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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