May 4, 2015 - Minutes
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Finance Committee
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Date: |
Monday, May 4, 2015 |
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Place: |
Anderson Room |
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Present: |
Mayor Malcolm D. Brodie, Chair |
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Absent: |
Councillor Chak Au |
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Call to Order: |
The Chair called the meeting to order at 5:06 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 Tuesday, April 7, 2015, be adopted as circulated. |
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CARRIED |
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DELEGATION |
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1. |
C.J. James, Engagement Partner, and Archie Johnston, Client Relationship and Quality Review Partner, KPMG, were available to answer questions related to the 2014 Auditor’s report on the City’s financial statements. Ms. James thanked City staff for their efficiency in compiling the City’s financial statements. |
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In reply to a query from Committee, Jerry Chong, Director, Finance, advised that Part 2 of Attachment II – Summary of Audit Misstatements Schedules was related to water purchases from the Great Vancouver Regional District. |
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FINANCE AND CORPORATE SERVICES DIVISION |
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2. |
2014 Consolidated Financial Statements |
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Andrew Nazareth, General Manager, Finance and Corporate Services, accompanied by Mr. Chong, commented that the variances between the budget and actual figures on the Consolidated Statement of Operations on page FIN-29 can be attributed to the following: |
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the budget was prepared on a cash basis as per the Community Charter, whereas the figures presented are on an accrual basis; |
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the Statement was prepared using the original budget, whereas spending is against the Council approved amended budget as part of the amended 5-Year Financial Plan; and |
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re-statements for items approved as part of the Capital budget are expensed as these have no assets to capitalize against, for example the Kiwanis affordable housing transfers. |
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In reply to a query from Committee, Mr. Chong advised that the $864.7 million in “Cash and Investments” shown on page FIN-24 are from a number of accounts including reserves and are invested in various bonds and term deposits. |
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It was moved and seconded |
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That the City’s audited consolidated financial statements for the year ended December 31, 2014 be approved. |
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CARRIED |
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RICHMOND PUBLIC LIBRARY BOARD |
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3. |
2014 financial statements for the RICHMOND PUBLIC LIBRARY |
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It was moved and seconded |
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That the report on the 2014 Financial Statements for the Richmond Public Library Board be received for information. |
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CARRIED |
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LULU ISLAND ENERGY CORPORATION |
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4. |
2014 FINANCIAL STATEMENTS FOR THE LULU ISLAND ENERGY COMPANY |
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It was moved and seconded |
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That the Lulu Island Energy Company audited financial statements for the year ended December 31, 2014, in the report titled 2014 Financial Statements for the Lulu Island Energy Company, dated April, 9, 2015, from the Chief Executive Officer and Chief Financial Officer, Lulu Island Energy Company, be received for information. |
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CARRIED |
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RICHMOND OLYMPIC OVAL CORPORATION |
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5. |
2014 FINANCIAL STATEMENTS FOR THE RICHMOND OLYMPIC OVAL CORPORATION |
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In response to a query from Committee, Cathryn Volkering Carlile, General Manager, Community Services, advised that the full and part-time staffing levels for the Richmond Olympic Oval are comparable to those of City sport and recreation facilities. |
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It was moved and seconded |
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That the report on the 2014 Audited Financial Statements for the Richmond Olympic Oval from the Controller, 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 (5:17 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, May 4, 2015. |
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_________________________________ |
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Mayor Malcolm D. Brodie |
Heather Howey |
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