Title
2012 Final Restricted Surplus and Allowance Transfers
Proposed Motions
That Council Approves:
1. The transfer of $3,291,740 to Restricted Surplus as per Attachment 1.
2. Reduction to the Allowance for Uncollectible Accounts in the amount of $12,300 as per Attachment 1.
Body
Administrative Recommendations(s)
Administration supports that unused funds related to incomplete projects and programs be used in the following year to complete the required projects, additional funding be allocated to Restricted Surplus for future projects, and the reduction of transfer is made to provide for accounts that may be uncollectible.
Purpose
As part of the 2012 year end process and financial statement preparation accounts are reviewed to determine if 2012 projects were not completed, if additional funding is available, and if the balance in Allowance for Uncollectible Accounts is sufficient to provide for accounts that may be uncollectible throughout the following year.
Summary
The following amounts amounts are proposed to be transferred:
Transfer to Restricted Surplus - incomplete projects and programs $2,219,044 (Attachment 1, Note 1).
Transfer to Restricted Surplus - future projects and programs $1,062,576 (Attachment 1, Note 2).
Transfer to Restricted Surplus - other transfers $10,120 (Attachment 1, Note 3).
Reduction of transfer to Allowance for Uncollectible Accounts ($12,300) (Attachment 1, Note 4).
Alternative Options:
1. Do not allocate these fund and not complete the projects.
2 Do not transfer surplus dollars to restricted surplus and leave as unrestricted.
Strategic Plan/Policy/Legal/Staff Implications
The request meets the eligibility requirements of the Restricted Surplus Policy C-FI05
Governance Goal 1: Parkland County will be recognized as a well-led, well-managed municipality with a solid foundation of sound policies, good planning, responsive processes and effective decision-making that are focused on the responsible use of the resources entrusted to it and the long-term best interests of the community as a whole.
Financial Impact:
Cost: $ 3,279,440
Source of Funding: 2012 Budget
Other (As Required)