TAMRMS#: B06
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Annual Review of Financial Policies
Presented by: Diane McMordie, Director of Financial Services
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RECOMMENDATION(S)
recommendation
That the following City Council Policies, be amended by substituting the proposed City Council Policies (amendments incorporated) provided as attachments to the August 28, 2017 Agenda Report titled “Annual Review of Financial Policies”:
C-FS-01 Financial Reserves
C-FS-02 Investments
C-FS-03 Debt Management
C-FS-04 Cash Management
C-FS-05 Budget and Taxation Guiding Principles
C-FS-11 Operating and Capital Carry Forwards and Closed Projects (previously Operating and Capital Carry Forwards)
C-FS-16 Municipal Fees and Charges
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PURPOSE OF REPORT
Each year, Administration is required by policy to review specific Council financial policies. All such policies have been reviewed by Administration and proposed amendments are provided to Council for consideration. Some of the recommendations are based on specific Council motions and others are recommendations from administration for purposes of completeness and clarity.
COUNCIL DIRECTION
On December 14, 2015 Council passed the following motion:
(PM33-2016)
That the title of COUN-013 from “NABI Building Fund” be changed to “Business Incubation Building Fund”
On December 12, 2016 Council passed the following motions:
(CM-16-085)
That Administration provide to Council before the end of Q3 2017, recommended policy changes to C-FS-03 and any other relevant policies, to add a provision that when Council chooses to not address new tax supported debt payments by reallocating dollars within the existing Capital Funding Formula, that the new tax supported debt is identified as a separate debt servicing budget item outside the Capital Funding Formula, and that the additional tax requirement is removed when the debt is paid and to provide to Council other potential approaches for consideration.
(PM113-2017)
That $50,000.00 per year for 8 years be transferr...
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