Item - 2019.EX3.5

The Executive Committee recommends that:

1.  City Council approve the establishment of an obligatory reserve fund called the "Cross-Boundary Water and Sewage Servicing Reserve Fund" in Appendix C, Schedule 15, Third Party Obligatory Reserve Funds, of Municipal Code Chapter 227, Reserves and Reserve Funds, the purpose of which is to receive contributions from property owners to pay for development site water and sewage servicing by Toronto Water external to the City's boundaries, and in accordance with agreements negotiated between the owners of the respective properties, the regional municipalities outside of the Toronto and the City of Toronto, with criteria as set out in Appendix 1 to the report (March 6, 2019) from the Chief Financial Officer and Treasurer.

2.  City Council approve the establishment of a discretionary reserve fund account called the "Toronto 360 Wayfinding Reserve Fund" in Appendix B, Schedule 7, Corporate Discretionary Reserve Funds, of Municipal Code Chapter 227, Reserves and Reserve Funds, the purpose of which will be to hold and distribute funds for wayfinding planning, design, and implementation projects, and for wayfinding asset maintenance and replacement, with criteria as set out in Appendix 2 to the report (March 6, 2019) from the Chief Financial Officer and Treasurer.

3.  City Council approve the establishment of a discretionary reserve fund account called the "Ontario Cannabis Legalization Reserve Fund" in Appendix C, Schedule 15, Third Party Obligatory Reserve Funds, of Municipal Code Chapter 227,  Reserves and Reserve Funds, the purpose of which will be to hold and distribute funds received from Provincial government for the implementation costs of recreational cannabis legalization, with criteria as set out in Appendix 3 to the report (March 6, 2019) from the Chief Financial Officer and Treasurer.

4.  City Council amend the Criteria Sheets for the following Reserve Funds:

a.  Commodity Price Reserve Fund account, as provided in Appendix 4 to the report (March 6, 2019) from the Chief Financial Officer and Treasurer, reflecting a revised withdrawal policy;

b.  Green Lane Reserve Fund account, as provided in Appendix 5 to the report (March 6, 2019) from the Chief Financial Officer and Treasurer, reflecting a revised contribution policy;

c.  Green Lane Perpetual Care Reserve Fund account, as provided in Appendix 6 to the report (March 6, 2019) from the Chief Financial Officer and Treasurer, reflecting a revised contribution policy;

d.  Waste Management Reserve Fund account, as provided in Appendix 7 to the report (March 6, 2019) from the Chief Financial Officer and Treasurer, reflecting a revised purpose and withdrawal policy; and

e. Transform TO Initiatives Reserve Fund, as provided in Appendix 8 to the report (March 6, 2019) from the Chief Financial Officer and Treasurer, reflecting a revised purpose.

5.  City Council authorize the necessary amendments to Municipal Chapter 227, Reserves and Reserve Funds, in accordance with Recommendations 1 to 4 above and direct the City Solicitor to introduce any necessary bills to give effect to City Council's decision.

This report, prepared annually by Corporate Finance Division, seeks Council approval to implement a number of amendments to City of Toronto Municipal Code Chapter 227, Reserves and Reserve Funds ("Chapter 227"). These amendments include the establishment of new Reserve Funds as well as making any changes to the purpose and/or contribution and withdrawal policies of existing reserve funds, as required by various Programs.