O. Reg. 286/09: BUDGET MATTERS - EXPENSES

ONTARIO REGULATION 286/09

made under the

CITY OF TORONTO ACT, 2006

Made: July 31, 2009
Filed: July 31, 2009
Published on e-Laws: August 4, 2009
Printed in The Ontario Gazette: August 15, 2009

BUDGET MATTERS — EXPENSES

Exclusion

1. In preparing the budget for a year, the City or a local board of the City may exclude from the estimated expenses described in paragraph 3 of subsection 228 (3) of the Act all or a portion of the following:

1. Amortization expenses.

2. Post-employment benefits expenses.

3. Solid waste landfill closure and post-closure expenses.

Report

2. (1) For 2011 and subsequent years, the City or local board shall, before adopting a budget for the year that excludes any of the expenses listed in section 1,

(a) prepare a report about the excluded expenses; and

(b) adopt the report by resolution.

(2) If the City or local board plans to adopt or has adopted a budget for 2010 that excludes any of the expenses listed in section 1, the City or local board shall, within 60 days after receiving its audited financial statements for 2009,

(a) prepare a report about the excluded expenses; and

(b) adopt the report by resolution.

Contents

3. A report under section 2 shall contain at least the following:

1. An estimate of the change in the accumulated surplus of the City or local board to the end of the year resulting from the exclusion of any of the expenses listed in section 1.

2. An analysis of the estimated impact of the exclusion of any of the expenses listed in section 1 on the future tangible capital asset funding requirements of the City or local board.

Review

4. The Minister of Municipal Affairs and Housing shall initiate a review of this Regulation on or before December 31, 2012.

Commencement

5. This Regulation is deemed to have come into force on January 1, 2009.

Made by:

Jim Watson

Minister of Municipal Affairs and Housing

Date made: July 31, 2009.