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Reserve Transfer Reconciliation - Quarter 4 Financial Update (2016)

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 (i.e 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.

Operating Reserve Transfer Reconciliation (in thousands of dollars)


Council approved net operating transfers to reserves   $66,886
Additional operating transfers to/(from) reserves
Encumbrance Reserve
2015 Encumbrances (CSD 26-2015)
$(10,671)  
Encumbrance Reserve
2016 Encumbrances (CSD 14-2017)
$15,067  
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)  
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)  
Taxpayer Relief Reserve
Funding for the Niagara Sports Commission (CSD 24-2016)
(85)  
Taxpayer Relief Reserve
Lost Power Dams revenue resulting in a reduction in the reserve contribution
(1,100)  
Taxpayer Relief Reserve
Transfer from reserve to fund changes to the Human Resource Program since budget approval
(435)  
Taxpayer Relief Reserve
Niagara Emergency Medical Services (EMS) Master Plan CSD (25-2016)
(85)  
Niagara Regional Housing
Transfer from reserve to utilize the 2015 Niagara Regional Housing surplus (CSD 24-2016)
(784)
Wastewater Capital Reserve
Transfer from reserve to fund 2016 Combined Sewer Overflow (CSO) projects, net of unspent 2015 CSO funding
1,351
General Capital Levy Reserve
Proceeds on surplus properties goes to the General Capital Levy Reserve. Additional transfer to reserve to match actual proceeds
1,020  
General Capital Levy Reserve
Offset of the debt charge placeholder to match forecasted debt costs
(241)  
NRPS LTA Financing Reserve
To accommodate interest accrual on NRP LTA debt issuance
(23)  
Niagara Regional Housing Owned Units Reserve
Restricted proceeds from the sale of public housing units
898
Year-end transfers back to reserves
Unused funds transferred back to respective reserves (CSD 14-2017)
275 1,186
Net operating transfers to reserves   $68,072

Capital Reserve Transfer Reconciliation (in thousands of dollars)

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 (i.e 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
2016 Council Approved Capital Budget $ 107,862  
Less: Deferred Revenues type Reserve Fund Transfers (22,838) 85,024
Total Planned Capital Reserve Transfers   97,522
Unused Capital Reserve Funding Transferred back to Reserve per CSD 57-2015   (12,160)
Unused Capital Reserve Funding Transferred back to Reserve per CSD 01-2016   (2,773)
Transfer from Reserve Approved per CSD 45-2016   (4,900)
Debt Substitution Approved per CSD 56-2016   9,255
Transfer to Reserve from Closed Projects   (127)
Budget reduction for uninitiated project   (4,277)
Total Forecasted Capital Reserve Transfers   $ 92,341
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