Development Engineering Reserve Policy (POL-COR-16-02) — full text

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Page 1 of 2 POL.COR.16.02 Development Engineering Reserve Policy Policy POL.COR.16.02 Development Engineering Reserve Policy Policy Type: Corporate Policy (Approved by Council) Date Approved: January 25, 2016 Department: Finance and IT Services Staff Report: FAF.16.07 By-Law No.: N/A Policy Statement To create a Development Engineering Reserve and establish the uses, contributions, and target levels of the reserve. Purpose This reserve will be used to fund annual capital purchases as well as fund any operating budget deficits on an annual basis. Due to the process of collecting fees in one year and potentially having many years of expenses; this reserve will be used to fund years where the Division goes over budget and in years where there is a surplus the amount will be transferred into this reserve. Source of Funds Funds will be received either from an annual contribution established through the annual operating budget or in years were the Development Engineering Division has an annual surplus. The target level for this reserve will be equal to 100% of the annual operating budget. Application This policy applies to all staff. Definitions N/A POL.COR.16.02 Page 2 of 2 Development Engineering Reserve Procedures N/A Exclusions None References and Related Policies N/A Consequences of Non-Compliance Non-compliance with the Municipal Act, 2001 is subject to the remedies prescribed therein. Review Cycle This policy will be reviewed when legislation changes.