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Accounts Receivable Aging Report - Quarter 2 Financial Update (2016)

The accounts receivable aging report reflects all unpaid accounts greater than 120 days and greater than $25,000. Listing does not include outstanding invoices at quarter-end where payments have been received prior to finalization of the Q2 Financial Update.

Customer NameOver 120Explanation of AccountRecommendation
Casino Niagara $ 347,745 2011 short payment of $125,684 and 2012 short payment of $222,061 relating to the Casino/NRPS contract. Requested for write-off at 2013 year-end. Write-off request was denied by Corporate Services Committee on June 4, 2014. Request for write-off denied
Town of Pelham 69,646 Signal Billing from Oct 2015. Town has been contacted to follow up on receipt of payment. Collection to continue
Toronto 2015 Pan Am/Parapan Am 28,435 Short payment on a billing from 2015. Police following up to determine when payment can be expected. Collection to continue
Senior Resident 29,208 Resident passed away May 2015. Arrears began in March 2013. Many attempts have been made to the family to collect. Collection efforts have been exhausted. To be considered for write-off in Year-end Write-off Report
Motor Vehicle Accident 80,009 Motor Vehicle Accident. Insurance company has sent the release which has been signed by Niagara Region's legal department. To be paid in full. Collection to continue
Product Care Association 28,159 Company contacted and payment to be remitted. Collection to continue
Hitachi Capital Canada Corp 70,036 Motor Vehicle Accident. Insurance company required further breakdown of charges before releasing payment. Breakdown has been sent from the Niagara Region. To be paid in full. Collection to continue
Merritton Mills Redevelopment Corp 1,054,926 2007 Landfill tipping fees related to three redevelopment sites. Niagara Region will offset these with the Tax Increment Grants (TIG) as the agreements between the City of St. Catharines and the developer are signed. The Niagara Region now has a Letter of Credit (LOC) from Meridian in the amount of $471,814 related to the receivable on the portion of land at 26 Oakdale that we are permitted to start drawing down by $70,000 per year starting on the third anniversary (June 20, 2019) of the LOC until amount fully paid if we don't start collecting on the TIG first. Pending TIG agreements
Keefer Developments 44,768 Landfill disposal fees from 2002, 2003, 2004 & 2005 to be offset against the TIG. Niagara Region and the developer have signed an agreement and the offset will continue annually until 2018. Collection to continue annually until 2018
  $ 1,752,932  
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