December 7, 2015 - Agenda

Pg. #

ITEM

MINUTES

FIN-5

Motion to adopt the minutes of the meeting of the Finance Committee held on November 2, 2015.

FINANCE AND CORPORATE SERVICES DIVISION

1.

2015 Audit Engagement
(File Ref. No. 03-0905-01) (REDMS No. 4814774)

FIN-10

See Page FIN-10 for full report

Designated Speaker:  Jerry Chong

STAFF RECOMMENDATION

That the 2015 Audit Planning Letter from KPMG, LLP, dated November 13, 2015, be received for information.

2.

Financial Information – 3^rd Quarter September 30, 2015
(File Ref. No.) (REDMS No. 4786970)

FIN-35

See Page FIN-35 for full report

Designated Speaker:  Cindy Gilfillan

STAFF RECOMMENDATION

That the staff report titled, “Financial Information – 3^rd Quarter September 30, 2015”, dated November 18, 2015 from the Director, Finance be received for information.

RICHMOND OLYMPIC OVAL CORPORATION

3.

3^rd Quarter 2015 – Financial Information for the Richmond Olympic Oval
(File Ref. No.) (REDMS No. 4818693)

FIN-63

See Page FIN-63 for full report

Designated Speaker:  Rick Dusanj

STAFF RECOMMENDATION

That the report on Financial Information for the Richmond Olympic Oval Corporation for the third quarter ended September 30, 2015 from the Controller of the Richmond Olympic Oval Corporation be received for information.

FINANCE AND CORPORATE SERVICES DIVISION

4.

2016 Operating and Capital Budgets for Richmond Public Library
(File Ref. No.) (REDMS No.)

FIN-69

See Page FIN-69 for full report

Designated Speaker:  Greg Buss

STAFF RECOMMENDATION

That the 2016 Richmond Public Library Operating and Capital budgets as presented in the report dated December 2, 2015 from the Chief Librarian and Secretary to the Board be approved with a same level of service municipal contribution of $8,793,930.

5.

2016 Capital Budget
(File Ref. No. 03-0970-01) (REDMS No. 4761439 v. 8)

FIN-73

See Page FIN-73 for full report

Designated Speakers:  Andrew Nazareth & Jerry Chong

STAFF RECOMMENDATION

That the 2016 Capital Budget totalling $104.1M be approved and staff authorized to commence the 2016 Capital Projects.

6.

2016 Proposed Operating Budget
(File Ref. No. 03-0970-01) (REDMS No.)

FIN-210

See Page FIN-210 for full report

Designated Speakers:  Andrew Nazareth & Jerry Chong

STAFF RECOMMENDATION

That:

(1)

the 2016 Operating Budget presented in the staff report dated November 26, 2015 from the Director, Finance with a total tax increase of 2.06% be approved;

(2)

ongoing additional levels in the amount of $209,653 with a tax impact of 0.11% as presented in Attachment 9 of the staff report titled “2016 Proposed Operating Budget” from the Director, Finance be approved; and

(3)

a tax increase of 1.00% for infrastructure replacement needs as per Council’s Long Term Financial Management Strategy be approved.

7.

2016 One-Time Expenditures
(File Ref. No. 03-0970-01) (REDMS No. 4763304 v. 6)

FIN-263

See Page FIN-263 for full report

Designated Speakers:  Andrew Nazareth & Jerry Chong

STAFF RECOMMENDATION

That the recommended one-time expenditures in the amount of $1.635M, as outlined in the staff report titled “2016 One-Time Expenditures”, be approved for funding from the Rate Stabilization Account.

8.

2016 Council Community Initiatives One-Time Expenditures
(File Ref. No. 03-0970-01) (REDMS No. 4811158 v. 3)

FIN-271

See Page FIN-271 for full report

Designated Speakers:  Andrew Nazareth & Jerry Chong

STAFF RECOMMENDATION

(1)

That the one-time expenditure requests as outlined in Attachment 1 of the staff report titled “2016 Council Community Initiatives One-Time Expenditures” from the Director, Finance, be received for information; and

(2)

That funding of $895,000 for the 2017 Canada 150^th Steveston Ships to Shore Events be included in the City’s 5-Year Financial Plan (2016-2020) Bylaw.

ADJOURNMENT