HomeMy WebLinkAboutCS 20-03
CiiL¡ o~
REPORT TO FINANCE &
OPERATIONS COMMMITTEE
Report Number: CS 20-03
Date: May 12, 2003
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
2002 Pre-Audit Balances of Reserves and Reserve Funds
Recommendation:
1. It is recommended that Report CS 20-03 of the Director, Corporate Services &
Treasurer be received; and that:
2. the Pickering Baseball Association Reserve Fund be closed and the attached By-law
be read three times and passed; and,
3. the appropriate officials of the City of Pickering be authorized to take the necessary
actions to give effect thereto.
Executive Summary: Based on the preliminary 2002 results, we can now report on
the pre-audit actual activities within the Reserves and Reserve Funds for 2002.
The "purpose" and the "recommended maintenance level" for each Reserve and
Reserve Fund are set out in Appendices Band C respectively.
The Pickering Baseball Association Reserve is recommended to be closed as it has served
its purpose and no funds remain to be spent.
Financial Implications:
Not applicable
Background: As in previous reports filed over the last four years, this report
provides specific information on each of the City's Reserves and Reserve Funds,
including year-end balances. The 2002 pre-audit Reserves and Reserve Funds
balance of $33,033,125 is one of the highest balances ever reported in Pickering.
Please bear in mind that this balance is not fully available for use due to the outstanding
appeal of assessment of properties belonging to Ontario Power Generation (OPG) and
commitment of funds not yet spent.
Report CS 20-03
Date: May 12, 2003
Subject: 2002 Pre-Audit Balances of ReseNes and ReseNe Funds
Page 2
In 2001, there was a receipt of $3,750,000 from OPG and in 2002 an amount of
$1,544,967 was received bringing the combined value of $5,294,967 credited to the
ReseNe for Contingencies pending final result of appeal. Thus, at this juncture we are
unable to confirm the availability of these monies for corporate purposes.
With regards to unspent commitments for capital projects, we are continuing last year's
practice of not booking any current or prior year's commitments until they are incurred.
This procedure allows the reseNe funds to earn interest income as long as funds are
still in the fund's custody. The combined unspent commitments for all reseNe funds are
$1,981,081. The total of these unspent commitments together with the funds received
and set aside pertaining to the assessment appeal funds amount to $7,276,048,
bringing the balance of ReseNes and ReseNe Funds available for use to $25,757,077
as of December 31,2002.
The City established two new ReseNes this year: Transit ReseNe and Continuing
Studies and Consulting ReseNe. The purpose of these ReseNes are discussed further
in Appendix B. As a requirement of Provincial funding received for purchase and
refurbishment of APT A vehicles, the City was also required to establish the Ontario
Transit Renewal ReseNe Fund.
Future pressure on these balances will be experienced as the trend to keep up with the
replacement costs and construction of infrastructure to keep pace with the growth of the
City. Also, declining developer contributions and lower interest income based on
current economic conditions, all contribute to an ever challenging financial picture.
Interest earned on loans represents amounts earned on 2001 internal borrowings.
Repayment for 2002 internal borrowings will commence in 2003 and interest earned will
be reflected accordingly.
Attachments:
1.
2.
3.
4.
Appendix A Summary of ReseNes and ReseNe Funds
Appendix B Description of Reserves
Appendix C Description of Reserve Funds
By-law to repeal By-law 5761/00
Report CS 20-03
Date: May 12, 2003
Subject: 2002 Pre-Audit Balances of Reserves and Reserve Funds
Page 3
Prepared By:
Approved I Endorsed By:
~
Senior Financial Analyst
~?~
~ A. Paterson,
Director, Corporate Services & Treasurer
-
GAP:vw
Attachments
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council
ATTACHMENT # -L TO REPORT # a.;¿ 0 --- 03
APPENDIX A
SUMMARY
CITY OF PICKERING
SUMMARY OF RESERVE AND RESERVE FUND PRE-AUDIT BALANCES
DECEMEBER 31, 2002
Pre-Audit Balances
Appendix B Summary Reserves 2002 2001 2000 1999
$ $ $ $
4610 Working Funds 400,000 400,000 841,350 841,350
4611 Replacement Capital 615,800 1,083,837 2,153,816 2,521,806
4612 Contingencies (2) 6,791,047 5,277,795 1,371,295 1,381,295
4613 Self-Insurance (2) 949,106 972,489 776,410 713,080
4619 Rate Stabilization 2,421,910 2,104,410 249,139 2,981,232
4620 Develop.Charges-City's Share (2) 2,812,214 2,765,000 1,889,000
4621 Transit (2) new 1,208,882
4622 Continuing Studies & Consulting (2) new 67,400
Total Reserves 15,266,359 12,603,531 7,281,010 8,438,763
Appendix C Summary of Reserve Funds 2002 2001 2000 1999
4225 Community Facilities 352,423 69,102 282,569 219,209
4227/4229 Development Charges (1) (2) 12,866,749 10,393,615 (3) 7,586,550 6,744,603
4228 Capital Works 516,013 499,540 850,630 826,082
4230 Parkland (1) (2) 2,017,875 2,622,150 (3) 3,875,813 4,242,340
4232 Public Works 1,400,169 1,365,285 1,304,410 1,194,655
4233 Pickering Baseball Assoc. (2) 1,228 60,789
4234 Workers Safety Insurance Brd (2) 176,974 7,232
4236 Ontario Transit Renewal (1) new 436,563
Total Reserve Funds 17,766,766 14,958,152 13,960,761 13,226,889
Total Reserves & Reserve Funds 33,033,125 27,561,683 21,241,771 21,665,652
Notes
(1) Obligatory
(2) Committed
(3) 2001 Balance different from that reported in prior year's report due to year end audit adjustments
~J"rACH¡VIENT#..:L- TO REPORT#~~O' Ò 3
APPENDIX B (Page 1)
RESERVE FOR WORKING FUNDS 4610
Actual Balance December 31, 2001
Transfers into the Reserve
$400,000
Transfers out of the Reserve
Pre-Audit Actual Balance December 31, 2002
~
1.
Purpose of this Reserve:
The reserve for working funds is used to provide operating cash to assist in
avoiding short term interest expenses incurred on operations, typically during the
first months of the year prior to tax billing and at other times when cash inflows
and outflows do not match as occurs in any corporation.
The interest income on this fund form part of the annual Current Budget General
Government Revenue.
2.
Recommended Maintenance levels of the Reserve:
It is recommended as a "rule-of-thumb" that this reserve be 2% to 3% of total
revenues.
APPENDIX B (Page 2)
RESERVE FOR REPLACEMENT OF CAPITAL EQUIPMENT G/l 4611
Actual Balance December 31, 2001
Transfers into the Reserve
Various Recreation Revenues (Budget Provision)
Fire Communication System
Don Beer Arena
$ 1,083,837
100,000
176,000
193,000
469,000
Transfers out of the Reserve
Transfer to Capital Fund for
Corp. Efficiency, Fire, Roads, Municipal Garage
(937.037)
~
Pre-Audit Actual Balance December 31, 2002
1.
Purpose of this Reserve:
The purpose of this reserve is to reduce the need to levy for the full cost of major
equipment in the year of acquisition. The reserve acts as a stabilization factor
and helps to avoid both tax rate fluctuations and the issuance of long term debt
or other means of financing.
The interest income on these funds form part of the annual Current Budget
General Government Revenue.
2.
Recommended Maintenance levels of this Reserve:
This reserve should be kept at a level which is equivalent to the replacement
cost of the assets for which they were established. The reserve balance has
fluctuated from the low of $1,829,610 as at December 31, 1998 to a high of
$2,521,806 as at December 31, 1999. The draw of $937,037 in the current year
has caused a significant decline in the balance of funds as at December 31,
2002. Other than capital levies collected for the purpose of financing long-term
debt related to the capital purchase of Fire Communication Dispatch System and
the construction of Don Beer Arena-Third Ice pad, there has been no large
contribution to this reserve for several years. This account continues to be under
funded. Major additional contributions will be required in future years.
APPENDIX B (Page 3)
RESERVE FOR CONTINGENCIES G/l 4612
Actual Balance December 31, 2001
Transfers into the Reserve
OPG Revetment Wall & Supps
Funding for Elections (Budget Provision)
Transfers out of the Reserve
Transfer to Capital Fund
$5,277,795
$ 1,544,967
71,500
1,616,467
Pre-Audit Actual Balance December 31, 2002
(103,215)
~
1.
Purpose of this Reserve:
Like the capital equipment replacement reserve, this reserve acts in a tax
stabilization capacity. It was established in anticipation of unknown, unusual or
extraordinary expenditures which occur from time to time.
The interest income on these funds form part of the annual Current Budget
General Government Revenue.
2.
Recommended Maintenance levels of this Reserve:
The funds received from Ontario Power Generation (OPG) in the amount of
$1,544,967 for the current year is the revetment wall and supplementary taxes
for properties currently under an assessment appeal. This amount plus last
year's contribution of $3,750,000 for a combined total of $5,294,967 are still
pending appeal. Caution should be used with regards to the availability of these
funds as the appeal is outstanding. Staff continue to monitor the balance of this
reserve.
APPENDIX B (Page 4)
RESERVE FOR SELF INSURANCE G/L 4613
Actual Balance December 31, 2001
Transfers into the Reserve
$972,489
Transfers out of the Reserve
Excess Insurance Claims
(23,383)
~
Pre-Audit Actual Balance December 31, 2002
1.
Purpose of this Reserve:
This reserve was established as a necessary form of asset protection.
Specifically, it is to cover insurance claims resulting from the increase in
deductible levels. The higher deductible reduced insurance premiums.
Significant savings can be realized through reduced premium costs and staff
analyze the costs/benefits of such actions on an annual basis.
The interest income on these funds form part of the annual Current Budget
General Government Revenue.
2.
Recommended Maintenance Levels of this Reserve:
This reserve should be maintained at a level to ensure that the funding is
adequate to meet future liabilities. This situation is analyzed by staff on a regular
basis. In 2002, actual insurance claims exceeded the budget by $23,383 and a
draw from this reserve was necessary to meet the over-expenditure.
APPENDIX B (Page 5)
RESERVE FOR RATE STABILIZATION G/L 4619
Actual Balance December 31, 2001
Transfers into the Reserve
Excess Surplus Contribution
$2,104,410
317,500
Transfers out of the Reserve
Pre-Audit Actual Balance December 31, 2002
~
1.
Purpose of this Reserve:
The purpose of this reserve is to act as a tax rate stabilization factor for annual
current budget funding.
The interest income on these funds form part of the annual Current Budget
General Government Revenue.
2.
Recommended Maintenance Levels of this Reserve:
The fund balance should be maintained at a level of 3 to 5 per cent of tax
revenues to provide tax rate stabilization for annual current budgeting purposes.
50% of 2002 operating surplus of $317,500 has been transferred to this reserve,
resulting in a pre-audit balance of $2,421 ,910.
APPENDIX B (Page 6)
RESERVE FOR DEVELOPMENT CHARGES - CITY SHARE GIL 4620
Actual Balance December 31, 2001
Transfers into the Reserve
2002 Current Budget Provision
$2,765,000
800,000
Transfers out of the Reserve
Transfer to Capital Fund:
Economic Development
Roads
External Subdivision
(1,686)
(56,000)
(695,100)
(752.786)
~
Pre-Audit Actual Balance December 31, 2002
1.
Purpose of this Reserve:
This reserve has been established to set aside funds for projected growth in the
City. From the 1999 Development Charges Study it was approved that a
Reserve Fund be established for the City's share i.e. the non-development
charge portion, of the costs of services included in the Development Charges
study and that contributions be included in the annual Current Budget for
consideration by Council. For the City to meet its obligations for the various
capital projects an annual contribution of $2.4 million is required.
The interest income on these funds form part of the annual Current Budget
General Government Revenue.
2.
Recommended Maintenance Levels of this Reserve:
Funds continue to be budgeted in the Current Budget to build up this reserve
fund to fund future capital growth of the City. Since it's inception in 2000, this is
the first year draws were being made to finance 2002 capital projects. This
reserve should be maintained at a level to ensure that the funding is adequate to
meet future capital growth in the City.
APPENDIX B (Page 7)
TRANSIT RESERVE - G/l 4621
Actual Balance December 31, 2001
Transfers into the Reserve
GO Transit Funding from Region
nil
1,629,600
Transfers out of Reserve
APT A Current Expenditures
APT A Capital Expenses
$(124,401 )
(296,317)
(420,718)
~
Pre-Audit Actual Balance December 31, 2002
1.
Purpose of this Reserve:
This reserve was established in 2002 to capture funds raised for transit purposes
and not immediately required and such other funds as Council may approve from
time to time. Any grant funding received by the City of Pickering or Ajax Pickering
Transit Authority (APT A) will go towards the applicable capital or current
expenditure with any resultant surplus from City of Pickering budget funding
being transferred to the Transit Reserve to assist in funding future year's APT A
budgets.
The interest income on these funds form part of the annual Current Budget General
Government Revenue.
2.
Recommended Maintenance levels of this Reserve:
Transfer into Reserve represents funding of $1,629,600 received from the
Region of Durham. Transfers were made out of this reserve to finance the 2002
Current & Capital operations of Ajax Pickering Transit Authority (APT A). This
included $124,401 for transitional and additional requirement expenses and
$296,317 for capital purposes bringing the net funds available of $1,208,882 as
at year-end December 31,2002.
APPENDIX B (Page 8)
RESERVE FOR CONTINUING STUDIES & CONSUL TING- G/L 4622
Actual Balance December 31, 2001
nil
Transfers into the Reserve
67,400
Transfers out of the Reserve
Pre-Audit Actual Balance December 31, 2002
~
1.
Purpose of this Reserve:
This reserve was established in 2002 to capture any unspent annual Current
Budget provisions related to consulting, continuing studies, professional and
legal fees. Under Generally Accepted Accounting Principles, the approval to
expend funds for these efforts ceases at year-end, however work may continue
beyond that date. The establishment of this fund enables the transfer of unspent
funds into future year and accommodates this frequent timing difference between
the approval and the expenditure.
The interest income on these funds form part of the annual Current Budget General
Government Revenue.
2.
Recommended Maintenance Levels of this Reserve:
There would be no recommended maintenance levels. Funds transferred to this
reserve will be used to fund the balance of the expenditures still to be incurred for
incomplete studies or consulting contracts.
ATTACH M ENT # ..J- TO REPORT #..£,S..J D - 03
APPENDIX C (Page 1)
RESERVE FUND FOR COMMUNITY FACILITIES G/L 4225
Actual Balance December 31, 2001
Transfers into the Reserve Fund
Excess Surplus Contribution
Capital Fund- return to source
Interest Earned on External Investments
$ 69,1 02
$ 317,500
433
2.410
320,343
Transfers out of the Reserve Fund
Transfer to Capital Fund:
- Parks
- Community Centres
$(7,125)
(29,897)
(37,022)
~352.423
Pre-Audit Actual Balance December 31, 2002
1.
Purpose of this Reserve:
This is a "discretionary" reserve fund established by Council to attempt to avoid
both tax rate fluctuations and the need for issuing long term debt for major
expenditures required for community facilities.
The interest income on these funds form part of the Reserve Fund as per the
Municipal Act.
2.
Recommended Maintenance Levels of this Reserve:
The balances of this fund have fluctuated from the 2001 year low of $69,102 to
the high in 1998 of $773,483. Due to it's low fund balance, 50% of 2002
operating surplus of $317,500 was transferred in to build up the fund balance in
the 2002 year.
Expenditures are transferred out of reserve funds only when incurred, therefore
the amount committed but not incurred at end of 2002 is $23,223. Taking these
commitments into consideration, the uncommitted balance of funds available is
$329,200. Additional amounts must be allocated to this fund.
APPENDIX C (Page 2)
RESERVE FUND FOR DEVELOPMENT CHARGES G/L 4227/4229
Actual Balance December 31, 2001
Transfers into the Reserve Fund External
Net Developer Contributions
Interest Earned on External Investments
Interest earned on 2001 Internal Loans
$10,393,615
$ 2,340,780
174,650
356,540
2,871,970
Transfers out of the Reserve Fund
Transfer to Capital Fund
- Parks - Petticoat Creek Bridge
- Parks - Front Street
- Corp Service - Master Financing Plan
- External Subdivision
$ (312,782)
(22,456)
(13,796)
(49,802)
(398,836)
~
Pre-Audit Actual Balance December 31, 2002
1.
Purpose of this Reserve:
This is an "obligatory" reserve fund and as such is governed by Provincial
legislation, regulation, City by-Law or agreement and requires revenue received
for the special purposes to be segregated from the general revenues of the
municipality. Obligatory reserve funds must be created whenever a statute
requires revenue received for a special purpose to be segregated from the
general revenues of the municipality and the revenue is to be used solely for the
purpose prescribed by statute, i.e. in this case the monies charged to developers
must be held and used to fund capital services required for new growth.
The interest income on these funds form part of the Reserve Fund as per the
Municipal Act.
2.
Recommended Maintenance levels of this Reserve:
In accordance with development charge legislation, .ê.!! development charge
revenue must be held within separate reserve funds and can only be used for the
financing of growth-related projects. As such, no reserve fund limits are
appropriate for development charge reserve funds because they are tied to
growth-related capital requirements.
This reserve fund has unspent commitments of $1 ,657,789. The pre-audit actual
balance of $12,866,749 would be reduced by $1,657,789 to reflect balance of
funds available of $11 ,208,960.
APPENDIX C (Page 3)
RESERVE FUND FOR CAPITAL WORKS G/l 4228
Actual Balance December 31, 2001
Transfers into the Reserve Fund
Interest Earned on External Investments
$499,540
17,410
Transfers out of the Reserve Fund
Transfers to Capital Fund
- Recreation Complex Core
(937)
~
Pre-Audit Actual Balance December 31, 2002
1.
Purpose of this Reserve:
This Fund is a "discretionary" one and was established pursuant to subsection
163(2) of the Municipal Act for specified purposes by Council related to the
acquisition of assets.
The interest income on these funds form part of the Reserve Fund as per the
Municipal Act.
2.
Recommended Maintenance levels of this Reserve Fund:
Between the years of 1998 to 2000, the balances have been maintained at
$600,000 to $800,000. In 2001, there was a 50% draw on this fund balance
without a corresponding contribution to this fund. Again, in 2002 no provisions
were made to contribute to this fund. The value of the unspent commitments at
end of 2002 is $13,823. The pre-audit actual balance of $516,013 will be reduced
to $502,190 to reflect balance of funds available. Major additional contributions
will be required in future years.
APPENDIX C (Page 4)
RESERVE FUND FOR PARKLAND G/L 4230
Actual Balance December 31, 2001
Transfers into the Reserve
Developers Contributions
Interest Earned on External Investments
Interest Earned on Internal loans
$2,622,150
$ 178,526
67,200
49,975
295,701
Transfers out of the Reserve Fund
Transfer to Capital Fund
- Parks Development
- Playground Equipment
- Purchase of land -"option lands"
$(246,062)
(464,098)
(189,816)
(899,976)
U&lLlli
Pre-Audit Actual Balance December 31, 2002
1.
Purpose of this Reserve Fund:
This is an "obligatory" reserve fund and it was established pursuant to section
163(2) of the Municipal Act as required by subsections 42(1), (5), (6), (7), (8) and
(9) of the Planning Act. This fund is governed by legislation, regulation or
agreement and requires revenues received for the special purposes to be
segregated from the general revenues of the municipality. Obligatory reserve
funds must be created whenever a statute requires revenues for a special
purpose to be segregated from the general revenues of the municipality and the
revenue is to be used solely for the purpose prescribed by statute.
The interest income on these funds form part of the Reserve Fund as per the
Municipal Act.
2.
Recommended Maintenance Levels of this Reserve Fund:
Due to the obligatory nature of this fund, there are no limits on this fund.
The value of the unspent commitments at end of 2002 is $208,247. The pre-audit
balance of $2,017,875 will have to be reduced by the unspent commitment to
reflect an uncommitted balance available of $1,809,628 as at December 31,
2002.
APPENDIX C (Page 5)
RESERVE FUND FOR PUBLIC WORKS G/L 4232
Actual Balance December 31, 2001
Transfers into the Reserve Fund
Interest Earned on External Investments
Developer Contributions
$1,365,285
$47,650
8,092
55,742
Transfers out of the Reserve Fund
Pre-Audit Actual Balance December 31, 2002
(20,858)
$1.400.169
1.
Purpose of this Reserve Fund:
This fund was established by Council pursuant to subsection 163(2) of the
Municipal Act. The purpose of the reserve fund is to acquire fixed assets, e.g.
storm sewers, without the need to fund on a long term nature through the issue
of debentures. The main purpose at this time is to fund the City's share of the
cost of subdivision works committed to under various subdivision agreements.
The interest income on these funds form part of the Reserve Fund as per the
Municipal Act.
2.
Recommended Maintenance levels of this Reserve Fund:
The "average" annual balance of this fund over the last four years has been
approximately $1.25 million. This reserve fund should be kept at least at this
level in the future. Staff will periodically review the need for this level with the
requirements contained in the capital budget and four year program and report
any different findings to Council.
The value of unspent commitments for 2002 are $60,000. The pre-audit balance
of $1 ,400,168 reduced by the unspent commitment will provide an uncommitted
balance available of $1 ,340,168.
APPENDIX C (Page 6)
RESERVE FUND FOR PICKERING BASEBALL ASSOCIATION
G/L 4233
Actual Balance December 31, 2001
Transfers into the Reserve Fund
Interest Earned on External Investments
$ 1 ,228
43
Transfers out of the Reserve Fund
Transfer to Capital Fund
- Cost of Construction
(1,271)
$
Pre-Audit Actual Balance December 31, 2002
1.
Purpose of this Reserve Fund:
This Reserve Fund has been established for the construction of the Brockridge
Park Clubhouse. The funding for this Reserve Fund was initially by contribution
from the Pickering Baseball Association, and thereafter from any other donors or
contributors or from such funds as the Council of the City of Pickering may from
time to time approve.
The interest income on these funds form part of the Reserve Fund as per the
Municipal Act.
2.
Recommended Maintenance levels of this Reserve Fund:
Funds collected for this reserve fund together with the City's contribution were
used towards the cost of construction of the clubhouse.
The construction was completed in 2001. The balance of funds was used to pay
for remaining unpaid invoices in 2002. This reserve fund will be closed out in
2003 as it has served it's intended purpose and project is completed.
APPENDIX C (Page 7)
RESERVE FUND FOR WORKERS SAFETY INSURANCE BOARD
G/l 4234
Actual Balance December 31, 2001
Transfers into the Reserve Fund
Contribution from Current Fund
Interest Earned on External Investments
$ 7,232
$272,107
1,611
273,718
Transfers out of the Reserve Fund
- Claims and Other Related Costs
- Insurance Costs
-Contribution to Health & Safety Program
(Budget Provision)
$ (46,092)
(37,884)
(20,000)
(103,976)
Pre-Audit Actual Balance December 31, 2002
~
1.
Purpose of this Reserve Fund:
This Reserve Fund has been established to provide for the annual costs of
insurance coverage, contributions towards the health and safety program, and
the payment of claims and other related costs now the City is a Schedule 2
employer. This Reserve Fund was created in 2001 further to the
recommendation passed in Council Resolution#127/01 and in compliance with
Workplace Safety & Insurance Act.
The interest income on these funds form part of the Reserve Fund as per the
Municipal Act.
2.
Recommended Maintenance levels of this Reserve Fund:
2002 is the second year after the transfer from Schedule 1 to 2 and has resulted
in savings of $176,974 being accumulated in the Reserve Fund.
Projected savings generated by the transfer to Schedule 2 are estimated to be in
excess of $190,000 per annum for 2003 and beyond. As Schedule 2 operates
on the self-insured principle, the savings in 2003 and beyond will be transferred
to this reserve fund to build up the fund balance in the event of any catastrophic
claim-related costs, which may occur.
APPENDIX C (Page 8)
ONTARIO TRANSIT RENEWAL RESERVE FUND
G/L 4236
Actual Balance December 31, 2001
nil
Transfers into Reserve Fund
Contribution from Ministry of Transportation
436,563
Transfer out of Reserve Fund
Pre-Audit Balance December 31, 2002
~
1.
Purpose of this Reserve Fund:
This is an obligatory Reserve Fund established to capture funding received from
Ministry of Transportation for the sole purpose of funding acquisition of APT A
vehicles or for any major vehicle refurbishment. This Reserve Fund was newly
created in 2002 further to the recommendation passed in Council Resolution
#110/02, per Report to Council CS 16-02.
The interest income on these funds form part of the Reserve Fund as per the
Municipal Act.
2.
Recommended Maintenance Levels of this Reserve Fund:
No reserve fund limits are appropriate for this fund as availability of funds is
dependent on amount of grant received net of its application.
$436,563 represents 50% of City of Pickering's share of the grant received from
Ministry of Transportation. The remaining 50% belongs to the Town of Ajax
bringing a total funding of $873,126 under the Ontario Transit Renewal Program.
ATTACHMENT#L TO REPORT#-'L...;>O . o~.,
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO.
/03
Being a by-law to repeal By-law no. 5761/00 which
was to establish and maintain a Reserve Fund for the
construction of the Brockridge Park Clubhouse.
WHEREAS the City of Pickering passed By-Law 5761/00 to establish and maintain a
Reserve Fund for the construction of the Brockridge Park Clubhouse.
WHEREAS the construction of the clubhouse is completed, there are no monies
remaining in the Reserve Fund and the Reserve Fund has served its intended
purpose and can now be closed.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY
OF PICKERING HEREBY ENACTS AS FOLLOWS:
1.
That the Reserve Fund to be known as the Brockridge Park Clubhouse
Trust be closed.
2.
That By-law 5761/00 be repealed.
3.
That this By-law shall come into effect upon the date of the final passing
thereof.
BY-LAW read a first, second and third time and finally passed the 2nd day of
June, 2003.
Wayne Arthurs, Mayor
Bruce Taylor, Clerk