Title
CREATION OF NEW RESERVE AND RESERVE FUNDS
1. That staff be authorized to create the following development charges reserve funds that are required based on the updated Development Charges By-law 2014-108:
a) Water Services - Distribution Systems - Salem & Hewitt's Secondary Plan Areas (11-05-0515);
b) Water Services - Distribution Systems - Former City Municipal Boundary Areas (11-05-0517);
c) Water Services - Facilities Related Debt (11-05-0541);
d) Wastewater Services - Collection Systems - Salem & Hewitt's Secondary Plan Areas (11-05-0516);
e) Wastewater Services - Collection Systems - Former City Municipal Boundary Areas (11-05-0518);
f) Wastewater Services - Facilities Related Debt (11-05-0526);
g) Roads Related (11-05-0521);
h) Parking (11-05-0523); and
i) Social Housing (11-05-0562).
2. That the descriptions be changed on the following development charges reserve funds, to better reflect their intended purpose as required by Development Charges By-law 2014-108:
a) Roads (11-05-0520) - formerly known as Roads & Related;
b) Wastewater Services - Facilities (11-05-0525) - formerly known as Sanitary Sewers;
c) Storm Water Drainage & Control Systems - Former City Municipal Boundary Areas (11-05-0530) - formerly known as Storm Water Mgmnt; and
d) Water Services - Facilities (11-05-0540) - formerly known as Water.
3. That staff be authorized to create the following reserve fund, in order to clearly identify capital contributions and monitor eligible growth-related expenditures as outlined in the Memorandum of Understanding and associated reporting requirements:
a) Capital Contribution (11-05-0587).
4. That staff be authorized to create the following reserve funds, to track discounts and exemptions provided to developers:
a) Development Charge Discounts & Exemptions - Tax (11-05-0583);
b) Development Charge Discounts & Exemptions - Water (11-05-0584);
c) Development Charge Discounts & Exemptions - Wastewater (11-05-0585); and
d) Development Charge Discounts & Exemptions - Parking (11-05-0586).
5. That staff be authorized to reallocate Reserve and Reserve Funds balances as at December 31, 2014 to accurately reflect opening balances based on the requirements of the Development Charges By-law 2014-108 and intended use of the Capital Contribution funding. (FIN012-14)(File: F00)