File #: 15-G-032    Version: Name:
Type: Staff Report Status: Carried
File created: 2/4/2015 In control: General Committee
On agenda: 2/18/2015 Final action: 2/18/2015
Title: LEGACY RESERVE ADJUSTMENTS 1. That the following amounts be transferred to the Tax Rate Stabilization Reserve (13-04-0461) and the legacy reserves be closed: a) Contingencies (13-04-0402) $ 610,309; b) Insurance (13-04-0403) $ 86,318; c) Bad Debts (13-04-0463) $ 4,661; and d) Suggestion Awards Program (13-04-0465) $ 88,212. 2. That the Council Priorities Reserve (13-04-0410) be renamed the Strategic Priorities Reserve and used to fund projects that advance Council Strategic Priorities, with the following associated parameters: a) An annual operating budget account for Strategic Priorities (01-13-1525-0000-3000) shall be maintained to provide funding for opportunities that support strategic priorities which may arise during the year; and b) Any deficit/surplus that exists in this account at year end shall be transferred to/from this reserve. 3. That the Taxes Reserve (13-04-0464) be renamed the Assessment Appeal Reserve and be used to fund unanticipated as...
Attachments: 1. FIN001-150209.pdf
Title
LEGACY RESERVE ADJUSTMENTS

1. That the following amounts be transferred to the Tax Rate Stabilization Reserve (13-04-0461) and the legacy reserves be closed:

a) Contingencies (13-04-0402) $ 610,309;

b) Insurance (13-04-0403) $ 86,318;

c) Bad Debts (13-04-0463) $ 4,661; and

d) Suggestion Awards Program (13-04-0465) $ 88,212.

2. That the Council Priorities Reserve (13-04-0410) be renamed the Strategic Priorities Reserve and used to fund projects that advance Council Strategic Priorities, with the following associated parameters:


a) An annual operating budget account for Strategic Priorities (01-13-1525-0000-3000) shall be maintained to provide funding for opportunities that support strategic priorities which may arise during the year; and

b) Any deficit/surplus that exists in this account at year end shall be transferred to/from this reserve.

3. That the Taxes Reserve (13-04-0464) be renamed the Assessment Appeal Reserve and be used to fund unanticipated assessment appeal activity, with the following associated parameters:

a) An annual operating budget account for Assessment Appeal (01-24-0804-0000-8005) shall be maintained to provide funding for assessment appeal decisions; and

b) Any deficit/surplus that exists in this account at year end shall be transferred to/from this reserve.

4. That the Early Retirement Reserve (13-04-0462) be used to fund unplanned early retirements and terminations, with the following associated parameters:

a) An annual operating budget account for unplanned Early Retirements (01-12-1410-0000-2820) shall be maintained to provide funding for unplanned early retirements or terminations that cannot be funded within the associated departmental operating budget; and

b) Any year-end deficit/surplus in this account as it relates to Early Retirements shall be transferred to/from this reserve.

5. That the Working Funds Reserve (13-04-0401) and the General Support Services Reserve (13-04-0460...

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