June 3, 2013 - Minutes
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Finance Committee
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Date: |
Monday, June 3, 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 4:48 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, May 6, 2013, be adopted as circulated. |
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CARRIED |
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FINANCE AND CORPORATE SERVICES DEPARTMENT |
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1. |
2012 Annual Report and 2012 Annual Report – Highlights (File Ref. No.) (REDMS No. 3859378) |
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It was moved and seconded |
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That the City of Richmond 2012 Annual Report and the 2012 Annual Report – Highlights be approved. |
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CARRIED |
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2. |
Revenue Anticipation Borrowing (2013) Bylaw No. 9020 (File Ref. No. 12-8060-20-9020; 03-0900-01) (REDMS No. 3828708) |
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It was moved and seconded |
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That Revenue Anticipation Borrowing (2013) Bylaw No. 9020 be introduced and given first, second, and third readings. |
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CARRIED |
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3. |
2012 Annual Development Cost Charges (File Ref. No. 03-0900-01) (REDMS No. 3828936) |
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Jerry Chong, Director, Finance, noted that the 2012 Annual Development Cost Charges (DCC) report is in compliance with the Local Government Act in order to (i) provide information on the DCC activity for 2012 and (ii) undertake a review of the DCC rates approved in 2008. The report will be available on the City website. |
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It was moved and seconded |
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That the staff report titled 2012 Annual Development Cost Charges (from the Director, Finance, dated May 1, 2013) be received for information. |
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CARRIED |
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RICHMOND OLYMPIC OVAL CORPORATION |
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4. |
richmond olympic oval corporation – 1st quarter 2013 financial information (File Ref. No.) (REDMS No. 3865648) |
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John Mills, COO, Richmond Oval, noted that a quarterly over quarterly comparison between 2012 and 2013 reflects a 20% increase in revenue while expenses increased 8%. The quarterly comparison between 2011 and 2012 saw a 40% increase in revenue. The Oval continues to experience significant revenue growth. |
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A discussion then ensued about: |
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whether the Oval had reached its membership capacity and it was noted that pressure is being experienced between membership programming and special events held at the Oval; however, membership is a significant source of revenue and decisions will be made to protect the time and space for membership programming. |
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the effectiveness of the newspaper wrap and how best to communicate the successfulness of the Richmond Olympic Oval. |
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It was moved and seconded |
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That the report on the 1st Quarter 2013 Financial Information 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 (5:13 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, June 3, 2013. |
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_________________________________ |
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Mayor Malcolm D. Brodie |
Heather Howey |