Budget Committee of the Whole Meetings Tuesday May 28 at 1:30pm
Recap:
Based on the 2023 year-end results, the Operating Fund has produced a surplus of $5,904,890.
Staff recommend that the surplus be allocated as follows:
$3,491,900 to the Tax Rate Stabilization Reserve for the surplus related to investment income,
an additional $1,206,495 also to the Tax Rate Stabilization Reserve and;
the remaining $1,206,495 to the Community Enhancement and Economic Vitality Reserve Fund.
Based on the 2023 year-end results, the Water & Wastewater Fund generated a surplus of $84,181.
Staff recommend that the surplus be allocated to the Water Rate Stabilization Reserve.
Based on the 2023 year-end results, the Stormwater Management Fund generated a deficit of $83,461.
Staff recommend that the deficit be funded by the Water Quality Protection Reserve Fund.
The City’s investment portfolio realized investment income of $26.4 million, which equated to an income return of 4.06%.
The Treasurer is of the opinion that the investment portfolio and all transactions undertaken in 2023 adhered to all required standards of the Municipal Act, Investment Policy and goals adopted by the City
As of December 31, 2023, the City has 86 Reserves and Reserve Funds with a consolidated 2023 year-end balance of $453.14 million.
Compared to the prior year’s balance there is a $7.71 million (1.73%) increase, in the aggregate balance of the reserves and reserve funds.
The uncommitted Development Charges Reserve Funds balances have increased by $18.78 million in 2023, from an opening balance of $143.72 million to a closing balance of $162.50 million (exclusive of developers’ credits).
During 2023, the City collected $22.99 million and funded $8.98 million in capital projects from Development Charges Reserve Funds.
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