Council clarifies savings policies

Chestermere City Council passed the Restricted Surplus policy Oct. 3 which clarifies how city investments will be handled and identified in the future.
“As the City grows we look at strengthening policies that help offset tax requirements in the future as we grow and better plan for future reserves. The more we can do this the more stable our investments and reserves will be,” said Mayor Patricia Matthews.
The city has always used restricted surplus accounts, known as reserves, but there has not been a written policy guiding the management of these accounts.
“All of the financial policies were passed at Council so that money that needs to go to reserves is better identified for future projects and is more transparent for the public,” she said.
Policies that were passed included ones that focus on leveling out reserves so that the city can avoid relying solely on taxes for future projects said Matthews.
“This should keep the tax requirements minimized,” she said.
The city will also be able borrow from the reserves with specific restrictions in place.
This will give Chestermere more flexibility in paying back the money than borrowing from financial institutes.