TAMRMS#: B06
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Preliminary Year End Surplus Recommendations
Presented by: Brenda Barclay, Manager of Financial Operations
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RECOMMENDATION(S)
recommendation
That the February 25, 2019 agenda report titled “Preliminary Year End Surplus Recommendations” be received as information.
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PURPOSE OF REPORT
The purpose of this report is to bring forward the City’s preliminary year end position and provide recommendations for distribution of the operating surplus.
Council members may also, by motion, make alternate recommendations as to the disposition of the 2018 surplus. Notices of Motion should be submitted by Council members no later than March 4, 2019. This will allow time for Administration to provide any required backgrounders for the March 18, 2019 Council meeting, at which time the individual motions will be debated, and the final year end transfers approved.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
N/A
ALIGNMENT TO LEVELS OF SERVICE DELIVERY
Corporate Reporting to Community
Corporate quarterly reports - Corporate reports are provided to Council on a quarterly basis to meet Council’s need for regular and formal communication from the City Manager
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
Annual audited financial statements are required to be submitted to Municipal affairs by May 1 of each year.
BACKGROUND AND DISCUSSION
Administration is currently in the process of finalizing the City’s financial statements for 2018. The final audited 2018 financial statements will be forwarded to Council for review and approval on April 23, 2019 with a complete explanation of the 2018 financial results upon completion of the audit by the Council appointed auditor, KPMG.
Based on our preliminary review, yet subject to audit, Administration is reporting a municipal operating surplus of $1.7 million which is a 1.05% variance from the approved budget of $162 million.
The City’s utility operation had a variance of $375...
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