HomeMy WebLinkAbout88-159
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW 88- 159
being a by-law to establish a policy respecting
Working Funds Reserves
WHEREAS the Council of the Corporation of the Town of Newcastle considers it
desirable to re-establish the policies respecting Working Funds Reserves;
.
AND WHEREAS Section 308 (1) of The Municipal Act, R.S.O. 1970, as amended,
provides, that "every Municipality and every board, commission, body or local
authority established or exercising any power or authority with respect to
municipal affairs under any general or special Act in an unorganized township
or unsurveyed territory may in each year provide in the estimates for the
establishment or maintenance of a Reserve Fund for any purpose for which it
has authority to spend funds:
NOW THEREFORE BE IT ENACTED AND IT IS ENACTED AS A BY-LAW OF THE CORPORATION
OF THE TOWN OF NEWCASTLE AS FOLLOWS:
pOlicy:
1. That a policy is hereby established whereby an amount be included in
the annual estimates of the TOwn to be transferrred to the Working
FUnds Reserve.
2. That the balance in the Working Funds Reserve by allowed to float within
target limits of 5% to 10% of the current year's total Municipal portion
of the tax billing.
3. That the Treasurer be authorized, after any given year-end, to transfer
to the General Capital Reserve, any funds that are no longer required to
meet the cash requirements of the previous year.
By-LaW read a first time this 24th
By-LaW read a second time this 24th
day of October
day of October
24th day of October
1988
1988
By LaW read a third and final time this
1988
Mayor