REQUEST FOR DECISION
DATE: June 4, 2018 Report No. FIN-18-011
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
Funding Request - Habitat Acquisition Trust
End
RECOMMENDATION:
Recommendation
It is accepted procedure that staff not make recommendations on funding requests. Options available to Council are listed below under ALTERNATIVES.
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RELEVANT POLICY:
Council Policy FIN-16 Permissive Tax Exemptions
Council Policy ADMIN-32 Local Grants
STRATEGIC RELEVANCE:
Continue to enhance the health and liveability in the community
BACKGROUND:
Staff received a local grant application from the Habitat Acquisition Trust requesting $6,500 in additional financial support. If Council elects to approve the request, funding could come from the Local Grants account or the Contingency account within the 2018 Financial Plan.
The Local Grants account is funded each year within the Financial Plan approved by Council. The existing Council Policy ADMIN-32 Local Grants states that the purpose of the grant program is to "financially assist community groups and not-for-profit societies and organizations in achieving their objectives. Local grant funding is intended to provide support to societies, organizations and committees with the expectation that alternate sources of funding will be secured."
The Contingency account is set up each year with a balance which is intended to cover any unforeseen or unexpected expenditures. Any funds that remain in the Contingency account at the end of each year are transferred to accumulated surplus for funding future significant capital projects or acquisitions.
In 2018, Council granted the Habitat Acquisition Trust a 50% permissive tax exemption which will be a total of $6,565 during the 2018 taxation year. Of this amount, $3,691 will represent an exemption of municipal property taxes. This 50% exemption was a reduction from the 2017 taxation year when Counc...
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