Appendix: Reserve Fund for Future Operating Expenditures Bylaw No. 959, 2017 (Draft)
Draft bylaw to create a fund for one-time projects and revenue stabilization.
TOWN OF VIEW ROYAL BYLAW NO. 959, 2017
A BYLAW OF THE TOWN OF VIEW ROYAL RELATING TO A RESERVE FUND FOR FUTURE OPERATING EXPENDITURES
The Council of the Town of View Royal, in open meeting assembled, enacts as follows:
This Bylaw is cited as the Reserve Fund for Future Operating Expenditures Bylaw, 2017.
A Reserve Fund for Future Operating Expenditures is established for the specified purpose of depositing and using funds for the following purpose: a. One-time and intermittent operating projects b. Offset unrealized revenues
Money in the Reserve Fund for Future Operating Expenditures, and interest earned on it, must be used only for the purpose of funding one-time or intermittent operating projects or to offset unrealized operating revenues.
This bylaw shall come into force and effect January 1, 2017.
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ADOPTED BY COUNCIL, SIGNED BY THE MAYOR AND THE CLERK AND SEALED WITH THE SEAL OF THE TOWN OF VIEW ROYAL
MAYOR
CLERK
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