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Reserves and Surplus
First seen: October 12, 2021
Last seen: October 12, 2021
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October 12, 2021Council
Full RecordingFinancial Policies Review
Staff proposed amendments to the Reserves and Surplus Policy and a new CAC Reserve Bylaw to formalize reserve practices, including the highly debated provision allowing Community Amenity Contributions (CACs) to be used for either capital assets or ongoing services.
"Councillor Rogers and Lemon raised concerns regarding the proposed change allowing CAC funds to be spent on 'service' (operational/ongoing expenses), arguing that CACs, being a finite resource, should be restricted to capital assets to avoid depletion. Other Council members favored flexibility. Due to the lack of consensus, the item was deferred for discussion at a future Council meeting."
Formal MotionPassed
"THAT the report dated October 4, 2021 from the Director of Finance titled "Financial Policies Review" be received."
Moved by: Gery Lemon
Seconded by: John Rogers
Gery Lemon
Ron Mattson
John Rogers
Damian Kowalewich