Reserves/Deferred Revenue Summary - Quarter 2 Financial Update (2016)
Revenue Summary
The capital commitments included represent all approved capital project expenditures budgeted to be funded by development charges and/or federal/provincial gas tax. Each quarter and/or year end a review of the status of the respective capital projects is completed and revenue earned is allocated accordingly.
Note: Reserve balances above do not include any transfers that may occur as a result of 2016 surplus/deficit identified throughout this booklet.
| Description | Balances at December 31, 2015 | Year to Date Net Transfers from/(to) Operating | Year to Date Transfers from/(to) Capital | Balances at June 30, 2016 | Forecasted Net Transfers from/(to) Operating | Capital Commitments * | Forecasted Interest Income | Balance Available at December 31, 2016 |
|---|---|---|---|---|---|---|---|---|
| Wastewater Capital | $ 45,199,496 | $ 11,343,280 | $ 4,253,779 | $ 60,796,555 | $ 6,393,279 | $ (27,580,000) | $ 223,266 | $ 39,833,100 |
| Water Capital | 69,800,903 | 9,607,256 | 5,473,546 | 84,881,704 | 9,607,256 | (25,480,000) | 365,426 | 69,374,386 |
| Waste Management | 23,557,923 | 1,598,988 | 881,790 | 26,038,700 | 1,598,988 | (8,220,150) | 113,136 | 19,530,674 |
| General Capital Levy | 26,085,687 | 12,899,299 | 4,341,879 | 43,326,865 | 9,797,198 | (24,081,843) | - | 29,042,221 |
| Court Services Facility Renewal | 2,408,388 | - | - | 2,408,388 | 598,542 | (1,650,000) | - | 1,356,930 |
| Niagara Regional Housing | 10,233,369 | (588,869) | - | 9,644,500 | (588,871) | (2,898,000) | - | 6,157,629 |
| NRH Owned Units | 2,932,357 | 534,298 | - | 3,466,655 | 404,297 | (743,595) | - | 3,127,357 |
| NRPS Long-Term Accomodation (LTA) Financing | 2,653,037 | 882,065 | - | 3,535,102 | (2,235,830) | - | - | 1,299,272 |
| Ontario Police Video Training Alliance | 37,882 | - | - | 37,882 | - | - | - | 37,882 |
| Police Capital Levy | 2,137,608 | 1,000,000 | - | 3,137,608 | - | (1,767,500) | - | 1,370,108 |
| Police Vehicle and Equipment Replacement | 522,528 | 1,400,000 | - | 1,922,528 | - | (1,400,000) | - | 522,528 |
| Total Capital Reserves | 185,569,179 | 38,676,316 | 14,950,994 | 239,196,489 | 25,574,859 | (93,821,088) | 701,828 | 171,652,088 |
| Wastewater Stabilization | 6,064,579 | - | - | 6,064,579 | - | - | 31,931 | 6,096,510 |
| Water Stabilization | 3,949,029 | - | - | 3,949,029 | - | - | 20,792 | 3,969,821 |
| Encumbrance | 10,671,424 | (10,671,424) | - | - | - | - | - | - |
| Investment Income Stabilization | 485,261 | (95,046) | - | 390,215 | (95,046) | - | - | 295,169 |
| Taxpayer Relief | 29,549,646 | 1,657,434 | - | 31,207,080 | (5,878,006) | (1,704,885) | - | 23,624,189 |
| NRH Rent Supplements | 342,425 | (12,000) | - | 330,425 | (12,000) | - | - | 318,425 |
| Police Contingency | 1,289,014 | 880,000 | - | 2,169,014 | - | - | - | 2,169,014 |
| Police Services Board Contingency | 339,228 | - | - | 339,228 | - | - | - | 339,228 |
| Total Corporate Stabilization Reserves | 52,690,606 | (8,241,036) | - | 44,449,570 | (5,985,052) | (1,704,885) | 52,723 | 36,812,356 |
| Ambulance Communication | 1,534,890 | (151,266) | - | 1,383,624 | (29,056) | - | - | 1,354,568 |
| Circle Route Initiatives | 1,382,681 | - | - | 1,382,681 | - | - | - | 1,382,681 |
| Total Specified Contribution Reserves | 2,917,571 | (151,266) | - | 2,766,305 | (29,056) | - | - | 2,737,249 |
| Future Benefit Costs | 25,395,179 | (200,000) | - | 25,195,179 | - | - | - | 25,195,179 |
| Self Insurance | 2,269,819 | - | - | 2,269,819 | - | - | - | 2,269,819 |
| Smart Growth | 2,073,582 | - | - | 2,073,582 | - | - | - | 2,073,582 |
| NRH Employee future benefits | 792,733 | - | - | 792,733 | - | - | - | 792,733 |
| Police Accumulated Sick Leave | 3,105,289 | (400,000) | - | 2,705,289 | - | - | - | 2,705,289 |
| Police Future Benefit Cost | 4,765,066 | 712,332 | - | 5,477,398 | - | - | - | 5,477,398 |
| Police WSIB | 2,669,590 | - | - | 2,669,590 | - | - | - | 2,669,590 |
| Total Future Liability Reserves | 41,071,258 | 112,332 | - | 41,183,590 | - | - | - | 41,183,590 |
| Total (Excluding Deferred Revenues) | $ 282,248,614 | $ 30,396,346 | $ 14,950,994 | $ 327,595,954 | $ 19,560,751 | $ (95,525,973) | $ 754,550 | $ 252,385,283 |
Deferred Revenues (Development Charges & Gas Tax Reserve Funds)
| Description | Balances at December 31, 2015 | Year to Date Net Transfers from/(to) Operating | Year to Date Transfers from/(to) Capital | Forecasted Net Transfers from/(to) Operating | Forecasted Due From Area Municipalities | Capital Commitments * | Forecasted Interest Income | Balance Available at December 31, 2016 |
|---|---|---|---|---|---|---|---|---|
| Development Charges-General Government | $ 713,157 | $ 70,741 | - | $ (307,989) | $ 21,118 | $ (28,641) | $7,385 | $475,770 |
| Development Charges-Police Services | 1,814,558 | 231,552 | - | 253,079 | 67,216 | - | 26,131 | 2,392,536 |
| Development Charges-Roads | 28,523,946 | 4,631,728 | - | 5,477,553 | 1,454,811 | (21,348,035) | 295,400 | 19,035,402 |
| Development Charges-Sewer | 19,142,946 | 2,562,416 | - | 1,744,027 | 848,318 | (9,683,306) | 210,983 | 14,825,385 |
| Development Charges-Water | 16,945,422 | 764,382 | - | 471,167 | 244,658 | (5,024,373) | 189,667 | 13,590,923 |
| Development Charges-Emergency Medical | 540,821 | 61,611 | - | 74,663 | 19,830 | - | 7,736 | 704,660 |
| Federal Gas Tax | 8,251,138 | - | (4,489,646) | 13,114,292 | - | (16,542,371) | 53,653 | 387,066 |
| Provincial Gas Tax | 761,987 | 189,653 | - | - | - | (540,000) | 7,335 | 418,975 |
| Total | $ 76,693,974 | $ 8,512,083 | $ (4,489,646) | $ 20,826,792 | $ 2,655,951 | $ (53,166,726) | $ 798,290 | $ 51,830,717 |
Development Charge Revenues
| 2015 Actuals | 2016 (January - June) | |||
|---|---|---|---|---|
| Gross Development Charge Revenues | 21,589,633 | 12,508,284 | ||
| Less: Discretionary exemptions (Forgone Revenue) | (1,047,012) | 4.8% | (1,553,475) | 12.4% |
| Net Development Charge Revenues * | 20,542,621 | 95.2% | 10,954,809 | 87.6% |
* Development charge revenues are deposited to the reserve funds above.
Non-Profit Grant Applications
| Approved | |
|---|---|
| Habitat for Humanity - Fort Erie | $ 10,313 |
| Habitat for Humanity - Niagara Falls | 10,313 |
| $ 20,626 | |
| Rejected | |
| None | |
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