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Amendments Made To Reserve Policy

Tuesday, 20 September 2016 05:20

County council will reallocate funds from the General Corporate and Fleet Reserves into the Housing, Facilities, and Bridges Reserves.

OXFORD COUNTY - Oxford County Council has amended the Reserves Policy. This will allow council to reallocate funds from the General Corporate and Fleet Reserves into the Housing, Facilities, and Bridges Reserves.

Director of Corporate Services Lynn Buchner tells Heart FM why council decided to amend the policy.

"During last year's budget deliberations council was asking for some use of the funds that weren't necessarily keeping with what the definitions or the uses were as defined in the policy."

Buchner explains how this will impact future council decisions.

"It will allow council to change the way that particular capital items are funded so we can fund certain capital items more so with reserves than we would have otherwise had to fund through debt or through the levy."

This amendment will not have a direct impact on the budget.

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