Title
2011 Final Restricted Surplus and Allowance Transfers
Recommendation
That Council Approves:
1. The transfer of $2,220,414 to Restricted Surplus as per Attachment 1.
2. The transfer of $33,800 to the Allowance for Uncollectible Accounts as per Attachment 1.
Body
Purpose
As part of the 2011 year end process and financial statement preparation accounts are reviewed to determine if 2011 projects were not completed, if additional funding is available, and if the balance in Allowance for Uncollectible Accounts is sufficient to provide for accounts that may be uncollectible throughout the following year.
Summary
The following amounts amounts are proposed to be transferred:
Transfer to Restricted Surplus - incomplete projects and programs $422,930 (Schedule 1, Note 1).
Transfer to Restricted Surplus - future projects and programs $1,292,824 (Schedule 1, Note 2).
Transfer to Restricted Surplus - other transfers $504,660 (Schedule 1, Note 3).
Transfer to Allowance for Uncollectible Accounts $33,800 (Schedule 1, Note 4).
Administrative Position
Administration supports that unused funds related to incomplete projects and programs be used in the following year to complete the required projects, additional funding be allocated to Restricted Surplus for future projects, and the transfer is made to provide for accounts that may be uncollectible.
Alternative Options:
1. Do not allocate these fund and not complete the projects.
2 Do not transfer surplus dollars to restricted surplus and leave as unrestricted.
Strategic Plan/Policy/Legal/Staff Implications (As Required)
The request meets the eligibility requirements of the Restricted Surplus Policy FI 005.
Financial Impact:
Cost: $2,254,214
Source of Funding: 2011 Budget
Other (As Required)