11 months ago

Long Range Financial Plan

underlying reason for

underlying reason for establishing the reserve fund. It is an cipated that the City will con nue to establish or close Program Specific Reserve Funds based on the changing needs and priori ies of the community. Capital Capital Reserve and Reserve Funds are monies set aside for the replacement and refurbishment of capital infrastructure. Gas Tax This includes Provincial, Federal and Regional portions of the Federal Gas Tax. Provincial Gas Tax funding is used to support Transit growth. Federal Gas Tax funding can be used for up to two of the following capital programs: transit, road infrastructure, and storm drainage or energy conservation. The City of Mississauga is using the Federal Gas Tax funding for the Transit and Road services. Lot Levies The Lot Levy Reserve Funds are monies collected from development prior to the existence of the Development Charges Act. These funds are used to supplement credits that have been recognized in accordance with Ontario Regulation 82/98 S.17 against future development charges payable for the properties identified through the application process. These Reserve Funds will eventually be depleted and closed. Development Charges Development Charges Reserve Funds are obligatory funds that are segregated from other Reserve and Reserve Funds and available for the sole purpose of funding growth-related infrastructure. All funding collected under the authority of the City’s Development Charges By-law, as permitted by the Development Charges Act, 1997 as amended, is used to construct growth-related infrastructure for the following services: fire, libraries, recreation, roads, transit, parking, public works, storm water management, and general government. Developer’s Contributions Developer’s Contributions consist of contributions for specific municipal infrastructure collected as a condition of land development. Examples include but are not limited to sidewalks, traffic signals and tree planting. Cash In Lieu – Parkland & Parking Pursuant to the Planning Act R.S.O. 1990 c.P.13 as amended, monies received in lieu of parkland dedication are set aside in a reserve fund and spent only for the acquisition of land to be used for park or other recreational purposes. Similarly, monies received in lieu of parking are set aside in reserve funds and are spent only for parking initiatives. 45

Reserves and Reserve Fund Balance Figure 28 provides a snapshot of 2015 year-end Reserve and Reserve Fund balances. Figure 28 – 2015 Year-End Reserve / Reserve Fund Balances ($millions) 46