July 2, 2013 - Minutes

Date:

Tuesday, July 2, 2013

Place:

Anderson Room
Richmond City Hall

Present:

Mayor Malcolm D. Brodie, Chair
Councillor Chak Au
Councillor Linda Barnes
Councillor Derek Dang
Councillor Evelina Halsey-Brandt
Councillor Ken Johnston
Councillor Bill McNulty
Councillor Linda McPhail
Councillor Harold Steves

Call to Order:

The Chair called the meeting to order at 4:28 p.m.

MINUTES

It was moved and seconded

That the minutes of the meeting of the Finance Committee held on Monday, June 3, 2013, be adopted as circulated.

CARRIED

FINANCE AND CORPORATE SERVICES DEPARTMENT

1.

Long Term Financial Management Strategy Update 2013

(File Ref. No.) (REDMS No. 3895523 v.3)

Andrew Nazareth, General Manager, Finance and Corporate Services, was available to answer questions.

A discussion took place about using a municipal cost index rather than the Consumer Price Index (CPI) to measure performance.  Mr. Nazareth advised that currently there is no independent third party that has established a recognized municipal price index.  He further noted that organizations such as the Federation of Canadian Municipalities (FCM) and the Union of British Columbia Municipalities (UBCM) have been requested to lobby Statistics Canada to establish a municipal price index.

A brief discussion also ensued about the future uses of excess funds from gaming revenue, and it was noted that Council will have the opportunity to determine the appropriate uses for such funds during the budget process.

It was moved and seconded

That the staff report titled Long Term Financial Management Strategy Update 2013 dated June 19, 2013 from the Director, Finance, be received for information.

CARRIED

2.

Long Term Financial Management Policy

(File Ref. No.) (REDMS No. 3821380 v.4)

It was moved and seconded

That Item 10 of the Long Term Financial Management Strategy (Council Policy 3707) be amended, as follows:

“Utilize a ‘pay as you go’ approach rather than borrowing for financing infrastructure replacement unless unique circumstances exist that support borrowing.”

CARRIED

3.

Distribution from the Municipal Finance Authority of BC

(File Ref. No.) (REDMS No. 3890409 v.5)

That Council approve transferring the $1.9M surplus distribution received from the Municipal Finance Authority of BC to the following accounts:

(1)

$1.8M be returned to the Roads DCC program and subsequently transferred to the City’s Surplus Account to repay outstanding internal borrowings;

(2)

$0.1M to the Sanitary Sewer Reserve.

CARRIED

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)

It was moved and seconded

(1)

That Arts, Culture and Heritage Capital Reserve Fund Establishment Bylaw No. 9032 be introduced and given first, second and third readings; and

(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.

The question on the motion was not called, as staff advised that at this time, there are no identified heritage restoration projects that would be funded directly by this statutory reserve fund.

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

ADJOURNMENT

It was moved and seconded

That the meeting adjourn (4:37 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, July 2, 2013.

_________________________________

_________________________________

Mayor Malcolm D. Brodie
Chair

Shanan Sarbjit Dhaliwal
Executive Assistant
City Clerk’s Office