Title
Changes to Restricted Surplus
Proposed Motion
That Council approve the changes to the Restricted Surplus funds as presented.
Body
Administration Recommendation(s)
Administration supports the proposed motion.
Purpose
The Restricted Surplus funds have been reviewed and there are a number of proposed changes to the Restricted Surplus funds.
Summary
Establishing and utilizing Restricted Surplus serves as an important management tool that assists Parkland County be a good steward of public funds. Each of the Restricted Surplus funds have been reviewed to confirm they are at appropriate levels and will support Parkland County's long range planning process. Restricted Surplus allow 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 I. These changes are summarized in Attachment II.
Strategic Plan/Policy/Legal/Staff Implications
Strategic Plan - Governance Goal 1: Parkland County will be recognized as a well-led, well-managed municipality with a solid foundation of sound policies, good planning, responsive processes and effective decision-making that are focused on the responsible use of the resources entrusted to it and the long-term best interests of the community as a whole.
Restricted Surplus Policy FI-005.
Financial Impact:
Cost: N/A
Source of Funding: N/A