How Much is Your Petty Cash?
Million Dollar CAO Capital Contingency Fund Reduced to a Mere $500k for 2019-2022, How Ever Does He Cope?
(Btw, there is also a Council Infrastructure Contingency Fund, for the same amount.) In the 2017/2018 Business Plans the CAO and Council Contingency Funds were funded at one million dollars.
Here’s how they explain it.
“Implications & Justification This is a tangible capital asset budget for miscellaneous capital expenditures of a lower value. This will remove the requirement of having Council approve minor capital expenditures and will increase the time required to have budgets approved.
Alternatives and Options 1) No CAO miscellaneous capital expenditures budget (Not recommended)”
You will note that they do not recommend a lower amount and they give no reasons for not recommending the contingency fund (aka petty cash) amount be lower.
(Source – pgs 9-10(11-12) 2017‐2018 BUSINESS PLANS MUNICIPAL SERVICES and LAND & BUSINESS SUPPORT)
They did reduce each fund to a mere $500,000 for each fund – CAO Council Contingency and Council Capital Contingency. - for the years 2019-2022 but are scheduled to go back up to a cool mill each in 2023.
(Source – Pg 285(287) 2019-2022 BUSINESS PLANS MUNICIPAL SERVICES and LAND & BUSINESS SUPPORT
Yes, such a fund is good to have for minor purchases but do they really need $500,000/year? That sounds excessive, that’s a couple more zeros than I am comfortable with.
I’m a wee bit outraged, how about you?
The Old Guard has to go!
You get 8 votes, please vote in as many new faces as you can! Unless we get rid of the Old Guard, nothing will change!
(Many thanks to the source who pointed me in the right direction!)