MINUTES

1.

It was moved and seconded

That the minutes of the meeting of the Finance Select Committee held on Thursday, May 16^th, 2002, be adopted as circulated.

CARRIED

2.

JANUARY APRIL REVENUE AND ACTIVITY REPORT BUILDING APPROVALS DEPARTMENT
(Report:  May 8/02, File No.:   0385-01) (REDMS No. 710789, 709704)

The Manager, Building Approvals Department, Rick Bortolussi, in response to questions, advised that the figures given in the report were accurate to the end of April, 2002.  He suggested that Council should not be overly optimistic about a possible increase in revenue as there were only a few large projects coming forward, and Mr. Bortolussi then provided information on these projects.

Reference was made to a request of UDI (Urban Development Institute) that the City's development application fees be reviewed, and the question was raised as to whether the new fees (to be considered by the Planning Committee on May 22^nd, 2002) could be delayed until the end of 2002 because of the increase in development. 

The comment was made that developers felt that Richmond's total costs to construct a project were among the highest in the area, and discussion ensued among Committee members and staff on this issue and on the length of time taken to complete the application process.  The General Manager, Urban Development, David McLellan advised that the report being considered by the Planning Committee would provide information on the status of the City's charges in comparison to other municipalities. 

It was moved and seconded

That the report (dated May 8^th, 2002, from the Manager, Building Approvals Department) regarding January April Revenue and Activity Report Building Approvals Department, be received for information.

CARRIED

3.

TRANSFER TO RESERVES FROM OPERATING BUDGET
(Report:  May 6/02, File No.:  1075-01) (REDMS No. 707908)

The Chair advised that this item was on the agenda for the information of the Committee.

Reference was made to the reserve accounts balances, and the Manager, Budgets & Accounting, Andrew Nazareth, was requested to prepare a report to the Committee on (i) acceptable levels for these accounts, and (ii) options on how to increase the current balances to acceptable levels. 

During the brief discussion which ensued on this request, information was provided on regulations with which the City needed to be in compliance in two year's time.  Staff were also requested to make the report reader friendly; to explain the optimum level for the reserve funds, and to provide information on what the City would be bound by with respect to legislation.  In reply to questions, advice was given that the report would be on the agenda for the next meeting of the Finance Select Committee.

It was moved and seconded

That the report (dated May 6^th, 2002, from the Manager Budgets & Accounting), regarding the Transfer to Reserves from the Operating Budget, be received for information.

CARRIED

4.

NEXT MEETING TOPICS June 20^th, 2002

The question of whether the Committee would be undertaking a preliminary review of the Finance & Corporate Services Division at its next meeting was raised.  Discussion then ensued on whether the review would be undertaken by the Finance Select Committee or by the General Purposes Committee, and whether all budget examinations should be undertaken through the Finance Select Committee. 

Discussion also took place on the process to be followed for both the budget review and division service level reviews.  As a result of the discussion, the Chair directed that the review of the service level provided by the Finance & Corporate Services Division would be undertaken with the Finance Select Committee.

ADJOURNMENT

It was moved and seconded

That the meeting adjourn (4:40 p.m.).

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, May 16^th, 2002.

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Councillor Kiichi Kumagai
Chair

Fran J. Ashton
Executive Assistant