Title
Revised Restricted Surplus Policy C-F105 and Changes to Restricted Surplus
Proposed Motions
1. That revised Restricted Surplus Policy C-FI05 and supporting Schedule be approved, as presented;
2. That Council approve the consolidation of certain Restricted Surplus Accounts, as presented;
3. That Council approve the addition of the Business Attraction Restricted Surplus;
4. That Council approve the transfer of funds between Restricted Surplus accounts, as presented; and,
5. That the Restricted Surplus Implementation Plan be received for information.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
To revise the existing Restricted Surplus Policy and begin implementing the recommendations provided by the Government Finance Officers Association (GFOA) as presented to Council on May 16, 2017.
Summary
GFOA was engaged to complete an analysis of the Restricted Surplus levels held by the County. The purpose was to ensure that the County holds sufficient Restricted Surplus funds to hedge against known and potential cash outflows faced by the County. This analysis resulted in a number of recommendations for the County to implement.
Administration is seeking Councils approval to implement the following changes based on the recommendations outlined in the GFOA report:
1. The Restricted Surplus policy has been updated to improve clarity and to include recommendations provided by the GFOA including: a definition of extreme events, prohibited use of funds, categorization based on asset management and risk mitigation, and a process to administer excess balances (Attachment 1).
2. The Restricted Surplus Authorization Forms have been updated to align with the new policy and appended to the Policy as Schedule A (Attachment 2).
3. The Working Capital, Internal Financing, Contingency, Municipal Operation, and Winter Maintenance Restricted Surpluses will be rolled up into other fund balances as recommended by GFOA. (Attachment 3...
Click here for full text