TAMRMS#: B06
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Operating Carry Forwards & Completed Projects
Presented by: Anne Victoor, Manager Financial Services
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RECOMMENDATION(S)
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1. That the 2018 Municipal and Utility Operating Carry Forward amount of $5.9 million, as detailed in “Operating Carry Forwards”, provided as an attachment to the February 19, 2019 agenda report titled “Operating Carry Forwards & Completed Projects”, be approved.
2. That reserve balances be updated to reflect the realized net savings from completed Municipal and Utility Operating projects as detailed in the attachment titled “Completed Operating Projects With Residual Balances” provided as an attachment to the February 19, 2019 agenda report titled “Operating Carry Forwards & Completed Projects”.
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PURPOSE OF REPORT
This report provides Council an overview of the 2018 Operating Carry Forwards and Completed projects funded from reserves for consideration and recommendation to Council.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
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ALIGNMENT TO LEVELS OF SERVICE DELIVERY
N/A
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
As per Council Policy C-FS-11, Operating and Capital Carry Forwards Policy:
Any operational or capital project that has not been completed during its budgeted fiscal year shall be brought forward for consideration as part of Administration’s report on proposed year end transfers, and all projects shall be subject to a maximum carry-forward deadline.
Any operating or capital project that is fully completed within the fiscal year shall be brought forward for consideration as part of Administration’s report on proposed year end transfers, and all projects with a surplus shall have that surplus directed back to it’s original funding source if feasible.
BACKGROUND AND DISCUSSION
The purpose of a carry forward is to ensure that there is adequate funding available to complete projects, one-time initiatives in a given timeframe without impacting tax or...
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