HomeMy WebLinkAboutCS 58-07
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REPORT TO
EXECUTIVE COMMITTEE
Report Number: CS 58-07
Date: December 10, 2007
91
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Establishment of the Pickering Men's Slow Pitch League Reserve Fund
Recommendation:
1. That Report CS 58-07 of the Director, Corporate Services & Treasurer be
received;
2. That Council approve the establishment of the Pickering Men's Slow Pitch
League Reserve Fund; and,
3. That the appropriate City of Pickering officials be authorized to take the
necessary actions to give effect thereto.
Executive Summary: The Pickering Men's Slow Pitch League (The League) had
approached the City in regard to the building of a complex of ball diamonds within the
City that would be available for the league within the City. The League through their
fund-raising efforts anticipates providing an initial donation of between $100,000 -
$125,000 to the City upon signing of a Memorandum of Understanding (MOU). To this
fact, the funds received by the City are to be kept in trust, to be used for its intended
purpose. Thus, a reserve fund needs to be set-up to physically segregate this fund.
Council's formal approval is required to set-up this reserve fund. With the establishment
of the Pickering Men's Slow Pitch League Reserve Fund, donations received from the
League will be deposited to this account, the City is responsible for its safekeeping and
the funds should be used towards a men's softball facility within the City.
Financial Implications: The funds received from the Pickering Men's Slow Pitch
league will be used towards the cost of constructing the men's softball facility. The
interest earned on the investment of fund balances shall form part of this reserve fund.
Sustainability Implications: The availability of donated funds assists in the
construction of an additional recreational facility which further enhances the community.
Report CS 58-07
December 10, 2007
Subject: Establishment of Pickering Men's Slow Pitch League Reserve Fund Page 2
'It 9?
Background: With reference to the MOU between the City of Pickering and the
Pickering Men's Slow Pitch League, it is necessary to set-up a reserve fund to capture
the initial donation and future donations from the Pickering Men's Slow Pitch League
and to use these funds for the construction of a men's softball facility. The Director,
Operations & Emergency Services will be reporting to Council in Report OES 43-07 on
this arrangement and includes the MOU.
Attachments:
1. By-law for the establishment of the Pickering Men's Slow Pitch Reserve Fund
Prepared By:
Approved I Endorsed By:
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Caryn Kong
Senior Financial Analyst
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- Gillis . n ..~--
Director, Corporate Services & Treasurer
GAP:ck
Attachment
Copy: Chief Administrative Officer
Director, Operations & Emergency Services
Recommended for the consideration of
Pickering City Council
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,( I r.U-,,'L1 U -1-... TO REPORT #(~'S' t:,~l /07
THE CORPORATION OF THE CITY OF PICKERING
93
BY-lAW NO. /07
Being a By-law to provide for the establishment of a Reserve
Fund to be known as the Pickering Men's Slow Pitch league
ReseNe 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.
WHEREAS the Council of the City of Pickering approved Report OES 43-07 entering
into a Memorandum of Understanding (MOU) to receive donations, for safekeeping of
donated funds and further application of funds towards a major softball facility prior to
July 1, 2017.
WHEREAS the MOU provides for funds to be donated to the City to be used towards
the above-mentioned facility or may be used towards the cost of a community facility
subject to the approval by the league on or after July 1, 2017.
NOW THEREFORE THE COUNCil OF THE CORPORATION OF THE CITY OF
PICKERING HEREBY ENACTS AS FOllOWS:
1. The establishment of a reserve fund known as the Pickering Men's Slow Pitch
league Reserve Fund is hereby authorized.
2. The purpose of this reserve fund is to place all donations received from the
Pickering Men's Slow Pitch league in this account and to use these funds
towards the men's softball facility within the City limits prior to July 1, 2017 as
provided for in the MOU.
3. On or after July 1, 2017, the funds shall remain with the City to be used for the
above-mentioned facility or may be used towards the cost of a community facility
subject to the approval of the league.
4. Interest earned on the investment of fund balances shall form part of this reserve
fund.
BY-LAW read a first, second and third time and finally passed this 17th day of
December, 2007.
David Ryan, Mayor
Debi Wilcox, City Clerk