Authority: Human Services Committee Report No. 8, Clause No. 1
as adopted by Council on June 4, 1997
Intended for first presentation to Council: October 1, 1998
Adopted by Council:
CITY OF TORONTO
Bill No. 671
BY-LAW No.
To establish a reserve fund to cover the contracted costs
incurred for the Client Identification and Benefits System.
WHEREAS the Municipal Act provides that City Council may establish and maintain a reserve fund for any purpose for which it has authority to expend funds; and
WHEREAS it is desirable to establish a reserve fund for the purpose of covering the contracted costs incurred for the Client Identification and Benefits System until offsetting benefits are realized;
Now therefore, the Council of the City of Toronto HEREBY ENACTS as follows:
1. The establishment of a reserve fund (the "Client Identification and Benefits System Reserve Fund") is hereby authorized.
2. The Client Identification and Benefits System Reserve Fund shall be used to cover the contracted costs incurred for the Client Identification and Benefits System until such time as the annualized savings resulting from the implementation of the Client Identification and Benefits System are fully realized.
3. The Client Identification and Benefits System Reserve Fund shall be funded by a transfer of the net under-expenditures of the Social Services Division in 1997 up to a maximum of $3,320,000.00 and by such further amounts as may be approved by Council from time to time and the earnings derived from the investment of such funds.
4. This By-law shall come into force on the date of its enactment.
ENACTED AND PASSED this day of October, A.D., 1998.
MayorCity Clerk
