Item No. 8.8

Null

Council Report: C 65/2020

Subject: 2019 Year-End Operating Budget Variance Report - City Wide

Reference:

To: Mayor and Members of City Council

Recommendation:

THAT Council RECEIVE FOR INFORMATION the 2019 Year-End Operating Budget Variance Report, dated March 31st, 2020; and,

THAT the final 2019 Operating Budget surplus of $1,954,982 BE TRANSFERRED to the Budget Stabilization Reserve (transfer of $1,454,982) and as previously directed by City Council to the Transit Windsor Garage Feasibility Study (transfer of $250,000) and the Electric Vehicle Charging Pilot Project (transfer of $250,000); and,

THAT in order to avoid the need to re-budget for various items, Council APPROVE $2,229,461 in budget carryovers as detailed in Appendix C: 2019 Budget Carry-Forwards; and,

THAT Council APPROVE the balancing of and transfers from Capital Projects, as detailed in Appendix D: 2019 Capital Closeouts; and,

THAT Council APPROVE the attached Development Charges 2019 Income Statement Schedule (Appendix E); and,

THAT Council APPROVE the attached Development Charge Reserve Fund Statement – Listing of Credits (Appendix F); and,

THAT Council APPROVE the establishment of a new reserve account, titled the Flood Protection Education Program; and,

THAT in order to address future Social or Affordable Housing funding pressures, the City Treasurer BE AUTHORIZED at this discretion as part of the year-end process, to transfer any year end surplus occurring in the Housing Services budget and/or any reconciled year end surplus in the Windsor-Essex Community Housing Corporation’s