HomeMy WebLinkAboutFin & Corp Svcs - 2006-01-16 SFINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16. 2006 CITY OF KITCHENER
The Finance and Corporate Services Committee met in special session this date commencing at
9:05 a.m.
Present: Councillor B. Vrbanovic -Chair
Mayor C. Zehr and Councillors J. Smola, J. Gazzola, M. Galloway, Councillor G. Lorentz
and C. Weylie.
Staff: C. Ladd, Chief Administrative Officer
P. Houston, General Manager, Financial Services & City Treasurer
G. Sosnoski, General Manager, Corporate Services & City Clerk
R. Browning, Interim General Manager, Development & Technical Services
A. Pappert, General Manager, Community Services
D. Chapman, Director of Financial Planning & Reporting
R. LeBrun, Manager, Financial Planning and Reporting
S. Lewis, CEO Kitchener Public Library
G. Hastings, Manager, Golf Courses
J. Witmer, Director of Building
S. Turner, Director of By-law Enforcement
R. Regier, Executive Director, Economic Development
R. Willms, Supervisor of Administration, Community Services
R. Gosse, Deputy City Clerk
1. FIN-06-001 - 2006 OPERATING BUDGET
The Committee was in receipt of Financial Services Department report FIN-06-001, dated
December 23, 2005 with respect to the City's 2006 Operating Budget. In addition, Committee
members were provided with the City Budget Summary by Department and Object, Budget
Issue Papers for major issues, Summaries of full-time equivalent (FTE) staffing by division and
a summary of the budget impact due to legislated changes.
Ms. P. Houston presented the Operating Budget and provided an overview of the approach to
preparing the budget beginning with Council's direction of a 3% Property Tax Increase which
would include the Economic Development Investment Fund (EDIF) of 1.7%. Ms. Houston
advised that when the budget process began staff based the budget on a projected 2.5%
increase in assessment yet it has now been determined that the assessment growth in 2006
will be 4.08%. The Committee reviewed the comparison between the household and City
Consumer Price Index showing an increase of 2 and 3.2% respectively. The Committee next
reviewed the comparisons between Kitchener and the Cities of Waterloo and Cambridge with
respect to municipal costs for an average household, including taxes and other services. Ms.
Houston noted that in 2005 Kitchener remained lower in total costs in comparison with the
other two cities.
Ms. Houston advised that the Ministry of Municipal Affairs has established surplus
benchmarks as a measure of budget precision and a less than 10% annual deviation as
acceptable. She noted that for the past eleven years the City of Kitchener has been well within
the 10% deviation.
Ms. Houston then provided an overview of the Tax Stabilization Reserve Fund projection
noting the need to reduce the dependence on the fund over time. Councillor J. Gazzola asked
why there was no transfer from hydro or gas in 2005 and nothing proposed in 2006. Ms.
Houston explained that a decision was made by Council not to transfer funds directly into the
reserve but rather directly to the Capital Budget. She explained it makes it easier to deal with
fluctuations year over year.
Councillor M. Galloway requested historical data of the Tax Stabilization Reserve Fund and
asked what the annual balance of the fund should be. Ms. Houston advised that an
appropriate balance would be $4 to $5 M.
The Committee then reviewed the proposed 2006 Tax Levy of 2.89% before any proposed
additions and reductions to the budget are adopted by Council. Ms. Houston pointed out that
the value of 1% in the Operating Budget equals $779,753.
FINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16, 2006 - 10 - CITY OF KITCHENER
The Committee reviewed the 10 year tax rate impact projection, the staffing levels including a
projected increase of staff by 19 full-time equivalent positions and the impact on the City due
to legislative changes which for 2006 is projected at $1.5 M. Councillor Gazzola inquired as to
the loss of interest regarding tax billing and how this is a result of legislated changes. Ms.
Houston explained that due to legislated changes municipalities have had to adjust the due
date for commercial and industrial property taxes to later in the year resulting in less interest
being accumulated for late taxes.
7.7_1: gib?
Ms. Houston presented the proposed Operating Budgets for the Centre In The Square and the
Kitchener Public Library showing a 3% and 4.9% increase respectively. Ms. Houston noted
that the 1.3% increase beyond the 3% target amount for the Kitchener Public Library amounts
to $97,525. and that an issue paper has been prepared for the Committee's consideration.
Councillor Gazzola requested that the latest financial statement of the Kitchener Public Library
be provided to the members of the Committee prior to the January 30th Budget Day.
Mayor C. Zehr raised a concern regarding the Book Reserve explaining the Reserve was set
up originally to compensate for the higher US dollar when purchasing books and other
materials for the Library from US sources. He questioned whether this account was needed in
the future in light of the growing Canadian dollar and why differentiate between operating and
capital budgets. Ms. S. Lewis explained there were three reasons for the Book Reserve; to
offset the higher US dollar; to offset inflation; and, to support new material formats for the
library. Ms. Houston added that the Book Reserve was put in the Capital Budget as it was
thought to be a short term account but due to the longer term need the account could be put
into the Operating Budget.
Mayor Zehr requested the balance of the Book Reserve and Material Purchasing Account for
the January 30th Budget Day. Ms. Lewis informed the Committee that the 2005 Financial
Statement will be completed in February. Councillor Galloway requested a Draft Financial
Statement for 2005 prior to the January 30th Budget Day.
Councillor Gazzola asked if the proposed Operating Budget for the KPL could not be changed
to meet the 3% target. Ms. Lewis responded that there are only two accounts that could be cut
without eliminating a service, those being wages and the material acquisition budget.
Councillor Galloway suggested that in order to make a final decision the actual financial
figures from 2005 would be required.
The Committee then considered the proposed Operating Budget for the two Boards.
On motion by Councillor G. Lorentz -
it was resolved:
"That the 2006 Operating Budget for the Centre In The Square be approved at
$1,249,000. representing a 3% increase over 2005."
On motion by Councillor M. Galloway -
it was resolved:
"That the 2006 Operating Budget for the Kitchener Public Library be deferred to the
January 30, 2006 special meeting of the Finance and Corporate Services Committee in
order to allow time for the Library's 2005 actual financial figures to be given to members
of the Committee."
ENTERPRISES
Golf Courses
The Committee reviewed the proposed Operating Budgets for the Doon and Rockway Golf
Courses. Councillor Gazzola raised a concern with the proposed 2006 Budget when,
according to the Financial Statement, the 2005 gross profit was not met. G. Hastings
FINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16, 2006 - 11 - CITY OF KITCHENER
Golf Courses (Cont'd)
explained that in 2004 the two Golf Courses had record years which could not be matched in
2005 therefore it is not expected that the final figures for the year will meet the budget targets.
Councillor Gazzola suggested that the proposed 2006 Budget may be too aggressive and
should be reviewed. Mayor Zehr questioned how the transfer to the City Revenue Fund was
calculated. Ms. Houston explained that the formula used in calculating that transfer has not
changed in many years and is based on what the Golf Course would pay in property taxes if
they were private courses.
Mayor Zehr suggested that perhaps it is time to review how the transfer is calculated and
requested that staff provide further information prior to the January 30th Budget meeting on
the formula used in calculating the funds to be transferred from the Golf Courses to the City.
Councillor Gazzola pointed out that the projected figures for the Rockway Golf Course were
more conservative than those for Doon and suggested that perhaps the two budgets be
reviewed and possibly changed to reflect actual 2005 figures. Ms. A.Pappert advised that staff
will conduct a five year Operating Budget Review to determine if changes should be made.
On motion by Mayor C. Zehr -
it was resolved:
"That the 2006 Operating Budgets for the Doon and Rockway Golf Courses be deferred
to the January 30, 2006 special meeting of the Finance and Corporate Services
Committee to allow a further review of the Operating Budgets."
Buildin
P. Houston advised that legislation came into effect July 1, 2005 that led to the Building
Division becoming an enterprise and 2006 will be the first full year. J. Witmer advised that the
projected number of permits to be issued in 2006 is lower than in 2005 but many of those
permits were for small additions and decks which do not have a significant impact on the
revenue therefore it is not expected that the revenues for the Division will be reduced. He
further explained that a reserve is being established in order to keep permit fees stable during
periods of high and low volumes of applications. Councillor Gazzola questioned if the City was
sufficiently charging back overhead costs to the Division ensuring that taxpayers are not
supplementing the department. Mr. Witmer advised that the proposed Operating Budget is
based on previous Council decision and will be reviewed to ensure the accuracy of the
expenditures.
Councillor Gazzola asked if staff could provide the figures for 2005 based on the assumption
that the Building Division was an enterprise for the entire year rather than just 6 months.
The Committee then considered the issue paper regarding additional AMANDA system
Resource. Mr. S. Turner, representing the AMANDA Steering Committee, advised that
currently there is only one FTE for the AMANDA system yet several divisions throughout the
Corporation use the program daily. He added that the AMANDA system is not being used to its
full potential and with an additional resource the City could see improved efficiency, customer
service and increased capacity especially in the area of inspections. Councillor Galloway
asked if an analysis has been undertaken regarding the number of hours required to maintain
the AMANDA system. Mr. Turner responded that currently approximately 80% of the AMANDA
Administrator's time is spent on maintaining the existing system and 20% is spent on new
initiatives. He added that many new initiatives are being delayed due to the lack of resources.
Councillor Galloway advised that without statistics for the justification regarding the number of
hours required and the possibility of phasing in a staff person from Information Technology, it
is difficult to make a decision on this request and he asked for further analysis and a Work
Plan prior to the January 30th budget meeting.
FINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16, 2006 - 12 - CITY OF KITCHENER
Building (Cont'd)
On motion by Councillor M. Galloway -
it was resolved:
"That the request for an additional AMANDA System Resource (staff) as outlined in the
2006 Budget Issue Paper be deferred to the January 30, 2006 special Finance and
Corporate Services Committee meeting for additional information and justification for
the position."
Gas Works Utilitv
Ms. Houston advised that 2005 was a profitable year for the Gas utility but the projected 2006
Budget remains somewhat more conservative due to the many factors that may impact the
utility. D. Quinn advised that weather can have a significant impact explaining that the mild
weather for the first two weeks of this year has reduced consumption. Mr. Quinn then
explained how wholesale costs and transportation costs were a factor in 2005 allowing a better
than expected gross profit. Mayor Zehr asked what effect it would have on the tax rate if the
projected gross profit was increased. Ms. Houston responded that any surplus from the gas
utility is transferred into the gas Reserve Fund and has no effect on the tax base.
Mayor Zehr suggested that the formula use to determine the transfer to the Reserve be
reviewed to ensure appropriate amounts are being transferred. Ms. Houston advised that
there is no exact formula used and that the transfer is based on past practices. Mayor Zehr
requested further information on the 2003 - 2004 gross profit for the Utility and information on
the calculations made for the transfer to the Reserve Fund.
On motion by Mayor C. Zehr -
it was resolved:
"That the proposed 2006 Operating Budget for the Gas Works Utility be approved."
The Committee the recessed at 11:15 a.m. and reconvened at 11:30 a.m. Chaired by
Councillor B. Vrbanovic and with all members present.
Water Utilitv
Ms. P. Houston advised that the proposed water rates reflect an accelerated increase which is
to serve as a means of eliminating future deficits. She noted that previous anticipated increase
in water consumption rates are speculated at 1% however that was found to be too aggressive
and has since been re-adjusted to .5%. She stated that gas surpluses are used to offset the
water and sanitary deficits until the accelerated rate increase bring about a balance of revenue
and expenditures.
Councillor J. Gazzola requested further information to be provided prior to the January 30th
budget meeting regarding the possibility of readjusting the water and sanitary rate increases to
the same level as the tax increase.
On motion by Mayor C. Zehr -
it was resolved:
"That the proposed 2006 Operating Budget for the Water Utility be approved."
Sanitary Utilitv
Ms. P. Houston advised that sanitary rates are based upon the rate of water consumption. She
noted that as the water consumption rates have been readjusted so have the sanitary rates.
On motion by Councillor G. Lorentz -
it was resolved:
"That the proposed 2006 Operating Budget for the Sanitary Utility be approved."
FINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16, 2006 - 13 - CITY OF KITCHENER
Water /Sanitary Sewer Rates
Ms. P. Houston presented the proposed Water /Sanitary Sewer Rates and advised that the
City is currently running a $9.5 M a year deficit for sanitary and water services noting that the
accelerated rate increase will act as a means of eliminating this deficit. She added that the
rate increases of the services will have a $24. per year impact on the average Kitchener
household.
TAX SUPPORTED OPERATING BUDGET
Ms. Houston presented the 2006 Tax Levy of 2.89% which includes the Economic
Development Investment Fund but does not include any add-ons or reductions being
proposed by staff. Ms. Houston then reviewed: base adjustments to staff costs and non-staff
costs; growth adjustments; strategic adjustments; Council pre-budget approvals; and, revenue
increases.
Members of the Committee requested that further information be provided prior to the January
30th budget day on the following: the chart used in analyzing the fringe rate adjustment; a
breakdown of the equipment charges adjustment; a detailed report on the gapping program;
the projection on rates for investment income; and, a breakdown on the figures used with
respect to the increased penalty and interest revenue.
Additions /Reductions
The Committee then considered the add and reduction packages being proposed by staff.
On motion by Councillor M. Galloway -
it was resolved:
"That $10,000. be added to the Community Services Arts and Culture Operating Budget
to support Culture Plan II Implementation Strategy Initiative in 2006."
On motion by Councillor G. Lorentz -
it was resolved:
"That $12,271. be added to the Community Services "Every Kid Counts" Operating
Budget to hire three additional Inclusion Facilitators to support children and youth with a
disability municipal summer programs."
On motion by Councillor J. Smola -
it was resolved:
"That $108,000. be added to the Market Operating Budget with $85,000 funded through
a one-time transfer from the Tax Stabilization Fund, resulting in a net levy impact of
$23,000."
Mayor Zehr advised that the Finance and Corporate Services Committee on January 9, 2006
did approve an additional expenditure regarding the Greater Kitchener-Waterloo Chamber of
Commerce Health Care recruitment Program.
On motion by Councillor G. Lorentz -
it was resolved:
"That the Centre In The Square event parking rate be increased from $5. to $6.
effective July 1, 2006 and that parking revenue be increased in the 2006 Operating
Budget by $14,000."
Councillor B. Vrbanovic advised that the items listed under the Reduction Package regarding
reducing the Library increase at 3%, tax stabilization transfer and an increase in the Hydro
dividends would be dealt with on January 30th. He further advised that the remaining item on
the Reduction Package regarding a reduction in grants would be dealt with individually later
during this meeting.
FINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16, 2006 - 14 - CITY OF KITCHENER
The Committee then recessed at 12:15 p.m. and reconvened at 1:00 p.m. Chaired by
Councillor M. Galloway and with all members present. Councillor B. Vrbanovic was in
attendance for part of the meeting.
Ms. Houston advised the Committee of the Issue Paper regarding the proposed new Mileage
Rate paid to employees for use of their personal vehicles for business purposes and
requested that the Committee consider the recommendation to increase it from $0.42 per km
for the first 5,000 km and $0.36 thereafter to $0.45 and $0.39 respectively. Councillor Gazzola
advised that when he calculated the cost per kilometre based on the figures provided in the
issue paper his results showed $0.43 per km for the first 5,000 km and $0.39 thereafter.
On motion by Councillor J. Gazzola -
it was resolved:
"That the City of Kitchener's Mileage Rate per kilometre increase to $0.43 for the first
5,000 km and $0.39 for each additional kilometre effective February 1, 2006."
GRANT ALLOCATIONS
Councillor Galloway suggested that the Committee review those Grant Allocations where staff
are recommending a change from the grant requested as outlined in Appendix A to the
material provided to the Committee this date.
Communitech Technology Association Inc.
Councillor C. Weylie requested further information on the Communitech Technology
Association Inc. grant request. Mr. Regier advised that the grant provided in 2004 and 2005
was to be used to attract firms to the region but the current grant request did not outline any
particular program. He further advised that a meeting will be held on January 17, 2006 when
he would be obtaining further information on the recruitment work plan. Councillor Weylie
suggested that before making a decision on the grant that the Committee be given information
on the proposed work plan from Communitech.
On motion by Councillor C. Weylie -
it was resolved:
"That the 2006 grant request from Communitech Technology Association Inc. be
deferred to the January 30, 2006 special Finance and Corporate Services Committee
meeting in order that the Committee receive an outline on the Association's 2006 work
plan."
Councillor B. Vrbanovic entered the meeting and assumed the Chair.
Capital Grants
Councillor Gazzola raised a concern regarding the capital grant request from the Hospice of
Waterloo Region, Community Justice Initiatives, and the Kitchener Alliance Community
Homes suggesting that these should be charged to the Capital Budget. Councillor Vrbanovic
suggested and it was agreed that the three capital grants be included as part of the proposed
budget and be dealt with at the January 30th Budget Day.
Homer Watson House and Gallery
Councillor Gazzola advised that the grant request from the Homer Watson House and Gallery
was in part to deal with a wage issue to bring staff wages on par with the City of Kitchener.
Councillor G. Lorentz raised the question of why the City owns and operates Homer Watson
House and suggested that perhaps discussions with the Region of Waterloo should take place
as part of an overall initiative for the Region to operate the Regional Museums and Galleries.
Mayor Zehr advised that currently discussions are being held at the Region regarding an
Artefact Museum and perhaps that could be expanded to include the gallery. Ms. C. Ladd
advised that there were a number of initiatives in 2006 regarding the Region and that staff will
look at this particular issue and discuss it with Regional Staff.
FINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16, 2006 - 15 - CITY OF KITCHENER
Homer Watson House and Gallerv (Cont'd)
On motion by Councillor J. Gazzola -
it was resolved:
"That the 2006 Grant Request in the amount of $164,200. from the Homer Watson
House and Gallery be approved."
Theatre and Company
Mayor Zehr advised that last year Council granted a one time grant to assist Theatre and
Company in reducing its deficit which was part of the Theatre's three year financial plan. Ms.
R. Willms advised that Council did approve the one time grant last year but at that time stated
they would consider additional grants in years two and three. Councillor Galloway raised
concerns with the grant request advising that Theatre and Company has a large reserve
account. The Committee was informed that the reserve account is part of a one time donation
and the Theatre is not permitted to access that account as part of its operational budget.
Councillor Gazzola requested the 2005 Financial Statement from Theatre and Company
before the Committee makes its decision.
A motion by Mayor C. Zehr was brought forward to approve the grant request in the amount
$54,200. and was voted on and lost.
On motion by Councillor G. Lorentz -
it was resolved:
"That the 2006 grant request from the K-W Performing Arts Association /Theatre and
Company be deferred to the January 30, 2006 special Finance and Corporate Services
Committee meeting in order for the Theatre's 2005 Financial Statement to be submitted
to the Committee for review."
Leadership Waterloo Region
Councillor M. Galloway assumed the Chair.
On motion by Councillor B. Vrbanovic -
it was resolved:
"That the 2006 Grant Request from leadership Waterloo Region in the amount of
$7,500. be approved."
Councillor B. Vrbanovic assumed the Chair.
K-W Opera
Mayor Zehr advised that the Opera Company is subsidized by Kitchener and the City of
Hamilton and is experiencing cash flow issues. He requested further information on the
amounts provided by the two cities comparing the amounts subsidized and the number of
shows that are given in each City.
Mayor C. Zehr put forward a motion to approve a grant to the K-W Opera in the amount of
$5,358. to be paid in the usual manner and $2,142. divided by the number of planned
performances to be held in the City of Kitchener, to be paid when each performance is given.
Councillor Gazzola suggested that without the financial information requested by the Mayor
any decision regarding this grant should be deferred.
On motion by Councillor J. Gazzola -
it was resolved:
"That the 2006 grant request from K-W Opera be deferred to the January 30, 2006
special Finance and Corporate Services Committee meeting to allow for further
FINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16, 2006 - 16 - CITY OF KITCHENER
K-W Opera (Cont'd)
information on the subsidies paid by the Cities of Hamilton and Kitchener and the
number of planned shows in each of the cities."
Kitchener Blues Community
R. Willms advised that Kitchener Blues Community did make a one time grant request last
year for $30,000. which Council approved. She further advised that the Kitchener Downtown
Business Association also provides funding for this event.
On motion by Councillor J. Gazzola -
it was resolved:
"That the 2006 grant to the Kitchener Blues Community in the amount of $10,200. as
recommended by staff be approved."
Skills Canada Ontario
On motion by Councillor M. Galloway -
it was resolved:
"That the 2006 grant to Skills Canada Ontario in the amount of $650. for in-kind
services be approved."
Renaissance Singers
On motion by Councillor M. Galloway -
it was resolved:
"That the 2006 grant to the Renaissance Singers in the amount of $986. be approved."
K-W Art Gallery
Councillor C. Weylie advised that the requested increase from the Art Gallery is directly related
to the rent increase from the Centre In the Square and therefore a 3% increase from 2005
would be appropriate.
On motion by Councillor C. Weylie -
it was resolved:
"That the 2006 grant in the amount of $163,781. to the K-W Art gallery be approved."
Business and Education Partnership
On motion by Mayor C. Zehr -
it was resolved:
"That the 2006 grant in the amount of $5,750. to the Business and Education
Partnership be approved."
R.O.O.F.
Councillor Galloway suggested that in light of the recent fire that destroyed the building where
R.O.O.F operated from that the $10,000. grant may be appropriate. Mayor Zehr suggested
that the grant being recommended by staff be increased by 3% and that the difference
between that amount and the requested $10,000. be given as a one time grant to go towards
the Building Fund.
FINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16, 2006 - 17 - CITY OF KITCHENER
R.O.O.F. (Cont'd)
On motion by Councillor M. Galloway -
it was resolved:
"That the 2006 grant to R.O.O.F. be approved as follows: $5,690. as an Operating
Grant and $4,310. as a one time grant for the new Building Fund."
House of Friendship -Chandler Mowat and Kinosdale Community programs
On motion by Councillor J. Gazzola -
it was resolved:
"That the 2006 grant request from the House of Friendship for the Chandler Mowat and
Kingsdale Community Programs in the amounts of $35,900. and $58,290. respectively
be approved."
C.A.F.K.A.
R. Willms advised that C.A.F.K.A. is proposing to hold their event every second year instead
of annually and requires a commitment from Council for the two years. She added that for
2006 they are requesting a $19,OOO.grant being $15,000. in cash and $4,000. in-kind services
and in 2007 would be requesting $40,000. being $18,000. in cash and $12,000. in in-kind
services. Councillor Gazzola raised a concern that C.A.F.K.A. is now looking for an annual
grant of $30,000. per year whereas currently it is $18,000 and suggested that clarification from
C.A.F.K.A. is required before a decision can be made. A. Pappert advised that staff will
discuss the plans with C.A.F.K.A. and report back to the Committee.
On motion by Mayor C. Zehr -
it was resolved:
"That 2006 grant request from C.A.F.K.A. be deferred to the special Finance and
Corporate Services Committee meeting of January 30, 2006 in order to allow further
information from the organization to be submitted to the Committee."
Region of Waterloo Swim Club
On motion by Councillor G. Lorentz -
it was resolved:
"That the 2006 grant to the Region of Waterloo Swim Club in the amount of $11,700. as
recommended by staff be approved."
RESERVE FUNDS
Ms. Houston provided a review of the Reserve Fund balances advising that the sick leave fund
is closer to 25% being the guideline suggested by the City's auditor. Councillor Gazzola
requested the historical and projected balances for each of the funds be provided to the
Committee by the January 30th Budget Day. He also requested comparable figures for sick
leave funds from other municipalities. Ms. Houston cautioned that in looking at other municipal
sick leave funds that the individual policies of the municipalities should also be reviewed.
Ms. Houston advised of three new Reserve Funds as part of the proposed budget being
Building Enterprise, Business Parks and Gas Capital Investment.
Councillor B. Vrbanovic suggested that should any member of the Committee or staff have
any further suggestions regarding the Operating Budget they should forward them to Ms.
Houston by Monday January 23rd. in order that they can be assessed and brought forward for
consideration at the January 30th Budget Day.
Councillor Gazzola suggested that the target for the Operating Budget be revised to 2%.
Mayor Zehr cautioned that with so many unanswered questions regarding the proposed
Operating Budget and the number of deferred items from this meeting it would be difficult to
FINANCE & CORPORATE SERVICES COMMITTEE MINUTES
JANUARY 16, 2006 - 18 - CITY OF KITCHENER
RESERVE FUNDS (CONT'D)
specify an exact percent increase for the budget. Councillor Galloway suggested that any over
taxation resulting in a surplus from the previous years budget be returned through an
increased contribution from the Tax Stabilization Fund.
2. ADJOURNMENT
On motion, the meeting adjourned at 2:50 p.m.
R. Gosse
Committee Administrator