Update of Reserve Policy and Minimum Balances
Motion
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
This vote follows the minutes. The City’s vote record differs.
Sources
Agenda itemCity agenda
Staff reportPage 1
Purpose
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 recommendation
That the Finance and Audit Committee recommend 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
DocumentsStaff report about Economic Development