May 1, 2017 - Minutes
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Finance Committee
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Date: |
Monday, May 1, 2017 |
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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 4:56 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 April 3, 2017, be adopted as circulated. |
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CARRIED |
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DELEGATION |
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1. |
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Archie Johnston, Client Relationship and Quality Review Partner, KPMG, and C.J. James, Engagement Partner, KPMG, presented the 2016 Audit findings on the City’s Financial Statements. |
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Ms. James thanked City staff for their assistance during the annual audit process and highlighted that the audit is an unqualified opinion. |
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In reply to a query from the Chair, Ms. James stated that as the Library has moved towards the use of more eBooks versus actual books, it was more appropriate re-classify eBooks as prepaid expenses as oppose to tangible assets. |
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RICHMOND OLYMPIC OVAL CORPORATION |
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2. |
Richmond Olympic Oval Corporation 2016 Audited Financial Statements and Q4 - 2016 |
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It was moved and seconded |
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That the report on the 2016 audited Financial Statements and Financial Information on the fourth quarter ended December 31, 2016 for the Richmond Olympic Oval Corporation from the Controller of the Richmond Olympic Oval Corporation be received for information. |
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CARRIED |
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FINANCE AND CORPORATE SERVICES DIVISION |
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3. |
2016 financial statements for the richmond public library |
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It was moved and seconded |
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That the 2016 Richmond Public Library audited financial statements for the year ended December 31, 2016, as presented in the attached report from the Chief Librarian, be received for information. |
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CARRIED |
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LULU ISLAND ENERGY COMPANY |
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4. |
2016 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, 2016, in the report titled, “2016 Financial Statements for the Lulu Island Energy Company,” dated April 10, 2017 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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FINANCE AND CORPORATE SERVICES DIVISION |
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5. |
2016 Consolidated Financial Statements |
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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, 2016 be approved. |
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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 (5:02 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 1, 2017. |
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Mayor Malcolm D. Brodie |
Hanieh Berg |