Transferring funds between surplus accounts

Under what circumstances can a Council transfer funds between surplus accounts? I.e. from Operating - Sewer to Operating - General. This would be for items over and above what was put into the Financial Plan and are projects that have exceeded budget but need to be completed due to grant funding expiry dates. Can a Council make a motion at a meeting to transfer between funds to cover these additional costs? Does the FP need to be amended and if yes, does it need to go to the Ministry?

Comments

  • From Sewer to General is challenging because you likely used a user fee to collect it, and the funds should be used for the purpose for which they were collected. If you have extra sewer surplus that isn't required, why don't you transfer it to a sewer capital reserve? From there a general capital reserve can borrow from that sewer capital reserve CC189. I would do a FP amendment to increase the project cost and adjust the funding.

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