FINANCIAL PLAN BYLAW NO. 945, 2016, AMENDMENT BYLAW NO. 957, 2016 Staff Report

TOWN OF VIEW ROYAL COUNCIL REPORT

TO: Council
DATE: October 26, 2016
FROM: Michael Dillabaugh, CPA, CA, Director of Finance
MEETING DATE: November 1, 2016

FINANCIAL PLAN BYLAW NO. 945, 2016, AMENDMENT BYLAW NO. 957, 2016

RECOMMENDATION:

THAT Council give first, second, and third reading to the Financial Plan Bylaw No. 945, 2016, Amendment Bylaw No. 957, 2016.

CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:

I concur with the recommendation.

BACKGROUND DISCUSSION:

The 2016 – 2020 Five Year Financial Plan Bylaw was adopted by Council on May 10, 2016.

Each year Council approves a few small changes to the budget for unforeseen situations. The net value impact of these changes rarely gives rise for the requirement of a financial plan bylaw amendment.

For 2016, the value of these changes is significant enough to require an amendment to the Financial Plan Bylaw. These amendments include:

a. The funding for the Public Safety Building project that was in previous year capital budget. An oversight in the preparation of the 2016 capital budget did not include this carryforward amount and is therefore required to be added to the bylaw. b. Revenue recognition transition for Gas Tax and Casino funding. Due to changes in the financial statement presentation requirements it is necessary to record Gas Tax funding and Casino Revenue funding as revenue in the year it is received rather than as deferred revenue when it is received as has been past practice. Approval for this transition was approved as part of the Reserve and Surplus Policy review that was approved by Council following the approval of the 2016 – 2020 Financial Plan. These funds will be tracked individually as part of appropriated surplus. c. E&N Rail trail capital asset funding contributed by the CRD. Initial budget included in the financial plan was the net cost to the Town. As this is a Town of View Royal asset, the full cost of the project is a capital expense to the Town with offsetting revenue from the CRD to cover the difference. d. Additional budget required for Burnett Rd improvements e. Additional funding required for the Island Hwy design from Stewart to Beaumont. f. Transmission for Fire Apparatus.

There is no impact on 2016 property taxes as a result of these amendments.

It is now in order for Council to formalize the approvals provided for these projects throughout the year.

RECOMMENDATION:

THAT Council give first, second, and third reading to the Financial Plan Bylaw No. 945, 2016, Amendment Bylaw No. 957, 2016.

SUBMITTED BY:
M. Dillabaugh, Director of Finance

REVIEWED BY:
K. Anema, Chief Administrative Officer