December 5, 2022 - Agenda

Pg. #

ITEM

MINUTES

FIN-4

Motion to adopt the minutes of the meeting of the Finance Committee held on November 8, 2022.

RICHMOND PUBLIC LIBARY

1.

2023 OPERATING AND CAPITAL BUDGETS FOR RICHMOND PUBLIC LIBRARY

(File Ref. No. 97-RPLGENERAL) (REDMS No. 7022582)

FIN-7

See Page FIN-7 for full report

Designated Speaker:  Susan Walters

STAFF RECOMMENDATION

That the 2023 Richmond Public Library budget of $10,933,600 as presented in Attachment 1 from the Chief Librarian and the Secretary to the Board, be approved.

FINANCE AND CORPORATE SERVICES DIVISION

2.

2023 PROPOSED CAPITAL BUDGET

(File Ref. No. 03-0970-03-01) (REDMS No. 6991972)

FIN-15

See Page FIN-15 for full report

Designated Speakers:  Ivy Wong and Jenny Ho

STAFF RECOMMENDATION

(1)

That the 2023 Proposed Capital Budget as presented in Appendix 3 totaling $131,516,181 be approved; and

(2)

That the 2023 Proposed Capital Budget as approved be included in the Consolidated 5 Year Financial Plan (2023-2027).

3.

2023 ONE-TIME EXPENDITURES

(File Ref. No. 03-0970-01) (REDMS No. 6999306)

FIN-169

See Page FIN-169 for full report

Designated Speakers:  Ivy Wong and Melissa Shiau

STAFF RECOMMENDATION

That the one-time expenditures totaling $1,121,025 as outlined in Attachment 1 of the 2023 One-Time Expenditures staff report, be approved with funding from the Rate Stabilization Account and included in the Consolidated 5 Year Financial Plan (2023-2027).

4.

2023 PROPOSED OPERATING BUDGET

(File Ref. No. 03-0970-01) (REDMS No. 7001464)

FIN-175

See Page FIN-175 for full report

Designated Speakers:  Ivy Wong, Melissa Shiau and Jerry Chong

STAFF RECOMMENDATION

That:

(1)

The 2023 Proposed Operating Budget as presented in Budget Option 2 for a total of 5.88% be approved as outlined below:

(a)

A same level of service budget increase of $8,623,971 after tax growth with a tax increase of 3.22% be approved; and

(b)

Emerging organizational additional levels in the amount of $735,010 as presented in Attachments 8 and 9 of the staff report titled 2023 Proposed Operating Budget with a tax increase of 0.27% be approved; and

(c)

Transfer to reserves for Investment in Community Facilities as per Council’s Long Term Financial Management Strategy in the amount of $2,680,441 with a tax increase of 1.00% be approved; and

(d)

Senior level government and other government agency increase of $4,058,476 with a tax increase of 1.51% be approved; and

(e)

Council previously approved commitments in the amount of $240,340 with a tax increase of 0.09% be approved; and

(f)

Operating budget impacts totalling $1,168,557 with a tax increase of 0.44% be approved; and

(g)

The Rate Stabilization Account be used to reduce the overall impact of additional operating costs for a total of $1,742,287 resulting in a tax decrease of 0.65% be approved; and

(2)

The 2023 Operating Budget as approved be included in the Consolidated 5 Year Financial Plan (2023-2027).

ADJOURNMENT