January 18, 2021 - Agenda (Special)

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ITEM

MINUTES

FIN-4

Motion to adopt the minutes of the meeting of the Finance Committee held on January 5, 2021.

FINANCE AND CORPORATE SERVICES DIVISION

1.

2021 Proposed Operating Budget
(File Ref. No. 03-0970-25-2021-01) (REDMS No. 6466396 v. 7)

FIN-7

See Page FIN-7 for full report

Designated Speakers:  Jerry Chong & Ivy Wong

STAFF RECOMMENDATION

(1)

That the 2021 Proposed Operating Budget (City-Wide excluding Fire-Rescue) as presented in Budget Option 1 (City-Wide excluding Fire-Rescue) be approved as outlined below:

(a)

A same level of service budget increase of $2,380,910 after tax growth with a tax increase of 0.99% be approved; and

(b)

Transfer to reserves for Investment in Community Facilities as per Council’s Long Term Financial Management Strategy for 2021 in the amount of $2,393,567 with a tax increase of 1.00% be approved; and

(c)

Senior government increase of $255,000 with a tax increase of 0.11% be approved; and

(d)

Amounts deferred for Community Safety increases from the 2020 Operating Budget totalling $1,609,318 with a tax increase of 0.67% be approved; and

(e)

A partial funding of the operating budget impact from the 2019 Capital Budget Year 3 of 3 of $311,220  with a tax increase of 0.13% be approved; and

(2)

That Council provide direction regarding the potential inclusion of the following individual additional City-Wide (excluding Fire-Rescue) Council priorities and commitments not included in Budget Option 1:

(a)

Remainder of the operating budget impacts totalling $1,409,684 with a tax increase of 0.59%; and

(b)

Council’s Safe Community Priority Program of 16 RCMP officers and 11 municipal employees in the amount of $2,990,022 with a tax increase of 1.24% or a portion thereof; and

(3)

That the 2021 Proposed Operating Budget (Fire-Rescue) as presented in Budget Option 1 (Fire-Rescue) be approved as outlined below:

(a)

A same level of service budget increase of $421,700 with a tax increase of 0.18% be approved; and

(b)

Senior government increase of $45,000 with a tax increase of 0.02% be approved; and

(4)

That Council provide direction regarding the potential inclusion of the remaining 12 firefighter positons from Council’s Safe Community Program in the amount of $1,801,859 with a tax increase of 0.75%; and

(5)

That the 2021 Operating Budget as approved be included in the Consolidated 5 Year Financial Plan (2021-2025).

UPDATED

2.

2021 Operating AND CAPITAL BudgetS FOR RICHMOND PUBLIC LIBRARY
(File Ref. No. ) (REDMS No. 6598804)

FIN-56

See Page FIN-56 for full report

Designated Speakers:  Susan Walters

STAFF RECOMMENDATION

That the 2021 Richmond Public Library budget of $10,182,368 as presented in Attachment 1 from the Chief Librarian and the Secretary to the Board, be approved.

ADJOURNMENT