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BYLAW - Amend 5553 13 Establish Various Reserve Funds Town of Aurora - 20140610 - 563314THE CORPORATION OF THE TOWN OF AURORA By-law Number 5633-14 BEING A BY-LAW to amend By-law Number 5553-13, to establish various Reserve Funds for the Town of Aurora. WHEREAS section 9 of the Municipal Act, 2001, S.O. 2001, c. 25, as amended (the "Act"), provides that a municipality has the capacity, rights, powers and privileges of a natural person for the purpose of exercising its authority under the Act or any other statute; AND WHEREAS subsection 11 (2) of the Act provides that lower-tier municipalities may pass by-laws respecting, among other items, the financial management of the municipality and its local boards; AND WHEREAS over time, The Corporation of the Town of Aurora (the "Town") has established various reserve accounts for various purposes without the benefit of separate formalizing bylaws; AND WHEREAS on November 26, 2013, the Council of the Town enacted By-law Number 5553-13 to establish various reserve funds for the Town; AND WHEREAS on May 27, 2014, the Council of the Town adopted a resolution that directed staff to bring forward the necessary by-law to amend By-law Number 5553-13 as further detailed in General Committee Report No. CFS14-003; AND WHEREAS the Council of the Town deems it necessary and desirable to amend By-law Number 5553-13 for purposes of transparency and accountability to the public to set out the nature and purposes of each reserve fund; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA ENACTS AS FOLLOWS: 1. THAT By-law Number 5553-13 be and is hereby amended by adding the reserve funds set out in the schedules attached hereto, and forming part of this by-law. 2. THAT paragraph 2 to By-law Number 5553-13 be and is hereby amended by adding the following category: "(f) Library Managed ("LIB")." 3. THAT this by-law shall come into full force and effect on the date of final passage hereof. READ A FIRST AND SECOND TIME THIS 101h DAY OF JUNE, 2014. READ A THIRD TIME AND FINALLY PASSED THIS 1rfh DAY OF JUNE, 2014. ~J~twE, MAYOR By-law Number 5633-14 Page 2 of 19 Schedule: RR11 Reserve Fund Category: Infrastructure Sustainability/Repair and Replacement Reserve Fund Name: EAB Remediation Repair and Replacement The EAB (Emerald Ash Borer) Remediation Repair and Replacement Reserve Fund (the "Fund") is hereby established to receive and hold tax sourced contributions for the purposes of funding specific projects or for the phasing in or the deferring of the tax rate impacts of specific budgetary issues or events which may arise from time to time from direct impacts of the expected devastation caused by the Emerald Ash Borer beetle. Funding will arise from allocations approved in the annual budget process, or any other funding so directed to this Fund by Council. Balances in the Fund will be planned for specific projects or issues to be recommended to or by Council during the annual budget process, or other times throughout the year. The target balance in this account will be determined annually in the updates of the Town's Ten Year Capital Investment Plan, based on the needs of the community and the progress of the expected devastation of the urban canopy. At any time, acting in the best interests of the Town, Council may direct that some or all balances in the Fund be transferred to other reserve funds, or used for other purposes, provided that the transfer or use of tax sourced funding is appropriate in the circumstances. The Fund be established by transfer of the current balance in the Town's EAB Reserve account. By-law Number 5633-14 Page 3 of 19 Schedule: RR12 Reserve Fund Category: Infrastructure Sustainability/Repair and Replacement Reserve Fund Name: St. Maximillian Kolbe Turf Repair and Replacement The St. Maximilian Kolbe Turf Repair and Replacement Reserve Fund (the "Fund") is hereby established to receive and hold a portion of field rental revenues for the purposes of funding specific repair or replacement projects of the artificial turf or other site amenities as required of the Town in an executed Shared Use and Maintenance Agreement dated May 24, 2011. Funding will arise from allocations approved in the annual budget process, or any other funding so directed to this Fund by Council. Balances in the Fund will be planned for specific projects or issues to be recommended to or by Council during the annual budget process, or other times throughout the year. The target balance of this account will be adjusted from time to time, to be the estimated cost to replace the artificial turf surface and other site amenities at the end of their useful lives. As the maintenance of a specific separate reserve fund is not required of the noted agreement, at any time, acting in the best interests of the Town, Council may direct that some or all balances in the Fund be transferred to other reserve funds, or used for other purposes, provided that the transfer or use of tax sourced funding is appropriate in the circumstances. The Fund is established by transfer of the current balance in the Town's St. Max Artificial Turf R&R Reserve account. By-law Number 5633-14 Page 4 of 19 Schedule: Nl3 Reserve Fund Category: New Infrastructure Reserve Fund Name: Proceeds of Sale of Lands The Proceeds of Sale of Lands Reserve fund (the "Fund") is hereby established to receive and hold proceeds of the sale of any parcel of Town owned lands. Balances in the Fund will be planned for specific land transfer projects or issues to be recommended to or by Council during the annual budget process, or other times throughout the year, and may include land appraisals or other discovery type work in connection with prospective purchases or sales of land by the Town, purchases of lands, or financing of new capital projects as determined by Council. Due to its nature, there is no target balance for this Fund. At any time, acting in the best interests of the Town, Council may direct that some or all balances in the Fund be transferred to other reserve funds, or used for other purposes, provided that the transfer or use of tax sourced funding is appropriate in the circumstances. The Fund is established by transfer of the current balance in the Town's Development/Sale of Municipal Lands account. By-law Number 5633-14 Page 5 of 19 Schedule: Nl4 Reserve Fund Category: New Infrastructure Reserve Fund Name: Cash-in-Lieu of Parkland The Cash-in-Lieu of Parkland Reserve Fund (the "Fund") is hereby established to receive and hold cash payments received in lieu of the conveyance of parklands otherwise required in respect of the development or redevelopment of lands as set out in the Planning Act, R.S.O. 1990, c. P.13, as amended (the "Planning Act") and Town policy. Funding in the Fund shall be used only for the acquisition of land to be used for park or other public recreational purposes, including the erection, improvement or repair of buildings and the acquisition of machinery for park or other public recreational purposes as permitted by section 42(15) of the Planning Act as may be amended from time to time. Balances in the Fund will be planned for specific projects recommended to or by Council during the annual budget process, or other times throughout the year. Due to its nature, there is no target balance for this Fund. Reallocation to other purposes or reserve funds from this account is not permissible bylaw. The Fund is established by transfer of the current balance in the Town's Cash-in-Lieu of Parkland account. By.:.law Number 5633-14 Page 6 of 19 Schedule: NIS Reserve Fund Category: New Infrastructure Reserve Fund Name: Cash-in-Lieu of Parking The Cash-in-Lieu of Parking Reserve Fund (the "Fund") is hereby established to receive and hold proceeds of the sale of any town owned parking lands, or cash payments received in respect of agreements entered pursuant to section 40 of the Planning Act, R.S.O. 1990, c. P.13, as amended, permitting an owner to provide less parking on a site than is otherwise required by local bylaw. Balances in the Fund shall be used only for: a) the acquisition of land to be used for public parking; or b) improvement of existing public parking facilities; or c) costs to create additional public parking on existing rights of way or other land owned or leased by the municipality, d) acquisition of equipment or infrastructure for the management or enforcement of by-laws restricting parking in the Town; or e) efforts of public education or awareness, including signage, of the availability of public parking; or f) any other purpose determined by Council without limitation. Balances in the Fund will be planned for specific projects recommended to or by Council during the annual budget process, or other times throughout the year. Due to its nature, there is no target balance for this Fund. At any time, acting in the best interests of the Town, Council may direct that some or all balances in the Fund be transferred to other reserve funds, or used for other purposes. The Fund is established by transfer of the current balance in the Town's Cash-in-Lieu of Parking account. By-law Number 5633-14 Page 7 of 19 Schedule: Nl6 Reserve Fund Category: New Infrastructure Reserve Fund Name: Parks New Capital The Parks New Capital Reserve Fund (the "Fund") is hereby established to receive and hold proceeds of the sale of any Town owned park lands, or other periodic allocations or contributions made or received by Council. Balances in the Fund shall be used for any parks capital projects which are not Repair or Replacement need related. Such projects could include enhancements to existing park facilities, additional equipment, special studies, publications and educational material, or one-time special operational needs. Balances in the Fund will be planned for specific projects recommended to or by Council during the annual budget process, or other times throughout the year. Due to its nature, there is no target balance for this Fund. When this Fund is depleted, staff are authorized to close the account. At any time, acting in the best interests of the Town and recognizing the unique sources and intent of this funding, Council may direct that some or all balances in the Fund be transferred to other reserve funds, or used for other purposes. The Fund is established by transfer of the current balance in the Town's Parks Master Plan reserve account. By-law Number 5633-14 Page 8 of 19 Schedule: S4 Reserve Fund Category: Stabilization Reserve Fund Name: Debt Deferral -Library The Debt Deferral -Library Reserve Fund (the "Fund") is hereby established to carry the remaining declining balance of the internal financing previously provided by the Town to construct the oversizing portion of the Central Library. The unfavourable balance represents an encumbrance upon other reserve funds of the Town in general, and will always be in a deficit position, but declining as each annual repayment is made. Repayments are included in each annual operating budget approved by Council and are funded by the collection of Library component Development Charges throughout the year as community development occurs. The target balance of this account is $Nil, as it is anticipated that the subject debt will be fully retired during 2020. Once the debt is fully paid, staff are authorized to close this account. The Fund is established by transfer of the current unfavourable balance in the Town's Debt Deferral -Library (internal financing) reserve account. By-law Number 5633-14 Page 9 of 19 Schedule: UR1 Reserve Fund Category: Unearned Revenue Reserve Fund Name: Building Permit Fees Reserve The Building Permit Fees Reserve Fund (the "Fund") is hereby established to receive and hold portions of Building Permit revenue collected which exceed the direct costs of providing the associated services in any fiscal year. Balances in the Fund shall be used to supplement projected or actual revenue shortfalls of Building Permit Fees in any fiscal year, or special projects related to the enforcement and administration of the Ontario Building Code. Transfers to or from the Fund will be recommended to or by the Council during the annual budget process, or other times throughout the year, as well as at the end of each year as administratively required to match revenues to actual expenses. Due to its nature, there is no target balance for this reserve fund. As this Fund is funded by surplus Building Permit Fees, Town Council is not permitted to make allocations from this reserve other than those prescribed by legislation. The Fund is established by transfer of the current balance in the Town's Building Department -Bill 124 account. By-law Number 5633-14 Page 10 of 19 Schedule: UR2 Reserve Fund Category: Unearned Revenue Reserve Fund Name: Engineering Inspection Fees The Engineering Inspection Fees Reserve Fund (the "Fund") is hereby established to receive and hold portions of Engineering Fees revenue which exceed the direct costs of providing the associated services for which the fee was collected in any fiscal year, which more appropriately will be needed to fund associated services which will not occur until a future fiscal year. By their nature, inspection efforts related to a specific fee collected may occur over a period of several years. Balances in the Fund shall be used to supplement projected or actual revenue shortfalls of Engineering Fees in any fiscal year. Transfers to or from the Fund will be recommended to or by the Council during the annual budget process, or other times throughout the year, as well as at the end of each year as administratively required to match revenues to actual expenses. Due to its nature, there is no target balance for this Fund. As this Fund is funded by surplus Engineering Fees, Town Council is not permitted to make alternative allocations from this reserve. The Fund is established by transfer of the current balance in the Town's Engineering Inspections Fees account. By-law Number 5633-14 Page 11 of 19 Schedule: UR3 Reserve Fund Category: Unearned Revenue Reserve Fund Name: Landscape Inspection Fees The Landscape Inspection Fees Reserve Fund (the "Fund") is hereby established to receive and hold portions of Landscaping Inspection Fees revenue which exceed the direct costs of providing the associated services for which the fee was collected in any fiscal year, which more appropriately will be needed to fund associated services which will not occur until a future fiscal year. By their nature, inspection efforts related to a specific fee collected may occur over a period of several years. Balances in the Fund shall be used to supplement projected or actual revenue shortfalls of Landscaping Fees in any fiscal year. Transfers to or from the Fund will be recommended to or by the Council during the annual budget process, or other times throughout the year, as well as at the end of each year as administratively required to match revenues to actual expenses. Due to its nature, there is no target balance for this reserve fund. As this Fund is funded by surplus Landscaping Inspection Fees, Town Council is not permitted to make alternative allocations from this reserve. The Fund is established by transfer of the current balance in the Town's Landscape Inspection Fees account. By-law Number 5633-14 Page 12 of 19 Schedule: SP2 Reserve Fund Category: Special Purposes Reserve Fund Name: Green Initiatives The Green Initiatives Reserve Fund (the "Fund") is hereby established to receive and hold donations or budgetary contributions for purposes of funding or lending funding for projects or initiatives which further the objectives or support the strategic directions of the Town's Corporate Environmental Action Plan as amended from time to time. Council may direct that portions of revenues or savings arising from certain projects are to be contributed to the Reserve Fund. Balances in the Fund will be planned for specific projects recommended to or by Council during the annual budget process, or other times throughout the year, having consulted with the Environmental Advisory Committee. Due to its nature, there is no target balance for this Fund. At any time, acting in the best interests of the Town, Council may direct that some or all balances in the Fund be transferred to other reserve funds, or used for other purposes. The Fund is established by transfer of the current balance in the Town's Green Initiatives Reserve Fund account. By-law Number 5633-14 Page 13 of 19 Schedule: SP3 Reserve Fund Category: Special Purposes Reserve Fund Name: Heritage The Heritage Reserve Fund (the "Fund") is hereby established to receive and hold proceeds of agreements or donations in connection with the demolition or preservation of heritage structures, facilities or sites. Balances in the Fund shall be used to help the Heritage Advisory Committee achieve their duties and functions as outlined in the Committee's Terms of Reference, as approved by Council from time to time, and to help facilitate any special programs, projects, or initiatives of the Committee which have been given Council approval. Balances in the Fund will be planned for specific projects recommended to or by Council during the annual budget process, or other times throughout the year, having consulted with the Heritage Advisory Committee. Due to its nature, there is no target balance for this Fund. In the event of the dissolution of the Committee by Council, or any time following such, acting in the best interests of the Town, Council may direct that some or all balances in the Fund be transferred to other reserve funds, or used for other purposes. The Fund is established by transfer of the current balance in the Town's Heritage Reserve Fund account. By-law Number 5633-14 Page 14 of 19 Schedule: SP4 Reserve Fund Category: Special Purposes Reserve Fund Name: Arts and Culture The Arts and Culture Reserve Fund (the "Fund") is hereby established to receive and hold donations for purposes of funding community grants offered by the Town annually which are oriented specifically to arts or cultural groups or events within the Town of Aurora. Balances in the Fund will be allocated to fund arts and cultural type grants each year as recommended to or by Council during the annual budget process or other times throughout the year. Due to its nature, there is no target balance for this Fund. As the funds have been donated to the Town for the specific use for arts and cultural grants within the Town, Council may not reallocate or repurpose the funds in this account for another purpose. The Fund is established by transfer of the current balance in the Town's Arts & Culture Reserve account. By-law Number 5633-14 Page 15 of 19 Schedule: SP5 Reserve Fund Category: Special Purposes Reserve Fund Name: Public Art The Public Art Reserve Fund (the "Fund") is hereby established to receive and hold allocations from budgets of new municipal facilities projects or other contributions approved by Council. Balances in the Fund shall be used to commission, or acquire works of art for public display on or in municipal properties in accordance with the Town's Public Art policy. Balances in the Fund will be allocated for public art purposes as recommended to or by Council during the annual budget process or other times throughout the year. Due to its nature, there is no target balance for this Fund. Council may direct that some or all balances in the Fund be transferred to other reserve funds, or used for other purposes. The Fund is established with a $Nil balance. By-law Number 5633-14 Page 16 of 19 Schedule: SP6 Reserve Fund Category: Special Purposes Reserve Fund Name: Recreation Participant Sponsorship The Recreation Participant Sponsorship Reserve Fund (the "Fund") is hereby established to receive and hold net proceeds of annual fundraising activities undertaken by the Recreation Division. Balances in the Fund shall be used to provide financial assistance to qualified individuals or families for registration and participation in Town offered recreation programming, as administered by the Director of Parks & Recreation Services. Balances in the Fund will be allocated to fund sponsorship grants each year as recommended to or by Council during the annual budget process or other times throughout the year. Due to its nature, there is no target balance for this reserve fund. In the event of the dissolution of the sponsorship program by Council, or any time following such, acting in the best interests of the Town, Council may direct that some or all balances in the Fund be transferred to other reserve funds, or used for other purposes. The Fund is established by transfer of the current balance in the Town's Parks & Recreation Participant Sponsorship account. By-law Number 5633-14 Page 17 of 19 Schedule: SP7 Reserve Fund Category: Special Purposes Reserve Fund Name: Cenotaph Restoration The Cenotaph Restoration Reserve Fund (the "Fund") is hereby established to receive and hold current balances and periodic contributions from members of the public, other municipalities, Council, other governments, and/or other organizations. Balances in the Fund shall be used to provide periodic maintenance, restoration or replacement of the war memorial cenotaph located in Aurora War Memorial Peace Park in Aurora. Balances in the Fund will be allocated to such projects as recommended to or by Council during the annual budget process or other times throughout the year. There is no target balance for this Fund. Upon the identification of the need for a major project for the cenotaph, staff will establish a target balance and advise Council. Due to the nature of the variety of possible sources of funding for this reserve, Council may not reallocate or repurpose the funding of this Fund. The Fund is established by transfer of the current balance in the Town's War Memorial account. By-law Number 5633-14 Page 18 of 19 Schedule: LIB1 Reserve Fund Category: Library Managed Reserve Fund Name: Library Managed Repair and Replacement The Library managed Repair and Replacement Reserve Fund (the "Fund") is hereby established to receive and hold tax sourced contributions for the purposes of funding repairs, replacement and refurbishments of Library managed furniture, fixtures and equipment, and changes in how space within the facility is used by the Library Board. Changes to the physical structure of the facility proper or base finishes are the responsibility of the Facilities Division of the Town. Funding will arise from allocations approved in the annual budget process by the Library Board, or any other funding so directed to this reserve fund by the Board. Balances in the Fund will be planned for specific projects or issues to be recommended to or by the Library Board during the annual budget process, or other times throughout the year. The Library Board annually reviews its budget contributions to this Fund to ensure future reserve fund adequacy. As this Fund is primarily funded by allocations from the Library Board's annual budget, Town Council is not permitted to make allocations from this reserve. The Fund is established by transfer of the current balance in the Town's Library Managed Repair and Replacement account. By-law Number 5633-14 Page 19 of 19 Schedule: LIB2 Reserve Fund Category: Library Managed Reserve Fund Name: Library Donations and Bequests The Library Donations and Bequests Reserve Fund (the "Fund") is hereby established to receive and hold donations and bequests received by the Aurora Public Library until utilized to support special programs or initiatives outside of the annual operating budget. Balances in the Fund shall be used for planned projects recommended by the Library Board during the annual budget process, or other times throughout the year. Due to its nature, there is no target balance for this Fund. As this Fund is funded by donations to the Library, Town Council is not permitted to make allocations from this reserve. The Fund is established by transfer of the current balance in the Town's Library Donation & Bequests account.