Does Land Sale Reserve require a Reserve Fund Establishment Bylaw to set up, or is it automatically established by virtue of CC paragraph 188 (2) (e)?
Susan Meeds, CPA, CGA
Director of Finance
Village of Burns Lake
Does anyone have a Reserve Fund Establishment Bylaw for their LSR?
We did establish ours in our bylaw - we have one bylaw though that covers all our reserve accounts.
Section 188 (2) states "the council must establish a reserve fund for the applicable purpose", so I assume this means by bylaw.