Title
2021 Draft Corporate and Year End Update, Final Restricted Surplus and Allowance Transfers
Proposed Motions
1. That the Q4 Corporate and Year End Update be received for information, as presented.
2. That the December 31, 2021 Financial Statements be received for information, as presented.
3. That the transfer of $19,090,000 to Restricted Surplus and decrease to the Allowance for Uncollectible Accounts be approved in the amount of $8,100 as presented.
4. That the remaining 2021 surplus be transferred to the Long Term Sustainability Restricted Surplus.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
A balanced scorecard was developed and presented to Council in 2017 and is being reviewed and updated. This scorecard outlines key performance indicators (KPIs) that are tracked throughout the organization. Many of these KPIs are currently being tracked, while others are in development or refinement. A number of KPIs that are currently being tracked have been reported for the quarter.
To update Council on the financial status of Programs and Projects as at December 31, 2021.
Summary
As part of the 2021 year end process, projects are reviewed to determine if any 2021 projects funded through taxation were not completed, if additional funding is available or required, if any future needs are identified requiring restricted funds to be allocated, and if the balance in the Allowance for Uncollectible Accounts is sufficient to provide for accounts deemed uncollectible.
The following amounts are proposed to be transferred as per Attachment #3:
Transfer to Restricted Surplus
1. Incomplete 2021 projects and programs $2,159,200
2. Future Projects $12,430,800
3. Other Transfers $4,500,000
Transfer from Allowance for Doubtful Accounts $8,100
Strategic Plan/Policy/Legal/Staff Implications:
The transfers meet the eligibility requirements of Restricted Surplus Policy C-F105.
Core Value: Transparency
We conduct ourselves in a clear and visible manner, ensuring we are accountable for our actions at all times.
Financial Impact:
Net Cost: $0
Source of Funding: 2021 Budget and Unrestricted Surplus