Report to:  General Committee                                             Report Date:  December 10, 2007

SUBJECT:                          Interim Spending Authority Pending Approval of 2008 Budget

PREPARED BY:               Barb Cribbett, Treasurer

RECOMMENDATION:

That Council receive the report “Interim Spending Authority pending approval of 2008 Budget”, dated December 10, 2007;

And That Council approve 50% of the 2007 Operating Budget equal to $100,782,915 as a  pre-budget approval for 2008 operating expenditures.

And That Staff be authorized and directed to do all things necessary to give effect to this resolution.

EXECUTIVE SUMMARY:

Not applicable

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 2008 Operating Budget.

BACKGROUND:

The 2008 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 2008 approved operating budget.  This approval will enable the Town operations to continue at existing approved service levels until the Town’s 2008 budget has been approved.

The 2007 approved Operating Budget was $202,681,168 (Town’s Operating Departments - $151,419,368 and Waterworks Department- $50,146,462).  50% of this equates to $100,782,915.

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

OPTIONS/ DISCUSSION:

Not applicable.

FINANCIAL CONSIDERATIONS AND TEMPLATE: (external link)

Not applicable.

ENVIRONMENTAL CONSIDERATIONS:

Not applicable.

ACCESSIBILITY CONSIDERATIONS:

Not applicable.

ENGAGE 21ST CONSIDERATIONS:

Not applicable.

BUSINESS UNITS CONSULTED AND AFFECTED:

Not applicable.

RECOMMENDED

BY:    ________________________          ________________________

Barb Cribbett, Treasurer                     Andy Taylor, Commissioner,

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