Council Report: BYLAW NO 875, 2014 BEING A BYLAW TO PROVIDE FOR THE BORROWING OF MONEY IN ANTICIPATION OF REVENUE
Financial report discussing the annual requirement for a revenue anticipation borrowing bylaw, though no borrowing is expected in 2014.
Council Report
TO: Council
DATE: February 13, 2014
FROM: J. Beauchamp, Director of Finance
MEETING: February 18, 2014
BYLAW NO 875, 2014
BEING A BYLAW TO PROVIDE FOR THE BORROWING OF MONEY IN ANTICIPATION OF REVENUE
RECOMMENDATION:
TO provide first three readings to Bylaw No 875, 2014
CHIEF ADMINISTRATIVE OFFICER'S COMMENTS:
I concur with the recommendation.
BACKGROUND:
The Town receives the majority of its revenue through taxation, with a large portion being received in June of each year. The difference in timing of expenditure and corresponding revenue receipt can put a strain on the Town’s cash management.
Council may undertake current-year borrowing in anticipation of sufficient revenues being received, to meet current-year expenditures and the municipality’s tax remittance to other public bodies. Once the revenue is received it will be used to cancel the debt.
We do not expect to borrow money in anticipation of revenue in 2014.
RECOMMENDATION:
TO provide first three readings to Bylaw No 875, 2014
SUBMITTED BY: J. Beauchamp, Director of Finance
REVIEWED BY: K. Anema, Chief Administrative Officer
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