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3. TANGIBLE CAPITAL ASSETS PROJECT FUNDING FINANCEMENT DU PROJET DES IMMOBILISATIONS
MATÉRIELLES |
That Council approve a $750,000 contribution to the Tangible Capital Assets project from the water/wastewater reserves in advance of approval of their 2008 budgets.
RecommandationS du Comité
Que le
Conseil approuve une contribution de 750 000 $ au projet des
immobilisations matérielles à partir des réserves des services d’eau et
d’égouts avant l’adoption de leur budget de 2008.
Documentation
1. Committee Coordinator’s report dated 12 February 2008
(ACS2008-CCS-PEC-0002).
Report
to/Rapport au:
Planning and Environment Committee
Comité de l'urbanisme et de
l'environnement
and Council / et au Conseil
12 February 2008 / le 12 février 2008
Submitted by/Soumis par : Robert Tremblay, Committee
Coordinator /
Coordonnateur de comité
Contact
Person/Personne ressource : Marian Simulik, City Treasurer, Trésorière
613-580-2424 x14159,
Marian.Simulik@ottawa.ca
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SUBJECT: |
Tangible
Capital Assets Project Funding
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OBJET : |
REPORT RECOMMENDATION
That Council approve a $750,000 contribution to the Tangible Capital Assets project from the water/wastewater reserves in advance of approval of their 2008 budgets.
Que le Conseil approuve une
contribution de 750 000 $ au projet des immobilisations matérielles à
partir des réserves des services d’eau et d’égouts avant l’adoption de leur
budget de 2008.
BACKGROUND
Councillor Feltmate presented the following motion at the February 12, 2008 meeting of the Planning and Environment Committee. Pursuant to Section 84 (3) of the Procedure By-law, the Committee added the item and carried the motion.
WHEREAS
the City of Ottawa is required to be compliant with the Public Sector
Accounting Board Section 3150 requirements by 2009 which will result in the
inclusion of tangible capital assets in the City’s financial statements;
AND
WHEREAS City Council has approved a capital project for the implementation of a
strategy and supporting software solution to capture data on the City’s
tangible capital assets in order to meet this accounting requirement;
AND
WHEREAS the City’s water and sewer assets are approximately 50% of the City’s
tangible capital assets and therefore should contribute 50% towards the cost of
the solution;
AND
WHEREAS the contract for the supporting software solution is ready to be signed,
but the water and wastewater budgets for 2008 are scheduled to be approved in
April 2008;
THEREFORE BE IT RESOLVED that in order to allow this time sensitive project to proceed a $750,000 contribution to the Tangible Capital Assets project be made from the water/wastewater reserves in advance of approval of their 2008 budgets and that this motion be considered at the February 13, 2008 meeting of City Council.
This item was not advertised as part of the Public Meeting Advertisement in the daily newspapers on the Friday preceding the Planning and Environment Committee meeting, as it was added at the meeting.
FINANCIAL IMPLICATIONS
A capital program was previously approved for the implementation of a strategy and supporting software solution to capture data on the City’s tangible capital assets in order to meet a new accounting requirement. This motion calls for $750,000 of funding from the water/wastewater reserves as these assets represent 50 per cent of the City’s tangible capital assets.
DISPOSITION
Financial Services
will transfer rate supported funds to existing project account 904510.
Financial
Services, in collaboration with asset managers in Public Works and Service and
Business Transformation Services, will implement a strategy and supporting
software solution to capture and report data on the City’s tangible capital
assets in order to comply with the new Public Sector Accounting Board reporting
requirement.