65C - FINANCIAL POLICY - Laserfiche WebLink

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Technology will be encouraged if it can be demonstrated that a one-time capital infusion can result in savings being generated beyond two years. Any internal service fund that has funds in excess of the identified minimum reserve requirement as outlined in this policy, can be utilized as a means to meet the minimum General Fund Reserve requirements. Only unrestricted funds deemed transferable can be utilized. Any transfer to the General Fund Unassigned Reserve Balance will be submitted to Council for consideration and approval. In order to generate additional savings and until such time that the minimum level of reserves has been achieved, the Budget Office will only utilize a fiscally conservative profile for revenue projections. If the phased reserve target requirements as outlined above have not been met It is recommended that beginning in FY 14-15 a more conservative projection factor be used to generate forced budgetary savings: (NOTE: Each 1% equates to approximately $ 2 million) FY 12-13: 100 % of recurring revenue projected; FY 13-14: 100 % of recurring revenue projected; FY 14-15: 99 % of recurring revenue projected; Such factors shall be used to generate General Fund savings until such time that a 7%-8% unassigned General Fund reserve has been achieved. Any generated General Fund savings achieved after reaching between a 7%-8% undesignated General Fund reserve shall be applied in the following order: Up to a max of 25% -Unassigned General Fund Reserve Up to a max of 25%-Economic Uncertainty Reserve Up to a max of 50% -Can be applied to term specific programs, projects, personnel as well as deferred capital maintenance. Budget & Financial Polices Page 4 65C-8