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POLICY STATEMENT

To manage a separate reserve fund used to provide for the improvement, maintenance, management, control and operation of City cemeteries.

REASON FOR POLICY
To establish the sources of funding for this reserve fund, and the procedures to follow for utilization of the fund for City expenditures.

RELATED INFORMATION

Revenue Sources:

Funds are derived from transfers to the reserve from the Cemetery operating budget as approved by Council.  At the time when the cemetery is closed for future interments, the Cemetery Perpetual Care Reserve fund shall be funded to at least the minimum level as recommended by the Cemetery Master Plan.  It is the intention that interest earned on the reserve shall be sufficient to fund the long-term maintenance of the cemetery once it is closed.

Interest on the reserve will accrue to the reserve.

Expenditure Guidelines:

The Cemetery Perpetual Care Reserve is to be used for the upkeep of the cemetery once it has been closed for future interments.

RESPONSIBILITIES

City Council will review and approve any revisions to this policy.

City Manager will review and approve any procedures related to this policy.

City Administration will carry out the policy based on established procedures.