That West Elgin Council hereby receives the report from M. Badura re: Reserves and Reserve Funds Policy and that West Elgin council approves the policy as presented; and
That a new Reserve Fund entitled Arena Facility Upgrades (01-3000-3040) be created to be used to transfer Kraft Hockeyville funds and accumulate interest at the rate the municipality earns from the financial institution;
That a new Reserve Fund entitled Arena Dehumidification System (01-3000-3042) be created to be used to transfer money to reserves and accumulate interest at the rate the municipality earns from the financial institution;
That a new Reserve Fund entitled “Playground Equipment – Rodney Park” (01-3000-3041) be created to be used to transfer donations received throughout the year.
That a new Reserve Fund entitled “Parks & Recreation – Pool” (01-3000-3043) be created to be used to transfer donation received from Rodney Cemetery Board.
That a new Reserve Fund entitled “Municipal Buildings – Old Town Hall Washroom Fund” (01-3000-3044) to be used to transfer donations received from Rodney Cemetery Board.
That the Federal Gas Tax Reserve Funds (01-3000-3101) be renamed to “Canada Community Building Fund Reserve Fund”;
That the RES- WL COMM IMPROVEMENT (01-3000-3012) be renamed to “West Lorne Main Street Reconstruction Reserve Fund”.
That $40,940.66 be transferred from the RES – Prior Year’s Capital (01-3000-3030) to the Contingencies Reserve (01-3000-3002); and $150,000.00 be transferred to Arena Facility Upgrades (01-3000-3040) (Res. 2023-117); and close depleted account RES – Prior Year’s Capital (01-3000-3030);
That depleted Reserves – Safe Restart Funding (01-3000-3015) be closed;
That depleted Reserves – 2021 COVID-19 Recovery funding (01-3000-3038) be closed; and
That depleted Reserves – RES-HAVEN LAKE ROAD (01-300-3026) be closed.