May 2, 2022 - Agenda


City of Richmond Meeting Agenda

 

Finance Committee

Electronic Meeting

 Council Chambers, City Hall

6911 No. 3 Road

Monday, May 2, 2022
Immediately following the General Purposes Committee meeting

 

Pg. #

ITEM

 

 

 

MINUTES

 

FIN-5

 

Motion to adopt the minutes of the meeting of the Special Finance Committee held on April 19, 2022.

 

 

 

 

 

 

DELEGATIONS

 

 

1.

C.J. James, Partner, KPMG LLP, to present the Audit findings on the City’s 2021 consolidated financial statements.

 

 

 

FINANCE AND CORPORATE SERVICES DIVISION

 

 

2.

2021 Consolidated Financial Statements
(File Ref. No. 03-0905-01) (REDMS No. 6877541)

FIN-7

 

See Page FIN-7 for full report

 

 

Designated Speaker:  Cindy Gilfillan

 

 

STAFF RECOMMENDATION

 

 

That the 2021 City of Richmond Consolidated Financial Statements as presented in Attachment 2 be approved.

 

 

 

 

 

3.

Municipal Security Issuing Resolution
(File Ref. No. 03-0900-01) (REDMS No. 6850735)

FIN-98

 

See Page FIN-98 for full report

 

 

Designated Speaker:  Venus Ngan

 

 

STAFF RECOMMENDATION

 

 

(1)

That a 20-year term $96 million borrowing with a 20-year amortization period from the Municipal Finance Authority of British Columbia’s (MFA’s) 2022 Fall Borrowing Session, as authorized through Steveston Community Centre and Branch Library Loan Authorization Bylaw No. 10334, be approved;

 

 

(2)

That the Metro Vancouver Regional District (MVRD) be requested to consent and to include the City of Richmond’s 20-year term $96 million borrowing with a 20-year amortization period in MVRD’s Security Issuing Bylaw; and

 

 

(3)

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

 

 

 

 

 

 

RICHMOND PUBLIC LIBRARY

 

 

4.

2021 Financial Statements for the Richmond Public Library
(File Ref. No. 03-0905-01) (REDMS No. 6879809)

FIN-103

 

See Page FIN-103 for full report

 

 

Designated Speaker:  Susan Walters

 

 

STAFF RECOMMENDATION

 

 

That the 2021 Richmond Public Library audited financial statements for the year ended December 31, 2021, as presented in the attached report from the Chief Librarian, be received for information.

 

 

 

 

 

 

LULU ISLAND ENERGY COMPANY

 

 

5.

2021 Financial Statements for the Lulu Island Energy Company
(File Ref. No. 01-0060-20-LIEC1) (REDMS No. 6880091)

FIN-125

 

See Page FIN-125 for full report

 

 

Designated Speaker:  Jerry Chong and Alen Postolka

 

 

STAFF RECOMMENDATION

 

 

That the Lulu Island Energy Company report titled “2021 Financial Statements for the Lulu Island Energy Company”, dated April 13, 2022, from the Chief Executive Officer and Chief Financial Officer, be received for information.

 

 

 

 

 

RICHMOND OLYMPIC OVAL CORPORATION

 

 

6.

richmond olympic oval corporation 2021 audited financial statements
(File Ref. No.) (REDMS No. 6885036)

FIN-164

 

See Page FIN-164 for full report

 

 

Designated Speaker:  Rick Dusanj

 

 

STAFF RECOMMENDATION

 

 

That the report on the 2021 Audited Financial Statements for the Richmond Olympic Oval Corporation from the Director, Finance, Innovation & Technology, Richmond Olympic Oval Corporation be received for information.

 

 

 

 

 

ADJOURNMENT