Receiving Q2 2025 financial update and approving capital project budget reallocations and debenture amendments

Councillor Votes

Full Resolution Text

That Council approve the recommendations outlined in Report FCSFS25-022, dated September 15, 2025 of the Commissioner of Finance and Corporate Support Services as follows: a) That the June 30, 2025 Quarterly Financial Update Report (Unaudited) attached as Appendix A to Report FCSFS25-022, dated September 15, 2025, be received; b) That the 1190 Hillard Street Affordable Housing Project (Q#25-077) budget be reduced by $880,000 Building Faster Funds for a total approved budget of $2,600,000. c) That the Brealey Dr.–Lansdowne St. to Sherbrooke St. (Q #15189) project budget exchange $880,000 Canada Community Building Funds with Building Faster Funds and transfer the surplus $880,000 back to the Canada Community Building Fund reserve; d) That the Towerhill Road and Fairbairn Street Intersection project be created and funded as follows and further detailed in Chart 3 of Report FCSFS25-022 i. $3,056,500 be transferred from Lily Lake Area Development Networks Improvement project (2025 Capital Budget Questica #20-066); ii. $3,750,000 provincial Housing Enabling Core Services (HECS) grant; and iii. $1,993,500 be pre-committed through the 2026 budget e) That Lily Lake Area Development Networks Improvement (2025 Capital Budget Questica #20-066) budget be further reduced by $906,000 Development Charge Debt-Roads and Related funding, leaving a total remaining budget of $400,000; f) That By-laws 21-139, 23-013 and 25-024 being by-laws to debenture the Lily Lake Network Improvement project be repealed and replaced as per the amended budgets resulting from Recommendations (d) and (e) and further detailed in Chart 3 of Report FCSFS25-022.