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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 the 2012
Operating Budget Status – Second Quarter Report for the General Budget
(Property Tax Supported as contained in Appendix “A” of the staff report
dated September 4, 2012), Drinking Water Supply Budget and Wastewater Removal
and Storm Water Management Budget:
a) the Status Report BE RECEIVED
for information; it being noted that the Civic Administration is
projecting:
i) a
$1.8 million in savings for the General (Property Tax Supported) Budget,
noting that the year end position could fluctuate significantly based on
factors beyond the control of Civic Administration such as Ontario Works
caseload and winter maintenance.
ii) a
$0.6 million savings in the Drinking Water Supply Budget.
iii) a
$0.2 million deficit in the Wastewater Removal and Storm Water Management
Budget.
b) the
Civic Administration BE AUTHORIZED to contribute to/draw down from the
Operating Budget Contingency Reserve to balance year end operations of the
Property Tax Supported Budget should the budget be in
a
surplus/deficit position;
c) the
Civic Administration BE AUTHORIZED to contribute to the Unfunded
Liability Reserve operational savings realized from personnel and contingency
budgets at 2012 year end;
d) the
Civic Administration BE AUTHORIZED to contribute to/draw down from the
Water Capital Reserve Fund to balance year end operations of the Water Budget
should the budget be in a surplus/deficit position;
e) the
Civic Administration BE AUTHORIZED to contribute to/draw down from the
Wastewater Rate Stabilization Reserve to balance year end operations of the
Wastewater Budget should the budget be in a surplus/deficit position; and
f) the
Civic Administration’s contribution of $1,105,021 ($914,348 – property tax
supported; $103,185 – wastewater; and $87,488 – water) to the Efficiency,
Effectiveness and Economy reserves in 2012 BE NOTED.
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