Medicine Hat council delays decision on new reserve funds, heritage savings rebrand
Medicine Hat city council decided to wait on making a final decision on a proposal to establish a pair of new reserve funds and rebrand its heritage account.
A proposed Abandonment Reserve will help the city save for its debt and reclamation obligations and an Energy Transition Reserve will assist the city’s move towards net zero emissions.
Both of the new accounts will receive $75 million from the city’s unrestricted cash stockpile to get the funds kicked off.
The staff proposal also recommended a rebrand of the Heritage Savings Reserve to the Medicine Hat Endowment fund that includes more clarity around what it should be used for.