File #: RFD 22-323    Version: 1 Name: Revised Restricted Surplus Policy C-FI05
Type: Request For Decision Status: Carried
File created: 12/6/2022 In control: Council
On agenda: 12/13/2022 Final action: 12/13/2022
Title: Policy C-FI05 - Revised Restricted Surplus Proposed Motion That revised Restricted Surplus Policy C-FI05 be approved, as presented.
Attachments: 1. Revised Restricted Surplus Policy C-F105, 2. Restricted Surplus Policy C-F105 - Tracked Changes

Title

Policy C-FI05 - Revised Restricted Surplus

 

Proposed Motion

That revised Restricted Surplus Policy C-FI05 be approved, as presented.

 

Body

Administration Recommendation

Administration supports the proposed motion to approve revised Restricted Surplus Policy C-FI05, as presented.

 

Purpose

Administration reviews its policies for alignment with operating procedures and practices.

 

Summary

Revised Restricted Surplus Policy C-FI05 was presented to the Governance and Priorities Committee on Tuesday, December 6, 2022 for information. Administration is presenting to Council for approval revised Policy C-FI05.

 

A final version of Policy C-FI05 and a tracked changes version are attached for review and reference.

 

The commitment of funds to restricted surplus provides for property tax stabilization, emerging project funding, and reduces the need for debt financing. Established guidelines ensure consistent and effective management of the designated funds pertaining to the restricted surplus. The restricted surplus policy outlines the scope, the target balance, and the funding source for each restricted surplus account held by the County. It also provides the authority for the use of the restricted surplus funds.

 

The proposed changes to the restricted surplus policy would ensure that the policy continues to address the current operational risk of the County while positioning the County to take advantage of potential opportunities. The proposed changes will also simplify the administration of the policy, and allow for funding flexibility. 

 

As of September 2022, the County had a total restricted surplus balance of $142 million.

 

Strategic Plan/Policy/Legal/Staff Implications:

Responsible Leadership - To ensure that County Council is supported by a robust and current framework bylaws polices, and plans

 

Financial Impact:

Cost:   n/a

Source of Funding:  n/a