City of Burlington SECURITIES POSITION AND PERFORMANCE COMPARISON OF THE FIRST HALF OF 2014 WITH Period Ended. June 30, 2014 June 30, 2013

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1 Schedule 1a SECURITIES POSITION AND PERFORMANCE COMPARISON OF THE FIRST HALF OF 2014 WITH 2013 Period Ended June 30, 2014 June 30, 2013 Actual Budget Actual Budget Variance (where applicable) (where applicable) **Net bank position $15,350,422 $16,583,840 ($1,233,418) Short term investments 65,000,000 64,000,000 1,000,000 Long term investments 178,954, ,504,639 (15,550,577) Total City funds invested $259,304,484 $275,088,479 ($15,783,995) Investment Income - All Funds $4,325,409 $5,000,000 $4,960,065 $4,900,000 ($634,656) (Current Fund Only)

2 Schedule 1b INVESTMENT PORTFOLIO as at June 30, 2014 PORTFOLIO HOLDINGS ($000's) CURRENT YIELD (Weighted Average on cost) Long Term (at cost) Government of Canada $ 34, % Province of Ontario 40, % Region of Halton 14, % Other provinces 47, % Other municipalities 28, % Major banks 13, % Short Term Total Bonds $ 178, % Money market $ 65, % Cash in bank * 15, % Total Investments $ 259, %

3 Schedule 2 PROPERTY TAX COLLECTION COMPARISON OF THE FIRST HALF OF 2014 WITH 2013 Period ended June 30, 2014 June 30, 2013* Percent of Percent of Amount Current Levy Amount Current Levy Variance Total Current Levy $361,019, % $354,122, % $ 6,897,233 Collections 251,305, % 246,253, % 5,051,341 Current year's arrears $109,714, % $107,868, % $1,845,892 Prior years' arrears 6,514, % 6,744, % (229,556) Total arrears $116,228, % $114,612, % $1,616,336 Annual Annual Budget Budget Penalties and interest earned on taxes $ 1,058,671 2,100,000 $ 1,182,118 2,100,000 (123,447) * June 30, 2013 balances have been adjusted.

4 Schedule 3 Debt and Financial Obligation Limit as at December 2013 CALCULATION OF 2013 NET DEBT CHARGES (2013 FIR) Gross Debt Charges $11,768,331 Payments in Respect of Long Term Commitments 1,106,764 Net Debt Charges $12,875,095 CALCULATION OF ANNUAL REPAYMENT LIMIT (2013 FIR) TOTAL REVENUE FUND REVENUES (Less contributed capital assets) $216,865,185 LESS: Grants from Governments and Other Municipalities Ontario Grants 1,818,958 Canada Grants 1,140,554 Other Municipalities 8,913,568 Gain/Loss on sale of land and Capital Assets - Deferred revenues earned (Development Charges) 641,140 Donated Tangible Capital Assets 2,843,602 Other Deferred Revenue 1,522,511 Increase / Decrease in Government Business Enterprise Equity 2,688,773 Subtotal 19,569,106 NET REVENUE FUND REVENUES 197,296,079 25% of Net Revenue Fund Revenues 49,324,020 Less: Net Debt Charges (12,875,095) Annual Repayment Limit at Jan 01/14 (Based on MMAH Formula *) $36,448,925 UPDATED ANNUAL REPAYMENT LIMIT Annual Repayment Limit at Jan 01/14 $36,448,925 LESS: Debt Approved but not Issued at Dec 31/13 $3,150, Capital Budget 1,023,187 Annual Repayment for Debt Approved but not Issued (estimate) 4,174,143 Remaining Debt Charge Capacity at December 31, 2014 $32,274,781 City's debt charges as a percentage of Net Revenue Fund Revenues 8.6% If remaining Debt Charge Capacity (DCC) is less than 0, OMB approval is required under (Regulation 4(2)(4)). By capitalizing $32,274,781 the amount of additional debt obligation the City could undertake would be : $249,217,307 The City's debt charges currently stand at 8.6% compared to regulation(o.reg. 799/94) that recommends no more than 25% of own-source revenues (Net Revenue Fund Revenues) be dedicated to debt service. * Ministry of Municipal Affairs and Housing

5 Schedule 4 1. CAPITAL RELATED RESERVE FUNDS AND RESERVES A) Development Related Reserve and Uncommitted Balance BALANCE COMMITMENTS UNCOMMITTED Reserve Funds As at Dec 31, 2013 As at June 30, 2014 BALANCE Growth Studies (70,656) (61,364) - (61,364) Library * 447, , ,089 Transit 1,357,153 1,380,530-1,380,530 Transportation 17,165,338 1,475,490 3,000,000 (1,524,510) Storm Drainage 2,452,731 1,975, ,783 1,393,164 Fire Protection* - 101, ,748 - Parkland Development 735, , ,905 Recreation Facilities* - 617, ,488 - Orchard Area Specific Charges Park Dedication 11,191,864 10,254,500-10,254,500 Special Developer Agreements - 760, ,000 - Future Services 5,889,911 6,046,462-6,046,462 Future Services Signs & Barricades 370, , ,728 Future Services Trees 304, , ,779 Total Development Related Reserve Funds** 39,845,198 23,959,302 5,062,019 18,897,283 B ) Vehicle and Equipment Reserve Funds Vehicle Replacements - Fire 1,723,282 1,664,010 26,868 1,637,142 Vehicle Replacements - RPM & PR 2,638,794 2,920,978-2,920,978 Vehicle Replacements - Tyandaga 407, , ,521 Total Vehicle and Equipment Reserve Funds 4,770,031 4,970,508 26,868 4,943,640 *Borrowing from Development Charge Reserve Funds for capital projects ** 2013 balances for Development Charge Reserve Funds include unspent funds returned to the reserve funds from capital projects

6 C) Transit Related Reserve Funds Uncommitted Balance BALANCE COMMITMENTS UNCOMMITTED As at Dec 31, 2013 As at June 30, 2014 BALANCE Transit Inter-Regional/Capital 102, , ,836 Transit Capital 199, , ,256 Provincial Gas Tax 1,910,557 1,404,631-1,404,631 Federal Gas Tax - Transit Dedicated 471,059 (416,882) - (416,882) Ontario Bus Replacement Program Transit Shelters 79,178 79,178-79,178 Total Transit Related Reserve Funds 2,762,884 1,369,018-1,369,018 D) Other Capital Reserve Funds Burlington Hydro Proceeds 24,175,033 23,409,863 1,728,225 21,681,639 Capital Purposes 3,745,847 4,693,586 2,131,201 2,562,385 Infrastructure Renewal 3,857,088 1,857,088-1,857,088 MRBII 18,623 18,623-18,623 Federal Gas Tax 2,953,029 (939,714) - (939,714) Public Art Reserve Fund 710, ,576 10, ,676 Railway Crossing - 3,809,635 3,809,635 - Joseph Brant Memorial Hospital - 12,850,021 12,850,021 - Strategic Land Acquisition 2,703,571 3,721, ,000 2,921,475 Total Other Capital Reserve Funds 38,163,867 50,072,153 21,329,981 28,742,171

7 2. OPERATING RELATED RESERVE FUNDS AND RESERVES A) Stabilization Reserves and Reserve Funds Uncommitted Balance BALANCE COMMITMENTS UNCOMMITTED As at Dec 31, 2013 As at June 30, 2014 BALANCE Contingency 3,630,283 7,414,806 3,159,719 4,255,086 Severe Weather 2,327,815 2,327,815-2,327,815 Tax Rate Stabilization 5,998,155 7,829,152 3,625,989 4,203,163 Building Permit Stabilization 2,677,106 2,677,106-2,677,106 Planning Fee Stabilization 1,160,002 1,160,002-1,160,002 Engineering Fee Stabilization 399, , ,511 Total Stabilization Reserve Funds 16,192,873 21,808,392 6,785,708 15,022,684 B) Corporate Reserve Funds Employee Accident 2,055,329 4,242,981 1,292,755 2,950,225 Benefits 1,653,848 1,594,655-1,594,655 Total Corporate Reserve Funds 3,709,177 5,837,635 1,292,755 4,544,880 C) Corporate Reserves Election Expense 241,500 2,395-2,395 Insurance - 4,236,378 4,236,378 - Early Retirement 2,846 2,846-2,846 Emergency Plan 88,172 88,172-88,172 Future Expense 1,055,340 1,079,275-1,079,275 Total Corporate Reserves 1,387,858 5,409,066 4,236,378 1,172,687

8 3. LOCAL BOARDS AND PROGRAM SPECIFIC RESERVE FUNDS AND RESERVES A) Program Specific Reserve Funds Uncommitted Balance BALANCE COMMITMENTS UNCOMMITTED As at Dec 31, 2013 As at June 30, 2014 BALANCE Economic Development 38,203 38,203-38,203 Downtown & Waterfront Development (817) (817) - (817) Discovery Landing Reserve Fund 731, , ,150 Parks & Recreation Infrastructure - - General 207, , ,312 Senior's Centre 314, , ,731 Student Theatre 93,906 95,652-95,652 Tansley Woods 81,622 (6,149) - (6,149) Brant Hills Facility 188, , ,026 Music Centre 25,432 32,201-32,201 Tyandaga Facility 188, , ,176 LaSalle Park Pavilion 487, , ,793 Burlington Youth Centre - 81,846 81,846 - Artifical Turf Field 10,392 16,181-16,181 Haber Community Centre 33,076 92,098-92,098 Randal Reef 234, , ,354 Downtown Streetscape 44,144 44,144-44,144 Community Heritage 164, , , ,110 Mundialization Committee 196, , ,864 Naval Memorial 35,503 35,503-35,503 LaSalle Marina 383, ,767 11, ,806 Total Program Specific Reserve Funds 3,457,032 3,431, ,807 3,237,339 Program specific reserve funds are those whereby a capital surcharge is collected and directed to the reserve fund to be used by the facility for capital purposes.

9 B) Local Boards Reserve Funds Uncommitted Balance BALANCE COMMITMENTS UNCOMMITTED As at Dec 31, 2013 As at June 30, 2014 BALANCE Parking District 5,191,510 5,514, ,000 5,414,098 Downtown BIA 10,474 20,474 10,000 10,474 BEDC Operations 11,654 11,654-11,654 BEDC Marketing 78,118 78,118-78,118 Library Board 547, , ,367 Tourism Burlington 76,241 76,241-76,241 Museums Board - Joseph Brant General 30,440 30,440-30,440 Museums Board - Joseph Brant Project 764, , ,455 Museums Board - Ireland House General 7,315 7,315-7,315 Museums Board - Ireland House Project 117, , ,697 PAC 353, , , ,161 Total Local Boards Reserve Funds 7,188,830 7,719, ,450 7,324,019 C) Program Specific Reserves Crime Prevention 26,810 26,810-26,810 Burlington International Games 63,907 63,907-63,907 Deferred Local Improvements 6,344 6,344-6,344 Ice Users 249, , ,805 Total Program Specific Reserves 346, , ,866 Total Reserve Funds 112,459, ,993,096 31,161,870 79,825,948 Total Reserves 5,364,951 13,934,737 8,156,098 5,778,639 Total 117,824, ,927,833 39,317,967 85,604,587 Reserve/Reserve fund balances exclude future debt repayment

Consolidated financial statements of. The Corporation of the City of Burlington

Consolidated financial statements of The Corporation of the City of Burlington December 31, 2015 December 31, 2015 Table of contents Independent Auditor's Report 1 Consolidated statement of operations