ESTABLISHMENT OF NEW UTILITY RESERVE FUNDS

Staff are not recommending altering the existing utility reserve funds as the current purpose for each are still applicable. The balances in each of these reserves will be drawn down through future annual capital programs as approved by Council. For administrative purposes, staff recommend three new utility reserve funds that will ultimately replace the current utility reserves once the balances in the existing reserves are fully utilized. Staff are additionally recommending the creation of a new utility reserve fund relating to solid waste and recycling as there has never previously been a reserve fund established for this purpose.

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