That, on the recommendation of the Deputy City Manager, Finance Supports, the following actions be taken with respect to the 2024 Mid-Year Operating Budget Monitoring Report:
a) the 2024 Operating Budget Mid-Year Monitoring Report for the Property Tax Supported Budget, Water Budget, and Wastewater and Treatment Budget BE RECEIVED for information. An overview of the corporate projections are outlined below, noting the year-end positions include the reserve and reserve fund contributions listed in recommendation b) and Tables 1, 2, and 3, while noting actual results could fluctuate based on factors beyond the control of the Civic Administration:
i) Property Tax Supported Budget projected to be balanced at year-end;
ii) Water Rate Supported Budget projected surplus of $0.4 million; and
iii) Wastewater and Treatment Rate Supported Budget projected to be balanced at year-end;
it being noted that any reported Property Tax, Water, and Wastewater & Treatment Budget surplus will be allocated in accordance with the Council Approved Surplus/Deficit Policy;
b) the contribution of year-end Property Tax Supported, Water Rate Supported and Wastewater and Treatment Rate Supported Budget surplus to the applicable Contingency Reserve in accordance with the Council approved Surplus/Deficit Policy BE RECEIVED for information:
i) $15.1 million to the Operating Budget Contingency Reserve, noting the balance remains under its target;
ii) $1.2 million to the Water Budget Contingency Reserve, noting the balance remains under target; and
iii) $0.6 million to the Wastewater and Treatment Budget Contingency Reserve, noting the balance remains under its target;
it being noted that the contributions to the respective budget contingency reserves are being made to replenish these reserves that will be utilized to finance the 2024 projected cost of statutory development charges exemptions and discounts resulting from recent legislative changes that are in excess of budgeted amounts and otherwise unfunded.