HomeMy WebLinkAboutFND-012-01
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REPORT
FINANCE DEPARTMENT
Date:
GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
MONDAY, DECEMBER 3, 2001 Resolution #: &;P(T-[;DV-'D J
FND-012-01 File #: r;).:{; By-law #: itol - ,~r i
Meeting:
Report #:
Subject:
RESERVE FUND ESTABLISHMENT
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1, THAT Report FND-012-01 be received; and
2. THAT the attached By-Law be authorized, (Attachment "A").
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Submitted by:!tIL.
Nancy . Tay r, B.BA, CA
Director of Finance
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Reviewed by:
Franklin Wu
Chief Administrative Officer
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931
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REPORT NO.: FND-012-01
PAGE 2
BACKGROUND AND RECOMMENDATIONS
1.0 As Council is aware, the Municipality is currently engaged in the assessment
appeal process through the Assessment Review Board with Ontario Power
Generation Inc. (OPG) (Roll No. 18-17010-020-09700). This property is the
Darlington Nuclear Plant.
1.1 Omitted assessments have been issued by the Municipal Property Assessment
Corporation (MPAC) dated October 26, 2001, covering the time period April 1,
1999 through to December 31,2001.
1,2 Since the resolution of the issues respecting the omits could result in a
requirement to refund taxes collected to OPG, and in consideration of the
magnitude of the amounts in dispute, the solicitor has recommended that a
Reserve Fund be established and that all funds received from OPG relating to
the above mentioned omitted assessments, be deposited into this Reserve Fund
until such time as all issues related to the omits are finally determined,
1.3 The same recommendation will be forwarded to the Region of Durham with
respect to their share of the revenue from the omitted assessments,
Attachments:
Attachment #A - By-Law to establish Reserve Fund
932
REPORT NO.: FND-012-01
PAGE 3
Interested party to be advised of Council's decision:
Region of Durham
R.J. Clapp, C.A.
Treasurer and Commissioner of Finance
Durham Tower
60 Bond Street West
P.O. Box 618
Oshawa, Ontario
L 1 H 8B6
CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L 1C 3A6 T (905)623-3379 F (905)623-0608
93,5
Attachment "A"
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW #2001-
Being a By-Law to establish a Reserve Fund
For Assessment Appeals
WHEREAS the Council of the Corporation of the Municipality ofClarington considers it
desirable to establish a Reserve Fund for Assessment Appeals.
AND WHEREAS Chapter MAS, Section 163(1) of the Municipal Act R,S.O. 1990,
provides that, "Every municipality as defined in the Municipal Affairs Act 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 in 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, but if the approval of the council is required by law
for a capital expenditure or the issue of debentures of or on behalf of a local board, the
approval of the council of a provision in the estimates of the local board for a reserve
fund shall be obtained".
NOW THEREFORE, Be It Enacted and It Is Enacted, as a By-Law of the Corporation of
the Municipality of Clarington as follows:
1. THAT the Director of Finance be authorized to establish a reserve fund
entitled "Reserve Fund - Assessment Appeals";
2. THAT the funds received from Ontario Power Generation for omits issued
October 26, 2001, by the "Iunicipal Property Assessment Corporation be
deposited into this reserve and pending satisfactory resolution of issues
related to the omits; and
3. THAT the Council may, by resolution passed by a majority of members
present, direct the use of the funds for municipal purposes.
By-Law read a first and second time this 10th day of December 2001.
By-Law read a third and finally passed this 10th day of December 2001.
John Mutton, Mayor
Patti L. Barrie. Municipal Clerk
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