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←Executive Committee · 2021-09-23 · 2021.EX26.8

The filed record

2020 Development Charge Reserve Fund Statement

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The decision

2021-09-23 · Executive Committee · adopted

As filed

The Executive Committee received the report (September 8, 2021) from the Chief Financial Officer and Treasurer for information.

On the agenda

As the city filed it

This report provides a statement of the Development Charge Reserve Funds for the year ended December 31, 2020, as required by the Development Charges Act, 1997 (DC Act). Development charges are deferred revenues for financial reporting purposes, and are recognized as income on the City's consolidated Statement of Operations and Accumulated Surplus as capital expenditures are incurred. For the fiscal year ended December 31, 2020, development charges deferred revenues received $688.9 million in contributions, recognized $252.4 million into income based on capital and operating expenditures, and earned $19.9 million in interest based on Council's allocation policy.

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The final development charges deferred revenue balance at December 31, 2020 is $1.7 billion, and is included in the Deferred Revenue balance in the City's audited consolidated financial statements.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. Executive Committee receive this report for information.

    On the record

    The item as the City filed it

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