A by-law to amend By-law Number 43-84 being a by-law establishing financial controls related to the current budget of the Regional Municipality of Peel to provide for a surplus management strategy.

WHEREAS the Council of the Regional Corporation, has by Resolution 93-462-20 adopted on 11th November, 1993 authorized an amendment to By-law Number 43-84 titled "A by-law establishing financial controls related to the current budget of the Regional Municipality of Peel, and to repeal By-laws Numbered 181-75 and 9-77" to provide for a surplus management strategy.

NOW THEREFORE the Council of the Regional Corporation enacts as follows:

1. That Section 3, subsection (m) of By-law Number 43-84 is hereby repealed and replaced by the following:

"(m)subject to subsection (n) all reserve and reserve fund contributions and withdrawals shall be approved in advance by Council, either specifically or through a prior policy

(n) notwithstanding subsection (m), the Chief Administrative Officer is authorized to make contributions to or withdrawals from the Working Funds reserve or any other specific purpose reserve where to do so is not contrary to law, to fix the Regional surplus at the end of current year, based upon the recommendation of the Treasurer, for the purpose of reducing or eliminating unanticipated or inappropriate changes in future realty tax mill rates levied for Regional purposes, where such changes would otherwise occur as a result of changes in the current budget surplus for the year. All such contributions or withdrawals shall be reported to Council in the Year End Triannual Report."

READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL on 12th May, 1994.