TAMRMS#: B06
5.4
REQUEST FOR DECISION
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Review of Financial Council Policies C-FS-01 and C-FS-05
Presented by: Suzanne Findlay, Manager, Financial Services, and Stephen Bannerman, Senior Manager, Assessment & Taxation, Financial & Strategic Services
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RECOMMENDED MOTION(S)
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That Standing Committee of the Whole recommend to Council that amendments to the following Council policies, provided as attachments to the agenda report entitled "Review of Financial Council Policies" dated July 8, 2025, be approved:
* C-FS-05 Budget and Taxation Guiding Principles
* C-FS-01 Financial Reserves.
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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
On April 15, 2025 Council passed the following motion:
CB-25-022
That the Lakeview Business District Development Acceleration Program be approved, to be funded through: $1,600,000 from stabilization reserve; and $800,000 annual transfer of assessment growth to begin in 2025; commit this annual transfer in the Growth Stabilization Reserve until a total balance of $8 million is reached.
On December 16, 2024 Council passed the following motion:
PM-25-003
That the Affordable Housing Fund (approved for one year in 2024) is made a permanent part of the budget on an ongoing basis.
On June 18, 2024 Council passed the following motion:
CB-24-024
That Council Policy C-FS-03 Debt Management, as attached to the agenda report entitled Standing Committee of the Whole Item: Debt Management Policy (C-FS-03) dated June 18, 2024, be approved.
BACKGROUND AND DISCUSSION
As part of the City's policy review, Administration undertook a comprehensive analysis of the Budget & Guiding Principles Council Policy (C-FS-05). This review has resulted in the following recomm...
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