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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