***** NOT A TEACHER *****
I found some information that has really extended my knowledge about this kind of sentence. I am delighted to share it with followers of this thread.
The following words (including those in the parentheses) are the authors'. (I have, however, emphasized two words.)
"You can depend on it. (it = John does his work.)
"You can depend on John doing his work.
1. The authors parse "doing" as a gerund in that sentence.
2. The authors do not use "John's," for they feel that many speakers reserve the possessive only for personal pronouns. They admit, however, that the choice is a matter of personal style.
*****
I was just wondering whether that pattern also applies to the verb "be." Thus:
"You can depend on it. (it = The weather is nice.)
"You can depend on the weather being nice.
a. As the authors point out (in another case): if the subject of a gerund is not a person, most speakers do not use the possessive. Thus, it might be more natural to say "weather being" instead of "weather's being."
Credit goes to: Mesdames Celce-Murcia and Larsen-Freeman, The Grammar Book / An ESL/EFL Teacher's Course (1983), pages 427, 440, and 475 -476.