THE CORPORATION OF THE CITY OF PORT COQUITLAM [J N C | [

JUN 11 1984

TO: B. Kirk, - DATE: June 11, 1984
: City Administrator.

FROM: J. Maitland,
City Treasurer.

SUBJECT: 1984 Capital Works.

RECOMMENDATION :

That if Council proceeds with the Kingsway Bridge job prior to receiving a
provincial grant, then approval of the Oxford and Lincoln jobs be withdrawn
until our provincial grant status is known.

BACKGROUND _& COMMENTS : «

We have two reserve accounts which may be used for capital works in the
roads area, these are our tax sale raserve with a balance of approximately
$1.9 million and our future capital reserve with a $0.9 million balance.”
Our 1984 budget calls for spending $771,400 from these two reserves and we
must also commit a further $275,000 from them to the Kingsway Bridge job
pending settlement of our 1.C.B.C. claim. If we proceed with all of our
projects and our grant is not approved, a further $440,000 from our reserves
will be spent, bringing our total 1984 expenditures from these reserves to
almost $1.5 million or over half of these reserve fund balances.

It is my opinion that the previous approval of $505,000 for the Lincoln and
Oxford projects should be withdrawn until our provincial grant status is

known.

LATE ITEM Maitland.

RECEIVED AT:
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JUN 1 1 1984