Council votes
Decision

Update of Reserve Policy and Minimum Balances

Carried 24 Jul 2023The vote
Topic: Economy Categories: Economic Development, Governance & Civic Engagement 1 recorded vote 24 Jul 2023

What it does

Purpose, from an earlier report
To update the Reserve Policy to reflect the new Growing Communities Reserve Fund and review the minimum reserve balances for the three (3) financial stability reserves.
Staff report, page 1

Votes

  1. 24 Jul 2023other
    Carried 7–0Absent 2

    That Council: 1. Amend Reserve Policy COU-231 to include the Growing Communities Reserve Fund; and, 2. Revise the minimum balances for the three (3) financial stability reserves, to be reviewed every five (5) years, as follows: a. $17,000,000 the General Financial Stability Reserve b. $600,000 for the Sewer Financial Stability Reserve c. $1,750,000 for the Water Financial Stability Reserve

    The voteMinutes, page 4–5City vote record

Documents