General Committee
	TO:	Mayor and Members of Council
	FROM:	Andy Taylor, Commissioner, Corporate Services Barb Cribbett,Treasurer
	PREPARED BY:	Kishor Soneji, Financial Analyst
	DATE OF MEETING:	2005-Nov-21
	SUBJECT:	2006 Interim Spending Authority

RECOMMENDATION:

That Council receive the report “2006 Interim Spending Authority”, dated November 21, 2005;

And that Council approve pre-budget operating expenditures of up to 50% of the 2005 approved Operating Budget.

PURPOSE:

To obtain Council approval, prior to finalization of the 2006 Operating Budget, for the Treasurer to have authority to make payments that are necessary to support the ongoing business of the Town.

BACKGROUND:

The 2006 Interim Spending Authority is intended to allow each of the Town’s operating departments and the Waterworks department to spend up to 50% of their previous year’s approved operating budget. This approval will allow the ongoing operations of the Town to continue at existing approved service levels. The 2005 approved Operating Budget was $194,950,831 (Town’s Operating Departments - $147,282,009 and Waterworks Department- $47,668,822), 50% of this represents $97,475,416. All expenditures for goods and services will conform to all existing by-laws and policies.

FINANCIAL CONSIDERATIONS:

None

ATTACHMENTS:

None

Barb Cribbett, Treasurer

Andy Taylor, Commissioner, Corporate Services

Q:\Finance and Administration\Finance\SHARED\2005 General Committee Finance\0540-2006 interim spending authority.doc