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 2020 Year-End Operating Budget Monitoring Report:
a) the 2020 Year-End Operating Budget Monitoring Report for the Property Tax Supported Budget, Water, and Wastewater & Treatment Budgets BE RECEIVED for information. An overview of the net corporate positions are outlined below:
i) Property Tax Supported Budget surplus of $22.3 million prior to the recommendations listed in this report and contribution to the Operating Budget Contingency Reserve, noting a balanced budget position after factoring in these items;
ii) Water Rate Supported Budget surplus of $5.0 million prior to the contribution to the Water Budget Contingency Reserve;
iii) Wastewater and Treatment Rate Supported Budget surplus of $3.9 million prior to the contribution to the Wastewater and Treatment Budget Contingency Reserve;
b) the following contributions to reserves in accordance with Council direction from the Mid-Year Report BE RECEIVED for information, noting the contributions were endorsed as funding sources to offset potential financial impacts of COVID-19 on the City’s 2021 Budget:
i) $12.3 million to the Operating Budget Contingency Reserve, noting the year-end contribution takes into account the contributions listed in items c) and d);
ii) $5.0 million to the Water Budget Contingency Reserve;
iii) $3.9 million to the Wastewater and Treatment Budget Contingency Reserve;
c) the Civic Administration BE AUTHORIZED to make the following contributions from the Property Tax Supported Budget surplus:
i) an additional $5.0 million to the Economic Development Reserve Fund to support social and economic recovery measures, it being noted the total 2020 contribution for these purposes would be equal to $10.0 million;
ii) Fleet Management net operational savings of approximately $1.5 million from the Property Tax Supported Budget be contributed to the Vehicle and Equipment Replacement Reserve Fund to offset increasing vehicle costs, and to mitigate potential near-term budget increases due to these cost pressures;
d) the following allocations from the Property Tax Supported Budget surplus BE APPROVED with respect to RBC Place London:
i) a one-time grant to support RBC Place operations for the remainder of 2021 in the amount of $2.5 million;
ii) a one-time contribution to the RBC Place Renewal Reserve Fund to ensure funding for the current RBC Place capital plan in the amount of $1.0 million;
e) the summary of anticipated COVID-19 impacts on the 2021 Budget BE RECEIVED for information, noting these represent updated forecasts and may vary as the impacts of the pandemic and recovery continues to dynamically evolve; and,
f) the presentation providing an overview of the 2020 Year-End Budget Monitoring and 2021 COVID-19 Impacts (Appendix "C" of the staff report dated April 27, 2021) BE RECEIVED for information;
it being noted that the reported year-end position is subject to completion of the financial statement audit; and,
it being further noted that the Strategic Priorities and Policy Committee received a communication dated April 22, 2021 from C. Butler with respect to this matter.