Title
2016 Draft Year End Financial Report and Final Restricted Surplus and Allowance Transfers
Proposed Motions
1. That Council accept the Draft 2016 Year End Financial Reports as information.
2. That Council approve the transfer of $3,277,137 to Restricted Surplus and the decrease to the Allowance for Uncollectible Accounts in the amount of $37,732 as per Attachment 1.
Body
Administrative Recommendation
Administration supports the proposed motions.
Purpose
To update Council on the financial status of Parkland County as of December 31, 2016. As part of the 2016 year end process and financial statement preparation, accounts are reviewed to determine: any 2016 projects that were not completed, if additional funding is available or required, and if the balance in the Allowance for Uncollectible Accounts is sufficient to provide for accounts deemed uncollectible.
Summary
The following amounts are proposed to be transferred:
Transfer to Restricted Surplus - incomplete projects and programs $874,495 (Attachment 1, Note 1).
Transfer to Restricted Surplus - future projects and programs $2,304,020 (Attachment 1, Note 2).
Transfer to Restricted Surplus - other transfers $98,622 (Attachment 1, Note 3).
Decrease to the Allowance for Uncollectible Accounts - $37,732 (Attachment 1, Note 4).
Strategic Plan/Policy/Legal/Staff Implications
The transfers meet the eligibility requirements of the Restricted Surplus Policy C-FI05
Core Value: Parkland County will conduct itself in an open and transparent manner, and provide quality service to residents and clients through efficient and effective practices while we undertake continuous improvement.
Financial Impact:
Cost: $3,277,137
Source of Funding: 2016 Budget