Title
Cost Share Devon Rescue Unit
Proposed Motion(s)
1. Council approve funding of the Devon Rescue Unit in the amount of $260,000 and that funding come from Contingency Restricted Surplus.
2. That funding be re-paid back to the Contingency Restricted Surplus account if the 2015 year end budget balance is in a surplus position.
Body
Administration Recommendation
Administration supports the proposed motion
Purpose
To fund Parkland County's cost share of the Town of Devon Rescue Unit.
Summary
On April 22, 2014, Council approved cost sharing of a Rescue Unit for the Town of Devon. At the time of approval the estimated total cost of the Rescue Unit was $575,000. Council approved a cost share amount not to exceed $300,000 with the funding to come from the 2015 Municipal Budget. In preparing for the payment of the invoice to the Town of Devon it has been discovered that the County's cost share of $300,000 was not included in the 2015 municipal budget.
In order to fulfill Parkland County's commitment to the Town of Devon, Council will need to approve funding outside of the 2015 municipal budget. Administration is recommending that the Devon Rescue Unit be funded from Contingency Restricted Surplus. The final cost for the project will be a total of $520,000 with Parkland County paying 50% or $260,000. Should there be a surplus at year end, the $260,000 will be repaid back to the Contingency Restricted Surplus.
Financial Impact:
Cost: $260,000
Source of Funding: Contingency Restricted Surplus