Staff Report: Bylaw No 864-867, 2013 Being Bylaws to Amend Original Reserve Establishment Bylaws
A housekeeping report recommending the amendment of four reserve fund bylaws to remove the outdated requirement to maintain separate bank accounts at a specific RBC branch.
TOWN OF VIEW ROYAL Council Report
TO: Council DATE: June 9, 2013 FROM: J. Beauchamp, Director of Finance MEETING: June 18, 2013
BYLAW NO 864-867, 2013 BEING BYLAWS TO AMEND ORIGINAL RESERVE ESTABLISHMENT BYLAWS
RECOMMENDATION:
TO provide first three readings to Bylaw No 864-867, 2013
CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:
I concur with the recommendation.
BACKGROUND:
Under section 188 of the Community Charter, a Council, may, by bylaw, establish reserve funds for a specified purpose and direct that money be placed to the credit of the reserve fund.
There are currently four reserve establishment bylaws, which stipulate that funds shall be deposited in a separate bank account at the Colwood branch of the Royal Bank of Canada. Under the current legislation, there is no requirement for funds to be placed in a separate bank account. Furthermore, the Town closed its bank account with the Royal Bank about a decade ago.
The four bylaw amendments will remove the section in the bylaw that stipulates that the funds shall be deposited in a separate bank account at the Colwood branch of the Royal Bank of Canada. This is a housekeeping matter to ensure that the Town maintains compliance with its bylaws.
RECOMMENDATION:
TO provide first three readings to Bylaw No 864-867, 2013
SUBMITTED BY:
J. Beauchamp, Director of Finance
REVIEWED BY:
K. Anema, Chief Administrative Officer
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