REVENUE ANTICIPATION BORROWING (2023) BYLAW NO. 10445

The proposed Revenue Anticipation Bon-owing (2023) Bylaw No. I 0445 does not automatically result in any bonowing upon adoption. The purpose of maintaining these credit facilities is to ensure that they will be available in the event that funds are required to meet sh01i-term operational cash flow needs. Should any of these credit facilities be utilized resulting in the City incurring interest charges for a consecutive period of more than two weeks, staff will prepare a memo to inform Council of such financial activity. The Revenue Anticipation Bon-owing Bylaw is required to be adopted annually by Council. There was no change to the credit facility arrangement since it was last adopted in 2022. Credit facility anangements are reviewed with the bank at least once a year to evaluate the City's credit needs in detennining the optimal level of credit facility balances to maintain.

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