Recommendation: That, on the
recommendation of the Managing Director, Corporate Services and City
Treasurer, Chief Financial Officer, the following actions be taken with
respect to reserve funding housekeeping:
a) the
roles and responsibilities for the establishment of, contribution to,
drawdown from and windup of reserves and reserve funds, as contained in the
staff report dated May 28, 2013, BE ENDORSED; it being noted that the City
Treasurer, Chief Financial Officer or designate will uphold those roles and
responsibilities;
b) the
following actions be taken with respect to various reserve funds:
i) the
Public Sector Major Grants Reserve Fund BE CLOSED and the remaining balance BE
TRANSFERRED to the Economic Development Reserve Fund, once all commitment
payments have been made; it being noted that the Economic Development Reserve
Fund Plan includes funding for both Fanshawe College and Western University;
ii) the
City Services Solid Waste Reserve Fund BE CLOSED and the remaining balance BE
TRANSFERRED to the City Services Growth Studies Reserve Fund;
iii) the
City Services Public Works Reserve Fund BE CLOSED and the remaining balance BE
TRANSFERRED to the City Services Roads Reserve Fund;
iv) the
Westminster Road Improvements Reserve Fund BE CLOSED and the remaining
balance BE TRANSFERRED to the City Services Roads Reserve Fund;
v) the
Westminster Road Legal Reserve Fund BE CLOSED and the remaining balance BE
TRANSFERRED to the City Services Growth Studies Reserve Fund;
vi) the
Westminster Frontend Reserve Fund BE CLOSED and the remaining balance BE
TRANSFERRED to the City Services Growth Studies Reserve Fund; and,
c) the
proposed by-law included as Appendix A to the staff report dated May 28, 2013
to repeal the by-law establishing the Public Sector Major Grants Reserve Fund
BE INTRODUCED at the Municipal Council meeting to be held on June 11, 2013;
it being noted that the reserve funds recommended for closure in recommendations
b) ii) through b) vi), above, do not have active by-laws due to the nature of
when and how they were created;
d) the
proposed by-laws included as Appendix B to the staff report dated May 28,
2013, BE INTRODUCED at the Municipal Council meeting on June 11, 2013 to
establish the following reserve funds:
i) the
Technology Services Reserve Fund;
ii) the
Material Recovery Facility Reserve Fund;
iii) the
Water Customer Assistance Reserve Fund;
iv) the
Parking Facilities Reserve Fund; and,
v) the
Municipal Affordable Homeownership Revolving Loan Reserve Fund.
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