Title
2020 Draft Corporate and Year End Update, Final Restricted Surplus and Allowance Transfers
Proposed Motions
1. That the Q4 Corporate and Year End Update be received for information, as presented.
2. That Council approve the utilization of up to $2,750,000 of the Municipal Operating Support Transfer (MOST) grant in 2020.
3. That the 2020 Draft Year End Program and Project Reports be received for information, as presented.
4. That the transfer of $9,039,945 to Restricted Surplus and increase to the Allowance for Uncollectible Accounts be approved in the amount of $10,300, as presented.
5. That the remaining 2020 surplus be transferred to the Recreation Facilities Restricted Surplus.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
A balanced scorecard was developed and presented to Council in 2017 and is being reviewed and updated. This scorecard outlines key performance indicators (KPIs) that are tracked throughout the organization. Many of these KPIs are currently being tracked, while others are in development or refinement. A number of KPIs that are currently being tracked have been reported for the quarter.
To update Council on the financial status of Programs and Projects as at December 31, 2020.
Summary
As part of the 2020 year end process, projects are reviewed to determine if any 2020 projects funded through taxation were not completed, if additional funding is available or required, if any future needs are identified requiring restricted funds to be allocated, and if the balance in the Allowance for Uncollectible Accounts is sufficient to provide for accounts deemed uncollectible.
The following amounts are proposed to be transferred as per Attachment #2:
Transfer to Restricted Surplus
1. Incomplete 2020 projects and programs $1,709,200
2. Future Projects $1,130,745
3. Other Transfers $6,200,000
Transfer to Allowance for Doubtful Accounts $10,300
Strategic Plan/Policy/Legal/Staff Implica...
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