Finance and Corporate Services Committee

WHEREAS the Capital Adjustments and Closing of Projects – City Tax and Rate Supported report going to Finance and Corporate Service Committee on June 4th 2024 outlines that projects totaling $571.892 million in net approved budget authority have been completed and are recommended for closure, and that actual funding required is $17.598 million less than budget, which will result in $4.829 million being returned to capital tax and other reserves, and WHEREAS the City’s total parks renewal budget for 2024 is $6.6M supporting approximately 1,100 parks whose competing needs include aging infrastructure and the demands of a growing population; and WHEREAS transfer of funds must remain in their specific category, and since Parks are tax-funded, an increase in park renewal budget must come from a tax-funded source; and WHEREAS Table 1 in recommendation 3 of the same report shows that $981,512.39 in City Wide Capital Reserve Funds are being returned to source; and WHEREAS all projects addressed in the Capital Close report need to be finished within 2024, and require design and consultation prior to construction; and WHEREAS the City used to plan for asset management projects at approximately 19 parks per year, and are currently planning for 17 parks; and WHEREAS staff are able to advance the design component of 2 additional parks in 2024; to be considered for construction in 2025; THEREFORE BE IT RESOLVED that $80,000 be transferred from the $981,512.39 in City Wide Capital Reserve F

BE IT RESOLVED THAT the Finance and Corporate Services Committee resolve in camera pursuant to Subsection 13(1)(a) of the Procedure By-law, as the subject matter relates to the security of the property of the City, to receive a presentation on cyber security and the external threat landscape, which is confidential and will not be reported out.