December 4, 2023 - Agenda

Pg. #

ITEM

MINUTES

FIN-5

Motion to adopt the minutes of the meeting of the Finance Committee held on November 6, 2023.

RICHMOND PUBLIC LIBRARY

1.

2024 OPERATING AND CAPITAL BUDGETS FOR RICHMOND PUBLIC LIBRARY
(File Ref. No. 03-0970-03-01) (REDMS No. 7434262)

FIN-8

See Page FIN-8 for full report

Designated Speaker:  Susan Walters

STAFF RECOMMENDATION

That the 2024 proposed Richmond Public Library budget with a municipal contribution of $11,285,400 as presented in Attachment 1 from the Chief Librarian and the Secretary of the Board, be approved.

FINANCE AND CORPORATE SERVICES DIVISION

2.

2024 PROPOSED OPERATING BUDGET
(File Ref. No. 03-0970-03-01) (REDMS No. 7374856)

FIN-15

See Page FIN-15 for full report

Designated Speaker:  Mike Ching and Melissa Shiau

STAFF RECOMMENDATION

That:

(1)

The 2024 Proposed Operating Budget as presented in Budget Option 2 for a total of 5.62% be approved as outlined below:

(a)

A same level of service budget increase of $8,900,427 after tax growth with a tax increase of 3.10% be approved; and

(b)

Emerging organizational additional levels in the amount of $1,501,828 as presented in Attachments 8, 9 and 10 of the staff report titled 2024 Proposed Operating Budget with a tax increase of 0.52% 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 $2,870,523 with a tax increase of 1.00% be approved; and

(d)

Senior level government and other government agency increase of $3,491,599 with a tax increase of 1.22% be approved; and

(e)

Use of reserves for program expenditures for Affordable Housing, Child Care and Public Art programs of $1,581,197 as presented in Attachment 7 be approved; and

(f)

Operating budget impacts totalling $971,855 with a tax increase of 0.34% be approved; and

(g)

The Rate Stabilization Account be used to reduce the overall impact of additional operating costs for a total of $1,612,500 resulting in a tax decrease of 0.56% be approved; and

(2)

The 2024 Operating Budget as approved be included in the Consolidated 5 Year Financial Plan (2024-2028).

3.

2024 ONE-TIME EXPENDITURES

(File Ref. No. 03-0970-01) (REDMS No. 7402021)

FIN-80

See Page FIN-80 for full report

Designated Speaker:  Mike Ching and Melissa Shiau

STAFF RECOMMENDATION

That the one-time expenditures totaling $2,977,311 as outlined in Attachment 1 of the 2024 One-Time Expenditures staff report, be approved with funding from the Rate Stabilization Account and included in the Consolidated 5 Year Financial Plan (2024-2028).

4.

2024 PROPOSED CAPITAL BUDGET
(File Ref. No. 03-0985-01) (REDMS No. 7375551)

FIN-86

See Page FIN-86 for full report

Designated Speaker:  Mike Ching and Jenny Ho

STAFF RECOMMENDATION

(1)

That the 2024 Proposed Capital Budget as presented in Appendix 3 totaling $208,564,335 be approved; and

(2)

That the 2024 Proposed Capital Budget as approved be included in the Consolidated 5 Year Financial Plan (2024-2028).

LULU ISLAND ENERGY COMPANY

5.

LULU ISLAND ENERGY COMPANY – 2024 OPERATING AND CAPITAL BUDGETS
(File Ref. No. 01-0060-20-LIEC1) (REDMS No. 7459792)

FIN-240

See Page FIN-240 for full report

Designated Speaker:  Alen Postolka

STAFF RECOMMENDATION

That the Lulu Island Energy Company report titled "Lulu Island Energy Company – 2024 Operating and Capital Budgets", dated November 20, 2023 from the Chief Executive Officer and Chief Financial Officer, Lulu Island Energy Company be received for information.

ADJOURNMENT