Rain Out Line

403-670-5485

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3688 48 Ave NE, Calgary, AB T3J 5C8

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(403) 250-2707

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3.01.9.1 – Annual Surplus and Deficit

Intent

The Society wants to ensure that;

  1. Surplus dollars generated through operations are expended prudently in meeting external financial obligations, providing financial resources for asset maintenance and replacement and/or building the Park’s operating capacity.   The policy took effect as at December 31, 2006; and

  2. Deficits are funded prudently.

Guidelines

1. Surplus

  • The surplus as at December 31 of each year will be directed towards:

  1. Maintaining of Reserves; (i.e. Life Cycle Maintenance and Operating Reserve); and/or

  2. Reducing any financial obligations until they are paid in full; and/or

  3. Augmenting/establishing programs (i.e. Everyone Can Play Fund).

  4. Retained in working capital.

2. Deficit

  • Deficits will be funded through reduction in working capital, the Operating Reserve or from Broad approved financing

Procedures

  • Separate bank accounts will be established and maintained for both the Operating Reserve and Life Cycle Maintenance Fund (LCMF).

  • Each bank account will be reported separately on the Society’s balance sheet.

  • Cash used from either the Operating Reserve or the LCMF will comply with any of the terms and conditions in the City of Calgary Management and Operations Agreement.

  • Use of funds from either of the reserves must receive approval from the Society’s Board of Directors.

  Cross-reference guide:

 

  • City of Calgary Management and Operations Agreement.