December 4, 2017 - Agenda

Pg. #

ITEM

MINUTES

FIN-5

Motion to adopt the minutes of the meeting of the Finance Committee held on November 6, 2017.

FINANCE AND CORPORATE SERVICES DIVISION

1.

2018 Capital Budget
(File Ref. No. 03-0985-01) (REDMS No. 5595928)

FIN-8

See Page FIN-8 for full report

Designated Speakers:  Andrew Nazareth and Jerry Chong

STAFF RECOMMENDATION

(1)

That the 2018 Capital Budget totalling $160,064,190 be approved and staff be authorized to commence the 2018 Capital Projects; and

(2)

That the 2018 Capital Budget totalling $160,064,190 and the 2019 - 2022 Capital Projects be included in the 5 Year Financial Plan (2018 - 2022).

2.

2018 Proposed Operating Budget
(File Ref. No. 03-0985-01) (REDMS No. 5485687)

FIN-175

See Page FIN-175 for full report

Designated Speakers:  Andrew Nazareth and Jerry Chong

STAFF RECOMMENDATION

(1)

That the 2018 Operating Budget as presented in Option 2 of the staff report titled “2018 Proposed Operating Budget” be approved as follows:

(a)

A same level of service budget increase of $3,881,300 with a tax increase of 1.88%, before additional levels of service be approved;

(b)

Operating budget impact of the 2018 Capital Projects totalling $618,580 with a tax increase of 0.30% be approved;

(c)

City-wide additional levels as presented in Attachment 9 of the staff report titled “2018 Proposed Operating Budget” in the amount of $247,661 with a tax increase of 0.12% be approved;

(d)

Ongoing additional levels for the operating costs of 16 additional RCMP Officers and 3 municipal employees to support the RCMP detachment in the amount of $2,276,483 with a tax increase of 1.10% be approved;

(e)

The Rate Stabilization Account be used to pay for the operating costs of the 16 additional RCMP Officers and 3 municipal employees to support the RCMP detachment for a total of $2,276,483, resulting in a tax decrease of 1.10% be approved;

(f)

The Capital and one-time costs for the additional 16 RCMP Officers and 3 municipal employees to support the RCMP detachment for a total of $290,675 be approved;

(g)

The Rate Stabilization Account be used to pay for the Capital and one-time costs for the additional 16 RCMP officers and 3 municipal employees to support the RCMP detachment for a total of $290,675 be approved; and

(h)

1.00% transfer to reserves for community facilities infrastructure needs as per Council's Long Term Financial Management Strategy in the amount of $2,064,900 with a tax increase of 1.00% be approved;

(2)

That the overall tax increase of 2.30% and the additional 1.00% transfer to reserves, which is in accordance with Council’s Long Term Financial Management Strategy policy to limit tax increase to CPI plus 1% transfer to reserves be approved; and

(3)

That the Operating Budget as detailed above be included in the 5 Year Financial Plan (2018-2022).

3.

2018 One-Time Expenditures
(File Ref. No. 03-0985-01) (REDMS No. 5589738)

FIN-239

See Page FIN-239 for full report

Designated Speakers:  Andrew Nazareth and Jerry Chong

STAFF RECOMMENDATION

That the recommended one-time expenditures totalling $1,449,774 as outlined in Attachment 1 of the staff report titled “2018 One-Time Expenditures,” be approved and included in the 5 Year Financial Plan (2018 – 2022).

4.

2018 Council Community Initiatives One-Time Expenditures
(File Ref. No. 03-0985-01) (REDMS No. 5589826 v. 2)

FIN-246

See Page FIN-246 for full report

Designated Speakers:  Andrew Nazareth and Jerry Chong

STAFF RECOMMENDATION

That the one-time expenditure request as outlined in Attachment 1 of the staff report titled “2018 Council Community Initiatives One-Time Expenditures,” be received for information and staff be directed if the amount should be included in the 5 Year Financial Plan (2018-2022).

LULU ISLAND ENERGY COMPANY

5.

2018 Operating Budget for the Lulu Island Energy Company
(File Ref. No. 10-6600-10-01) (REDMS No. 5653478 v. 3)

FIN-250

See Page FIN-250 for full report

Designated Speakers:  Jerry Chong and John Irving

STAFF RECOMMENDATION

That the Lulu Island Energy Company report titled “2018 Operating Budget for the Lulu Island Energy Company” dated November 8, 2017 from the Chief Executive Officer and Chief Financial Officer, Lulu Island Energy Company, be received for information.

ADJOURNMENT