West Nipissing council plans to establish a dedicated fund solely for the proceeds of municipal land sales. A policy already exists which governs sales of municipally owned properties, but new additions to the policy make room for a new reserve fund.
“Rather than a stand-alone policy, it made more sense to put it into the disposition policy,” noted West Nipissing’s Clerk, Melanie Ducharme, who drafted the additions, which became paragraph 13 within that policy.
The Sale of Lands Reserve Fund will be established to hold proceeds from municipally owned land sales. These funds will be set aside to be used to cover (or offset) costs incurred from other property projects.
For example, costs for appraisals, environmental studies, investigations “or other discovery type work in connection with prospective purchases” can be covered by this fund – with council’s approval – the policy details.
Currently, money made from land sales go to the municipality’s general reserve fund.
However, at the will of council, money within the Sale of Land Reserve Fund can be re-directed. Balances in the Sale of Lands Reserve Fund can be transferred to other reserve funds or used for other purposes “provided the transfer or use of tax sourced funding is appropriate in the circumstances.”
Tax sales will not be included in this fund. Neither will park sales, because any funds from parkland sales “already go into a park reserve,” Ducharme clarified.
The final decision to adopt the revised policy will take place at council’s next meeting.
David Briggs is a Local Journalism Initiative reporter who works out of BayToday, a publication of Village Media. The Local Journalism Initiative is funded by the Government of Canada.
