The Town of Aurora maintains a variety of reserve funds which have been established for specific purposes. All reserve funds earn and retain investment income and accordingly are protected from the dilution effects of inflation.
Recently, Council completed a review of its reserve funds and documented the purposes of each by individual bylaw, or by separate schedules to the main reserve funds Bylaw 5553-13. The complete list of reserve funds, with most recent balances, and links to the detailed bylaws or schedules is available below. The funds are grouped as follows:
Reserves for Existing Infrastructure
Reserves for existing infrastructure are funds set aside by Council to provide funding for future major repairs, rehabilitation or replacement of the Town's infrastructure. This includes all roads, street lighting, sidewalks, trails, parks and park amenities, buildings and facilities, fleet & equipment, furniture and fixtures, as well as computer equipment and software. All assets must be replaced, and these reserve funds help protect the annual tax rate from significant shock due to periodic, but expensive replacement projects. Some reserve funds are tax rate sourced, while others are utility rate sourced.
Reserves for New Infrastructure
These reserve funds are primarily sourced from land development activities in our community. These funds are used to install necessary infrastructure and improvements to maintain our service levels to our growing community and new residents. Most development activity requires payment of development charges, as well as dedication of parklands. In some circumstances, the Town will accept cash in lieu of the parkland dedication, and these funds are held separately, as there are limitations on what they can be used for.
Development Charge Reserve Funds
Development Charge reserve funds are established pursuant to the Development Charges Act, and serve to fund community growth and development-related expansion of infrastructure and services. These reserve funds and the projects to which they are allocated are closely monitored by the development community to ensure compliance with the requirements and restrictions of the Development Charges Act. These funds may not be used for restoration and rehabilitation of existing services and infrastructure and may not be used for any other purpose by Council. Bylaw 5585-14 set the development charges rates, rules and exemptions for the period April 2014 to April 2019, although it can be updated at any time prior to expiry.
Special Purpose Reserve Funds
Special purpose reserve funds are funds set aside by Council or by legislation to provide financial capacity to the Corporation for specific purposes. Some of these funds are essentially prepaid revenues from developers and builders used to fund activities conducted by the Town in relation to that development. These may include building inspection fees, infrastructure design and inspection fees, street trees to be planted upon completion of the site and other similar items. Other funds have been established to provide for stabilization funding to protect the annual operating budgets from fluctuation due to periodic significant or unusual events, such as insurance claims or legal costs.
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