MINUTES

It was moved and seconded

That the minutes of the meeting of the Finance Committee held on Monday, July 5, 2010, be adopted as circulated.

CARRIED

BUSINESS AND FINANCIAL SERVICES DEPARTMENT

1.

AMENDMENTS TO THE 5 YEAR FINANCIAL PLAN (2010-2014) BYLAW NO. 8568

(File Ref. No.:  03-0970-00) (REDMS No. 2919188)

Andrew Nazareth, General Manager, Business & Financial Services, provided background information and advised that the majority of the proposed amendments to the 5 Year Financial Plan (2010-2014) are administrative, with the exception of the matters listed under Items 1A, 1C, and 2E.

It was moved and seconded

(1)

That the 5 Year Financial Plan be amended to reflect the following changes to the Council-approved 2010 Capital Budget to:

(a)

increase the land acquisitions by $24,837,500 to accommodate land purchases, funded from Accumulated Surplus, Parkland Acquisition DCC’s and the Industrial Use Reserve;

(b)

include the costs for the rehabilitation of No. 4 Road from Westminster Highway to Granville Avenue of $574,000, funded from the Asphalt Paving Provision;

(c)

include subject to the approval of a separate staff report at the Council meeting on September 13, 2010 the Middle Arm Waterfront Greenway project increase of $312,000, funded from Parks DCC’s;

(d)

include the costs for the soil recycling project at the Sidaway site of $150,000, funded from the Drainage Utility Reserve;

(e)

increase the Hamilton Community Centre Expansion project by $145,000, funded from the Minor Capital Equipment Provision, Hamilton Community Centre Association contribution and a reduction to the approved 2010 Building Improvement Capital Program; and

(f)

include the Capital one time additional expenditure of $115,000 for the Watermania Filter Replacement, funded from 2009 Surplus;

(2)

That the 5 Year Financial Plan be amended to reflect the following changes to the Council-approved 2010 Operating Budget to:

(a)

include the Operating one time additional expenditures of $1,964,703, funded from 2009 Surplus;

(b)

include the removal of the concrete foundation, asphalt entrance and parking lot from the former Hamilton Fire Hall site for $10,000, funded from Property Costs Provision;

(c)

include the costs for the 2011 Tall Ships Maritime Festival operational plan of $500,000, funded from the Major Events Provisional Fund;

(d)

reclassify costs related to the newly acquiredRCMP building from Capital to Operating in the amount of $1,000,000 for moving related expenses;

(e)

include the non-cash expenses for Amortization by $50,406,364 for 2010 from Capital Equity; and

(3)

That the 5 Year Financial Plan (2010 – 2014) Bylaw No. 8568, Amendment Bylaw 8653, which would incorporate and put into effect the changes to the 2010 Capital and Operating Budgets (as summarized in Attachment1), be introduced and given first, second and third readings.

The question on the motion was not called as discussion ensued and in reply to queries from Committee staff advised that (i) the purpose of recording amortization as an expense over a period is to spread the initial purchase price of the asset over its useful life; and (ii) the funds allocated for the cleaning of two Canada Line stations go towards daily cleanings, weekly cigarette pick up, and monthly power washing.

Discussion ensued regarding the condition of the Canada Line stations, and Committee commented that staff should have a closer look at the effectiveness of the current cleaning regimen and explore other ideas that would encourage greater cleanliness.

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

2.

MANAGER’S REPORT

None.

ADJOURNMENT

It was moved and seconded

That the meeting adjourn (4:48 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, September 7, 2010.

_________________________________

_________________________________

Mayor Malcolm D. Brodie

Chair

Hanieh Floujeh

Acting Executive Assistant

City Clerk's Office