May 9, 2016 - Minutes (Special)

Date:

Monday, May 9, 2016

Place:

Anderson Room
Richmond City Hall

Present:

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

Call to Order:

The Chair called the meeting to order at 4:19 p.m.

MINUTES

It was moved and seconded

That:

(1)

the minutes of the Finance Committee held on March 7, 2016; and

(2)

the minutes of the special meeting of the Finance Committee held on April 11, 2016;

be adopted as circulated.

CARRIED

DELEGATION

1.

C.J. James, Engagement Partner, KPMG and Archie Johnston, Client Relationship and Quality Review Partner, KPMG, were available to answer questions related to the 2015 Audit findings on the City’s financial statements. Ms. James expressed appreciation to City staff for their assistance during the annual audit.

In response to a query from Committee, Ms. James advised that a liability is recorded in the financial statements at the time that remediation is required to convert a contaminated site to a productive site.

FINANCE AND CORPORATE SERVICES DIVISION

2.

2015 Annual Procurement Report
(File Ref. No. 02-0600-01) (REDMS No. 4929751 v. 2)

It was moved and seconded

That the staff report titled “2015 Annual Procurement Report” dated March 17, 2016 from the Director of Finance be received for information.

CARRIED

3.

2015 Consolidated financial Statements
(File Ref. No. 03-0905-01) (REDMS No. 4987755 v. 2; 4986723 v. 3; 4988765 v. 2)

In response to a query from Committee, Cindy Gilfillan, Manager, Financial Reporting and Andrew Nazareth, General Manager, Finance and Corporate Services, advised that the net decrease in the consolidated surplus resulted from the funding of several large expenditures from reserves.

It was moved and seconded

That the City’s audited consolidated financial statements for the year ended December 31, 2015 be approved.

CARRIED

LULU ISLAND ENERGY COMPANY

4.

2015 Financial Statements for the Lulu Island Energy Company
(File Ref. No. 01-0060-20-LIEC1) (REDMS No. 4957779 v. 5)

It was moved and seconded

That the Lulu Island Energy Company audited financial statements for the year ended December 31, 2015, in the report titled, “2015 Financial Statements for the Lulu Island Energy Company,” dated April 18, 2016 from the Chief Executive Officer and Chief Financial Officer, Lulu Island Energy Company be received for information.

CARRIED

RICHMOND PUBLIC LIBRARY BOARD

5.

2015 Financial Statements of the Richmond Public Library Board
(File Ref. No.) (REDMS No.)

Greg Buss, Chief Librarian, stated that the Richmond Library Board approved the 2015 Financial Statements at their meeting held April 27, 2016.

In response to queries from Committee, Mr. Buss stated that a public review has just been completed and the results of a web survey will be referred back to Committee in July 2016 for review. The Committee requested that all comments provided in the survey responses be submitted to Committee.

Mr. Buss also clarified that cost savings were made by adjusting expenditures throughout the year to offset reduced revenues. 

It was moved and seconded

That the 2015 Financial Statements of the Richmond Public Library Board be received for information.

CARRIED

RICHMOND OLYMPIC OVAL CORPORATION

6.

2015 Financial Statements and 2015 Q4 – Oval
(File Ref. No.) (REDMS No. 4992045)

In response to queries from Committee, Rick Dusanj, Controller, Richmond Olympic Oval Corporation, Cathryn Volkering Carlile, General Manager, Community Services and John Mills, Chief Operating Officer, Richmond Oval provided the following information:

§   

Transfers to reserves/provisions stated in the report are accumulated for the full year and the capital program is funded from the surplus;

§   

Facilities of this nature frequently accumulate reserves to fund capital programs;

§   

There has been an increase in the number of regional events year over year;

§   

Members are advised in advance of potential parking impacts prior to large events and Richmond Oval staff allocate designated spaces for members;

§   

The annual allocation from Tourism Richmond is $400,000 and a portion is utilized to support grants to the event organizers.

It was moved and seconded

That the report on 2015 Financial Statements and 2015 fourth quarter ended December 31, 2015 for the Richmond Olympic Oval Corporation from the Controller of the Richmond Olympic Oval Corporation be received for information.

CARRIED.

ADJOURNMENT

It was moved and seconded

That the meeting adjourn (4:35 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, May 9, 2016.

_________________________________

_________________________________

Mayor Malcolm D. Brodie
Chair

Amanda Welby
Acting Legislative Services Coordinator