December 2, 2019 - Agenda

Pg. #

ITEM

MINUTES

FIN-6

Motion to adopt the minutes of the meeting of the Finance Committee held on November 4, 2019.

RICHMOND PUBLIC LIBRARY

1.

2020 OPERATING AND CAPITAL BUDGETS FOR RICHMOND PUBLIC LIBRARY 
(File Ref. No.) (REDMS No.)

FIN-10

See Page FIN-10 for full report

Designated Speaker:  Susan Walters

STAFF RECOMMENDATION

That the 2020 Richmond Public Library budget of $9,862,500 as presented in Attachment 1 from the Chief Librarian and the Secretary to the Board, be approved.

FINANCE AND CORPORATE SERVICES DIVISION

2.

2020 Capital Budget 
(File Ref. No. 03-0985-01) (REDMS No. 6243131 v. 2)

FIN-17

See Page FIN-17 for full report

Designated Speaker:  Melissa Shiau

STAFF RECOMMENDATION

(1)

That the 2020 Capital Budget as presented in Appendix 3 totalling $155,651,559 be approved and staff be authorized to commence the 2020 Capital Projects; and

(2)

That the 2020 Capital Budget totalling $155,651,559 and the 2021-2024 Capital Projects be included in the Consolidated 5 Year Financial Plan (2020-2024).

3.

2020 Proposed Operating Budget 
(File Ref. No. 03-0985-01) (REDMS No. 6243776 v. 9)

FIN-188

See Page FIN-188 for full report

Designated Speaker: Melissa Shiau 

STAFF RECOMMENDATION

That:

(1)

The 2020 Operating Budget as presented in Budget Option 2 be approved as outlined below, or Council provide staff with direction to approve one of the alternative options presented in this staff report:

(a)

A same level of service budget increase, after tax growth, of $3,875,707 with a tax increase of 1.69% and non-discretionary external senior government increases of $300,000 with a tax increase of 0.13%, resulting in a combined increase of 1.82% be approved; and

(b)

Ongoing funding for expenditures previously approved by Council totaling $984,045 for the following items: Minoru Centre for Active Living operating budget impact phase-in (Year 7 of 7), and the operating budget impact from developer contributed assets, with a tax increase of 0.43% be approved; and

(c)

Ongoing funding for expenditures previously approved by Council totaling $527,500 for the operating budget phase-in impact of City Centre Community Centre North (Year 2 of 4), with a tax increase of 0.23% be approved; and

(d)

Ongoing funding for expenditures previously approved pursuant to Council’s Safe Community Priority program (Year 2 of 3) in the amount of $7,433,489 with a tax increase of 3.23% including:

(i)

Amounts which were funded by the rate stabilization account in the 2019 budget totaling $4,325,868, with a tax increase of 1.88%; and

(ii)

51 additional RCMP officers and 20 additional municipal employees to support the RCMP Detachment with a three-year phase-in plan (Year 2 of 3), totaling $1,591,821 with a tax increase of 0.69% be approved; and

(iii)

36 additional firefighters with a three-year phase-in plan (Year 2 of 3) in the amount of $1,515,800 with a tax increase of 0.66% be approved; and

(e)

Operating budget impact from the 2020 Capital Budget totaling $644,794 with a three-year phase-in plan for an annual amount of $214,931, resulting in a tax increase of 0.09% per year be approved; and

(f)

Two new positions, specifically a Regular Full-Time Affordable Housing Planner 1 and Regular Part-Time Child Care Program Planner 1 be approved with 0.00% tax increase as summarized in Attachment 9 and position complement control numbers be assigned; and

(g)

Ongoing expenditures for Emerging Organizational Additional Levels with an allowance of $500,000 resulting in a tax increase of 0.22% be approved (refer to the recommended items from staff in Attachment 10); and

(h)

Transfer to reserves for infrastructure replacement needs as per Council’s Long Term Financial Management Strategy in the amount of $2,299,025 with a tax increase of 1.00% be approved; and

(i)

The Rate Stabilization Account be used to reduce the overall impact of additional operating costs for a total of $1,609,318 resulting in a tax decrease of 0.70% be approved; and

(2)

The 2020 Operating Budget, as approved in item 1 above, be included in the Consolidated 5 Year Financial Plan (2020-2024).

4.

2020 One-Time Expenditures 
(File Ref. No. 03-0985-01) (REDMS No. 6243689 v. 3)

FIN-241

See Page FIN-241 for full report

Designated Speaker:  Melissa Shiau

STAFF RECOMMENDATION

That the recommended one-time expenditures totaling $930,869 as outlined in Attachment 1 of the 2020 One-Time Expenditures staff report, be approved with funding from the Rate Stabilization Account and included in the Consolidated 5 Year Financial Plan (2020-2024).

5.

2020 Council Community Initiatives One-Time Expenditures 
(File Ref. No. 03-0985-01) (REDMS No. 6243557 v. 7)

FIN-249

See Page FIN-249 for full report

Designated Speaker:  Melissa Shiau

STAFF RECOMMENDATION

That the one-time expenditure request as outlined in Attachment 1 of the 2020 Council Community Initiatives One-Time Expenditures staff report, be received for information and staff be directed if the amount should be funded from the Council Community Initiatives Account and included in the Consolidated 5 Year Financial Plan (2020-2024).

LULU ISLAND ENERGY COMPANY

6.

Lulu Island Energy Company – 2020 Operating and Capital Budgets 
(File Ref. No. 10-6600-10-01) (REDMS No. 6337657 v. 2)

FIN-254

See Page FIN-254 for full report

Designated Speakers:  John Irving and Jerry Chong

STAFF RECOMMENDATION

That the Lulu Island Energy Company report titled “Lulu Island Energy Company- 2020 Operating and Capital Budgets”, dated November 5, from the Chief Executive Officer and Chief Financial Officer, Lulu Island Energy Company be received for information.

ADJOURNMENT