December 14, 2015 - Agenda (Special)

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ITEM

MINUTES

FIN-3

Motion to adopt the minutes of the meeting of the Finance Committee held on December 7, 2015.

FINANCE AND CORPORATE SERVICES DIVISION

1.

Richmond Public Library 2016 Budget
(File Ref. No. 01-0155-04-01) (REDMS No. 4844238)

FIN-13

See Page FIN-13 for full report

Designated Speaker:  Greg Buss

STAFF RECOMMENDATION

That the Richmond Public Library proposed 2016 budget of $8,743,930 be approved.

2.

2016 Operating Budget Options
(File Ref. No. 03-0970-01) (REDMS No. 4840886 v. 3)

FIN-25

See Page FIN-25 for full report

Designated Speaker:  Jerry Chong & Andrew Nazareth

STAFF RECOMMENDATION

That:

(1)

the 2016 Operating Budget presented in the staff report report titled 2016 Operating Budget Options dated December 9, 2015 from the Director, Finance with a tax increase of 2.00%, after utilizing rate stabilization funding of up to 0.06% ($113,880) be approved;

(2)

ongoing additional levels in the amount of $209,653 with a tax impact of 0.11% as presented in Appendix 3 of the staff report titled 2016 Operating Budget Options from the Director, Finance be approved;

(3)

ongoing additional levels in the amount of $1,827,331 for 12 additional police officers be approved with no 2016 tax impact by utilizing a corporate reset as detailed in the staff report report titled 2016 Operating Budget Options dated December 9, 2015 from the Director, Finance be approved;

(4)

staff be authorized to make budget transfers between divisions to ensure that the corporate reset does not impact the division’s service levels;

(5)

the Rate Stabilization Account be used to pay for the capital costs associated with the additional 12 police officers for a total of $192,910; and

(6)

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

ADJOURNMENT