POLICY STATEMENT
To manage a separate reserve fund where funds from City Transportation Services – Engineering Operations will be transferred, and to set expenditure guidelines for use of the fund.
REASON FOR POLICY
To establish the sources of funding for this reserve fund, and to provide procedures to follow for utilisation of the fund for City expenditures.
RELATED INFORMATION
Revenue Sources:
Funds are derived from City Transportation Services – Engineering operating programs. Funds are generated from a surplus in Transportation Services – Engineering due to budget efficiencies. Funds may be contributed from operating surpluses from Development Services during years of high development activity. Interest will be calculated on the Engineering Reserve Fund and transferred into the account.
Expenditure Guidelines:
The monies in this fund will be used to fund studies related to Development and Engineering, and business systems. These may include, but are not limited to functional plans, master plans, engineering studies, Statutory Plan Update and Creation, and other development and planning studies and systems.
RESPONSIBILITIES
City Council will approve the expenditures from the Engineering Reserve Fund. Expenditures will be approved as part of the Capital Planning Process.
City Administration will provide details of the proposed expenditures from this fund as part of the Capital Planning Process.