STAFF REPORT - BYLAW NO 909, 2015 BORROWING IN ANTICIPATION OF REVENUE
Request for authorization to borrow funds to manage cash flow until annual taxation revenue is received.
TOWN OF VIEW ROYAL Council Report
TO: Council DATE: January 10, 2015 FROM: J. Beauchamp, Director of Finance MEETING: January 20, 2015
BYLAW NO 909, 2015 BEING A BYLAW TO PROVIDE FOR THE BORROWING OF MONEY IN ANTICIPATION OF REVENUE
RECOMMENDATION:
TO provide first three readings to Bylaw No 909, 2015
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 2015.
RECOMMENDATION:
TO provide first three readings to Bylaw No 909, 2015
SUBMITTED BY:
J. Beauchamp, Director of Finance
REVIEWED BY:
K. Anema, Chief Administrative Officer
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