TAMRMS#: B06
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2020 Budget Adjustments
Presented by: Diane McMordie, Director, Finance & Assessment
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RECOMMENDATION(S)
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1. That $387,000 of additional Growth Assessment Revenue be transferred to the Growth Stabilization Reserve.
2. That $194,000 of the budget previously allocated to the St. Albert Public Library, be redirected to the Stabilization fund for the 2020 year to support any deficit that may or may not occur as a result of COVID-19.
3. That $226,700 of the budget previously allocated to the Arts & Heritage Foundation, be redirected to the Stabilization fund for the 2020 year to potentially any deficit that may or may not occur as a result of COVID-19.
4. That the 2020 final tax requirement of $110,264,400 resulting in a consolidated budget of $310,306,300 as detailed in the attachment titled “2020 Adjusted Consolidated Budget” be approved.
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PURPOSE OF REPORT
The purpose of this report is for Council to review Administration’s recommended amendments to the approved Operating, prior to the finalization of the annual tax levy.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
Strategic Priority #1: Growth Policy Framework: Develop a robust policy framework to guide growth.
Strategic Priority #4: Infrastructure Investment: Identify and build needed capital assets.
ALIGNMENT TO LEVELS OF SERVICE DELIVERY
Financial Planning
Stewardship of development of annual operating and capital budgets for Municipal and Utility operations.
The approved operating and capital budgets shall serve as the financial plan for the City and provide Administration with the direction and resources necessary to accomplish Council’s strategic direction and Council approved services and service levels in accordance with the Services and Service Levels Inventory
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
N/A
BACKGROUND AND DISCUSSION
Prior to the presentation of the annual Tax Bylaw for consideration, Administration pr...
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