FINANCIAL PLAN BYLAW NO. 967, 2017, AMENDMENT BYLAW NO. 987, 2018

TOWN OF VIEW ROYAL COUNCIL REPORT

TO: Council
DATE: January 18, 2018
FROM: Dawn Christenson, Director of Finance
MEETING DATE: January 23, 2018

FINANCIAL PLAN BYLAW NO. 967, 2017, AMENDMENT BYLAW NO. 987, 2018

RECOMMENDATION:

THAT COUNCIL give first, second, and third reading to the Financial Plan Bylaw No. 967, 2017, Amendment Bylaw No. 987, 2018.

CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:

I concur with the recommendation.

BACKGROUND/DISCUSSION:

The 2017 – 2021 Five Year Financial Plan Bylaw was adopted by Council on May 2, 2017. During the course of the year Council approved changes to the budget in response to unforeseen situations. For 2017, the value of these changes is significant enough to require an amendment to the Financial Plan Bylaw, as required by legislation.

A number of capital projects originally budgeted for 2017 were deferred to 2018 and, as described in monthly capital project updates to Council, a few projects carried forward to 2017 or that were added after third reading were missed when the budget bylaw was prepared. Additionally, reclassification of a small number of line items resulted in a change to total budgeted expense and transfers to reserves. Appendix A (attached) details the changes to the Financial Plan.

There is no impact on 2017 property taxes as a result of these amendments.

It is now in order for Council to authorize these financial plan changes through an amendment to Bylaw 967, 2017.

RECOMMENDATION:

THAT COUNCIL give first, second, and third reading to the Financial Plan Bylaw No. 967, 2017, Amendment Bylaw No. 987, 2018.

SUBMITTED BY:
D. Christenson, Director of Finance

REVIEWED BY:
S. Jones, Deputy CAO/Director of Corporate Administration

Attached:

• Appendix A: Reconciliation of Bylaw 967 with amending Bylaw 987
• Appendix B: Financial Plan Bylaw No. 967, 2017, Amendment Bylaw No. 987, 2018