TAMRMS#: B06
6.1
REQUEST FOR DECISION
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Review of Financial Council Policies
Presented by: Stella Tam and Stanley Chan, Financial Controllers, Financial and Strategic Services
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RECOMMENDED MOTION(S)
recommendation
That Standing Committee of the Whole recommend to Council that amendments to the following Council Policies, provided as attachments to the report entitled "Review of Financial Council Policies" dated December 10, 2024, be approved:
C-FS-01 Financial Reserves
C-FS-02 Investments
C-FS-04 Cash Management
C-FS-11 Operating and Capital Carry Forwards and Closed Projects
C-FS-16 Municipal Fees and Charges
C-FS-19 Taxation of Vacant Residential Lands.
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SUMMARY
Administration is required by policy to review specific Council Financial Policies on a regular basis. These policies have been reviewed by Administration and proposed amendments are provided to Council for consideration.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
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BACKGROUND AND DISCUSSION
As part of our annual review, Administration undertook a comprehensive analysis of our financial policies. This included discussions with subject matter experts, departments, and other municipal comparators to ensure best practices are being adhered too. Based on this, Administration is recommending updates to 6 financial council policies.
The complete list of all changes is provided as an attachment titled "Update to Financial Council Policies (Detailed)". Red-lined versions of each policy are also provided as attachments.
The following section provides an overview of the major proposed changes within each policy.
C-FS-01 Financial Reserves
To provide for consistency, only those reserves that are bound by external requirements are interest bearing. This impacts the Risk Management Reserve, Children's Festival Fund, Internal Financing Reserve, and Lands & Facilities Reserve.
Schedule O1 Stabilization
Administration did a fiscal review of the City's reserve...
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