Cash reserves to be focus of Regina city council meeting Wednesday
CBC
Regina city council plans to discuss its cash reserves at length during Wednesday's meeting, which begins at 1 p.m. CST.
Furthermore, the city manager is recommending that city council approve the creation of a new operating reserve called the Regina Police Service (RPS) Community Policing Initiative.
According to Wednesday's agenda, the purpose of the reserve would be to support the RPS's community policing initiative and offset police overtime costs that many community groups and organizations would have to pay for police presence during an event.
The city manager says the reserve was approved by the RPS Board of Commissioners in January 2022. If approved by council, there would be a one-time transfer from the RPS general fund to the new reserve of $400,000.
The reserve would have a maximum balance of $1.5 million.
In 2021, the city's reserve balance increased by five per cent, to $209.6 million at the end of 2021 from approximately $199.4 million at the beginning of the year. According to the administration's report, this is largely due to the operating surpluses into the general utility fund.
The city has 22 reserve funds, each with a different maximum cash range. By the end of the year, six of them were outside their ranges while 16 were within. That means that the city has plenty of rainy day funds at its disposal.
Wednesday's agenda features a report that details the purpose and state of each of the 22 cash reserves.
Based on the report, which will be examined by council during the meeting, administration recommends that no transfer be made from the Fleet Replacement Reserve due to the potential increased cost for transitioning the fleet to alternative power.
Administration also recommends that no transfers be made from the General Utility Reserve due to ongoing projects and future capital plans. Near-term capital investments from this reserve include $10.9 million for the water infrastructure renewal project, $10.1 million for the water meter and automated meter reading replacement project, and another $10.7 million for the water infrastructure renewal project.
The report says that reserves are projected to decrease to a combined $162.9 million at the end of 2022 due to planned projects approved by council in the 2022 budget.
Administration states that overall, Regina's reserve balance is considered reasonable compared to other municipalities.
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