Skip to main content
File #: RFD 13-012    Version: 1 Name: Tax Sale Surplus
Type: Request For Decision Status: Carried
File created: 1/25/2013 In control: Corporate Services Division
On agenda: 6/11/2013 Final action: 6/11/2013
Title: Tax Sale Surplus Funds Proposed Motion(s) That Council approve the transfer of $50,984.28 from the tax sale surplus account into general revenue and in turn the revenue be transferred to Restricted Surplus-Contingencies.
Attachments: 1. Tax Sale Properties 2002 - Attachment l.pdf
Title
Tax Sale Surplus Funds
 
Proposed Motion(s)
That Council approve the transfer of $50,984.28 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 transactions from 2002 indicates there is $50,984.28 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 (As Required)
Section 428.1 of the MGA
 
Financial Impact:
Cost:   N/A
Source of Funding: N/A