HomeMy WebLinkAboutFIN-06-023 - Allocation of 2005 Gasworks Surplus
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KITCHENER
Financial Services
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Report To:
Date of Meeting:
Submitted By:
Prepared By:
Ward(s) Involved:
Date of Report:
Report No.:
Subject:
Councillor B. Vrbanovic, Chair, and Members of
the Finance and Corporate Services Committee
August 21, 2006
Pauline Houston, General Manager of Financial Services
& City Treasurer
Pauline Houston (2646)
ALL
July 26, 2006
FIN-06-023
Allocation of 2005 Gasworks Surplus
RECOMMENDATION:
None. For information only
BACKGROUND:
At a Council meeting in May of this year, Councillor Gazzola noted that a $17.5 million
surplus in gasworks has been realized as opposed to the previous estimates of $13.5
million. It was agreed that staff would report to a future Finance and Corporate Services
Committee meeting as to any action that might be taken to allow the City's utility
customers to share in the surplus.
REPORT:
As outlined in the Gas Capital Investment Reserve Fund Projection (Schedule 1)
attached, the projected actual contribution from Gasworks for 2005, at the time of the
2006 Budget discussions was estimated at $13,486,000. Based on final year end
results, the actual transfer, as per Council policy, was $17,571,000 (i.e. a difference of
$4,085,000). There were two additional projects approved to be funded from this
reserve fund, subsequent to 2006 Budget approval:
1. Joseph/Gaukel/Canada Post Project (environmental remediation) $3,989,000
2. Gasworks infrastructure requirements $1,000,000
As a result, the projected closing balance for this reserve fund is $6,592,000, which is
$719,000 less than budget.
Since the surplus funds from 2005 have been allocated to the above projects, there is
no excess surplus available at this time, to be considered for other purposes.
FINANCIAL IMPLICATIONS:
None
Pauline Houston, CA
General Manager of Financial
Services & City Treasurer
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