HomeMy WebLinkAboutFIN-08-110 - Uncollectable Receivables Write off1
KITC~~R
Financial Services
REPORT
Report To: Mayor Carl Zehr and Members of Council
Date of Meeting: August 18, 2008
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: August 7, 2008
Report No.: FIN-08-110
A
Subject: Uncollectable Receivables Write Off
RECOMMENDATION:
That Uncollectable Receivables, amounting to $22,422.28 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 March, 2008 totalling
$11,725.72 covering the period from 2005 to December 31, 2007. The current report includes
amounts covering a period from 2004 to June 30, 2008 of write-off of Sundry Receivables
totalling $22,422.28.
The write-offs set out in the following table represent only a fraction of the total invoices billed.
2008 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
2008 $ 0.00 $8,320,000 0.0000
2007 19, 564.95 13, 636, 000 0.14348%
2006 36,422.17 15,571,000 0.23391
2005 70,066.30 12,724,000 0.55066%
2004 68,492.14 13,951,000 0.49095%
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 $369,103.92 $149,511,000 0.24687%
The original invoices being written off generated revenues for the following services:
Chief Administrator's Office
Communications and Marketing
Marketing 938.58
Economic Development
Downtown Community Development 47.34
Community Services:
Aquatics and Athletics $ 311.00
Enterprise
Parking 2,170.36
Operations
Accidents 6,879.99
Corporate Services
Enforcement 252.42
Development and Technical Services:
Engineering Services 10,000.00
Fire 241.71
Financial Services -Utilities:
Financing Program 1,580.88
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 2008.
FINANCIAL IMPLICATIONS:
The cumulative write off of $369,103.92 represents approximately 0.24687% of the total billings
of covered In the report.
CONCLUSION:
It has been determined that $22,422.28 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, FCGA, M PA
Director of Revenue
Dan Chapman, MPA, CA
General Manager of Financial
Services