City reserve fund jumps

City reserve funds have climbed by $2.8 million in 2004, a 25 per cent increase over the previous year.

The information was provided to North Bay city council last night in a report by chief financial officer Brian Rogers.

Reserves now sit at $11.3 million, “record levels” for the city, Rogers stated in his report.

“The city of North Bay has never had a formal reserve fund policy but has a long history of limiting reserve fund levels,” Rogers wrote in his report.

North Bay’s reserve fund is also in the bottom tier provincially on a per-capita basis; a list of 21 cities included in Roger’s report showed that, at the end of 2003, North Bay’s reserves sat at $10.8 million or $199.48 per capita. Only West Nipissing’s reserves were lower, as shown on the list.

“We have an awfully long way to go,” budget chief Peter Chirico said.

“But it’s a move in the right direction.”

A long-term reserve fund policy report will be brought to the General Government Committee at next Monday night’s committee meeting of council, Chirico said.

“That’s key and one of the final building blocks in our financial plan,” Chirico said.

“We’ve dealt with the long-term term capital policy, long term financing policy, and long term debt policy and now we’re looking at our savings account, which is the reserves.”

The job’s not over yet, Chirico said.

“But at least the building blocks are in place and will stay and will be for a long time coming and I think we can relay on them.”