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File #: AR-20-207    Version: 1 Name:
Type: Agenda Reports Status: Agenda Ready
File created: 6/3/2020 In control: City Council
On agenda: 6/15/2020 Final action:
Title: Financial Shortfall Strategies Presented by: Diane McMordie, Director, Finance & Assessment
Attachments: 1. Operating Carry Fowards, 2. Operating and Capital Grants, 3. Public Art Projects
TAMRMS#: B06

title
Financial Shortfall Strategies
Presented by: Diane McMordie, Director, Finance & Assessment

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RECOMMENDATION(S)
recommendation

1. That operating carryforward projects totaling $553,400 as detailed in the attachment titled “Operating Carryforwards" be cancelled/reduced and the associated reserve funding be reallocated to the 2020 general operating budget to offset any deficit that may arise due to the financial impacts of COVID-19.

2. That the 2020 operating and capital grant programs totaling $403,900, as detailed in the attachment titled “Operating and Capital Grants”, be suspended for 2020 and the funding be reallocated to the 2020 general operating budget to offset any deficit that may arise due to the financial impacts of COVID-19.

3. That public art projects totaling $154,900 as detailed in the attachment titled “Public Art Projects" be cancelled/reduced and the associated reserve funding be reallocated to the 2020 general operating budget to offset any deficit that may arise due to the financial impacts of COVID-19.

4. That the transfer of $227,100 to the Public Art Reserve be reallocated to the 2020 general operating budget to offset any deficit that may arise due to the financial impacts of COVID-19.

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PURPOSE OF REPORT
This report provides an overview of the strategies identified by Administration and proposed tactics to help the City in offsetting the predicted $7M financial shortfall as a result of City of St. Albert’s response to the COVID-19 pandemic. As several of the recommendations involve the transfer of approved dollars from reserves, Council approval is required as per policy C-FS-01 Financial Reserves.

ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
N/A

ALIGNMENT TO LEVELS OF SERVICE DELIVERY
Corporate Business Planning - Stewardship of the Corporate Business Plan and work with all Departments to ensure that they have the knowledge and tools they require to align their business planning processe...

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