unitary hewers, Water} Storm hewers, Various
studies and Fire. A s~m~tary ~ tie DC deserve ~'un~ b~ Category of ~'ervi~e is a~ ~'a~~e ~.
Rates
~'he ~0~7 ~' rakes aye set out rn ~a~~e .~. The rates are increased January 1 each year in
accordance with the index prescribed by Provincial legislation.
Revenue
DC collections in ~~0? total X9.5 M, an increase #rorr~ 20~~ collections of 8.~ M. Of the total
revenue, X9.1 was attributable to residential development and $D.4 hll was #or non-residential
development.
Fx erases
D expenses to Decer~ber ~, 200 total 9.~ M. D expenses incurred during 200G
arnaunted to ~.~ M. ~e~ai~~d ~is~s ire i~rc~uded r'~r the D es~rve ~'~nd ~'ra~rsac~i~~rs in Tables
~ a~td ~. As park of the 2oD4 by-law, the pity has irnplernented different rates for the central
Neighbourhoods as compared to the Buburban Areas of the pity has defined in the D~ by-law}.
Related revenues and expenses broken dawn by service are shown for both of these areas in
Table E.
Exer~ tiaras
D~ exemptions in 2007 total X0.8 M compared to D.~ M in 2~0. Df the total exemptions,
D.4 M was attributable to residential development and ~.4 M was for non-residential
development. Major exemptions ere the ~0°l~ industrial enlargement exemption, additional
dwelling units in existing residential exemptions downtown core exemption, redevelapn~ent
allowance and exemptions for municipal, Federal and school use as well as hospital additions.
A s~ma~y o major e~em~~io~ts is inc~~cded irr ~'ab~e ~~
Debt
No debt is outstanding in regards to any D funded projects.
Service-in,Lleu credits
The pity may, by agreer~entt permit a developer to provide services for development of land in
lieu of payr~ent of the development charge. At December 31, 2007, credits of 4.0 M were
outstanding compared to X5.3 at the end of 2~O, defer ~a ~'a~~e fir n~o~e ~e~ar`~s.
Deferral Agreements
At December ~~ , 200, there were no deferral agreements outstanding,
Reserve Fund Balances
The D~ Reserve Fund at Decer~ber 1, Z00~ was 1~.0 M compared to $12.1 M at the end of
2000.
B~~law
The current D by-law came into effect July 1, 2004 for a term of no longer than five years.
vVor#cwil~ commence on the new background studythis summer.
FIh~ANIAL ~N~PLI~ATI~N:
None.
~I~~IIUNI~A~I~N:
A copy of this report will be provided to the Iaterlao Region Hone Builder' A~ociatian and to
the Il~initer o~ Municipal Affairs and Hou~ng,
~~~
Daniel R. Chapman, A M A
General Manager of Finan I
Services
,~ .
Director, Financial Planning &
Reporting
f
Ruth~Anne oetz,
Senior Financial Ana~yt
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TALE ~
DEVELOPMENT CHARGE RATE
Central suburban
Residential Develo meat Neighbourhoods Areas
dingle detached or semi-detached dwelling $4,925 8, ~ 591 dwelling unit
Townhouse or street townhouse dwelling $4,755 X7,8771 dwelling unit
Multiple or duplex dwelling X3,227 X5,3451 dwelling unit
Lodging douse 1,fi99 $2,8131 dwelling unit
Ikon-Residential Develo meat
Gross floor area of building $12.85 $13.77 I square metre
$1,1 ~ ~ .28 I square foot
TABLE C
CITY ~F ~ITCHENER
SUBURBAN AREA
DEIIELCP~IENT CHARGES 851 X21
~~g7 TRANSACTIONS
Balance December 1, ZDO~ ~2,418,9D0
Revenues
D Act Revenue 9,2~~,~87
I nvestment I ncome ~ ~ ~ 5fi,324
Total Revenues ~D,357,5~1
Expenditures
City Share of Subdivisions ~~,~~~
Engineering Studies ~ 57,855
Fire - Opticom 38,9aa
Fire Station ~ and Pumper 3,D68,500
brand River South Pumping Station ~~D,000
East Side Sewer System and SCADA ~51~,~09}
Victoria St, N. Pumping Station Storage {358,~0~}
Heritage Irnpact Assessments 17,744
~~ Study 8,99
Strasburg Road ~~,355, ~ 95}
Blockline Road ~~~,~~~
boon Village Rd {595,557}
Shirley AvelLaclcner Blvd ~5D1,47}
Huron Rd X838,584}
I ntersectian I mp'ts-SportsworldlTulane {47,91 ~}
boon CreeklTilt Dr Culverts 33Q,OO5
Lower Laurel Creek ~~,~~~
Now ~Ivatermeins 334,544
Activa group Sportsplex 5,885,81 ~
Kingsdale Community Centre 4~r5~1
Corr~r~unity Trails 32,55
general Park Development X05,941
Major Park Development ~44,33~
(~cLennan Park 345, ~ 87
Fleet Acquisitions ~84,85~
Consolidated Maintenance Facility 575,OD9
To#a~ Expenditures 8,~53,90~
Balance December 3~, 20~~ 14,22,509
TABLE
--- ~ CITY GF i'CITCHENER
CENTRAL NEIGHBG~JRH~~D
DEVELGP~IENT CHARGES 8~~~~~
~~0~ TRANACTIDN
Balance December 3~1, zao~
Revenues
DC Act Revenue
Investment Incorrre
Total Revenues
Expenditures
Heritage Impact Assessments
DC Act study
Blockline Rd
Intensification Allowance
Activa Grau~ portsplex
Kingsdale Cor~r~unity Centre
Community Trails
General Park Development
Major Park Development
McLennan Park
Total Expenditures
337,28
~49,~5~~
2,~G
1,80
5,099
280,549
~,g30,733
,879
4, 984
1,858
3,59
~~,81
45,79
288,a73
1,485,889
Balance December ~, ~Da'T ~1,~5Z,43~~
TABLE D
CITY DI= l~ITCHENER
pEVELOPMENT CFIARE REERUE
~aa7 E~PENE
Funded from Funded from
Suburban Centrai
Area Neighbourhoods ether
DC Reserve D Reserve Funding
City Share of uhdivisions 263,aa8
Engineering Studies ~ ~~',~~~
Fire - Dpticar~ S,9aa 6F493
Fire station 7 and Pumper 3,afiS,5aa X79,909
brand River South Pumping Station 200,000 -
East Side Seaver ys~em and SCADA ~51~,709} ~793,858~
1lictoria Bt. IV. Pumping Station Storage ~388,a0a} ~~ , ~ ~~, ~ aa~
Heritage lrnpact Assesm~nts ~ 7,744 x,656 -
aC study 8,899 1,3a1
Strasburg Raad ~2,355,195~ -
Blockline Raad 495,893 55,099 ~ 37,748
Qoon l~lllage Pd ~895,6fiT} -
hirley Ave~Lackner Blvd X541,947} -
Huron Rd X838,584} -
lntensificat~on Allowance ~~~,~~~
Intersection Ir~p'ts-SportswarldlTulane X47,912} -
Doan CreeklTilt Dr Culverts 830,Oa4
Laver Laurel Creek 4a,a40 360,440
New vVatermains X34,644 65,355
Activa group Sportsplex 6,88~a,817 1,030,738 3,85,450
liingdale Community Centre 4,821 6,379 ~4,aaa
Community Trails 3,968 4,934 234,100
general Park ~evelopr~ent 145,941 15,856 21,43
Maur Park development 244,331 3fi,589 255,9D4
McLennan Park 348,187 51,813 449,725
Fleet Acquisitions 284,804 33,225
Consolidated Maintenance Facility 875,004 2,150,OD0
8,253,9a2 1,485,889 4,341, ~ 42
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TABLE F
DE1IEL~PMEN7 CLARE
~~07 E~EMP7IDN
5D°l~ Industrial Enlargement 59, ~ 57
Accessory Build'rr~g x,334
Additional Dwelling Units} in Existing 1 X7,351
Conversion of Use 1,5x8
Downtown Exemption boo, ~ ~ ~
Local Boards x,023
Municipal Use 55,728
Public Hospital Addition 1 ~ 1,997
Public Bchool Board 74,742
Redeveiopment Allowance 148,99
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