HomeMy WebLinkAboutBy-law 7824/21The Corporation of the City of Pickering
By-law No. 7824/21
Being a By-law to Provide for the Establishment
of a Reserve Fund to be Known as the WSIB
Excess Indemnity Reserve Fund.
Whereas under the Municipal Act, S.O., 2001 as amended, Section 417(1), the Council
of the City of Pickering may establish and maintain a reserve fund for any purpose for
which it has authority to expend funds; and
Whereas it is desirable for the City of Pickering to establish such a reserve fund for the
purpose of paying potential claims and other related costs arising out of extraordinary
WSIB claims such as multiple injuries arising from one incident, severe burns or
paraplegic or quadriplegic claims.
Now therefore the Council of the Corporation of the City of Pickering hereby enacts as
follows:
1. That the establishment of a reserve fund known as the WSIB Excess Indemnity
Reserve Fund is hereby authorized.
2. That WSIB Excess Indemnity Reserve Fund shall be used to pay potential claims
and other related costs arising out of extraordinary WSIB claims.
3. That the financial goal of this fund is to reach a balance $2.5 million, subject to
actuarial valuations of the City’s future WSIB liabilities.
4. That the Interest earned on the investment of fund balances shall form part of this
reserve fund.
5. That this By-law shall come into force on the date of its enactment.
By-law passed this 22nd day of March, 2021.
Original Signed By:_________________ _________________
David Ryan, Mayor
___Original Signed By:______________ _________________
Susan Cassel, City Clerk