Council adopted a bylaw to establish a growing communities reserve fund at the May 18 city council meeting.
The city has received $4.2 million in funding from the province to be put toward capital projects, and the reserve was created in accordance with the Community Charter.
According to the bylaw, net proceeds from the province under the growing communities funding agreement and interest earned on the fund balance shall be placed to the credit of the growing communities reserve fund.
At a meeting on May 4, council voted unanimously to create the reserve fund.
