Reserve Transfer Reconciliation - Quarter 2 Financial Update (2016)
Operating Reserve Transfer Reconciliation
All transfers to and from Reserves and Reserve Funds are identified in an approved annual budget (operating or capital) unless they are inflows received in a Reserve Fund from an outside source (such as development charges, gas tax receipts). A new requirement in the reserve and reserve funds policy requires a report outlining any year to date or forecasted inflows and outflows that were not included in the Council approved annual budget.
Below is a summary of transfers to and from reserve and reserve funds not approved in the initial annual budget.
| Council approved net operating transfers to reserves | $ 66,885,832 | |
| Additional operating transfers to/(from) reserves | ||
|---|---|---|
| Encumbrance Reserve 2015 Encumbrances (CSD 26-2015) |
$ (10,671,425) | |
| Taxpayer Relief Reserve Transfer for Industrial and Gateway Regional Development Charge Grant programs in support of the General Electric (GE) development (CSD 45-2016) |
(2,500,000) | |
| Taxpayer Relief Reserve Grant to the City of Welland for the Region's contribution to road and intersection improvements related to the GE development (CSD 45-2016) |
(1,500,000) | |
| Taxpayer Relief Reserve Funding for the Niagara Sports Commission (CSD 24-2016) |
(85,000) | |
| Taxpayer Relief Reserve Lost Power Dams revenue resulting in a reduction in the reserve contribution |
(1,100,000) | |
| Taxpayer Relief Reserve Transfer from reserve to fund changes to the Human Resource Program since budget approval |
(435,000) | |
| Taxpayer Relief Reserve Niagara Emergency Medical Services (EMS) Master Plan CSD (25-2016) |
(85,057) | |
| General Capital Levy Reserve Proceeds on surplus properties goes to the General Capital Levy Reserve. Adjustment to match actual proceeds |
140,050 | |
| Niagara Regional Housing Transfer from reserve to utilize the 2015 Niagara Regional Housing surplus (CSD 24-2016) |
(784,438) | |
| Total additional operating transfers to/(from) reserves | (17,020,870) | |
| Forecasted operating transfers to/(from) reserves (to be approved in the year-end transfer report) | ||
| General Capital Levy Offset of the debt charge placeholder to match forecasted debt costs |
(240,937) | |
| NRPS LTA Financing Reserve To accommodate interest accrual on NRP LTA debt issuance |
(23,350) | |
| Ambulance Communication Reserve Fewer than expected expenditures year to date related to Omega Project have reduced the contribution from the reserve |
68,203 | |
| Taxpayer Relief Reserve Unbudgeted funding received from the Ministry of Health and Long-term Care for Emergency Services therefore reduced contribution from the reserve |
288,219 | |
| Total Forecasted operating transfers to/(from) reserves | 92,135 | |
| Net operating transfers to reserves | $ 49,957,097 | |
Capital Reserve Transfer Reconciliation
All transfers to and from Reserves and Reserve Funds are identified in an approved annual budget (operating or capital) unless they are inflows received in a Reserve Fund from an outside source (such as development charges, gas tax receipts).
A new requirement in the reserve and reserve funds policy requires a report outlining any year to date or forecasted inflows and outflows that were not included in the Council approved annual budget. Below is a summary of transfers to and from reserve and reserve funds not approved in the initial annual budget.
| Planned Capital Reserve Transfers | ||
|---|---|---|
| Uninitiated 2015 Capital Budget Items (Capital Commitments) at December 31, 2015 | $ 12,498,000 | |
| 2016 Council Approved Capital Budget | $ 107,861,973 | |
| Less: Deferred Revenues type Reserve Fund Transfers | (22,837,500) | 85,024,473 |
| Total Planned Capital Reserve Transfers | 97,522,473 | |
| Unplanned Capital Reserve Transfers | ||
| Unused Capital Reserve Funding Transferred back to Reserve per CSD 57-2015 | ||
| General Capital Levy | (4,341,879) | |
| Water Capital | (3,416,262) | |
| Wastewater Capital | (3,580,733) | |
| Waste Management | (820,853) | (12,159,727) |
| Unused Capital Reserve Funding Transferred back to Reserve per CSD 01-2016 | ||
| Water Capital | (2,057,284) | |
| Wastewater Capital | (673,045) | |
| Waste Management | (60,937) | (2,791,266) |
| Budget reduction for uninitiated project | (1,996,500) | |
| Total Unplanned Capital Reserve Transfers | (16,944,493) | |
| Total Forecasted Capital Reserve Transfers | $ 80,574,980 | |
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