To be introduced by Shelley Legin, General Manager, Corporate Services.
Purpose: To provide Council with information regarding the allocation of the 2019 operating surplus.
Presentation:
- Laura Mercer, Director, Finance.
Recommendation: That Council approve the allocation of the 2019 operating surplus as follows:
1. General Fund
a. Special Initiatives Reserve $2,013,000
b. General Capital Reserve 2,955,073
c. General Financial Stability Reserve 759,874
d. Strategic Partnership Reserve 200,000
$5,927,947
2. Sewer Fund
a. Sewer Reserve $ 581,616
3. Water Fund
a. Water Distribution Reserve $ 1,069,989
Total Surplus Allocation $ 7,579,552