Recommended
More Related Content
Viewers also liked
Viewers also liked (13)
Similar to TOC_Popular_Annual_Report_2014_web
Similar to TOC_Popular_Annual_Report_2014_web (20)
TOC_Popular_Annual_Report_2014_web
- 2. AboutCaledon Contents MapofCaledon TheTownofCaledonwasestablishedonJanuary1,1974inconjunctionwith thecreationofregionalgovernment. TheTownofCaledonformsthenorthern municipalityofthepresentRegionofPeel. Itwastherichwaterandmineralresourcesthatattractedsettlersandearly industrialists. IthasbeensaidthatthefirstEuropeansettlerscameinsearch ofgoldand,althoughgoldwasneverfound,ourindustrialdevelopmentthen began. Inpresentday,wecelebrateourgoldenhillsides,trails,parks,riversand farmland. Today,theTownofCaledonoffersmanyservicesandprospectsforresidents thathelpmakeCaledonasafe,active,healthyandenjoyablecommunity tocallhome.Caledonisablendofurbanandrural,modernandhistoric,all nestledamongtheHillsofHeadwaters,OakRidgesMoraineandtheNiagara Escarpment. Caledonis geographically oneofthelargest municipalitiesinthe GreaterTorontoArea with5Wardscovering nearly700km² Caledonbythenumbersin2014 9.03 Averageresponsetime(inminutes) fromFireandEmergencyServices 2,300 FireandEmergencyincidents 8,700 Buildinginspectionsconducted 37,158 Provincialoffenceschargesprocessed 400,000 Itemscirculatedinourlibraries annually,whichequalssomething borrowedevery90seconds C 5 4 3 1 2 2014Top employers HuskyInjectionMoldingSystems MARSCanadaInc. GapCanadaInc. WalmartSupercentre SardoFoods MultiVans CavalierTransportationServicesInc. A>heRoadCleanersLtd. D&RElectronicLtd. Silcotech Mayor’sMessage&Council..................................................................................................... 3 AwardsandAccomplishments................................................................................................ 4 OneTown.OneTeam.Caledon’sstory..................................................................................... 7 FinancialReport2014.............................................................................................................27 GlossaryofTerms....................................................................................................................36
- 3. 3 A N N U A L F I N A N C I A L R E P O R T 2 0 1 4 On behalf of Members of Council, I am pleased to share theTown of Caledon’s 2014 Annual Financial Report. As we begin this new term of council following the municipal election in October 2014, I am happy to pass along this collection of successes with you. The theme of this year’s report is OneTeam, OneTown, and I feel it is fitting for theTown of Caledon as we work together at a pivotal time in our growth. In 2014 we celebrated our 40th anniversary.Today, we consider Caledon to be a“community of communities”and ourTown Hall consists of several departments working together toward shared goals. 2014 was a big year for Caledon: the Emmy award-winning travel series,Travelscope, was filmed here; we celebrated the OneYear Countdown to theTORONTO2015 Pan Am/Parapan Am Games in which Caledon was host to the equestrian dressage and jumping competitions; we received several awards across many divisions; and so much more. I am so proud to be the Mayor of Caledon and to take a moment to celebrate the dynamic staffing teams that come together every day to make ourTown a wonderful place to work, live and play. Enjoy the read. AllanThomson Mayor Barb Shaughnessy Regional Councillor Ward 1 Johanna Downey Regional Councillor Ward 2 Jennifer Innis Regional Councillor Ward 3 and 4 Annette Groves Regional Councillor Ward 5 Doug Beffort Area Councillor Ward 1 Gord McClure Area Councillor Ward 2 Nick deBoer Area Councillor Ward 3 and 4 Rob Mezzapelli Area Councillor Ward 5 Mayor’sMessage MembersofCouncil
- 4. 4 2014Awards&Accomplishments TheTownofCaledon goesmobile A mobile-friendly version of the corporate website and a smartphone app have been launched to make information more accessible and to create a seamless customer service experience for residents. The website www.caledon. ca includes several new e-services to provide faster, easier, and more convenient access to: • An online Property tax payment calculator and credit card payment option • Burn Permit applications • Overnight Parking exemption applications • Online map of Road Construction projects • E-registration for Parks & Recreation programs TheTown has also launched a new free smartphone app - PingStreet - that offers real-time information on events, news, and emergency broadcasts.The app also allows citizens to interact with theTown to report on problems, such as potholes or graffiti, and includes the option to upload geo-locatable pictures. GreenturnsintoGold TheTown of Caledon is recognized in 2014 for its energy conservation efforts and receives LEED Gold Certification and two Race to Reduce awards from CivicAction. CivicAction is a non-partisanToronto-based group made up of senior executives from all business sectors with a goal of creating collaborative solutions to tough social, economic and environmental challenges. The Leadership in Energy and Environmental Design (LEED) Gold Certification is for the building of the Ontario Provincial Police Caledon Detachment located at 15924 Innis Lake Road. LEED is a third party rating system and is an internationally recognized mark of excellence in meeting green building standards. Some features of the Detachment are a geothermal heating system, a cistern, six carpool spaces and four high efficiency vehicle parking spots, drought tolerant and native plantings and a green housekeeping policy using third party certified products. Green buildings reduce waste, are more energy efficient and often result in healthier and more productive indoor environments. Guided by the Corporate Energy Management Plan, the Facilities ManagementTeam and staff has worked to reduce energy use at theTown Hall by 19 per cent between 2012 and 2013. TheTown was recognized for this achievement on December 4, 2014 by CivicAction with two awards forTeam Excellence and Building Performance.
- 5. 5 A N N U A L F I N A N C I A L R E P O R T 2 0 1 4 Caledonlibrarypresenceexpands Caledon Public Library expands its web presence by using tools such as Facebook,Twitter andYouTube to provide a fuller range of connection for residents. In 2014 the Library had visits from more than 220,000 residents, circulated over 400,000 items, offered 24/7 electronic access to the library catalogue and, with the added new web presence, had 750 Facebook likes, nearly 1,000Twitter followers and 375,000 page views on the website. The Library continues to work towards effective changes to connect people, materials and culture in order to build and sustain a diverse and vibrant community. CaledonwinstwoPlanningAwards The report entitled“Caledon East Community Improvement Plan: an InnovativeTool to Promote Healthy Lifestyles”won awards in two categories of the 2014 Excellence in Planning Awards. One was presented by the Ontario Professional Planners Institute (OPPI) and the other was presently jointly by OPPI and the Heart and Stroke Foundation, both to recognize outstanding projects. GFOAawards The Government Finance Officers Association of the United States and Canada (GFOA) named theTown of Caledon as a recipient of three distinguished GFOA awards. 1) Budget Presentation Award for its 2014 budget 2) Canadian Award for Financial Reporting (CAnFR) for its 2013 Financial Report and 3) Popular Annual Financial Reporting Award for its 2013 Annual Financial Report. TheTown is one of the only municipalities in Ontario in recent years to have to earned all three. These awards represent a significant achievement by theTown and reflect the continued commitment of Council and staff to meet the highest principles of governmental budgeting and financial reporting. 2014IceStormRebateofferedtoLow IncomeSeniorsandPersonswith Disabilities TheTown of Caledon established a rebate program to assist qualified residents that were affected by the ice storm that hit the area on December 21, 2013. The rebate program allows a rebate of up to $200.00 to households of low income seniors or low income persons with disabilities to assist with costs they incurred for clean-up or electricity restoration following the extensive damage to trees and power lines.
- 8. MISSION STATEMENT FIRE & EMERGENCY SERVICES We provide the community with an efficient emergency and safety system dedicated to protecting and strengthening our community through education, prevention, and rapid intervention at emergencies. In 2014, we reached our goals of educating the public, optimizing emergency response capabilities and administering fire and emergency services. Highlights include: · Expanding our Smoke Alarm Program town-wide and visiting an additional 550 homes this year · Providing new“Home Fire Safety”and“Emergency Preparedness”Guides for all households · Recruiting 30Volunteer Firefighters · Procuring new breathing apparatus to the NFPA 2013 Standard, one large fire apparatus, and new helmets · Planning for Caledon and Mono Pan Am equestrian venues · Creating a new online burn permit process
- 9. We respond to more than 2,300 emergency incidents annually. Caledon has one of the largest volunteer fire services in Ontario, with 260Volunteer firefighters and 31 career staff. We serve a population of more than Covering an area nearly Average response time is 9.03 minutes
- 10. MISSION STATEMENT ECONOMIC DEVELOPMENT · Researched and updated Community and Investment Profiles · Updated the Competitive Analysis for theTown · Completed theTown of Caledon Employment Survey and the Caledon Business Directory Completed and adopted the CaledonTourism Strategy · In partnership with theToronto Region and Conservation Authority, completed and adopted A Guideline to Eco-Business Zone Planning and Development We had specific goals in mind for 2014 and we're proud to say we reached them successfully.This year was all about beefing up our business information, supporting growth and focussing on brand recognition.With that in mind, we: To promote economic opportunities and secure investments that support strategic economic development objectives and activities in order to enhance Caledon’s prosperity.
- 11. 18.11%OR MORETHAN $8.6MILLION IN2014 inmunicipal taxeswereleviedbytheTownofCaledon tothenon-residentialsector. That's a significant feat when you consider that, in 2004, the non-residential sector paid 12.7% (or $2.48 million).
- 12. MISSION STATEMENT CORPORATE SERVICES · Complete Phase 1 of theTown’s disaster recovery site, which ensures that the Town’s electronic financial, development, and other data is safely archived off-site and may be recovered in case of an incident · Make a one-time $200 Ice Storm rebate available to low income seniors and low income persons with disabilities who were impacted by the December 2013 ice storm · Generate electronic pay stubs for full-time staff which will save more than 8,000 sheets of paper and envelopes annually · Launch an online tax payment calculator In 2014 we set our sights on completing our disaster recovery site, implementing a rebate to low income residents impacted by the ice storm and administering electronic business solutions.With those goals in mind, we were able to: To provide professional financial, procurement, risk management, property tax and information technology services and advice that supports the vision, goals and performance of theTown.
- 14. MISSION STATEMENT · Introduced new technology and methodologies during the 2014 municipal election to improve customer service and efficient delivery of service · Enhanced customer service and found efficiencies in staff processes Maintained an above 90% average in telephone service levels Launched numerous e-servicesTown-wide (e-registration, online burn permits, mobile-friendly website, browse aloud feature on website, Pingstreet app for smartphones, etc.) to improve customer service and streamline both internal and client processes 2014 was all about administering the municipal election, enhancing customer service and implementing e-services for theTown of Caledon. We're proud to say that we: To provide efficient and effective service delivery, while maintaining a high level of integrity and adhering to regulatory and statutory regulations. GENERAL GOVERNANCE& ADMINISTRATION
- 16. MISSION STATEMENT Information technology, customer service and policy directions were the name of our game in 2014.To that end we: · Improved review time and resubmission for building permits · Improved communication with applicants/consultants through the application process · Saw the Urban Boundary Expansion for Bolton Employment/Commercial & MayfieldWest Phase 2 get adopted by Regional Council · Saw the Bolton Residential Expansion Area Regional Official Plan Amendment application submitted to the Region and deemed a complete application on October 21, 2014 · Received an award from the Ontario Professional Planners Institute (OPPI) and a second joint award from OPPI and the Heart and Stroke Foundation for the Caledon East Community Improvement Plan To create a prosperous and complete, vibrant, liveable community that values its past, respects the environment and looks to the future. DEVELOPMENT APPROVAL& PLANNINGPOLICY
- 17. 960BUILDING PERMITS ISSUED 210APPLICATIONS PROCESSED 8700BUILDING INSPECTIONS CONDUCTED haveaheritagedesignation withinthecommunity 113PROPERTIES 700km2 ALANDAREATOTALLINGNEARLY 60,000WITHIN WE SERVE A POPULATION OF OVER FOURMAJORPROVINCIALPLANS HAVECOVERAGEINTHE MUNICIPALITY,WHERETHERE CURRENTLY ARETHREE URBAN EXPANSION AREASUNDERCONSIDERATION
- 18. Year after year, we pride ourselves on engaging our community, connecting people to information and inspiring creative works, and collaborating and partnering. In 2014 we: · Offered more than 1,500 programs for all ages and 24/7 electronic access to our library catalogue · Launched our Read Local Caledon collection to celebrate our community’s homegrown authors · Hosted aYoung Reels Film Festival to provide teens with the opportunity to showcase their films · Offered our annual Click Create Celebrate contest for writers and photographers of all ages · Offered six (6)Writers’Ink Chapters for people of all ages to pursue their writing dreams To connect people, materials and culture in order to build and sustain a diverse and vibrant community. MISSION STATEMENT
- 19. MORETHAN 220,000 RESIDENTS VISITEDTHE LIBRARY LASTYEAR YOUARE NEVERMORETHAN 15MINUTES AWAYFROMA LIBRARY BRANCH 12,000 WIFISESSIONS 115,000 SESSIONS USINGPUBLIC COMPUTERS LOCATEDIN CALEDON 7LIBRARY BRANCHES Annually we circulate more than 400,000 items.That equals 7 items per resident, or something borrowed every 90 seconds.
- 20. MISSION STATEMENT · Entertained more than 11,000 visitors at the 2014 Caledon Day community celebration · CelebratedThe Pan Am Games countdown with more than 750 people · Recognized some 200 volunteers at the annual Celebration ofVolunteers awards · Saw revenue targets met, programs filled and leisure options increased · Saw more than 1.2 million people visit town facilities and participate in town programs · Taught more than 6,500 residents how to swim · Removed, stump ground and replaced 160 urban street trees lost due to the 2013 Ice Storm and Emerald Ash Borer (EAB) · Completed three new neighbourhood parks and welcomed more than 30,000 visitors to the CaledonTrailway Our department prides itself on engaging in community events, hosting visitors toTown facilities and programs, and beautifying parks. 2014 was a stellar year for us.We: To be a leader in Parks & Recreation services by providing opportunities and experiences for all ages and abilities resulting in a healthy community. PARKSAND RECREATION DEPARTMENT
- 22. MISSION STATEMENT · Optimized the use of the online applicant tracking system, which enabled hiring managers to screen more than 6,000 resumes · Launched an enhanced welcoming program for new employees · Launched a revised Performance Management process and format · Introduced an online development assessment tool for all managers, to provide them with greater understanding and awareness of personal and team dynamics In 2014, we continued to put our energy into recruiting, selecting and welcoming staff, managing our existing talented staff, and administering HR programs and initiatives.This year we: Work in collaborative partnership withTown leaders and staff to provide innovative, cost-effective human resources programs and solutions to meet individual and corporate goals and objectives. HUMAN RESOURCES DEPARTMENT
- 24. MISSION STATEMENT PUBLIC WORKS Our areas of focus in 2014 were reviewing current systems and processes, completing reorganization projects and construction, and completing environment needs. We are proud to say that we: Enhanced customer service for Parking Exemptions with online solutions Worked with OPP to support the Motorcycle Noise bylaw, worked with the Region of Peel to implement the Regional Smoke Free bylaw and theTown’s new Idle Free bylaw, and started the process on a new Commercial Fill bylaw Collected Asset Condition data for allTown assets (bridges, roads, storm water management system elements, sidewalks and lighting), completed the first-ever digital road evaluation, and finished a capital works program review of all ongoing capital projects Roads and Fleet completed a review of theTown’s long term fleet replacement program Completed the first phase of construction of the Pan Am facility at the Caledon Equestrian Park To provide Caledon residents with a safe and enjoyable community experience.
- 26. OneTown.OneTeam.
- 27. 27 A N N U A L F I N A N C I A L R E P O R T 2 0 1 4 TheTownofCaledonispleasedtopresent its2014FinancialReportandConsolidated FinancialStatements,fortheyearended December31,2014. Thisreporthasbeen preparedinaccordancewiththeMunicipalAct, 2001andbasedonthereportingstandards setbythePublicSectorAccountingBoard andbestpracticesinfinancialreportingas recommendedbytheGovernmentFinance OfficersAssociation. The2014FinancialReportandConsolidated FinancialStatementsaretheresponsibility ofManagementoftheCorporationofthe TownofCaledon. Thefinancialstatements havebeenexaminedbyMillard,Rouseand Rosebrugh,LLPCharteredAccountants,the externalauditorsfortheCorporation. The responsibilityoftheexternalauditoristo expressanopiniononwhetherthefinancial statementsarefairlypresented,inallmaterial respects,inaccordancewithCanadian generallyacceptedaccountingprinciples. Gotowww.caledon.ca/financialstatements orphone905.584.2272ext.4216foracopyof ourfullannualfinancialreport.. FinancialReport2014 Assets......................................................28 Liabilities.................................................30 NetWorth................................................31 YearEndSurplus.....................................31 Revenue..................................................32 Expenses.................................................33 ConsolidatedStatement ofFinancialPosition...............................34 ConsolidatedStatementof OperationsandAccumulatedSurplus....35 GlossaryofTerms....................................36
- 28. 28 Assets In 2014, total assets of theTown of Caledon decreased by $15.5M due mainly to a significant reduction of $22.0M in the net book value of tangible capital assets as a major roadway called the Bolton Arterial Route was transferred to the upper tier municipality of the Region of Peel. Cash in the bank increased $0.5M due to minor re-distributions between short and long term investments. TheTown also had an increase in short term investments of $8.1M which can be attributed to better collection of tax arrears, additional development charges collected and the transfer of a $1.6M investment that matured from long term investments. Taxes receivable decreased in 2014 by $1.1M as the result of continued proactive tax collection efforts. Collection approaches included consistently selling properties in arrears greater than 3 years and continued promotion of a pre- authorized payment program that helps residents in tax arrears by providing them a plan to bring their accounts current. TheTown is starting to see the results of these programs in a lower taxes receivable balance. Accounts receivable had increased by $0.5M as there were additional third party billings for the construction project at the Caledon Equestrian Park related to the Pan Am & Para Pan American games in 2015. 2014 2013 1 ASSETS (What we own) $ 000s % $ 000s % Cash and bank $ 15,718 4% $ 15,207 4% Temporary investments 56,386 15% 48,278 13% Taxes receivable 9,294 3% 10,401 3% Accounts & grants receivable 5,038 1% 4,524 1% Long-term investments 27,431 8% 28,984 7% Non-financial assets (tangible capital assets/prepaids/inventory) 250,215 69% 272,154 72% Total ASSETS $ 364,082 100% $ 379,548 100% 1 Refer to the 2013 Restatement note on the Consolidated Statement of Financial Position on Page 34
- 29. 29 A N N U A L F I N A N C I A L R E P O R T 2 0 1 4 Assets Tangible capital assets represent 69% of the total assets owned by theTown in 2014. As previously noted, there was a transfer of a major roadway to the Region of Peel which resulted in a $22.0M reduction in the net book value of capital assets. The Bolton Arterial Route was financed through debt and while theTown did not receive financial consideration from the asset transfer, the Region of Peel will be taking over all future operating costs and debt payments related to this road. Excluding this transfer and other asset disposals of $0.7M, theTown had made significant investment in capital assets of $25.3M in 2014 including, for example, $9.0M for roads reconstruction and rehabilitation and $2.1M for roof and HVAC improvements at the Mayfield Recreation Complex. The following chart shows both the historical cost and net book value of theTown’s tangible capital assets (TCA) split by asset type for 2014. Historical cost represents the acquisition value of the asset and the net book value represents the acquisition value minus amortization/depreciation accumulated since the asset was acquired. In most cases, at the end of 2014 more than 50% of theTown’s assets are depreciated. Typically when an asset is 100% fully depreciated, it is at the end of its useful life and will need to be repaired or replaced. TheTown needs to build up sustainable funding for the repair and replacement of capital and is levying more property tax dollars for this purpose. 2014Tangible Capital Assets: Historical Cost $542.0M and Net BookValue $249.6M (In millions) $55.2 $65.1 $1.2 $4.4 $9.0 $9.8 $87.0 $17.9 $4.3 $51.8 $7.8 $5.2 $11.5 $11.9 $199.8 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Land and Land Improvements - $59.6M Buildings and Building Improvements - $116.9M Furniture and Fixtures - $9.0M Machinery, Equipment, Information Technology - $9.6M Vehicles - $20.5M Bridges, Culverts and Storm Ponds - $21.8M Roads - $286.7M Construction in Progress - $17.9 M Net Book Value of Tangible Capital Assets Accumulated Amortization
- 30. 30 Liabilities Overall, financial liabilities for theTown had increased by a total of $9.5M in 2014. The primary reason for the increase is due to a $9.8M higher balance in deferred revenues. There were two main factors contributing to the increase in deferred revenues - additional development charges of approximately $13M were received from building activity, and a change in accounting policy to recognize revenue when the funds are spent rather than when the funding is approved in the budget resulted in a $4M decrease in deferred revenues. Fluctuations in accruals and commitments resulted in an increase of $1.6M in accounts payable and accrued liabilities in 2014 which will be paid out in 2015. Offsetting some of the increased liabilities was a reduction of $1.9M in long-term liabilities due to the annual debt payment made to the Region of Peel on the Hydro debt. 2014 2013 1 LIABILITIES (What we owe) $ 000s % $ 000s % Accounts payable & accrued liabilities 20,084 22% $ 18,545 23% Deferred revenues 54,397 59% 44,589 54% Net long-term liabilities 16,961 19% 18,765 23% Total LIABILITIES $ 91,442 100% $ 81,899 100% 1 Refer to the 2013 Restatement note on the Consolidated Statement of Financial Position on Page 34
- 31. 31 A N N U A L F I N A N C I A L R E P O R T 2 0 1 4 NetWorth In 2014, theTown’s financial position, also referred to as net worth, decreased by $25.0M due mainly to the transfer of a major roadway, the Bolton Arterial Route, to the Region of Peel with no offsetting revenue which resulted in a financial loss in theTown’s financial statements. The Region of Peel will be taking over all future operating costs and debt obligations relating to this road. 2014 2013 1 NETWORTH $ 000s % $ 000s % Accumulated operating surplus $ (13,361) (-5%) $ (9,733) (-3%) Investment in tangible capital assets 249,652 92% 271,656 91% Reserves and reserve funds 36,349 13% 35,726 12% $ 272,640 100% $ 297,649 100% Total liabilities and net worth $ 364,082 $ 379,548 Year End Operating Surplus TheTown of Caledon reported revenues and expenses on the full accrual basis of accounting starting in 2009. The budgets for theTown are prepared on the funding basis of accounting where revenues equal expenditures for budget/ planning purposes. On the fund basis of accounting, theTown ended 2014 with a minor surplus of $0.5M due primarily to revenue accrued for the Ice Storm Assistance Program, interest revenue from investments and additional tax revenue due to growth. Normally, the remaining $0.2M of the 2014 operating surplus would be used to build up the Capital and Operating Contingency reserves. However, with the approval of the 2014 Development Charge (DC) Background Study By-law 2014-054 in June 2014, Council approved a transition period in which to phase-in the residential DC rate if certain conditions were met. As a result, residential developers were provided a discount from theTown’s full DC rate resulting in a $0.7M DC revenue loss. Development Charges Reserves accumulate funds collected from land developers for the future growth-related infrastructure required to support the additional residential units (e.g. recreational centres, parks, etc.)To fund the $0.7M loss in Development Charges Reserves, theTown allocated the remaining $0.2M of the operating surplus to Development Charges Reserve Funds. Further, an additional $0.5M was transferred from the Development Charge Exemption and Discount Reserve ($0.1M) and from the Operating Contingency Reserve ($0.4M) to fully fund the DC loss and ensure the growth related capital program to support future residential and non-residential growth is not compromised. The chart below summarizes the allocation of the 2014 operating surplus and the transfers to and from reserves to fund the DC discounts: 2014 Funding Surplus Allocation & ReserveTransfers $ 000s % YEAR END OPERATING SURPLUS 463 100 Transfer toWinter Maintenance Reserve Fund $ (273) (59)% Transfer to Development Charges Reserves (690) (149)% Transfer from Development Charge Exemption and Discount Reserve 100 22% Transfer from Operating Contingency Reserve 400 86 Balance $ 0 100% 1 Refer to the 2013 Restatement note on the Consolidated Statement of Financial Position on Page 34
- 32. 32 2014 2013 1 2012 Revenue $ 000s % $ 000s % $ 000s % (Where the money came from) Taxation $ 49,104 61% 45,126 58% $ 40,568 54% Fees and user charges 8,597 10% 7,970 10% 9,999 13% Canada grants 5,603 7% 5,044 6% 3,707 5% Ontario grants 1,498 2% 1,205 2% 1,825 2% Licenses, permits and rents 2,207 3% 1,999 3% 1,886 3% Fines and penalties 4,706 6% 4,308 6% 4,860 7% Other income 6,337 8% 8,485 11% 9,414 13% Development charges & other fees 2,886 3% 3,396 4% 2,462 3% $ 80,938 100% $ 77,533 100% $74,721 100% Revenue Property tax revenue is theTown’s largest source of income, accounting for 61% of total revenues or $49.1M in 2014. Additional tax revenues were attributed to an increase in supplementary property assessments received from the Municipal Property Association Corporation (MPAC) in the fourth quarter of 2014 and an increase in revenues due to a tax rate increase in 2014. TheTown has been working with MPAC, an organization that administers property assessments in Ontario, to ensure that when a building permit is closed, tax rolls are updated in a timely manner to reflect the increase in the property’s assessed value due to redevelopment (e.g. if a house is built on vacant land, the assessment value of that property is changed to reflect the increased property value). These updated assessment values result in higher tax revenues for theTown. Approximately 10%, or $8.6M, of theTown’s revenues came from fees and user charges. The majority of fees were for building permits ($2.8M) and fees from recreational programs and facility rentals ($2.9M). Development Approval and Planning services generated fees of $1.9M which are primarily from subdivision, condominium and site plan application fees but were significantly lower than had been expected due to the deferral of several large applications to 2015. 1 Refertothe2013RestatementnoteontheConsolidatedStatementofOperationsandAccumulatedSurplusonPage34
- 33. 33 A N N U A L F I N A N C I A L R E P O R T 2 0 1 4 2014 20131 2012 EXPENSES $ 000s % $ 000s % $ 000s % (What the money was used for) General government $ 9,449 13% $ 7,322 10% $ 7,113 10% Protection services 14,122 19% 13,823 18% 13,495 19% Transportation services / 22,791 32% 26,578 36% 26,122 36% environmental services Net interest on debt 1,280 2% 1,259 2% 1,363 2% Recreation & cultural services / 18,705 26% 19,244 26% 18,399 26% social & family services Planning and development 6,396 8% 6,320 % 5,156 7% $ 72,743 100% $ 74,546 100% $ 71,648 100% Expenses A significant portion of theTown of Caledon’s expenditures are in the area of transportation and environmental services. TheTown spent $22.8M or 32% of total expenses in 2014 on the maintenance of municipal infrastructure such as more than 1,519 lane kilometers of roads, 147.5 kilometers of storm sewers and 5,427 streetlights. Recreational and cultural services provided within theTown accounted for $18.7M or 26% of total expenses in 2014. TheTown owns and operates 13 recreation facilities offering a variety of programs for all ages and abilities, maintains 71 parks, 50 playgrounds, 43 sports fields and operates 7 public library branches. Note:Amortizationcoststotaling$13.3Mhavebeenconsolidatedtothefunctionalgroups 1Refertothe2013RestatementnoteontheConsolidatedStatementofOperationsandAccumulatedSurplusonPage34
- 34. 34 ConsolidatedStatementofFinancialPosition As at December 31 2014 20131 Financial Assets Cash and bank $ 15,717,975 $ 15,206,635 Temporary investments 56,385,740 48,277,806 Taxes receivable 9,294,659 10,401,613 Accounts and grants receivable 5,038,165 4,523,626 Long-term investments 27,430,673 28,984,058 $ 113,867,212 $ 107,393,738 Financial Liabilities Accounts payable and accrued liabilities $ 20,084,411 $ 18,545,113 Deferred revenue 54,397,448 44,588,562 Net long-term liabilities 16,961,365 18,765,365 $ 91,443,224 $ 81,899,040 Net Financial Assets $ 22,423,988 $ 25,494,698 Non-Financial Assets Tangible capital assets - net $ 249,651,811 $ 271,655,687 Inventories of supplies 366,176 195,590 Prepaid expenses 197,056 302,756 $ 250,215,043 $ 272,154,033 Total Net Assets $ 272,639,031 $ 297,648,731 Accumulated Surplus - End ofYear $ 272,639,031 $ 297,648,731 12013 Restatement: TheTown has restated the financial statements for 2013 to reflect an adjustment to accrued liabilities as well as the effect of a change in accounting policy related to the timing of recognizing revenue for development charges and aggregate levies. The total prior period adjustment impact was a decrease of $5.6M in accumulated surplus. Full details are available in the notes to the Consolidated Financial Statements located on the corporate website at www.caledon.ca.
- 35. 35 A N N U A L F I N A N C I A L R E P O R T 2 0 1 4 ConsolidatedStatementofOperationsandAccumulatedSurplus FortheyearendedDecember31 2014 2014 2013 Budget Actual Actual (Restated) Revenue Taxation $ 48,537,031 $ 49,103,995 $ 45,125,535 Fees and user charges 10,652,591 8,597,288 7,970,290 Canada grants 5,825,122 5,603,289 5,044,194 Ontario grants 1,209,215 1,498,161 1,205,319 Licenses, permits and rents 2,186,627 2,207,413 1,998,809 Fines, penalties and interest on taxes 4,666,117 4,706,430 4,307,797 Other income 5,163,413 6,337,052 8,485,386 Development charges and other fees 1,330,888 2,886,281 3,395,487 $ 79,571,004 $ 80,939,909 $ 77,532,817 Expenses General government $ 11,335,674 $ 9,449,094 $ 7,322,504 Protection services 15,629,743 14,121,685 13,822,735 Transportation services 25,681,419 22,119,936 25,895,788 Environmental services 1,423,767 670,910 682,177 Social and family services 54,365 55,913 48,686 Recreation and cultural services 19,778,420 18,648,519 19,195,002 Planning and development 6,691,743 6,396,292 6,320,270 Interest on corporate debt 1,275,873 1,280,442 1,258,586 $ 81,871,004 $ 72,742,791 $ 74,545,748 Annual Surplus/(Deficit) from Operations $ (2,300,000) $ 8,197,118 $ 2,987,069 before transfer Loss due to transfer to upper tier (33,206,818) Accumulated Surplus $ (2,300,000) $ (25,009,700) $ 2,987,069 (Deficit) from Operations Accumulated Surplus - beginning of year 297,648,731 297,648,731 294,661,662 Accumulated Surplus - End ofYear $ 295,348,731 $ 272,639,031 $ 297,648,731
- 36. 36 GlossaryofTerms AccountsPayable–MoneyowedwithinoneyearbytheTown tosuppliersofgoodsandservices. AccountingPrinciples–Asetofgenerallyacceptedrulesand guidelinesforadministeringaccountingactivitiesandregulating financialreporting. TheseprinciplescomplywithGenerallyAccept- edAccountingPrinciples(GAAP)forlocalgovernments. Amortization–Thetermusedtodescribetheprocessof chargingorexpensingacostoveraperiodoftime. TheTown recordsamortizationexpensetoreducethevalueofitstangible capitalassetsovertheperiodoftheasset’sestimatedusefullife. Assets–Somethingownedbythetownthathaspositiveeco- nomicvaluethatcanbeconvertedintocash. Assetsarereported onthebalancesheetasitemsrepresentingwhattheTownowns. BAR–BoltonArterialRoute(ColeraineDrive). Aroadway constructedtoreducetheamountofthroughtrafficonRegional Road50anddivertingtrafficfromthedowntowncoreofthetown ofBolton,Ontario. CapitalAsset–Anytypeofpropertythatislong-terminnature, suchasland,buildings,andequipment,thathasacostexceeding $5,000. DevelopmentCharges–Afeeimposedonnewdevelopment toassistinthefundingoffutureoffsiteserviceswhichareneeded, inpart,bythatnewdevelopment. Theseoffsiteservicesinclude Towninfrastructuresuchassidewalksandroadsaswellasresident servicessuchasfitnessfacilities,library,fireandemergency services. DeferredRevenues–Revenuethathasbeenreceivedbutnot yetearnedandisrecordedasaliability. Oncetherevenuehasbeen earned,itisrecognizedontheincomestatementandtheliability willbereducedonthebalancesheet. Deficit–Theexcessofexpendituresoverrevenues. Expenses–Thecostofgoodsreceivedandservicesperformed forboththeregularTownoperationsandthecapitalprograms. Examplesofexpensesincludeemployeesalaries,utilities,supplies andequipment. Fund–Afiscalentityofselfbalancingaccountsusedbygovern- mentstocontrolcommonfinancialactivities. FundAccounting–Anaccountingfunctionthatemphasizes onhowmoneyisspentratherthanhowmuchprofitwasearned. Forexample,theStatementofOperationswillshowrevenueand expendituresforcapitalassets,operatingactivitiesandreserves. Grant–Afinancialcontributiontoorfromgovernments. HVAC–Heating,ventilatingandairconditioning. Liabilities–Anobligationthatrequiresanamounttobepaidor servicestobeprovidedinthefuture. Liabilitiesarereportedonthe balancesheetandrepresentwhattheTownowes. Long-TermLiabilities–ObligationsoftheTownthataredueto bepaidmorethanoneyearintothefuture. NetBookValue–Acquisitioncostofanassetminusaccumulat- edamortization/depreciation. NetWorth–Totalassetsminustotalliabilities. PropertyTax–TaxpaidbythoseowningpropertyintheTown. Propertytaxesarecalculatedbasedontheassessedvalueofthe propertymultipliedbythetaxratewhichisacombinationofthe Municipal(TownofCaledon)rate,theRegional(RegionofPeel) rateandtheProvincial(education)rate. ReservesandReserveFunds–Fundssetasideinaseparate accountforaspecificpurposebybylaw,orrequiredtobesetaside forspecificpurposesassetoutinastatute,regulation,orbya writtenagreementbetweentheTownandanotherparty. Revenue–AllfundsthattheTownreceivesasincome,including itemssuchastaxpayments,feesforspecificservicessuchas buildingpermitsandfitnessmemberships,FederalandProvincial governmentgrants,fines,andinterestincome. Surplus–Theexcessofrevenuesoverexpenditures. TCA–TangibleCapitalAssets(seealsoCapitalAsset). Tangible capitalassetsarespecificallythosecapitalassetsthatarephysicalin natureasopposedtointangibleassetssuchaspatentsorgoodwill.