July 2, 2013 - Agenda
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Finance Committee
Anderson Room, City Hall
6911 No. 3 Road
Tuesday, July 2, 2013
Immediately Following the Open General Purposes Committee meeting
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MINUTES |
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FIN-4 |
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Motion to adopt the minutes of the meeting of the Finance Committee held on Monday, June 3, 2013. |
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FINANCE AND CORPORATE SERVICES DEPARTMENT |
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1. |
Long Term Financial Management Strategy Update 2013 (File Ref. No.) (REDMS No. 3895523 v.3) |
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FIN-7 |
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See Page FIN-7 for full report |
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Designated Speaker: Andrew Nazareth |
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STAFF RECOMMENDATION |
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That the staff report titled Long Term Financial Management Strategy Update 2013 dated June 19, 2013 from the Director, Finance, be received for information. |
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2. |
Long Term Financial Management Policy (File Ref. No.) (REDMS No. 3821380 v.4) |
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FIN-16 |
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See Page FIN-16 for full report |
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Designated Speaker: Andrew Nazareth |
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STAFF RECOMMENDATION |
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That Item 10 of the Long Term Financial Management Strategy (Council Policy 3707) be amended, as follows: |
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“Utilize a ‘pay as you go’ approach rather than borrowing for financing infrastructure replacement unless unique circumstances exist that support borrowing.” |
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3. |
Distribution from the Municipal Finance Authority of BC (File Ref. No.) (REDMS No. 3890409 v.4) |
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FIN-21 |
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See Page FIN-21 for full report |
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Designated Speaker: Andrew Nazareth |
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STAFF RECOMMENDATION |
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That Council approve transferring the $1.9M surplus distribution received from the Municipal Finance Authority of BC to the following accounts: |
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(1) |
$1.8M be returned to the Roads DCC program and subsequently transferred to the City's Surplus Account to repay outstanding internal borrowings; and |
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(2) |
$0.1M to the Sanitary Sewer Reserve. |
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4. |
Creation of a Statutory Reserve Fund for Arts, Culture and Heritage Capital Purposes (File Ref. No. 12-8060-20-9032; 11-7000-00) (REDMS No. 3826496) |
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FIN-24 |
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See Page FIN-24 for full report |
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Designated Speaker: Jane Fernyhough |
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STAFF RECOMMENDATION |
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(1) |
That Arts, Culture and Heritage Capital Reserve Fund Establishment Bylaw No. 9032 be introduced and given first, second and third readings; and |
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(2) |
That following adoption of Bylaw No. 9032, $ 4,297,779 together with accrued interest, being the net proceeds realized from the land transactions in conjunction with the Oris Development (Kawaki) at 6160 London Road and 13100, 13120, 13140, 13160 and 13200 No. 2 Road, be deposited to the Arts, Culture and Heritage Capital Reserve Fund. |
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ADJOURNMENT |
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