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Committee approves transferring surplus to reserves

March 6, 2018
Council Updates

The Finance and Economic Development Committee today approved transferring the City’s $24.9-million 2017 year-end surplus to several reserve funds and adopting a new management policy and target balances for its reserves.

A review by consulting firm MNP LLP found that the City manages its reserves proactively and effectively. The amendments would further improve the City’s financial sustainability and flexibility.  

The Committee also received a progress update on the construction and launch of the Confederation Line light rail transit system. These updates are to be provided monthly to the Finance and Economic Development Committee.

The City’s Sports Commissioner, Councillor Jody Mitic, looked back on some of the major events that Ottawa hosted last year, and provided an update on upcoming events. Thanks to the work of Ottawa Tourism and the City’s Bid More, Win More, Host More strategy, Ottawa has secured a minimum of 19 major sporting events over the next two years.  

The west end of Ottawa may soon be home to a new francophone community centre after the Committee approved the transfer and sale of 2720 Richmond Road to Le Conseil des écoles publiques de l'Est de l'Ontario. The property is the site of the former Grant Alternative School. The exterior of the main building and the front lawn is a designated heritage site and would be retained as part of the redevelopment project.

The Committee approved an exemption by-law to the Retail Business Holidays Act that would allow non-exempt retail businesses within the passenger terminal of the Ottawa Macdonald-Cartier International Airport to stay open on nine statutory holidays.

Items approved at today’s Finance and Economic Development Committee meeting will be considered by City Council on Wednesday, March 28.

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