Accumulated Surplus and General Reserve Regulation

Accumulated Surplus and General Reserve Regulation, M.R. 49/97 The Municipal Act , C.C.S.M. c. M225 Regulation 49/97 Registered March 4, 1997 bilingual version (HTML) Calculation of maximum transfer from accumulated surplus or reserve fund to budget 1 For the purpose of subsection 164(5) of The Municipal Act , the maximum amount of money that a council may transfer in a fiscal year from its accumulated surplus and from its general reserve fund to its operating budget or capital budget shall not exceed the amount calculated in accordance with the following formula: AS + GRF − T ≥ 20% of E In this formula, AS is the amount of the accumulated surplus reported at the end of the previous fiscal year; GRF is the amount of money in the general reserve fund; T is the amount of the proposed transfer; ≥ means greater than or equal to; E is the total of all expenditures at the end of the previous fiscal year excluding the amount for education requisitions in accordance with clause 164(1)⁠(c) of The Municipal Act .