TAMRMS#: B06
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Preliminary Year End Surplus & Reserve Transfer
Presented by: Brenda Barclay, Manager, Financial Operations & Reporting
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RECOMMENDED MOTIONS
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1. That the 2020 Municipal operating surplus, which is estimated to be $10.3M be transferred as follows:
a. $2.6 M to the Capital Reserve
b. And the remaining balance of ~ $7.7 M to the Stabilization Reserve.
2. That an exception to Council Policy C-FS-01 - Reserves be given in order to exceed the 3.5% ceiling transfer for the Stabilization Reserve.
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PURPOSE OF REPORT
The purpose of this report is to bring forward the City’s 2020 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 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 2020. The final audited 2020 financial statements will be forwarded to Council for review and approval on April 19, 2021 with a complete explanation of the 2020 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 $10.3 million which is a 6.0% variance from the approved 2020 budget of $173 million.
The City of St. Albert has received ~$7.6 million from the Province of Alberta through the Municipal Operating Support Transfer (MOST) grant program which is directed towards the additional costs and lost revenues associated with the municipal...
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