HomeMy WebLinkAboutTR-79-81 1 ' 0
Report to the Chairman and Members of the Finance & Administration Committee
Meeting of September 29, 1981
Report Number: TR-79-81
Subject: Reserves established through the 1981 budget process
Recommendation:
It is respectfully recommended:
1. That this report be received, and
2. That the Committee direct the Treasurer as to the disposition
of these various Reserves Accounts as outlined in the report
following, and
3. That the Committee pass the necessary resolutions and/or by-laws
to establish or make additions to existing Reserves from the
Funds established in the 1981 budget as per Committee'sunderstanding
of the budget allocation when it was made during the 1981 budget
process.
Background:
In reviewing the 1981 expenditures to date, I have found various "Reserves" within
the current budget expenditures. In the case of new. "Reserves" I have been unable
to find in many cases a by-law establishing such Reserves, and in the case of "Reserves"
which may be existing I have been unable to find a resolution indicating that these
balances are to be added to the Reserves in the 1981 fiscal year.
It is my understanding that Reserves and Reserve Funds should be established by
by-law or resolution, although by by-law is preferable. In making additions or
reductions in Reserves or Reserve Funds during the year a resolution of Council is
required. Additions to Reserves or Reserves Funds may come from specific sources,
depending on the reason the Reserve or Reserve Fund was established, but reduction"
from Reserves and Reserves Funds must be made by resolution for expenditures which are
specifically related to the reason for which the Reserve or Reserve Fund was
established. Outlined below are the "Reserves" which I have found within the current
budget and have been unable to locate any Council or Committee direction with regard
to their establishment or budget allocation being an addition to a particular Reserve
within the 1981 year.
Fire Department 7102-403-001 Capital Expenditures - Mechanical Equipment $20,000
Community Services -
7607-410-001 Memorial Park Pool - Reserve for Equipment $ 1,000
7607-410-002 Newcastle Village Pool
- Reserve for Equipment $ 1 ,000
7607-410-003 Orono Park & Pool - Reserve for Equipment $ 1,000
Respectfully submitted by,
a_ce�_Iq WS
Kathryn Campbell , C.A. , B.Com. ,
Treasurer
09 21 81
R81-FS-6 ���