HomeMy WebLinkAboutBy-law 7825/21The Corporation of the City of Pickering
By-law No. 7825/21
Being a By-law to Provide for the Establishment
of a Reserve Fund to be Known as the 2021
COVID-19 Recovery 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 capturing 2021 COVID-19 Recovery Grant Funding received from the
provincial government to be used for 2021 and/or future COVID-19 operating costs and
pressures.
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 2021 COVID-19 Recovery
Reserve Fund is hereby authorized.
2.That the 2021 COVID-19 Recovery Reserve Fund shall consist of grant monies
received from the Province from the COVID-19 Recovery Funding for Municipalities
program.
3.That the 2021 COVID-19 Recovery Reserve Fund shall be used to address the
City’s 2021 and/or future COVID-19 operating costs and pressures.
3.That the Treasurer has the discretion to draw from this fund to maintain the City’s
financial and business plans due to direct and indirect affects of COVID-19.
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