TAMRMS#: B06
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Preliminary Year End Surplus and Reserve Transfer
Presented by: Brenda Barclay, Manager, Financial Operations
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RECOMMENDATION(S)
recommendation
That the entire 2019 Municipal operating surplus, which is estimated to be $1.7M be transferred to the Stabilization Reserve.
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PURPOSE OF REPORT
The purpose of this report is to bring forward the City’s 2019 preliminary year end position and finalize the distribution of the operating surplus.
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 2019. The final audited 2019 financial statements will be forwarded to Council for review and approval on April 20, 2020 with a complete explanation of the 2019 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 .99% variance from the approved budget of $168 million.
The City’s utility operation had a variance of $101 thousand less being transferred to reserves than the budgeted amount of $10 million.
A detailed variance analysis of the City’s municipal and utility operations is provided in the 4th Quarter Report is provided in todays agenda package.
Over the next several weeks, there will be some adjusting entries that may impact the final operating position. These adjustments will be finalized as accounting cut-off da...
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