HomeMy WebLinkAboutFIN-09-034 - Uncollectable Receivables Writeoff1
KITC~~R
Financial Services
REPORT
Report To: Mayor Carl Zehr and Members of Council
Date of Meeting: February 23, 2009
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: February 18, 2009
Report No.: FIN-09-034
A
Subject: Uncollectable Receivables Write Off
RECOMMENDATION:
That Uncollectable Receivables, amounting to $27,468.50 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, 2008 totalling
$22,422.28 covering the period from 2004 to June 30, 2008. The current report includes
amounts covering a period from 2003 to December 2008 of write-off of Sundry Receivables
totalling $27,468.50.
The write-offs set out in the following table represent only a fraction of the total invoices billed.
2008 Sundry Receivables Write-Off
Detailed summary
Cumulative
Write-offs
for the ear Total $ invoiced
Year to Date Write-offs as a
% of sales
2008 $ 9,091.55 $12,147, 000 0.07485
2007 35, 830.39 13, 636, 000 0.26276%
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 75,416.91 14,055,000 0.53658%
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 $396,572.42 $153,338,000 0.25863%
The original invoices being written off generated revenues for the following services:
Chief Administrator's Office
Economic Development
Downtown Community Development $ 130.66
Community Services:
Arts and Culture $1,260.20
Enterprise
Cemetery $1,393.93
Parking $ 7,008.86
Operations
Accidents $ 2,967.58
Corporate Services
Legislated Services $ 178.00
Development and Technical Services:
Engineering Services $ 44.69
Fire $1, 326.07
Financial Services -Utilities:
Utilities $1,165.48
Financing Program $11,993.03
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 2009.
FINANCIAL IMPLICATIONS:
The cumulative write off of $396,572.42 represents approximately 0.25863% of the total billings
of covered In the report.
CONCLUSION:
It has been determined that $27,468.50 of sundry receivable accounts is uncollectable and staff
recommends that the accounts be written off in 2009. 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