Title
Review of Restricted Surplus Funds
Proposed Motions
1. That Council approve the changes to the Restricted Surplus funds as presented.
2. That Council approve the changes to the Restrictued Surplus Policy as presented.
3. That Council direct administration to engage a consultant to review the Restricted Surplus held by the County to identify if the existing balances are sufficient, appropriately allocated, and supported by up to date long range plans.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
To ensure Restricted Surplus funds are established and utilized in a manner that ensures Parkland County is a good steward of public funds.
Summary
Establishing and utilizing Restricted Surplus funds is an important management tool that assists Parkland County in being a good steward of public funds. Each of the Restricted Surplus funds have been reviewed to determine if they are at appropriate levels and will support Parkland County's long term planning process. Restricted Surplus allows a municipality to provide programs and services, which may include the acquisition of capital assets, without having to acquire debenture debt or make significant changes in tax levies year to year. Essentially, restricted surpluses smooth large expenses over a period of time rather than incurring them in one year. Restricted surplus funds are set up to help ensure that funding is available to cover both planned and unplanned future events. As a result, Administration is recommending the changes as outlined in Attachment 1 Appendix 3.
Strategic Plan/Policy/Legal/Staff Implications
Governance Four Year Commitment: Deliver quality services in an efficient and economical manner that enables development and growth.
Financial Impact:
Cost: $25,000 (Funding for a consultant to review the County's Restricted Surplus)
Source of Funding: 2016 Budget