January 5, 2026 - Minutes
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Finance and Audit Committee
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Date: |
Monday, January 5, 2026 |
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Place: |
Anderson Room |
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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 4:06 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 Finance and Audit Committee held on December 1, 2025, be adopted as circulated. |
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CARRIED |
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DELEGATION |
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1. |
Aanu Adeleye, Engagement Partner, KPMG, presented the Audit Planning Report (Copy on File, City Clerk’s Office). |
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FINANCE AND CORPORATE SERVICES DIVISION |
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2. |
Financial Information – 3rd Quarter September 30, 2025 (File Ref. No. 03-0905-01) (REDMS No. 8202805) |
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It was moved and seconded |
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That the report titled, “Financial Information – 3rd Quarter September 30, 2025”, dated November 28, 2025, from the Director, Finance, be received for information. |
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The question on the motion was not called as discussion ensued with respect to (i) unemployment rates holding steady from the second to the third quarter of 2025, (ii) what the overall economic indicators are, how risk assessment is done and what actions are being taken to mitigate and forecast for the future, (iii) recognizing deferred revenue as the development proceeds and the stages of development are completed, (vi) housing starts and vacancy rates, and (v) changes to the Development Cost Charges program. |
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Staff were directed to provide Council comparative data on housing starts in Richmond and other municipalities. |
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The question on the motion was then called and it was CARRIED. |
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3. |
Active Capital Projects Financial Update – 3rd Quarter September 30, 2025 (File Ref. No. 03-0975-01) (REDMS No. 8229094) |
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In response to queries from Committee, staff advised that (i) contributed assets are measured based on their fair market value when issuing Servicing Agreements to developers, revenue is recorded when the item is completed, (ii) the Steveston Community Library project is on budget and on time, (iii) the West Richmond Pavilion design includes two offices, the operating model is currently being developed and will determine their use, with recommendations to be brought to Council for consideration, (iv) the West Richmond Community Association in collaboration with the sports community will be operating the building, (v) the Request for Proposal (RFP) process for the pickle ball facility is concluded, construction will start in Spring 2026, (vi) the Gilbert Road Multi-Use pathway is under construction and will be completed in early 2026, (vii) invasive species management program is a budgeted program of $800,000, with total costs comprised of multiple capital projects, (viii) when a project completes, any remaining funding will return to its original source, and (ix) budget adjustments on a project are brought to the Finance Audit Committee for approval. |
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Councillor Loo left the meeting (4:46 p.m.) |
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It was moved and seconded |
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That the report titled “Active Capital Projects Financial Update – 3rd Quarter September 30, 2025”, dated December 3, 2025, from the Director, Finance, be received for information. |
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CARRIED |
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4. |
(File Ref. No. 03-0950-02) (REDMS No. 8067109) |
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Discussion ensued with respect to the (i) Purchasing Card program including what it is utilized for, who holds a purchasing card, credit limits on the cards, and auditing and accountability of purchase cards, (ii) action item enhancements to the Fraud Risk Management Program, (iii) the addition of two confidential reporting channels to the Antifraud Policy to supplement existing mechanisms for reporting suspected fraudulent activity, and (iv) the fraud awareness survey results helping inform enhancements to training and awareness initiatives. |
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Councillor Loo returned to the meeting (4:56 p.m.) |
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In response to queries from Committee, staff advised that (i) on average the spending limit per cardholder is less than $1000, (ii) the City continually reviews and enhances its risk management frameworks and controls, (iii) this report outlines policy enhancements to ensure the City remains at the forefront of risk management, and (iv) the City’s Antifraud Policy includes whistleblower protection. |
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It was moved and seconded |
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That the report titled “Fraud Risk Management Update”, dated December 15, 2025, from the Director, Business Services, be received for information. |
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CARRIED |
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LULU ISLAND ENERGY COMPANY |
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5. |
Lulu Island Energy Company – 2025 3rd Quarter Financial Information (File Ref. No. 03-0950-01) (REDMS No. 8248211) |
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It was moved and seconded |
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That the Lulu Island Energy Company report titled “Lulu Island Energy Company – 2025 3rd Quarter Financial Information”, dated November 20, 2025, 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 3rd Quarter 2025 Financial Information (File Ref. No. 03-1200-09) (REDMS No. 8263257) |
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In response to queries from Committee, staff advised that (i) the rental revenue is primarily related to events hosted at the Oval, and includes meeting room rentals, (ii) promotions include positioning the City as an attractive sports-hosting venue, targeted social media, increased awareness for FIFA and the Olympic year in 2026, and stronger engagement with business associations for meetings, (iii) deferred revenue reflects funds previously received for the Richmond Olympic project and will be recognized as revenue over time, and (v) $24.6 million represents total accumulated surplus, with $8 million of that amount already been spent on capital items. |
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It was moved and seconded |
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That the Richmond Olympic Oval Corporation 3rd Quarter 2025 Financial Information report 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 (5:19 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 and Audit Committee of the Council of the City of Richmond held on Monday, January 5, 2026. |
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_________________________________ |
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Mayor Malcolm D. Brodie |
Raman Grewal |