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C-19 - Cities and Towns Act
Section 468.45.5
Disposition versions
468.45.5. A by-law establishing a financial reserve may not provide for a projected amount that, if added to the projected amounts of reserves already established by by-law and still in existence, results in an amount exceeding the higher of
(1) an amount corresponding to 30% of the other appropriations provided for in the budget of the fiscal year in which the by-law is adopted; and
(2) an amount corresponding to 15% of the total undepreciated cost of fixed assets.
As regards a reserve referred to in the second paragraph of section 468.45.3, the amount of such a reserve shall not enter into the calculation of the maximum amount provided for in the first paragraph.
468.45.5. A by-law establishing a financial reserve may not provide for a projected amount that, if added to the projected amounts of reserves already established by by-law and still in existence, results in an amount exceeding 15% of the other appropriations provided for in the budget of the fiscal year during which the by-law establishing the reserve is adopted.
