Committee of the Whole · May 15, 2024 · Item 4.1.2

2023 tax supported operating surplus of $3,863,029 be allocated to or funded from the City’s reserve and reserve funds as follows: Transfer $294,319 from the Library…

Main motion under the agenda item 2023 Year-end Operating Budget Monitoring Report and Surplus Allocation and Deficit Funding - 2024-215

What was voted on

The motion in its exact words, as recorded in the minutes.

That the 2023 tax supported operating surplus of $3,863,029 be allocated to or funded from the City’s reserve and reserve funds as follows: Transfer $294,319 from the Library Operating Contingency Reserve (102) in accordance with the request from the Library Board. Transfer $36,748 to the Police Operating Contingency Reserve (115) in accordance with the request from the Guelph Police Board. Transfer $417,211 to the Environment and Utility Reserve (198) for revenue surplus from the sale of recycled goods. Transfer $3,703,389 to the Tax Rate Operating Contingency Reserve (180). That the 2023 non-tax supported operating surplus of $3,414,200 be allocated to or funded from the non-tax supported City reserve and reserve funds as follows: Transfer the Water Services surplus of $2,588,627 to the Water Capital Reserve Fund (152). Transfer the Wastewater Services surplus of $1,146,371 to the Wastewater Capital Reserve Fund (153). Transfer the Stormwater Services surplus of $547,567 to the Stormwater Capital Reserve Fund (165). Transfer the Building Services surplus of $953,564 to the Building Services OBC Stabilization Reserve Fund (188). Transfer $1,524,904 from the Parking Capital Reserve Fund (151) to fund the parking deficit. Transfer $297,026 from the Courts Operating Contingency Reserve Fund (211) to fund the Courts deficit

Moved by Councillor Busuttil, seconded by Mayor Guthrie.

How the room voted

What council was given

The staff reports and correspondence attached to this item. The summaries are written automatically, so you can tell what a document is without opening a ninety-page PDF.

• 2023 Year-end Operating Budget Monitoring Report and Surplus Allocation and Deficit Funding - 2024-215.pdf

  A year-end financial wrap-up for 2023 asking Council to decide where surpluses go. The tax-supported surplus of $3,863,029 would mostly go to the tax rate operating contingency reserve ($3,703,389), with amounts for police and recycling revenue and a draw for the Library. A $3,414,200 surplus on water, wastewater, stormwater and building services would go to their capital reserves, while parking ($1,524,904) and Courts ($297,026) deficits would be covered from reserves. Figures may change after the external audit.

• Attachment 1 2023 Year-end Operating Surplus and Deficit by Department.pdf
• Attachment 2 2023 Year-end Operating Surplus and Deficit by Strategic Pillar.pdf
• Attachment 3 2023 Year-end Operating Surplus and Deficit by Account Category.pdf
• Attachment 4 Guelph Public Library Board Request for 2023 Deficit Allocation.pdf

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What was said

73 words from the meeting recording, transcribed automatically. Times are from the start of the recording.

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