HomeMy WebLinkAboutTR-8-82 H\50 VOKIF�Gf A`,p.
CORPORATION OF THE TOWN OF NEWCASTLE
40 TEMPERANCE STREET
\t BOWMANVILLE, ONTARIO
L1C3A6 TELEPHONE 623.3379
REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MEETING HELD
FEBURARY 8, 1982.
TR-8-82
SUBJECT: FINANCING OF THE COURTICE STORM SEWER
EXPENDITURES TO DECEMBER 31, 1981 OUT
OF THE O.H,A.P. RESERVE FUND
RECOMMENDATION:
It is respectfully recommended:
1. That this report be received; and
2. That the expenditures to December 31, 1981 for capital works
re: the Courtice Strom Sewer project be financed from the
O.H.A.P. Reserve Fund, Account Number 5001-000-009
BACKGROUND AND COMMENT:
i
The amounts expended to December 31, 1981 which have been recorded in the
capital accounts related to the Courtice Storm Sewer project are outlined
below:
Courtice Storm Sewer Advertising $` 631,35
Engineering &
Supervision 43,444.69
Construction 4,093.63
Land Purchases 80,180.99
128,350,66
Storm Water Management Study 6,689,01
$135,039.67
2 �' �1
Report to G.P.A. - Feb. 8/82 TR-8-82
These expenditures should be funded from the O.H.A.P. Reserve Fund, account
number 5001-000-009 which was established to partially fund this project. The
balance of the O.H.A.P. Reserve Fund at December 31, 1981 prior to the
aforementioned transactions is $243,125.78. This balance includes $44,088.32 interest
on this reserve fund during 1981. Once the capital costs are charged to the
reserve fund account the adjusted balance at December 31, 1981 will be $108,086.11 .
In the future, if some of these costs are recovered from the developers through
the development agreements, the O.H.A.P. reserve fund should be credited with
those receipts. There is a requirement, however, to fund these expenditures
before the end of the 1982 term of Council .
Respectfully submitted,
Kathryn Campbell , C.A. , . B.Com. ,
Treasurer
AC/gf
02 02 82
081-CUA-1