Approve 2021 year-end financial report and surplus transfers

Councillor Votes

Full Resolution Text

That Council approve the recommendations outlined in Report CLSFS22-016 dated June 13, 2022, of the Commissioner of Corporate and Legislative Services, as follows: a) That the December 31, 2021 Financial Report (unaudited) attached as Appendix A to Report 1, dated June 13, 2022, be received; b) That Capital Levy approved in previous years’ capital budgets for various projects, that is no longer required in the amount of $163,107 and shown on Chart 2 in the Report CLSFS22-016, be transferred to the Capital Levy Reserve; c) That the 2021 annual loan payment from the Peterborough Recreational Baseball Association in the amount of $2,500 be deferred, and that the term of the loan repayment be extended by one additional year, to November 1, 2031; d) That the following year end surpluses be transferred to reserves: i. $275,793 of the Utilities surplus be transferred to the Climate Change Reserve; ii. $119,034 of the Street Light Energy surplus be transferred to the LED Reserve; iii. $79,234 of the Museum surplus be transferred to the Museum Renovation Reserve; iv. $1,201,152 of the Transit surplus be transferred to the Transit Reserve; v. $85,589 of the Wolfe St Building operating surplus be transferred to the Facilities Maintenance Reserve; vi. $27,249 representing 100% of the Police Services surplus be transferred to the City of Peterborough to offset the WSIB payments; e) That the $1,990,000 combined surpluses in the 2019, 2020 and 2021 Property Acquisitions and Improvement Projects (Capital Budget Ref# 5-1.01 in each of Capital Budget 2019, 2020 and 2021) be transferred to the General Property Reserve f) That, as a matter of housekeeping, the sources of capital funding be replaced in the Capital Budget as follows: i. That $1,900.000 of Debt–Development Charges–Carnegie East from the Bethune St Diversion City Funded Project (2020 Capital Budget Project 5-5.03) be replaced with tax-supported debentures and By-law 21-006 be repealed and replaced; and ii. That $137,025 of Debt-Development Charges-Recreation from the Parkland Development Assistance Program (2021 Capital Budget Project 5-1.02) be replaced with Development Charges-Parks and By-law 21-030 be repealed.