Title
Tax Sale Surplus Funds
Proposed Motion(s)
That Council approve the transfer of $39,566.43 from the tax sale surplus account into general revenue and in turn the revenue be transferred to Restricted Surplus-Contingencies.
Body
Administration Recommendation(s)
Administration supports the proposed motion.
Purpose
The Municipal Government Act (MGA) requires that the sale proceeds from tax recovery transactions which are in excess of the outstanding taxes be held for 10 years. A review of the transactions indicates there is $39,566.43 that is now available to be brought into general revenue in accordance with section 428 of the MGA (Attachment I). Therefore, administration is requesting that these funds be brought into general revenue and the revenue transferred into Restricted Surplus-Contingencies.
Summary
The MGA states that "if no application is made under section 428 within the 10-year period referred to in section 428(2), the municipality may, for any purpose, use the money deposited in accordance with section 427 that remains undistributed".
Strategic Plan/Policy/Legal/Staff Implications
Section 428.1 of the MGA
Financial Impact:
Cost: N/A
Source of Funding: N/A