March 4, 2013 - Minutes
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Finance Committee
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Date: |
Monday, March 4, 2013 |
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Place: |
Anderson Room |
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Present: |
Mayor Malcolm D. Brodie, Chair |
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Call to Order: |
The Chair called the meeting to order at 4:21 p.m. |
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MINUTES |
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It was moved and seconded |
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That the minutes of the meeting of the Finance Committee held on Monday, February 4, 2013, be adopted as circulated. |
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CARRIED |
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FINANCE AND CORPORATE SERVICES DEPARTMENT |
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1. |
Financial Information – 4th Quarter December 31, 2012 (File Ref. No.) (REDMS No. 3797568 v.7) |
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Jerry Chong, Director, Finance, was available to answer questions. A brief discussion ensued about: (i) the 2014 budget approval and allocating surplus funds to reserve accounts; (ii) the increase in gaming revenues; (iii) the increase in office space vacancies; and (iv) the average interest rates being received for the City’s cash and investment portfolio. It was noted that the City’s funds are kept in low risk investments. |
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It was moved and seconded |
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That the staff report titled Financial Information – 4th Quarter December 31, 2012 from the Director, Finance be received for information. |
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CARRIED |
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RICHMOND OLYMPIC OVAL CORPORATION |
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2. |
4th Quarter 2012 – Financial Information for the Richmond Olympic Oval Corporation (File Ref. No.) (REDMS No. 3805767) |
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Andrew Nazareth, General Manager, Finance and Corporate Services, and John Mills, General, Manager, Richmond Olympic Oval Corporation, were both available to answer questions. Mr. Nazareth highlighted a typo on the Richmond Oval Corporation Statement of Operations, and noted that the third line from the bottom of the spreadsheet should read as: ‘Net income before transfer to reserves’ rather than ‘Net income after transfer to reserves’. |
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In answer to a question about the Oval Corporation’s expenses related to Sport Hosting, Mr. Mills provided an explanation about how the amount of Sport Hosting revenue was recognized to offset the Sport Hosting expenditures during the fourth quarter, and that the expenses included salaries and other expenditures related to sport hosting activities including attracting events to the City. |
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Mr. Mills also spoke about how changing all of the light bulbs at the Richmond Olympic Oval combined with reducing the number of lights being used in the evenings to one-third has resulted in overall energy savings. |
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It was moved and seconded |
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That the report on Financial Information for the Richmond Olympic Oval Corporation for the fourth quarter ended December 31, 2012 from the Controller of the Richmond Olympic Oval Corporation be received for information. |
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CARRIED |
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3. |
2013 Operating Budget - Richmond Olympic Oval Corporation (File Ref. No.) (REDMS No. 3805773) |
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Mr. Mills and Mr. Nazareth were both available to answer questions. A discussion ensued about the expected increase in labour costs, and Mr. Mills advised that the expected increase was a result of salary and wage adjustments subsequent to a review process that had been conducted, and that several previously approved positions were anticipated to be filled in the near future. George Duncan, Chief Administrative Officer provided further information regarding the unfilled positions, noting that the Oval Corporation’s Board of Directors allowed the Oval to operate understaffed until there was proven financial performance, and therefore some positions are now being filled. |
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Discussion also took place about finding the most appropriate tenants to lease retail space at the Oval facility, and about promoting further growth of the facility by allocating certain events and activities to mornings and afternoons rather than during peak hours of operation. |
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It was moved and seconded |
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That the report on the 2013 Operating Budget for the Richmond Olympic Oval Corporation from the Controller of the Richmond Olympic Oval Corporation be received for information. |
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CARRIED |
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ADJOURNMENT |
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It was moved and seconded |
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That the meeting adjourn (4:42 p.m.). |
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CARRIED |
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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 Monday, March 4, 2013. |
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Mayor Malcolm D. Brodie |
Shanan Sarbjit Dhaliwal |