Report to: General Committee                                          Date of Meeting: December 11, 2006

SUBJECT:                          Interim Spending Authority Pending Approval of 2007 Budget

PREPARED BY:               Raj Raman, Ext.2013

RECOMMENDATION:

That Council receive the report “Interim Spending Authority pending approval of 2007 Budget”, dated December 11, 2006;

And That Council approve 50% of the 2006 Operating Budget equal to $101,340,584 as a  pre-budget approval for  2007 operating expenditures.

1. Purpose                     2. Background                      3. Discussion                        4. Financial

5. Others (Environmental, Accessibility, Engage 21st, Affected Units)             6. Attachment(s)

PURPOSE:

To obtain Council approval for the Treasurer to have authority to make payments necessary to support the ongoing business of the Town, prior to approval of the 2007 Operating Budget.

BACKGROUND:

The 2007 Interim Spending Authority is intended to allow each of the Town’s operating departments and the Waterworks department to spend up to 50% of their 2006 approved operating budget.  This approval will enable the Town operations to continue at existing approved service levels until the Town’s 2007 budget has been approved.

The 2006 approved Operating Budget was $202,681,168 (Town’s Operating Departments - $153,621,595 and Waterworks Department- $49,059,573).  50% of this equates to $101,340,584.

All expenditures for goods and services will conform to existing by-laws and policies.

RECOMMENDED BY:

________________________    ________________________

Barb Cribbett, Treasurer               Andy Taylor, Commissioner,

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