Review of Reserve Funds and Surplus

"THAT the following three reserve funds be established: Reserve for Future Expenditures; Capital Renewal Reserve; and Parks Improvement Reserve; AND THAT the Reserve and Surplus Policy be approved with the following amendments: 1. To include reference to the ethical investment of funds; and 2. That unappropriated surplus be transferred into reserves each year rather than remain in unappropriated surplus; AND FURTHER THAT Appendix A of the Reserve and Surplus Policy is approved with the following amendments: 1. That a portion of the Public safety Building rental suites income be listed as an additional funding source for the Fire Department Machinery and Equipment Depreciation Reserve; and 2. That the minimum level of the Special police Operational Reserve be increased from 10% of RCMP contract expenditures to 20%. (C-52-16)"