- That the report titled “2020 Year-End Review of Operations” be received; and,
- That a COVID-19 Reserve be established from the Safe Restart Agreement funding to be used to offset COVID-19 operating impacts; and,
- That the City’s 2020 COVID-19 net favourable variance of $2.21M be allocated as follows:
a. $1.30M COVID provision for future tax adjustments;
b. $0.91M transfer to the COVID-19 Reserve;
4. That the City’s 2020 net operations favourable variance of $7.60M be transferred as follows, as per the approved Financial Planning and Budgeting Policy:
a. $3.60M one-time funding to replenish the Corporate Rate Stabilization Reserve;
b. $0.79M to the Corporate Rate Stabilization Reserve to achieve a balance equal to 15% of the local tax levy;
c. $3.21M to the Life Cycle Capital Replacement and Capital Reserve Fund; and further,
5. That Staff be authorized and directed to do all things necessary to give effect to this resolution.