Acts and Regulations

2010-3 - Municipalities Act

Table of contents
Full text
NEW BRUNSWICK
REGULATION 2010-3
under the
Municipalities Act
(O.C. 2010-11)
Filed January 18, 2010
1Subsection 5(1) of New Brunswick Regulation 97-145 under the Municipalities Actis repealed and the following is substituted:
5(1)A municipality that provides a service or a utility or a commission established under section 189 of the Act may, by resolution, establish, manage and contribute to a service or utility operating reserve fund for the payment of expenses incurred in the provision of the service or utility.
2Subsection 6(1) of the Regulation is repealed and the following is substituted:
6(1)A municipality that provides a service or a utility or a commission established under section 189 of the Act may, by resolution, establish, manage and contribute to a service or utility capital reserve fund for the payment of expenses incurred in the provision of the service or utility.
3The Regulation is amended by adding after section 6 the following:
Generation facility operating reserve fund
6.1(1)A municipality that owns or operates a generation facility may, by resolution, establish, manage and contribute to a generation facility operating reserve fund for the payment of expenses incurred in the ownership or operation of the generation facility.
6.1(2)The amount held in a generation facility operating reserve fund shall not exceed 5% of the total expenditure that was budgeted for the ownership or operation of the generation facility for the previous fiscal year.
6.1(3)Money held in a generation facility operating reserve fund shall be used for no purpose other than the expenses incurred by the municipality in the ownership or operation of the generation facility.
6.1(4)Every resolution respecting a contribution made to a generation facility operating reserve fund in respect of a calendar year shall be made by December 31 of that calendar year and shall specify the dollar amount contributed to the generation facility operating reserve fund.
Generation facility capital reserve fund
6.2(1)A municipality that owns or operates a generation facility may, by resolution, establish, manage and contribute to a generation facility capital reserve fund for the payment of expenses incurred in the ownership or operation of the generation facility.
6.2(2)Money held in a generation facility capital reserve fund shall be used for no purpose other than the payment of expenses incurred by the municipality in the ownership or operation of a generation facility.
6.2(3)Every resolution respecting a contribution made to a generation facility capital reserve fund in respect of a calendar year shall be made by December 31 of that calendar year and shall specify the dollar amount contributed to the generation facility capital reserve fund.
6.3The following definitions apply in sections 7 to 9.
“capital reserve fund” means a general capital reserve fund, a service or utility capital reserve fund or a generation facility capital reserve fund.(fonds de réserve d’immobilisation)
“operating reserve fund” means a general operating reserve fund, a service or utility operating reserve fund or a generation facility operating reserve fund.(fonds de réserve de fonctionnement)
4Subsection 7(1) of the Regulation is repealed and the following is substituted:
7(1)No transfer of money from an operating reserve fund or a capital reserve fund shall be made except
(a) by resolution of council or the commission, as the case may be, and
(b) within the fiscal year to which the expenditure relates.
5Section 8 of the Regulation is repealed and the following is substituted:
8Any money, including interest, within an operating reserve fund or a capital reserve fund shall be invested or reinvested in accordance with the Trustees Act.
6Section 9 of the Regulation is repealed and the following is substituted:
9The auditor of a municipality shall include in the annual audited financial statement of the municipality the following information with respect to an operating reserve fund or a capital reserve fund:
(a) a certified copy of each resolution respecting a contribution to or transfer from the fund;
(b) a statement of the revenue and expenditure relating to the fund for the year of the report or part of that year and, in relation to the expenditure, an analysis according to purpose; and
(c) a statement of investments held in the fund, including the name of the investments and the respective principal amounts, interest rates and dates of maturity of the investments.
7 The Regulation is amended by adding after section 10 the following:
Cessation of electricity generation
10.1(1)When a municipality ceases to own or operate a generation facility, any balance in a generation facility operating reserve fund after the discharge of all debts shall be used by the municipality for the payment of operating expenses relating to services which the municipality is authorized to provide.
10.1(2)When a municipality ceases to own or operate a generation facility, any balance in a generation facility capital reserve fund after the discharge of all debts shall be used by the municipality for the payment of capital expenses relating to services which the municipality is authorized to provide.