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File #: BL-20-027    Version: 1 Name:
Type: Bylaw Status: Committee Business
File created: 5/26/2020 In control: City Council
On agenda: 6/15/2020 Final action:
Title: Bylaw 26/2020 Operating Line of Credit Borrowing Bylaw (1st reading) Presented by: Diane McMordie, Director, Finance & Assessment
Attachments: 1. Bylaw 26_2020 Operating Line of Credit Borrowing Bylaw
TAMRMS#: B06

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Bylaw 26/2020 Operating Line of Credit Borrowing Bylaw (1st reading)
Presented by: Diane McMordie, Director, Finance & Assessment

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RECOMMENDED MOTION
recommendation

That Bylaw 26/2020 being an Operating Line of Credit Borrowing Bylaw to finance operating expenditures subject to certain conditions, be read a first time.

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PURPOSE OF REPORT
This report presents a borrowing bylaw to increase the limit on the City’s line of credit with ScotiaBank in order to provide flexibility for the City to
a. address any financial shortfall that may occur as a result of measures taken by the City in response to the Covid - 19 virus pandemic.
b. address any cash flow issues that could arise in the future for reasons unrelated to the current pandemic
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
N/A

ALIGNMENT TO LEVELS OF SERVICE DELIVERY
Business and Financial Planning Management - Financial Planning (Stewardship of development of annual operating and capital budgets for Municipal and Utility operations.)

ALIGNMENT TO COUNCIL POLICY
Council Policy C-FS-03 Debt Management contains the following relevant provisions

Service Standards/ Expectations

1. Short-term Debt

a. The City may, from time to time, incur short-term debt to:

i. Manage short-term cash flow requirements such as interim financing for capital projects;
ii. Provide financing for emergency purposes; or to
iii. Offset cash flow timing issues;

b. Short-term debt shall be financed through:
i. Internal financing;
ii. A line of credit; or
iii. Short-term debt, either conventional banking or ACFA.

c. All short-term debt in excess of one year shall be subject to City Council approval through the budget process, by bylaw, or by resolution as required.

8. Reporting

The Chief Administrative Officer or designate shall report quarterly to Council regarding the City’s compliance with this policy. Reporting on the City’s outstanding debt, debt limits and long-term ...

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