Toronto Zoo - Stabilization Reserve Fund
The Strategic Policies and Priorities Committee recommends the adoption of the
Recommendation of the Budget Committee embodied in the following communication
(April30, 1999) from the City Clerk:
Recommendation:
The Budget Committee on April 30, 1999, recommended to the Strategic Policies and
Priorities Committee, and Council, that the Toronto Zoo 'Stabilization Reserve' be designated
as 'Stabilization Reserve Fund', as expressly provided for in Metropolitan Toronto By-law
No.78-96.
Background:
The Budget Committee had before it a communication (April 23, 1999) from the City Clerk
advising that City Council, at its meeting held on April 13, 14 and 15, 1999, referred the
Motion, moved by Councillor Cho, seconded by Councillor Lindsay Luby, to the Budget
Committee, recommending that the Toronto Zoo "Stabilization Reserve" be designated as
"Stabilization Reserve Fund", as expressly provided for in Metropolitan Toronto By-law No.
78-96.
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(Communication dated April 23, 1999, addressed to the
Budget Committee from the City Clerk)
City Council, at its meeting held on April 13, 14 and 15, 1999, referred the following Motion
to the Budget Committee:
Moved by:Councillor Cho
Seconded by:Councillor Lindsay Luby
"Whereas the Municipality of Metropolitan Toronto By-law No. 78-96, entitled 'To Establish
a Reserve Fund for Fiscal Stabilization for the Metropolitan Toronto Zoo', enacted and passed
on June19, 1996, provided for funds on deposit to earn investment interest; and
Whereas City Council, on April 29 and 30, 1998, by its adoption of Clause No. 12 of
ReportNo.6 of The Strategic Policies and Priorities Committee, headed 'Establishment of City
Reserves and Reserve Funds', designated the reserve fund as a 'reserve' and reserves do not
earn interest; and
Whereas the Board of Management of the Toronto Zoo was not aware of this change and
included the interest on the reserve fund in the other revenue estimates to support the Ride and
Revenue Development Program of the Board's 1999-2003 Capital Works Program, which has
been approved by Council;
Now Therefore Be It Resolved That, in accordance with Section 46 of the Council Procedural
By-law, Clause No. 12 of Report No. 6 of The Strategic Policies and Priorities Committee,
head 'Establishment of City Reserves and Reserve Funds', which was adopted by City
Council at its meeting held on April 29 and 30, 1998, be re-opened, insofar as it pertains to
the reserve fund of the Board of Management of the Toronto Zoo, only;
And Be It Further Resolved That the Toronto Zoo 'Stabilization Reserve' be designated as
'Stabilization Reserve Fund', as expressly provided for in Metropolitan Toronto
By-lawNo.78-96."
