Administrative Amendment to Reserve Fund Accounts

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The decision

2020-12-16 · Toronto City Council · adopted

As filed

City Council on December 16, 17 and 18, 2020, adopted the following: 1. City Council establish a discretionary reserve fund called the 'OIC External Legal and Investigative Expense Reserve Fund' in Appendix B, Schedule 7, Corporate Discretionary Reserve Funds of the City of Toronto Municipal Code Chapter 227, Reserves and Reserve Funds, the purpose of which is to fund investigations or external legal services required by the Office of the Integrity Commissioner, with criteria as set out in Appendix 1 to the report (November 26, 2020) from the Chief Financial Officer and Treasurer.

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2. City Council amend Chapter 227, Reserves and Reserve Funds, in accordance with Part 1 above and City Council direct the City Solicitor to introduce any necessary Bills to give effect to the City Council's decision. 3. City Council approve a budget adjustment that reallocates $0.100 million from Legal and Investigative Expenses to Contribution to the newly created OIC External Legal and Investigative Expense Reserve Fund in the 2020 Approved Operating Budget of the Office of the Integrity Commissioner, having no impact on the 2020 Approved Net Operating Budget of the City.

On the agenda

As the city filed it

This report seeks Council approval to establish a new discretionary reserve fund called the OIC External Legal and Investigative Expense Reserve Fund and to make an associated amendment to City of Toronto Municipal Code Chapter 227, Reserves and Reserve Funds ("Chapter 227"). The proposed reserve fund is needed to hold funds that will be required by the Office of the Integrity Commissioner (OIC) to fund future investigations and/or the hire of external legal services.

Staff recommended

The Chief Financial Officer and Treasurer recommends that: 1. City Council approve the establishment of a discretionary reserve fund called the 'OIC External Legal and Investigative Expense Reserve Fund' in Appendix B, Schedule 7, Corporate Discretionary Reserve Funds of the City of Toronto Municipal Code Chapter 227, Reserves and Reserve Funds, the purpose of which is to fund investigations or external legal services required by the Office of the Integrity Commissioner, with criteria as set out in Appendix 1.

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2. City Council authorize the necessary amendments to Chapter 227, Reserves and Reserve Funds, in accordance with Recommendation 1 and direct the City Solicitor to introduce any necessary bills to give effect to the recommendations of this report. 3. City Council approve a budget adjustment that reallocates $0.100 million from Legal and Investigative Expenses to Contribution to the newly created OIC External Legal and Investigative Expense Reserve Fund in the 2020 Approved Operating Budget of the Office of the Integrity Commissioner, having no impact on the 2020 Approved Net Operating Budget of the City.

Considered

2020-12-10 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council establish a discretionary reserve fund called the 'OIC External Legal and Investigative Expense Reserve Fund' in Appendix B, Schedule 7, Corporate Discretionary Reserve Funds of the City of Toronto Municipal Code Chapter 227, Reserves and Reserve Funds, the purpose of which is to fund investigations or external legal services required by the Office of the Integrity Commissioner, with criteria as set out in Appendix 1 to the report (November 26, 2020) from the Chief Financial Officer and Treasurer.
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2. City Council amend Chapter 227, Reserves and Reserve Funds, in accordance with Recommendation 1 above and City Council direct the City Solicitor to introduce any necessary Bills to give effect to the City Council's decision. 3. City Council approve a budget adjustment that reallocates $0.100 million from Legal and Investigative Expenses to Contribution to the newly created OIC External Legal and Investigative Expense Reserve Fund in the 2020 Approved Operating Budget of the Office of the Integrity Commissioner, having no impact on the 2020 Approved Net Operating Budget of the City.
2020-12-16 · Toronto City Council · adopted

On the record

The item as the City filed it

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