As part of the financial review undertaken during the most recent budget development process, it was determined that prior to the establishment of reserve funds, a $1.2 million dollar accumulated surplus that spanned several years was no longer needed and should be returned to the City. 

This reserve was unallocated, and as a result, the Board has advised the City that the funds will be returned to the municipality, and moving forward, any surplus will be addressed within the same budget year.

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