TAMRMS#: B09
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Annual Review of Financial Policies
Presented by: Diane McMordie, Director, Finance & Assessment Department/CFO
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RECOMMENDATION:
recommendation
That the Governance, Priorities and Finance Committee recommend to Council that amendments to the following Council Policies, provided as attachments to the October 15, 2019 Agenda Report titled “Annual Review of Financial Policies”, be approved:
C-FS-01 Financial Reserves
C-FS-02 Investments
C-FS-03 Debt Management
C-FS-05 Budget and Taxation Guiding Principles
C-FS-16 Municipal Fees and Charges
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PURPOSE OF REPORT
Each year, Administration is required by policy to review specific Council financial policies. All such policies have been reviewed by Administration and proposed amendments are provided to Council for consideration. Some of the recommendations are based on specific Council motions and others are recommendations from administration for purposes of completeness and clarity.
ALIGNMENT TO COUNCIL STRATEGIC PRIORITY
N/A
ALIGNMENT TO SERVICE DELIVERY
Financial Control
Development of financial policies and procedures to ensure appropriate financial internal controls are in place. Fiscal responsibility is ensured through monitoring and compliance of policies and procedures.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On June 24, 2019 Council passed the following motion
(CB-19-012)
That Council Policy C-FS-05 - Budget and Guiding Principles be amended to incorporate the following:
That effective for the 2020, 2021 and 2022 budget, the equivalent of a 1.50% property tax increase be included in the municipal tax requirement and specifically targeted to capital reserves to support the repair, maintenance and replacement of existing capital assets.
On February 19, 2019 Council passed the following motion
(CM-19-006)
That administration bring forward amendments to C-FS-05 Budget Guiding Principles that clarifies a council motion is required to add o...
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