Approve items 2.1 and 2.2 as follows:
2.1 2018 Year-End Capital Monitoring Report
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 2018 Year-End Capital Monitoring Report:
a) the above-noted Report, dated April 16, 2019, BE RECEIVED for information; it being noted that the life-to-date capital budget represents $1.7 billion with $1.3 billion committed and $0.4 billion uncommitted; it being further noted that the City Treasurer, or designate, will undertake the housekeeping adjustments identified in the Report, in accordance with the Multi-Year Budget Policy adopted by By-law No. CPOL.-45-241;
b) the status updates of active 2015 life-to-date capital budgets (2015 and prior) having no future budget requests, attached as Appendix “B” to the staff report dated April 16, 2019, BE RECEIVED for information;
c) the following actions be taken with respect to the completed capital projects identified in Appendix “C” appended to the staff report dated April 16, 2019, which have a total of $11.9 million of net surplus funding:
i) the capital projects included in the above-noted Appendix “C” BE CLOSED; and,
ii) the following actions be taken with respect to the funding associated with the capital projects approved for closure in part c) i), above;
Rate Supported
A) pay-as-you-go funding of $218,017 BE TRANSFERRED to capital receipts;
B) authorized debt financing of $309,708 BE RELEASED resulting in a reduction of authorized, but unissued debt;
C) uncommitted reserve fund drawdowns of $8,411,629 BE RELEASED from the reserve funds which originally funded the projects;
Non-Rate Supported
D) uncommitted reserve fund drawdowns of $1,934,391 BE RELEASED from the reserve funds which originally funded the projects;
E) authorized debt financing of $280,478 BE RELEASED resulting in a reduction of authorized, but unissued debt;
F) other net non-rate supported funding sources of $696,778 BE ADJUSTED in order to facilitate project closings; and,
d) the funding for the Grand Theatre’s $2 million request previously approved by Municipal Council BE RECEIVED for information.
2.2 2018 Operating Budget Year-End Monitoring Report - Property Tax, Water, Wastewater and Treatment Budgets
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 2018 Operating Budget Year-End Monitoring Report:
a) the 2018 Operating Budget Year-End Monitoring Report for the Property Tax Supported Budget, Water, and Wastewater & Treatment Budgets BE RECEIVED for information; it being noted that an overview of the net corporate positions are outlined below, noting that the year-end positions include the contributions to reserves listed in items b) to d):
i) Property Tax Supported Budget surplus is $6.0 million as identified by the Civic Administration, Boards and Commissions;
ii) Water Rate Supported Budget position is balanced at year-end;
iii) Wastewater & Treatment Rate Supported Budget surplus is $3.2 million;
b) the following contributions to reserves, in accordance with the Council approved Surplus/Deficit Policy, BE RECEIVED for information:
i) $3.0 million to the Operating Budget Contingency Reserve;
ii) $3.0 million to the Water Budget Contingency Reserve;
iii) $2.2 million to the Wastewater Budget Contingency Reserve;
c) the request to fund the 2018 London & Middlesex Community Housing operational deficit of $35,284, which has been included in the above noted surplus of $6.0 million, BE APPROVED (see Appendix E for Letter of Request, appended to the staff report dated April 16, 2019);
d) notwithstanding the Council approved Surplus/Deficit Policy, the Civic Administration BE AUTHORIZED to contribute $3.0 million of the $6.0 million surplus from the Property Tax Supported Budget to the Industrial DC Incentive Program Tax-Supported Reserve Fund;
e) the contribution of $3,945,235 ($3,381,174 – Property Tax Supported; $226,196 – Water; and $337,865 – Wastewater & Treatment) to the Efficiency, Effectiveness and Economy Reserves in 2018 BE RECEIVED for information; and
f) the allocation of the remaining surplus from the Property Tax Supported Budget, Water Rate Supported Budget, and Wastewater & Treatment Rate Supported Budget in accordance with the Council approved Surplus/Deficit Policy BE RECEIVED for information;
it being noted that the reported year-end surplus is subject to completion of the financial statement audit.