Title
Amendments to the 2012 Spring Budget Adjustments
Proposed Motion
That Council approve the amendments to the 2012 Spring Budget Adjustments, as per the listing in Attachment 1, which still remains a zero net impact on the 2012 municipal tax levy.
Body
Administration Recommendation
Administration supports the proposed motions put forward to Council.
Purpose
Upon reveiw of the approved 2012 Spring Budget Adjustments, transfers to/from restricted surplus require adjustments.
Summary
As the utility systems are all self-funded any excess revenues are to be transferred to restricted surplus, and any utility deficits are to be funded by restricted surplus. The Spring Budget Adjustments made in the Water & Wastewater budget resulted in a net surplus of $45,119. This transfer to restricted surplus was inadvertently excluded when the Spring Budget Adjustments were approved by Council on April 10, 2012.
The amortization of the waterline recovery as well as the amortization of prepaid frontage in the amounts of $3,428 and $4,491 respectively should have been shown as increases in revenue.
As a result of these changes, the transfer from restricted surplus in the General Municipal budget requires an increase of $29,281.
Strategic Plan/Policy/Legal/Staff Implications (As Required)
Section 242, 243, 245 and 246 of the Municipal Government Act requires Council to adopt an operating and a capital budget.