December 3, 2012 - Agenda

Pg. #

ITEM

MINUTES

FIN-5

Motion to adopt the minutes of the meeting of the Finance Committee held on Monday, November 5, 2012.

FINANCE AND CORPORATE SERVICES DEPARTMENT

1.

3^rd quarter 2012 – financial information for the richmond olympic oval corporation

(File Ref. No.) (REDMS No. 3713926)

FIN-7

See Page FIN-7 for full report

Designated Speakers:  Andrew Nazareth& John Mills

STAFF RECOMMENDATION

That the report on Financial Information for the Richmond Olympic Oval Corporation for the third quarter ended September 30, 2012 from the Controller of the Richmond Olympic Oval Corporation be received for information.

2.

financial information – 3^rd quarter september 30, 2012

(File Ref. No.) (REDMS No. 3654343)

FIN-13

See Page FIN-13 for full report

Designated Speakers:  Andrew Nazareth & Jerry Chong

STAFF RECOMMENDATION

That the staff report titled Financial Information – 3^rd Quarter September 30, 2012 be received for information.

3.

2013 operating budget

(File Ref. No.) (REDMS No. 3690906)

FIN-35

See Page FIN-35 for full report

FIN-48

See Page FIN-48 for Attachment 1 – Environmental Scan

FIN-55

See Page FIN-55 for Attachment 2 – Comparative Budget Summary

FIN-56

See Page FIN-56 for Attachment 3 – Breakdown of $1 of Municipal Tax

FIN-57

See Page FIN-57 for Attachment 4 – Ongoing Additional Level Requests

Designated Speakers:  Andrew Nazareth & Jerry Chong

STAFF RECOMMENDATION

That:

(1)

the 2013 Operating Budget as presented in the staff report dated October 18, 2012 from Director of Finance be approved;

(2)

ongoing additional levels for a total of $400,000 be approved; and

(3)

the 5 Year Financial Plan (2013-2017) be prepared for presentation to Council incorporating the 2013 Operating Budget.

4.

2013 one time expenditures

(File Ref. No.) (REDMS No. 3691391)

FIN-59

See Page FIN-59 for full report

Designated Speakers:  Andrew Nazareth & Jerry Chong

STAFF RECOMMENDATION

That:

(1)

the committee establishes a Rate Stabilization Account with a $3.2M transfer from the salary provision account;

(2)

the recommended One-time Expenditures in the amount of $1.75M, as outlined in the staff report titled 2013 One Time Expenditures dated November 16, 2012 from the Director, Finance, be approved;

(3)

the One-time Expenditures be included in the City’s Five Year Financial Plan (2013-2017) Bylaw; and

(4)

any future arising operating budget surplus be transferred into the Rate Stabilization Account.

ADJOURNMENT