November 29, 2021 - Agenda

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ITEM

MINUTES

FIN-5

Motion to adopt the minutes of the meeting of the Finance Committee held on November 1, 2021.

FINANCE AND CORPORATE SERVICES DIVISION

1.

Alternative Sources of Funding Referral Response 
(File Ref. No. 03-0905-01) (REDMS No. 6781671)

FIN-8

See Page FIN-8 for full report

Designated Speakers:  Cindy Gilfillan and Venus Ngan

STAFF RECOMMENDATION

(1)

That the funding strategy Option 3 and the external borrowing Option C as outlined in the staff report titled “Alternative Sources of Funding Referral Response” be endorsed;

(2)

That staff be directed to prepare a report for external borrowing of $95 million for the Steveston Community Centre and Branch Library Capital Project; and

(3)

That the Consolidated 5 Year Financial Plan (2022-2026) be amended accordingly.

2.

2022 Operating and Capital Budgets for Richmond Public Library 
(File Ref. No.)

FIN-26

See Page FIN-26 for full report

Designated Speakers:  Susan Walters

STAFF RECOMMENDATION

That the 2022 Richmond Public Library budget of $10,396,100 as presented in Attachment 1 from the Chief Librarian and the Secretary to the Board, be approved.

3.

2022 Proposed Capital Budget

(File Ref. No.) (REDMS No. 6642826)

FIN-32

See Page FIN-32 for full report

Designated Speakers:  Ivy Wong and Jerry Chong

STAFF RECOMMENDATION

(1)

That the 2022 Proposed Capital Budget as presented in Appendix totaling $107,762,191 be approved; and

(2)

That the 2022 Proposed Capital Budget as approved be included in the Consolidated 5 Year Financial Plan (2022-2026).

4.

2022 One-Time Expenditures 
(File Ref. No. 03-0970-01) (REDMS No.)

FIN-196

See Page FIN-196 for full report

Designated Speakers: Ivy Wong and Jerry Chong

STAFF RECOMMENDATION

That the one-time expenditures totaling $1,799,521 as outlined in Table 1 of the 2022 One-Time Expenditures staff report, be approved with funding from the Rate Stabilization Account and included in the Consolidated 5 Year Financial Plan (2022-2026).

5.

2022 Proposed Operating Budget 
(File Ref. No. 03-0970-01) (REDMS No. 6642866 v. 14)

FIN-201

See Page FIN-201 for full report

Designated Speakers:  Ivy Wong and Jerry Chong

STAFF RECOMMENDATION

(1)

That the 2022 Proposed Operating Budget (City-Wide excluding Fire-Rescue) as presented in Budget Option 2 (City-Wide excluding Fire-Rescue) for a total of 3.57% be approved as outlined below:

(a)

a same level of service budget increase of $2,617,515 after tax growth with a tax increase of 1.02% be approved; and

(b)

transfer to reserves for Investment in Community Facilities as per Council’s Long Term Financial Management Strategy for 2022 in the amount of $2,553,659 with a tax increase of 1.00% be approved; and

(c)

senior level government and other government agency increase of $7,677,745 with a tax increase of 3.01% be approved; and

(d)

emerging organizational additional levels in the amount of $63,200 as presented in Attachment 8 of the staff report titled 2022 Proposed Operating Budget with a tax increase of 0.02% be approved; and

(e)

Council previously approved contract commitment of $382,580 with a tax increase of 0.15% be approved; and

(f)

operating budget impacts totalling $506,126 with a tax increase of 0.20% be approved; and

(g)

that the 2021 operating surplus be used to reduce the impact of RCMP unionization cost for a total of $4,666,667 resulting in a tax decrease of 1.83% be approved; and

(2)

The 2022 Proposed Operating Budget (Fire-Rescue) for a total of 0.29% as presented be approved as outlined below:

(a)

a same level of service budget increase of $583,800 with a tax increase of 0.23% be approved; and

(b)

senior level government increase of $67,500 with a tax increase of 0.03% be approved; and

(c)

operating budget impacts totalling $93,333 with a tax increase of 0.03% be approved; and

(3)

The 2022 Operating Budget as approved be included in the Consolidated 5 Year Financial Plan (2022-2026).

ADJOURNMENT