|
Five Year
Financial Plan 2002 - 2006 |
APPENDIX 13 ELECTRIC
UTILITY RESERVE FUND |
CITY OF REVELSTOKE
FINANCIAL PLAN 2002 - 2006
|
|
ELECTRIC UTILITY RESERVE |
| |
|
2002 |
2003 |
2004 |
2005 |
2006 |
| Balance forward at
January 1, 2002 |
|
$1,500,000 |
$1,500,000 |
$1,500,000 |
$1,500,000 |
$1,500,000 |
| Return of investment
in RCFC |
|
0 |
|
|
|
|
| Interest RCFC |
|
50,000 |
50,000 |
50,000 |
50,000 |
50,000 |
| Interest Other
investments |
|
130,000 |
130,000 |
130,000 |
130,000 |
130,000 |
| |
|
1,680,000 |
1,680,000 |
1,680,000 |
1,680,000 |
1,680,000 |
Transfer to General
Operating -
Other contributions and donations |
Appendix 1 |
(180,000) |
(180,000) |
(180,000) |
(180,000) |
(180,000) |
|
Balance at December 31, 2002 |
$1,500,000 |
$1,500,000 |
$1,500,000 |
$1,500,000 |
$1,500,000 |
|
|
Note |
It has been
the unwritten policy of previous Councils that the balance in the Electric
Utility Reserve Fund be maintained at a level of $1m (excluding the
investment in RCFC).
Any accumulated earnings above this balance have been used to balance the
budget and defray the costs of special projects to lessen the impact on
taxpayers.
In January 2001, one half of the
investment in RCFC ($500,000) was returned to the City. Therefore, if the
established policy is to remain consistent, the balance to be maintained on
this reserve fund should now be increased to $1.5 m, and this is the
assumption that has been made in computing the above figures.
By following the above policy, the overall
investment of the reserve is maintained: |
| |
2000 |
2001 |
| Reserve fund balance |
1,000,000 |
1,500,000 |
| RCFC investment |
1,000,000 |
500,000 |
| Overall
investment |
$2,000,000 |
$2,000,000 |
|
