Friday August 22, 2014

Mayor wants council to look at reserve fund policy

The City’s 2013 budget process is well underway, but Mayor Peter Milobar wants to create new policy around the reserve fund.

Milobar said Tuesday he’s asked the City’s finance department for some ideas around a reserve fund plan.

It might involve setting aside a set amount every year, or it might establish a recommended amount that the reserve would be kept at.

“So every year, we’re not guessing what will be an appropriate reserve level,” he said.

It would also give staff and the public a better sense of what the City’s reserves are and what the plan is for maintaining the funds.

The City’s reserve is currently in the $9-million to $10-million range and an operating budget of about $150 million.

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