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File #: AR-17-057    Version: 1 Name:
Type: Agenda Reports Status: Tabled
File created: 1/17/2017 In control: City Council
On agenda: 3/20/2017 Final action: 3/20/2017
Title: Reserve Transfers & Final Year End Presented by: Brenda Barclay, Manager of Financial Operations & Reporting
Attachments: 1. AR - March 7 2017 - Preliminary Year End & Surplus Recommendations (previously distributed), 2. ITSV-011 ITS 2017 Emergency Radio System Replacement
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Reserve Transfers & Final Year End
Presented by: Brenda Barclay, Manager of Financial Operations & Reporting

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RECOMMENDATION(S)
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1. That the 2016 Municipal operating surplus of $6,849,968 be transferred as follows:
a) That $2,233,504 be transferred to the Stabilization Reserve to top it up to 2% of the annual operating budget;
b) That $2,000,000 be transferred to the Municipal Land and Facilities Reserve;
c) That $1,000,000 be allocated for Intermunicipal Initiative;
d) That $971,785 be allocated for AFRRCS Emergency Radio System;
e) That $120,000 be allocated for Ministerial Inspection;
f) That $30,000 be allocated for Enhanced Election Management Strategy;
g) That $25,000 be allocated for Canada Day; and
h) That the remaining balance of $469,679 be transferred to the Capital Funding Reserve.

2. That the remaining balance within the LRT/BRT reserve of $89,358.45 be transferred to the Capital Reserve and that the reserve be closed.

3. That the remaining balance within the General Transportation reserve of $90,155.39 be transferred to the Capital Reserve and the reserve be closed.

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PURPOSE OF REPORT

The purpose of this report is to finalize the 2016 Municipal Year End Surplus and Recommendations that were presented to Council on February 21, 2017. In addition, recommendations regarding other reserve transfers are being provided as part of this year end process.

On April 18, 2017, following the completion of the City’s 2016 audit, the Audited Financial Statements and the Auditor’s Year End Communication will be presented to Council for approval.

BACKGROUND AND DISCUSSION

The 2016 Municipal operating surplus has been adjusted slightly down from what was presented on February 21, 2017 to $6.8 million, from 6.9 million, due to some additional year end adjusting entries.

As per Council Policy C-FS-05 Budget and Taxation Guiding Principles, Council has the following options to allocate the monies: “ In the event of a...

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