Finance Select Committee Meeting Minutes - November 29, 2001

That the minutes of the meeting of the Finance Select Committee held on Thursday, October 25^th, 2001, be adopted as circulated.

CARRIED

REVISED STATEMENT OF FINANCIAL ACTIVITIES FOR THE 9 MONTH PERIOD ENDING SEPTEMBER 30^TH, 2001
(Report: Nov. 21/01, File No.: 1200-02) (REDMS No. 562282)

The Director of Finance, Danley Yip, in response to questions, provided information on the timing of the receipt of quarterly revenues from the "Arenas".

That the report (dated November 21, 2001 from the Director of Finance) regarding the Revised Statement of Financial Activities for the 9 Month Period ending September 30, 2001 be received for information.

CARRIED

Mr. Yip circulated an amended report to the Committee (a copy of which is on file in the City Clerks Office), and then briefly reviewed the contents with them. Discussion then ensued among Committee members and Mr. Yip on the review currently being undertaken of Development Cost Charges and when the results of the review would be submitted to Council in the form of possible amendments to the existing bylaw. Concern was expressed during the discussion about the complaints being received that Development Cost Charges in Richmond were too expensive and as a result, potential business opportunities were diverting to Delta. A suggestion was also made during the discussion that staff use a blue ribbon committee to consult with key players.

As a result of the discussion, staff were requested to:

determine if there was any merit in increasing Development Cost Charges (DCCs) in relation to the Consumer Price Index (CPI)

provide a comparison of the rates charged by Richmond and Delta on industrial buildings, i.e. Richmond administers its DCCs on an industrial building based on per square foot of the industrial building, while Delta calculates square footage on square foot of the land area

provide a comparison of the DCC rates charged by Delta, Burnaby, the District of Langley and Surrey

recommendations on how Richmond competitive with the rest of the region.

That the report (dated November 16^th, 2001, from the Director of Finance), regarding the Update on DCC Review, be received for information.

CARRIED

Reference was made to a table prepared by staff with regard to a suggested 1% tax increase to fund $47 million in Capital Building programs the Chair directed that this information be brought forward for discussion and review at the first available meeting.

Discussion ensued on this request, the suggestion being made that the best forum for reviewing the information would be a workshop.

During the discussion, Mr. Bruce provided information on possible funding options for the construction of new fire halls, which resulted in further discussion on a timeframe for construction of the fire halls and the impact which this construction would have on City finances. In concluding the discussion, Mr. Bruce advised that staff could provide a report to the Committee on this matter.

A question was raised about the status of a report to Committee on a water pre-levy, and whether the City would have the opportunity to choose those options which would the most beneficial to the City. A brief discussion ensued, during which Mr. Duncan provided information on the proposed Community Charter.

CARRIED

Certified a true and correct copy of the Minutes of the meeting of the Finance Select Committee of the Council of the City of Richmond held on Thursday, November 29^th, 2001.