Title
2014 Draft Year End Financial Report and Final Restricted Surplus and Allowance Transfers
Proposed Motions
1. That the Governance and Priorities Committee recommend that Council approve the transfer of $2,832,710 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 the Governance and Priorities Committee accept the Draft 2014 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.
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 $404,992 (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:
Choose not to allocate funding for projects and programs.
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: $ 2,843,510
Source of Funding: 2014 Budget