MINUTES

It was moved and seconded

That the minutes of the meeting of the Finance Committee held on Tuesday, March 2, 2010, be adopted as circulated.

CARRIED

BUSINESS AND FINANCIAL SERVICES DEPARTMENT

1.

CHANGES TO TAX NOTICES, HOME OWNER GRANTS AND TAX DEFERMENTS

(File Ref. No.:) (REDMS No. 2858817)

In reply to queries from Committee, Ivy Wong, Manager, Revenue, advised that home owners must apply for their Home Owner Grant (HOG) each year and property tax notices and the City website can be amended to reflect this.

It was moved and seconded

That the staff report from the Director, Finance entitled ‘Changes to Tax Notices, Home Owner Grants and Tax Deferments’ be received for information.

The question on the motion was not called as discussion ensued regarding water meter savings and Ms. Wong noted that the single-family flat rate would be included on water meter bills in an effort to demonstrate water meter savings.

The question on the motion was then called and it was CARRIED.

2.

TANGIBLE CAPITAL ASSET PROJECT

(File Ref. No.:  ) (REDMS No. 2871011)

Jerry Chong, Director, Finance, provided background information and in reply to queries from Committee advised that in the future the Tangible Capital Asset (TCA) project would require additional staff and the primary goals and objectives of the TCA project have been accomplished.

It was moved and seconded

That the staff report dated March 18, 2010 from the Director, Finance, entitled ‘Tangible Capital Asset Project’, be received for information.

CARRIED

3.

MANAGER’S REPORT

In reply to a query from Committee, Mr. Chong advised that a staff report regarding departmental catering costs is anticipated to come to the May 3, 2010 Finance Committee meeting.

Discussion ensued regarding the Council Contingency fund and Committee queried how much money was in the fund and on what basis recommendations to use the fund were made.

Andrew Nazareth, General Manager, Business & Financial Services, noted that $100,000 is annually allocated to the Council Contingency fund, and at each year end, any unused amount of that fund is transferred to the Council Provision fund.

As a result of the discussion, the following referral was introduced:

It was moved and seconded

That the Council Contingency fund and Council Provision fund be referred to staff for general explanation of how the funds operates.

CARRIED

ADJOURNMENT

It was moved and seconded

That the meeting adjourn (5:45 p.m.).

CARRIED

Certified a true and correct copy of the Minutes of the meeting of the Finance Committee of the Council of the City of Richmond held on Tuesday, April 6, 2010

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Mayor Malcolm D. Brodie

Chair

Hanieh Floujeh

Acting Executive Assistant

City Clerk’s Office