Discussion:

Property Tax Supported Variances

The Corporation ended the 2019 fiscal year with an operating surplus of $1,954,982. This figure is net of budget carryovers in the amount of $2,229,461. Administration recommends transferring $1,454,982 of the operating surplus to the Budget Stabilization Reserve, with $250,000 of the remaining surplus transferred to the Transit Windsor Garage Feasibility Study and $250,000 to the Electric Vehicle Charging Pilot Program.

Capital Closeouts

Appendix D contains a summary of capital projects that were either closed, completed or consolidated during 2019. The Corporation does not budget for any variance with respect to capital closeouts. Surplus balances normally offset deficits in other projects provided that consistent funding guidelines are being followed. Usual practice calls for surpluses to be returned back to the original funding source(s) and deficits drawn from their original funding source, where such funds are available. If funding is not available, alternate funding sources are identified and reported to City Council.

Development Charge Reserve Income Statements

The final two appendices (Appendix E & Appendix F) provide City Council with detailed revenues and expenses for all of the development charge reserves in 2019, as required by the Development Charges Act, along with a listing of outstanding development charge credits at year-end.

Miscellaneous Housekeeping Transfer To/From Reserves

Throughout the course of the year, costs related to certain initiatives are captured in operating accounts/funds and then transferred at year-end to/from various specific reserves consistent with normal practice. The following miscellaneous housekeeping transfers have occurred and a summary is provided in Table D on the following page.