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ITEM

MINUTES

1

1.

Motion to adopt the minutes of the meeting of the Finance Committee held on Wednesday, June 11, 2008.

BUSINESS & FINANCIAL SERVICES DEPARTMENT

8

2.

LONG TERM FINANCIAL MANAGEMENT STRATEGY UPDATE

(Report:  January 14, 2009, File No.:) (REDMS No. 2513439)

Designated Speaker:  Jerry Chong

STAFF RECOMMENDATION

That the Long Term Financial Management Strategy Update report (dated January 14, 2009) be received for information.

14

3.

2009 CAPITAL BUDGET

(Report:  January 15, 2009, File No.:) (REDMS No. 2523586)

Designated Speaker:  Jerry Chong

STAFF RECOMMENDATION

That:

(1)

the 2009 Capital Budget be approved as the basis for preparing the 5 Year Financial Plan (2009-2013); and

(2)

the staff be authorized to commence 2009 capital projects.

26

4.

2009 OPERATING BUDGET

(Report:  January 12, 2009, File No.:) (REDMS No. 2559503)

Designated Speaker:  Jerry Chong

STAFF RECOMMENDATION

That the 2009 Operating Budget with a combined net expenditure increase of $4.1 million, including a corresponding property tax increase of 2.94% be approved and form the basis of the City’s 5 Year Financial Plan (2009 – 2013), on the following basis:

(1)

a net expenditure increase before additional expenditures of $3.0 million resulting in a property tax increase of 2.16%;

(2)

the inclusion of additional expenditure requests of $1.1 million having a resulting property tax impact of a 0.78% increase.

5.

MANAGER’S REPORT

ADJOURNMENT