March 2, 2015 - Minutes

Date:

Monday, March 2, 2015

Place:

Anderson Room
Richmond City Hall

Present:

Mayor Malcolm D. Brodie, Chair
Councillor Chak Au
Councillor Derek Dang
Councillor Carol Day
Councillor Alexa Loo
Councillor Linda McPhail
Councillor Harold Steves

Absent:

Councillor Ken Johnston
Councillor Bill McNulty

Call to Order:

The Chair called the meeting to order at 5:38 p.m.

MINUTES

It was moved and seconded

That the minutes of the meeting of the Finance Committee held on Monday, February 2, 2015, be adopted as circulated.

CARRIED

FINANCE AND CORPORATE SERVICES DIVISION

1.

Financial Information – 4th Quarter December 31, 2014
(File Ref. No.) (REDMS No. 4497471)

In reply to queries from Committee, Jerry Chong, Director, Finance, commented on the cash and investment portfolio, noting that the Community Charter and Policy 3703 – Investment restrictions, as well as current economic conditions and low interest rates, affect its average investment yield.

It was moved and seconded

That the staff report titled Financial Information – 4^th Quarter December 31, 2014, from the Director, Finance, be received for information.

CARRIED

RICHMOND OLYMPIC OVAL CORPORATION

2.

4th Quarter 2014 – Financial Information for the Richmond Olympic Oval Corporation 
(File Ref. No.) (REDMS No. 4508001)

It was moved and seconded

That the report on Financial Information for the Richmond Olympic Oval Corporation for the fourth quarter ended  December 31, 2014 from the Controller of the Richmond Olympic Oval Corporation be received for information.

The question on the motion was not called as, in reply to a query from Committee, Rick Dusanj, Controller, Richmond Olympic Oval Corporation, commented that “Other Revenues” include parking revenue and sponsorship funding.  He further commented that the 11% variance is the result of late external revenues that are anticipated to be received in 2015.

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

FINANCE AND CORPORATE SERVICES DIVISION

3.

5 YEAR FINANCIAL PLAN (2015-2019) BYLAW NO. 9220 
(File Ref. No. 03-0970-01; 12-8060-20-009220) (REDMS No. 4503515 v. 6)

Mr. Chong gave a brief summary of the proposed 5 Year Financial Plan (2015-2019), noting that the Plan includes the 2015 Operating, Capital, and Utility budgets previously approved by Council.  Also, he noted that the proposed 2016-2019 budgets, including the Capital Plan, are estimates and have not received Council approval.

Discussion ensued with regard to the 1% transfer to reserves and it was suggested that Policy 3707 - Long Term Financial Management Strategy be revised to read “up to a” 1% transfer to reserves for infrastructure replacement needs.

It was moved and seconded

(1)

the 5 Year Financial Plan (2015-2019) be approved as presented by the General Manager, Finance and Corporate Services;

(2)

the 5 Year Financial Plan (2015-2019) Bylaw No. 9220 be introduced and given first, second, and third readings; and

(3)

staff undertake a process of public consultation as required in Section 166 of the Community Charter.

The question on the motion was not called as, in reply to a query from Committee, Grant Fengstad, Director, Information Technology, advised that the WiFi upgrades at the Steveston Martial Arts Centre are scheduled for 2016.  He further advised that a staff report on the WiFi Network Expansion schedule will be provided at a future Committee meeting.

The question on the motion was then called and it was CARRIED with Cllrs. Au and Day opposed.

ADJOURNMENT

It was moved and seconded

That the meeting adjourn (5:49 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 Monday, March 2, 2015.

_________________________________

_________________________________

Mayor Malcolm D. Brodie
Chair

Heather Howey
Committee Clerk