HomeMy WebLinkAbout97-176 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW NUMBER 97-176
Being a by-law to amend By-Law #88-159,
being a by-law to establish a policy
respecting Working Funds Reserves.
WHEREAS the Council of the Corporation of the Municipality of Clarington considers it
desirable to re-establish the policies respecting Working Funds Reserves;
AND WHEREAS Section 163(2) of the Municipal Act R.S.O. 1990, as amended, provides, that
"every municipality, local board and other entity may in each year provide in its estimates for the
establishment or maintenance of a reserve fund for any purpose for which it has authority to
expend funds";
NOW THEREFORE, Be It Enacted and It Is Enacted as a By-law of the Corporation of the
Municipality of Clarington that By-Law #88-159 hereby be amended as follows:
• That the Working Funds Reserve be renamed as the Working Funds and Rate
Stabilization Reserve;
• That the policy respecting the Working Funds Reserve be amended to include:
4. That on an annual basis, any surplus for the year automatically be
transferred into this reserve to be accessed annually through the budget
process for mill rate stabilization purposes.
By-Law read a first and second time this 18th day of August 1997.
By-Law read a third time and finally passed this 18th day of August 1997.
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Mayor
X
r`
Clerk
THE CORPORATION OF THE TO" 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 day of October 1988
By-Law read a second time this 24th day of October 1988
By Law read a third and final time this 24th day of October 1988
Mayor
X
ing_ Clerk
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