Haist St Arena Lands Financial Update. Presented by: Teresa Quinlin, MBA, CPA, CA February 11, 2019
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1 Haist St Arena Lands Financial Update Presented by: Teresa Quinlin, MBA, CPA, CA February 11, 2019 February 11, 2019
2 1. Haist St Arena Property Photos 2. Financial reasons why the Town needs to sell the arena lands on Haist St Increase cash balance Avoid additional costs Increase future revenues Cash required for capital projects 3. Debt Update Agenda 2
3 North & East Elevation of the Arena Building 3 Photo: D.J. Penwarden Appraisals Ltd.
4 Angled front and side view/north and west elevation of the arena building 4 Photo: D.J. Penwarden Appraisals Ltd.
5 Front view/north elevation of the arena building 5 Photo: D.J. Penwarden Appraisals Ltd.
6 View of the Quonset hut located on the arena site. 6 Photo: D.J. Penwarden Appraisals Ltd.
7 View of the southeasterly yard area and the east elevation of the arena located in distance. 7 Photo: D.J. Penwarden Appraisals Ltd.
8 View of the south elevation of the arena building taken from the southerly lot line. 8 Photo: D.J. Penwarden Appraisals Ltd.
9 View of the entrance driveway off of Haist St. 9 Photo: D.J. Penwarden Appraisals Ltd.
10 View of part of the frontage along Haist St showing the tennis courts. 10 Photo: D.J. Penwarden Appraisals Ltd.
11 View of the lawn area east of the arena looking south. 11 Photo: D.J. Penwarden Appraisals Ltd.
12 View of the parking lot area west of the building. 12 Photo: D.J. Penwarden Appraisals Ltd.
13 View of the parking lot area along the west side looking north. 13 Photo: D.J. Penwarden Appraisals Ltd.
14 View of the northern sector of the site looking east. 14 Photo: D.J. Penwarden Appraisals Ltd.
15 View of Haist St. looking south from the site. 15 Photo: D.J. Penwarden Appraisals Ltd.
16 View looking north along Haist St. to the north. 16 Photo: D.J. Penwarden Appraisals Ltd.
17 Why does the Town need to sell the arena lands on Haist St? 1. Town needs the $3 Million cash from the sale of land 2. Avoid additional costs of demolition and remediation of soil 3. Avoid costs of retrofitting the building for other uses 4. Obtain future property tax revenue in perpetuity from the development 5. Cash needed to fund capital projects Corporate Services 17
18 1.Town needs the $3 Million cash from the sale of land Why does the Town need cash? The Town has invested its cash in tangible capital assets. Cash was borrowed from internal funds including reserves and reserve funds to fund these assets. As a consequence, the cash balance is bank indebtedness. The Town has been in a bank indebtedness position since December 31,
19 Cash Position Balances at December 31,2017 Deposits & Deferred Revenue $ 651,775 Deferred Revenue-obligatory reserve 3,840,767 4,492,542 Reserves 1,947,719 Total $ 6,440,261 Cash (excluding debenture funds) $ 989,640 Bank indebtedness (2,577,778) Total $ (1,588,138) Cash borrowed internally is $8 Million Future Financing to be Received Long-term Debt $ 4,763,319 To be recovered from Developers 6,700,000 Total $ 11,463,319 See slide 22 See slide 21 Source: Audited F/S December 31, 2017 The 2018 Audited F/S will be available in May
20 1.Town needs the $3 Million cash from the sale of land Why does the Town need cash? The Town has invested monies to kick start the East Fonthill development. These capital projects were initially approved to be funded through debt payment. The debt has not been issued to date and current funds were used ($4.8M). The nature of these projects is such that funds will ultimately be recovered from the developers when the subdivisions are developed ($6.7M). 20
21 1.Town needs the $3 Million cash from the sale of land cont d Why does the Town need cash? There is a timing issue of when this cash will be received from the developers since the Town up fronted development costs in East Fonthill. Amounts to be received from developers when development happens are as follows: Parkland $3,600,000 Stormwater Pond $1,400,000 Summersides Road $1,700,000 Total $6,700,000 Corporate Services 21
22 Unissued Approved Debt Project Decription Year of Debt Issuance Year of Debt Repayment Revised Debt December 31, 2017 Estimtated Annual Payment (5%, 10 years) REC Predevelopment Costs for PCC $ 1,000,000 $ 129,505 RD Wellspring Way/Shaw Ave Construction ,173, ,376 RD Summersides: East to Rice Rd ,171, ,444 RD Summersides: Station to Wellspring ,754 54,101 $ 4,763,319 $ 609,426 Total cash of $4.8 million was spent for these capital projects that still needs to be replenished with the issuance of a debenture. 22
23 Cash Position The bank indebtedness for December 31, 2018 is $ 1.4 Million. Per the Municipal Act, the Town can borrow up to 50% of the tax levy up to September 30, then at 25% to December 31. This is to help with the timing of cash flow when the taxes are collected and expenditures are incurred. The maximum line of credit is at $7 Million to September 30 and then $4.5 Million to December
24 Cash Position There is no requirement under the Municipal Act or Town Policy for the Town to maintain cash or liquid assets equal to the balance of deposits and non-obligatory deferred revenue and reserves. The deferred revenue-obligatory reserve funds are required to be supported by a cash balance; however, the Town is permitted to borrow against these funds as long as interest is allocated. Interest is being allocated by the Town. In 2019, the Town will be developing Reserve and Reserve Fund Policies 24
25 2. Avoid additional costs of demolition and remediation of soil 1. The cost of demolition includes the following: Decommissioning and removal of the ammonia and brine Asbestos abatement and disposal offsite Demolition of the building, Quonset hut and foundations Removal of the asphalt parking lot and tennis courts Less the estimated scrap metal Total estimated costs is $500,000 25
26 2. Avoid additional costs of demolition and remediation of soil 2. Remediation of the soil is a way of purifying and revitalizing the soil. It is the process of removing contaminants in order to protect the health of people and the environment. Total Estimated cost is $500,000 Total demolition and remediation is approximately $1 Million 26
27 3. Avoid costs of retrofitting the building for other uses The Facilities Assessment Report showed a minimum $2 Million in repairs which did not include elevators or improvements to any exterior features Approximately $912,000 of repairs were critical 27
28 4. Obtain future property tax revenue in perpetuity from the development The development of the property included 13 singles and 28 townhouses. The property taxes revenue that will be generated will be $84,300 per year. This will be in perpetuity. This is equivalent to 0.7% of the tax levy. If the development does not happen, this revenue will not contribute to the Town s bottom line. 28
29 5. Cash needed to fund capital projects GENERAL GOVERNMENT IT Annual Equipment PSAB additions/replacements 712 IT Innovation Technology 32,865 IT Voice Activation System 15,000 IT Website Enhancements 30,000 Total General Government 78,577 TRANSPORTATION SERVICES ROADS RD Easement for Station Street storm outlet 35,000 RD Station: Town Square to Port Robinson Road 38,164 RD Road Reconstruction - Haist St: Welland Rd to Beckett Cres, including Welland Rd Haist to Edward 111,150 RD Replace Bridge Replacement: 2 Farm Culverts Poth on St: Big 100 Creek m N of Drain Weber in road 10,000 No Project ID (resolution during 2017) 21,126 RD Culvert Replacement Program 6,051 RD FUNDING REQUIRED Cycling Signage Initiative 12,000 RD Roadside Ditching Program 71,292 RD Sign Replacement Program 5,000 RD Stormwater Facility Maintenance - Station, Timber Creek 70,000 RD Streetlights and Traffic Signal Maintenance 49,817 RD Sulphur Spring Drive Engineering 19,821 RD Traffic Safety and Intersection Operations Review 15,000 RD Cycling Counter - PATC Request 3,000 FACILITIES FAC FAC Masonry Repairs (Park Lane, Fonthill Library, Model Railway, Municipal Building, Tice Rd) - FCA Critical ,500 Tice Road Operations Centre - Man Door Repairs, insulation and vapour barrier in north bay - FCA Critical 37,000 FAC Harold Black Park - reconfiguration of soccer fields 10,000 Total Transportation Services 538,921 29
30 5. Cash needed to fund capital projects cont d FLEET VEH Lease - Heavy Duty Pick-up Truck with landscape box Replaces Truck F250 13,596 VEH Fuel Pump / Diesel and Regular Equipment unreliable and Parts no longer available 18,000 VEH GPS/ALV Tracking of Snow Clearing Fleet includes $2400 annual fee for unit tracking and web based reporting platform (annual tracking to go to winter maintenance operating budget in 2019) 20,000 VEH Tractor w/ plow and spreader - seasonal rent 7 month seasonal rent - (Replaces Truck , 5 Tonne Sterling) Vehicle Pressure - approved Washer by Council - Replaces old 2003 unit 35,000 VEH Equipment unreliable 11,000 Total Fleet 97,596 HEALTH SERVICES CEM Fonthill Cemetery - circulation fans/dehumidifiers in mausoleum - FCA Critical ,000 Total Health Services 20,000 WASTEWATER WST Hurricane Road Sewer lateral Replacement - Design & 85,000 WST Sanitary Lateral Replacement Program (5 laterals) 12,000 WST Sanitary Sewer Inspection, CCTV and Flushing Program 80,309 WST Pollution Control Plan - Welland Wastewater Treatment 100,000 WST Foss Road Upgrade existing sewer from 350 to 450mm 21,640 WST Rice Road North of 20 - Sewer services - additional 24,995 Total Wastewater 323,944 WATER WTR Water Model - Field Calibration & Water Needs Study 8,254 WTR Design: Haist Street: Welland Rd to Beckett Cres, including Welland Rd Haist to Edward 26,338 WTR Backflow Prevention Program 50,000 WTR Station Street: Hwy 20 to Port Robinson, Watermain Replacement - trench only 544,063 WTR Water System Repair 30,000 Total Water 658,655 30
31 5. Cash needed to fund capital projects cont d RECREATION & CULTURAL SERVICES- PARK FACILITIES REC Fenwick Rail Trail Furnishings 16,932 PRK Design & Public Consultation - Weiland Heights Park 21,228 PRK Design Build - Weiland Heights Park Development 150,000 PRK Ash tree removals - continued program 15,378 PRK Design Build - Residences at Lookout Park Development 230,000 Total Recreation & Cultural Services 433,538 COMMUNITY PLANNING & DEVELOPMENT PLN Comprehensive Zoning by-law 26,974 PLN East Fenwick Secondary Plan 200 PLN Comprehensive Zoning By-law Mapping 5,900 PLN Comprehensive Zoning By-law 17,000 Total Community Planning & Development 50,074 LIBRARY SERVICES LIB Computer Services Development 3,002 Total Library Services 3,002 Total East Fonthill 400,000 Grand Total 2,604,306 31
32 5. Cash needed to fund capital projects cont d The reserves and reserve funds do not have the cash to fund these capital projects that are carry forward from 2018 and prior years. The cash from the land sale is required to fund $2.6M of capital projects. 32
33 Debt at December 31, 2018 Debenture Purpose Projected Balance at Dec. 31, Centennial Park $ 24, Haist & PelhamSt 571, Haist St & Rice Rd 346, Effingham & Hwy , Pelham St & Fire Stn #2 1,116, Fire Station #3 & Pt. Robinson Rd. 2,392, Pelham Community Centre 8,701, Fenwick & Port Robinson 4,666, Pelham Community Centre 11,893,451 Total Long-Term Debt $30,088,688 MCC Construction Bridge Loan 13,527,443 Total $43,616,131 33
34 Debt 34
35 Long-Term Debt The annual debt and financial obligation limit for municipalities is determined from Ontario Regulation 403/02 of the Municipal Act The Town has no choice but to stay within these limits, unless OMB approval is obtained. Annual Repayment Limit (ARL) is calculated as: 25% of Town Operating Revenues less debtcharges. The Treasurer is responsible for providing Council with an updated calculation of the annual repayment limit prior to any approval for new debt. 35
36 Long-Term Debt Debt Limit Projection - Assuming $5M debentures issued in
37 Questions? 37
Financing Reserve/ Reserve Fund Other Total Financing $ $ $ $ ADMINISTRATION 31,000 31,000-31, Approved Budget
1.13 Approved CAPITAL BUDGET SUMMARY Approved Budget Financing Reserve/ Reserve Fund Other Total Financing $ $ $ $ ADMINISTRATION 31,000 31,000-31,000 PROTECTION SERVICES 60,000 26,800 33,200 60,000 PUBLIC
Financing Reserve/ Reserve Fund Other Total Financing $ $ $ $ ADMINISTRATION 58,300 58,300-58, Proposed Budget
1.13 PROPOSED CAPITAL BUDGET SUMMARY Proposed Budget Financing Reserve/ Reserve Fund Other Total Financing ADMINISTRATION 58,300 58,300-58,300 PROTECTION SERVICES 420,000 420,000-420,000 PUBLIC WORKS Town
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