HomeMy WebLinkAboutFIN-09-107 - Receivables Write OffsJ
F-mrncialServirts
REPORT
Report To: Mayor Carl Zehr and Members of Council
Date of Meeting: August 24, 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: August 10, 2009
Report No.: FIN-09-107
Subject: Uncollectable Receivables Write Off
RECOMMENDATION:
That Uncollectable Receivables, amounting to $26,682.68 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, 2009 totalling
$27,468.45 covering the period from 2003 to December, 2008. The current report includes
amounts covering a period from 2006 to June 2009 of write-off of Sundry Receivables totalling
$26, 682.68.
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The write-offs set out in the following table represent only a fraction of the total invoices billed.
2009 Sundry Receivables Write-Off
Detailed summary
Cumulative
Write-offs
for the ear Total $ invoiced
Year to Date Write-offs as a
% of sales
2009 $1, 380.35 $5, 048, 000 0.02734%
2008 22, 085.18 12,147, 000 0.18182
2007 47,707.94 13,636,000 0.34987%
2006 38, 865.32 15, 571, 000 0.23676%
2005 70, 053.30 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 $423,255.10 $153,336,000 0.26723%
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The original invoices being written off generated revenues for the following services:
Chief Administrator's Office
Communications and Marketing
Marketing/Creative Services $10,000.00
Economic Development
Business Development $ 167.27
Community Services:
Aquatics and Athletics $ 99.31
Enterprise
Cemetery $ 5,074.13
Parking $ 6, 559.10
Operations
Accidents $ 2,364.92
Corporate Services
Enforcement $ 675.48
Development and Technical Services:
Fire $ 641.73
Financial Services -Utilities:
Finance Contracts $1,100.74
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 2009.
FINANCIAL IMPLICATIONS:
The cumulative write off of $423,255.10 represents approximately 0.26723% of the total billings
of covered in the report.
CONCLUSION:
It has been determined that $26,682.68 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.
ACKNOWLEDGED BY: (must be a member of CMT)
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