Title
2014 Draft Year End Financial Report and Final Restricted Surplus and Allowance Transfers
Proposed Motions
1. That Council approve the transfer of $5,132,710 to Restricted Surplus as per Attachment 1 and the increase to the Allowance for Uncollectible Accounts in the amount of $10,800 as per Attachment 1.
2. That Council accept the 2014 Draft Year End Financial Reports for information.
Body
Administrative Recommendations
Administration supports the proposed motions.
Purpose
As part of the 2014 year end process and financial statement preparation, accounts are reviewed to determine: any 2014 projects that were not completed, if additional funding is available or required, and if the balance in the Allowance for Uncollectible Accounts is sufficient to provide for accounts deemed uncollectible. The results of this review were presented in their draft form to the Governance and Priorities Committee on February 17, 2015 for recommendation to Council. The final Restricted Surplus and Allowance transfers have now been compiled by Administration for Council.
Summary
The following amounts are proposed to be transferred:
Transfer to Restricted Surplus - incomplete projects and programs $1,962,321 (Attachment 1, Note 1).
Transfer to Restricted Surplus - future projects and programs $2,704,992 (Attachment 1, Note 2).
Transfer to Restricted Surplus - other transfers $465,397 (Attachment 1, Note 3).
Increase to the Allowance for Uncollectible Accounts - $10,800 (Attachment 1, Note 4).
Alternative Options:
1. Do not allocate funding for projects and programs.
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 20-Year Goal: Parkland County delivers excellent municipal services through open, transparent and collaborative governance.
Financial Impact:
Cost: $ 5,143,510
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