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File #: POL-17-009    Version: 1 Name:
Type: Policy Status: Agenda Ready
File created: 8/29/2017 In control: City Council
On agenda: 9/11/2017 Final action:
Title: Annual Review of Financial Policies Presented by: Diane McMordie, Director of Financial Services
Attachments: 1. C-FS-01 Financial Reserves (amendments incorporated), 2. C-FS-01 Financial Reserves with changes highlighted, 3. C-FS-02 Investments (amendments incorporated), 4. C-FS-02 Investments (amendments highlighted), 5. C-FS-03 Debt Management (amendments incorporated), 6. C-FS-03 Debt Management (amendments highlighted), 7. C-FS-04 Cash Management (amendments incorporated), 8. C-FS-04 Cash Management (amendments highlighted), 9. C-FS-05 Budget and Taxation Guiding Principles (amendments incorporated), 10. C-FS-05 Budget and Taxation Guiding Principles (amendments highlighted), 11. C-FS-11 Operating and Capital Carry Forwards and Closed Projects (amendments incorporated), 12. C-FS-11 Operating and Capital Carry Forwards and Closed Projects (amendments highlighted), 13. C-FS-16 Municipal Fees and Charges (amendments incorporated), 14. C-FS-16 Municipal Fees and Charges (amendments highlighted), 15. August 28, 2017 AR - Annual Review of Financial Policies (Previously Distributed)
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 Council Policies be amended by deleting them in their entirety and replacing with the versions provided as attachments to the September 11, 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; and
C-FS-16 Municipal Fees and Charges

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PURPOSE OF REPORT

On August 28, 2017 Council was presented with proposed amendments to the seven Council Policies listed above. During this meeting, Council tabled and debated one motion relating to Schedule O1 of Council Policy C-FS-01 Financial Reserves (detailed below under Council direction). A second motion relating to Schedule OA1 of Council Policy C-FS-01 Financial Reserves was submitted as a Notice of Motion for the September 11, 2017 Council Meeting to allow Administration time to prepare background information for Council.

Given this Notice of Motion, Council decided to postpone the approval of all policy amendments until after the debate of the September 11, 2017 motion.

The purpose of the agenda item on the table is to carry or defeat recommended changes to all 7 policies which will include the decisions of the two related council motions.

COUNCIL DIRECTION

On August 28, 2017 Council passed the following motion:

(POL-17-008)

That Financial Reserves - Schedule 01, is amended to remove "of a non-capital nature" from the purpose statement.

BACKGROUND AND DISCUSSION

Two versions of each policy are provided as attachments to this agenda report; one with the amendments incorporated, the other with amendments highlighted.

The version of C-FS-01 Financial Reserves reflects the motion passed on August 28, 2017.

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