1998 Operating and Capital Budgets and 1997 Sinking Fund

Surplus and Annual Sinking Fund Levies for 1998

The Strategic Policies and Priorities Committee considered this matter at its special meeting held on April 14, 1998.

The Strategic Policies and Priorities Committee submits, without recommendation, the following transmittal letter (April 9, 1998) from the Budget Committee:

Recommendations:

The Budget Committee on March 30, and 31, April 2 and 3, 1998 submits to the Strategic Policies and Priorities Committee, and Council, the following recommendations, that:

(1)all Capital projects previously approved and which are proceeding in 1998 be included in the 1998 Capital Budget document;

(2)those Capital projects which have been approved and are not proceeding in 1998 but need to be carried out, be listed in the 1998 Capital Budget and the monies held;

(3)those Capital projects which have been approved and are not proceeding in 1998 and will not be completed within a reasonable period of time, be shown as cancelled and funds be placed back into the general budget;

(4)any funds which may become available from completed capital projects be included in the quarterly variance reports being submitted to the Budget Committee; and

(5)the recommendations contained in the report (March 27, 1998) from the Chief Financial Officer and Treasurer regarding 1997 Sinking Fund Surplus and Annual Sinking Fund Levies for 1998, be adopted.

The Budget Committee reports having:

(a)deferred consideration of the report (March 29, 1998) from the Chief Financial Officer and Treasurer, entitled APreliminary Guidelines for Defining Operating and Capital Items@, in order for a workshop to be held with the Finance staff and members of the Budget Committee for a report back to the Budget Committee in June, 1998; and

(b)received the following as information:

(i)the report (March 16, 1998) from the Chief Financial Officer and Treasurer regarding

the status on RTEP Financing and the Reserve Fund;

(ii)the report (March 30, 1998) from the Chief Financial Officer and Treasurer regarding the 1998 Capital Budget - Continuity Analysis of Reserve Funds, be received as information and incorporated into the Budget document; and

(iii)the joint reports (March 28 and 31, 1998) from the Chief Administrative Officer and the Chief Financial Officer and Treasurer regarding the Status Report on the 1998 Operating and Capital Budget and the Proposed Operating and Capital Budgets.

Background:

The Budget Committee on March 30 and 31, April 2 and 3, 1998, had before it the following:

(1)report (March 16, 1998) from the Chief Financial Officer and Treasurer regarding the status on RTEP Financing and the Reserve Fund;

(2)report (March 27, 1998) from the Chief Financial Officer and Treasurer regarding the 1997 Sinking Fund Surplus and Annual Sinking Fund Levies for 1998;

(3)joint report (March 28, 1998) from the Chief Administrative Officer and the Chief Financial Officer and Treasurer, regarding a Status Report on the 1998 Operating and Capital Budget and a summary (March 30, 1998) entitled 1998 Capital Program, Summary of Changes Identified by Community Councils and Standing Committees;

(4)report (March 29, 1998) from the Chief Financial Officer and Treasurer regarding Preliminary Guidelines for Defining Operating and Capital Items;

(5)report (March 30, 1998) from the Chief Financial Officer and Treasurer regarding Previously Approved But Unstarted Capital Projects;

(6)report (March 30, 1998) from the Chief Financial Officer and Treasurer regarding Previously Approved and Started Capital Projects;

(7)report (March 30, 1998) from the Chief Financial Officer and Treasurer regarding the 1998 Capital Budget - Continuity Analysis of Reserve Funds; and

(8)joint report (March 31, 1998) from the Chief Administrative Officer and the Chief Financial Officer and Treasurer, regarding the 1998 Proposed Operating Budget.

The following material was forwarded to all Members of Council with the agenda of the Strategic Policies and Priorities Committee for its special meeting on April 14, 1998, and copies thereof are on file in the office of the City Clerk:

-Joint Report titled, A1998 Proposed Operating Budget@, dated March 31, 1998, addressed to the Budget Committee, from the Chief Administrative Officer and Chief Financial Officer & Treasurer, referred to in the transmittal letter;

-Appendices A, B, C and D attached to the foregoing report;

-Joint Report titled, AStatus Report on the 1998 Operating and Capital Budget@, dated March 28, 1998, addressed to the Budget Committee, from the Chief Administrative Officer and Chief Financial Officer and Treasurer;

-Report titled, APreviously Approved but Unstarted Capital Projects@, dated March 30, 1998, from the Chief Financial Officer and Treasurer; and

-Report titled, APreviously Approved but Started Capital Projects@, dated March 30, 1998, from the Chief Financial Officer and Treasurer.