May 2, 2022 - Minutes
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Finance Committee
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Date: |
May, 2, 2022 |
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Place: |
Council Chambers |
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Present: |
Mayor Malcolm D. Brodie, Chair |
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Call to Order: |
The Chair called the meeting to order at 4:38 p.m. |
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MINUTES |
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It was moved and seconded |
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That the minutes of the meeting of the Special Finance Committee held on April 19, 2022, be adopted as circulated. |
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CARRIED |
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DELEGATIONS |
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1. |
C.J. James, Partner, KPMG LLP, presented the audit findings on the City’s 2021 Consolidated Financial Statements and thanked the staff for their cooperation in completing the audit. |
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The Auditor noted that the audit was clean and includes an unqualified opinion. |
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It was moved and seconded That the Auditor’s report on the findings of the audit on the City’s 2021 Consolidated Financial Statements be received for information. |
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CARRIED |
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FINANCE AND CORPORATE SERVICES DIVISION |
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2. |
2021 Consolidated Financial Statements |
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It was moved and seconded |
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That the 2021 City of Richmond Consolidated Financial Statements as presented in Attachment 2 be approved. |
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CARRIED |
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3. |
Municipal Security Issuing Resolution |
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In response to queries, staff advised (i) the funding will be received in October 2022, (ii) the project is in progress and funding is available for current expenditures, and (iii) it is anticipated that construction will commence prior to loan repayments. |
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It was moved and seconded |
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(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; |
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(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 |
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(3) |
That the Consolidated 5-Year Financial Plan (2022-2026) be amended accordingly. |
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CARRIED |
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RICHMOND PUBLIC LIBRARY |
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4. |
2021 Financial Statements for the Richmond Public Library |
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It was moved and seconded |
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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. |
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CARRIED |
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LULU ISLAND ENERGY COMPANY |
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5. |
2021 Financial Statements for the Lulu Island Energy Company |
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In response to queries, staff advised (i) salaries for City managers working on the project will be recovered through the Lulu Island Energy Company (LIC), (ii) the electrical systems are designed to operate at high efficiency, and (iii) the use of biogas procured through the LIC is being considered. |
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It was moved and seconded |
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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. |
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CARRIED |
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RICHMOND OLYMPIC OVAL CORPORATION |
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6. |
richmond olympic oval corporation 2021 audited financial statements |
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In response to queries, staff advised (i) the Richmond Olympic Oval currently employs 65 full time staff and 150 to 200 auxiliary staff, and (ii) cash flow and investment rates are monitored continuously. |
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It was moved and seconded |
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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. |
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CARRIED |
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ADJOURNMENT |
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It was moved and seconded |
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That the meeting adjourn (5:08 p.m.). |
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CARRIED |
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Certified a true and correct copy of the Minutes of the meeting of the Finance Committee of the Council of the City of Richmond held on Monday, May 2, 2022. |
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Mayor Malcolm D. Brodie |
Haely Lindau |