HomeMy WebLinkAboutTR-6-85 4
CORPORATION OF THE TOWN OF NEWCASTLE
TREASURY DEPARTMENT K. CAMPBELL, C.A., TREASURER
40 TEMPERANCE STREET TEL.(416) 623-3379
BOWMANVILLE, ONTARIO
L1C 3A6
REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
MEETING OF FEBRUARY 4, 1985
REPORT NO. : TR-6-85
SUBJECT: TRANSFERS TO RESERVES
RECOMMENDATION:
It is respectfully recommended that the General Purpose and
Administration Committee recommend to Council :
1. That this report be received.
2. That a transfer of $8,460 provided in the Fire
Department 1984 Operating Budget for the purchase
of various minor equipment 'and firefighting gear,
to the General Capital Reserve (2900-X-17-0) , be
approved.
3. That a transfer of $149,357.52 to the Inventory
Reserve (2900-X-19-8) , as required by the
regulations governing the financial statement
presentation for municipalities, be approved.
BACKGROUND AND COMMENT:
Items within the Fire Department budget have been ordered but
not received by the end 1984 and they now require a transfer
to the reserve to cover their costs. The items are listed
below for your information:
(4)
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TR-6-85
BACKGROUND AND COMMENT: continued
5 fire retardant jumpsuits $ 492 .00
41 prs. of fire boots 2255.00
28 firefighters' coats 7187.00
1 night light ballast 210.00
1 smoke ejector holder 315.00
1 portable radio battery 180.00
1 portable hand light 175.00
less items received (254.00)
tax $ 740.00
$11 ,300.00
less - some equipment received $ 2,840.00
in January 1985
$8,460.00
A requirement of the revised financial statement presentation
for the muncipality which was put in place January 1st 1983
was a reserve provision to offset the inventory. In 1983
$48,300.95 was established as a partial reserve against the
inventory. The transfer of $149,357.52 will establish the
reserve in full as of December 31st 1984 and will require only
minor adjustments year to year as the inventory values
fluctuate.
These two reserves are the only reserves requiring year end
adjustment at this time.
A,
Respectfully submitted,
Kathyr A. Campbe 1 , C.A. , B.Comm. ,
Treasurer.
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