December 5, 2016 - Agenda

Pg. #

ITEM

MINUTES

FIN-5

Motion to adopt the minutes of the meeting of the Finance Committee held on November 7, 2016.

LULU ISLAND ENERGY COMPANY

1.

2017 Operating Budget for the Lulu Island Energy Company
(File Ref. No. 01-0060-20-LIEC1) (REDMS No. 5224654 v. 6)

FIN-8

See Page FIN-8 for full report

Designated Speaker:  Alen Postolka

STAFF RECOMMENDATION

That the report titled “2017 Operating Budget for the Lulu Island Energy Company” dated November 17, 2016 from the Chief Executive Officer and Chief Financial Officer, Lulu Island Energy Company be received for information.

RICHMOND PUBLIC LIBRARY BOARD

2.

2017 Operating Budgets for Richmond Public Library
(File Ref. No. 03-0970-25) (REDMS No. 5244286 v. 2)

FIN-19

See Page FIN-19 for full report

Designated Speaker:  Greg Buss

STAFF RECOMMENDATION

(1)

That the 2017 Richmond Public Library budget of $8,994,000 as presented in Attachment 1 from the Chief Librarian and the Secretary to the Board, be approved.

(2)

That the Richmond Public Library branch hours be restored to 2015 levels by utilizing savings within the library budget and augmented by City contingency accounts, with no additional tax impact.

FINANCE AND CORPORATE SERVICES DIVISION

3.

2017 Council Community Initiatives One-Time Expenditures
(File Ref. No. 03-0985-01) (REDMS No. 5204469 v. 1)

FIN-28

See Page FIN-28 for full report

Designated Speaker:  Melissa Shiau

STAFF RECOMMENDATION

That the one-time expenditure requests as outlined in Attachment 1 of the 2017 Council Community Initiatives One-Time Expenditures staff report, be received for information and staff be directed if any amounts should be included in the 5 Year Financial Plan (2017-2021).

4.

2017 Capital Budget
(File Ref. No. 03-0985-01) (REDMS No. 5207753 v. 2)

FIN-32

See Page FIN-32 for full report

Designated Speakers:  Andrew Nazareth and Jerry Chong

STAFF RECOMMENDATION

(1)

That the 2017 Capital Budget totalling $102,925,549 be approved and staff authorized to commence the 2017 Capital Projects; and

(2)

That the 2017 Capital Budget totalling $102,925,549 and the 2018-2021 Capital Projects be included in the 5 Year Financial Plan (2017-2021).

5.

2017 Proposed Operating Budget
(File Ref. No. 03-0985-01) (REDMS No. 5243400)

FIN-194

See Page FIN-194 for full report

Designated Speakers: Andrew Nazareth and Jerry Chong

STAFF RECOMMENDATION

(1)

That the 2017 Operating Budget presented in the staff report report titled 2017 Proposed Operating Budget dated November 30, 2016 from the Director, Finance with a total tax increase of 1.89% before additional levels of service, be approved;

(2)

That ongoing additional levels in the amount of $162,682 with a tax impact of 0.08% as presented in Attachment 9 of the staff report titled 2017 Proposed Operating Budget from the Director, Finance be approved;

(3)

That ongoing additional levels for policing in the amount of $2,285,685 for 11 additional police officers and 3 municipal employees to support the RCMP detachment with a tax impact of 0.48% in 2017 and 0.51% in 2018 as presented in Budget Option 3 of the staff report titled 2017 Proposed Operating Budget from the Director, Finance be approved;

(4)

That the Rate Stabilization Account be used to pay for the capital and other one time costs associated with the additional 11 police officers and 3 municipal employees to support the RCMP detachment for a total of $272,000;

(5)

That a tax increase of 1.00% for community facilities infrastructure replacement needs as per Council’s Long Term Financial Management Strategy, be approved; and

(6)

That the 2017 Proposed Operating Budget as described above and the 2018-2021 same level of service base budget be included in the 5 Year Financial Plan (2017-2021).

6.

2017 One-Time Expenditures
(File Ref. No. 03-0985-01) (REDMS No. 5204512)

FIN-254

See Page FIN-254 for full report

Designated Speakers:  Andrew Nazareth and Jerry Chong

STAFF RECOMMENDATION

That the recommended one-time expenditures in the amount of $7,789,167 as outlined in Attachment 1 of the 2017 One-Time Expenditures staff report, be approved for funding from the Rate Stabilization Account.

ADJOURNMENT