2010 Annual Report - City of Vernon

PAGE 40CITY OF VERNON 2010 ANNUAL REPORSTATEMENT OF SEVERANCE AGREEMENTSIn accordance with the requirements of the Financial Information Act below is a schedule of Severance Agreements and equivalent’s monthrange of compensation for the year 2010 for which severance payments commenced in 2010.Number of Severance Agreements: 2Range of equivalent’s months pay: 7Approved by:________________________________ Dated: May 30, 2011Finance ManagerApproved by Council:___________________________________ Dated: May 30, 2011MayorSTATEMENT OF GUARANTEESIn accordance with the requirements of the Financial Information Act below is a summary of Guarantees in effect for the year 2010.The City of Vernon has issued an irrevocable letter of credit in favour of the Agricultural Land Commission (ALC) as aguarantee to fund works required by the ALC as a condition of a property being removed from the Agricultural LandReserve. The property is being developed by the wholly-owned subsidiary, Hesperia Development Corporation. Theamount of the guarantee is $716,000. As of December 31, 2010, no drawing on the letter of credit has occurred.Approved by:________________________________ Dated: May 30, 2011Finance ManagerApproved by Council:_________________________________________ Dated: May 30, 2011Mayor