Item - 2019.EX7.16

The Executive Committee:

1.  Received the report (June 14, 2019) from the Chief Financial Officer and Treasurer for information.

This report provides information on reserve and reserve fund balances as at December 31, 2018, based on Council approved transfers to, and draws from, made during the year.  The transfers made into and out of reserve and reserve funds are based on amounts approved as part of the 2018 or prior year budget processes, or approved by Council throughout the fiscal year.  The tables and appendices reflect information by major reserve and reserve fund category. 

The reported balances include Council approved loans, granted under various City programs, which must be repaid to the reserves or reserve funds.

It is important to note that the vast majority of the City's reserve and reserve fund balances have been committed to fund capital projects and known future liabilities, leaving minimal amounts for discretionary spending.  The City has engaged an external consultant to perform an adequacy review of the major reserves and reserve funds which is expected to be delivered in 2019.