TOWNSHIP OF ESQUIMALT STAFF REPORT
MEETING DATE: June 24, 2024 Report No. FIN-24-014
TO: Council
FROM: Ian Irvine, Director of Financial Services
SUBJECT: Reserve Fund Policy
RECOMMENDATION:
Recommendation
That Council approve Council Policy FIN-22 Reserve Funds as attached to Staff Report FIN-24-014.
Body
EXECUTIVE SUMMARY:
Information about Township reserves has been provided to Council during the annual budget process. The Community Charter requires documentation of policies and objectives related to funding sources, including reserves, but it does not specify the form this documentation should take. Previously, this information was incorporated in a single document and attached to the annual financial plan. This new Council Policy is intended to separate the policies, objectives and other relevant information related to reserves to facilitate easier review and still satisfy the statutory requirements.
BACKGROUND:
Information about the Township's reserve funds and accounts is communicated during the annual budget process. Typically, Council receives staff presentations, copies of relevant bylaws, and a summary of fund names and year end balances. The policies and objectives relating to reserve funds and accounts have been reviewed and approved as part of a single, consolidated document.
As part of the 2024 budget process, staff prepared a new Council Policy FIN-23 Financial Sustainability, Revenue and Tax document. Similar to previous years, this document was attached as a schedule to the Financial Plan Bylaw. While no significant policy changes were made to this document, information about the Township's reserves was removed and inserted into a newly created reserve fund policy which is attached to this report.
ANALYSIS:
During the adoption of the 2024-2028 Financial Plan Bylaw, Council Policy FIN-23 Financial Sustainability, Revenue and Tax was approved. The most significant change was the removal of reserve fund and account information. T...
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