Battleford council approves account transfer for reserve fund
The Town of Battleford is transferring its minimum reserve fund, in an effort to grow finances to utilize in other departments.
Council unanimously approved the Minimum Reserve Fund Interest-Bearing Account Policy earlier this week. Administration will then take the reserves and transfer the money into an interest-bearing savings account, with a design to help it grow year-by-year.
A few years ago, council put a policy in place to state that the account can’t go below $6 million dollars, a calculated price of what it would cost to run the town in case of a catastrophe. However, Mayor Ames Leslie said administration looked at the earnings from the account and reassessed its efficiency. Currently, the town earns 0.77 per cent interest on the reserve, collecting around $46,000 annually.
“That money is always there so we can pay our bills,” Leslie said. “And it’s not really doing anything.”