City cash reserves ‘in good position’

A City of Red Deer report shows that $141 million was allocated in municipal reserves in 2011, down from $145 million in 2010.

A City of Red Deer report shows that $141 million was allocated in municipal reserves in 2011, down from $145 million in 2010.

Coun. Tara Veer, who sits on the city’s audit committee, said that the reserves are in good condition. Reserves are used for numerous reasons, such as having funds available in case of emergencies or to provide cash for infrastructure.

The 2011 report on reserves came to city council for information on Monday.

“The city has financial reserves that are in a healthy state, that they are there to fulfil our capital commitments,” said Veer.

“Generally, the capital requirements, particularly in the water and wastewater utilities, are the most challenging areas.”

Some reserves are smaller and some of those reserves could be consolidated, she added.

The audit committee is working on a Reserve Strategy that will be come out this fall.

“We want to plan for capital in the future, but we don’t want to overcharge our existing taxpayers right now,” said Veer.

“We want to make sure we plan wisely.”

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