2. SINKING FUND LEVIES Taxes aux fins du fONDS D'AMORTISSEMENT |
Committee Recommendation
That Council receive this report for
information.
Recommandation du comité
Que le
Conseil municipal prenne
connaissance du présent rapport.
Documentation
1. City Treasurer's report dated 28 January 2008
(ACS2008-CMR-FIN-0002).
Corporate Services and
Economic Development Committee
Comité des services organisationnels et du développement économique
and Council / et au Conseil
28 January 2008 / le 28 janvier 2008
Submitted by/Soumis par : Marian Simulik,
City Treasurer / Tresorière municipal
Contact Person/Personne ressource : Gerry Mahoney, Manager, Treasury
Financial
Services/Services financiers
(613)
580-2424 x 21310, gerry.mahoney@ottawa.ca
SUBJECT:
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OBJET :
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That the Corporate Services and
Economic Development Committee and Council receive this report for information.
Que le Comité des services organisationnels et
du développement économique et le Conseil prennent connaissance du présent
rapport.
When
the City issues sinking fund debentures, annual contributions are made to the
Sinking Fund, which together with interest earnings derived from the investment
of these funds accumulate to an amount that will be sufficient to pay the
debentures on maturity.
In
accordance with subsection (4) of section 424 of the Municipal Act, the City
Treasurer is required to prepare and submit to Council in each year, a
statement showing the sums that Council will be required, by by-law, to raise
for sinking funds in that year.
ANALYSIS
The following is a statement of the sinking fund
requirements for 2008:
Debenture By-law |
Sinking Fund Amounts |
|
$ |
33-1991 |
1,000,000 |
81-1992 |
3,975,229 |
68-1998 |
1,036,501 |
72-1999 |
3,210,575 |
|
9,222,305 |
In accordance with provisions of the debenture by-laws, the sinking fund amounts will be levied as follows:
Purposes |
Sinking Fund Amounts |
|
$ |
Tax Supported |
7,388,285 |
Rate Supported |
1,776,141 |
Development Charges |
57,879 |
|
9,222,305 |
This statement is submitted to Council for its information in accordance with existing legislation.
The
amounts to be levied for sinking funds in 2008 were specified under the various
debenture by-laws mentioned above which were approved by Council at the time
the various debentures were issued.
Public
consultation would normally take place at the time that the capital works which
were financed by the various debenture issues, were initiated and
approved. No public consultation is
required at this time.
Debt
charge budgets for the City provide for the payment of sinking fund
levies. Since the payment of these
levies has been approved by by-law, future debt charge budgets must contain
sufficient amounts to cover these levies.
Not applicable.
Following
consideration by the Corporate Services and Economic Development Committee,
this report will be forwarded to Council for its information.