January 7, 2025 - Minutes
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Finance Committee
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Date: |
Tuesday, January 7, 2025 |
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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 4:00 p.m. |
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It was moved and seconded |
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That Rick Dusanj be permitted to join the meeting electronically. |
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CARRIED |
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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 Committee held on December 2, 2024, 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, 2024 (File Ref. No. 03-0905-01) (REDMS No. 7842837) |
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It was moved and seconded |
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That the staff report titled, “Financial Information – 3rd Quarter September 30, 2024”, dated December 12, 2024, from the Director, Finance, be received for information. |
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CARRIED |
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3. |
Active Capital Projects Financial Update – 3rd Quarter September 30, 2024 (File Ref. No. 03-0975-01) (REDMS No. 7845719) |
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In response to queries from Committee, staff advised that (i) active capital projects noted in this report have already been approved from previous years, (ii) Watermania should have a lifespan of 15-20 years if maintained properly, (iii) an assessment of recreation facilities in Richmond has been conducted and more information is to come, and (iv) non-cash assets could consist of upgrades to services, and road dedications. |
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It was moved and seconded |
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That the staff report titled, “Active Capital Projects Financial Update – 3rd Quarter September 30, 2024”, dated November 29, 2024 from the Director, Finance, be received for information. |
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CARRIED |
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LULU ISLAND ENERGY COMPANY |
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4. |
Lulu Island Energy Company - 2024 3rd Quarter Financial Information (File Ref. No. 01-0060-20-LIEC1) (REDMS No. 7892 I 76) |
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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 - 2024 3rd Quarter Financial Information", dated December 13, 2024, 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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5. |
Richmond Olympic Oval Corporation – 3rd Quarter 2024 Financial Information (File Ref. No. 03-1200-09) (REDMS No. 7895732) |
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Committee requested a (i) summary of allocation of the Hotel Tax, (ii) budget for sport hosting, and (iii) more details on the investments noted in the report. |
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It was moved and seconded |
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That the Richmond Olympic Oval Corporation – 3rd Quarter 2024 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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6. |
Richmond Olympic Oval Corporation – 2025 Annual Operating and Capital Budgets (File Ref. No. 03-1200-09) (REDMS No. 7895782) |
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It was moved and seconded |
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That the Richmond Olympic Oval Corporation – 2025 Annual Operating and Capital Budgets report from the Director, Finance, Innovation & Technology, Richmond Olympic Oval Corporation be received for information. |
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The question on the motion was not called as discussion took place on (i) the marketing budget, (ii) strategic plan process, and (iii) examining efficiencies to lower costs. |
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The question on the motion was then called and it was CARRIED. |
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ADJOURNMENT |
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It was moved and seconded |
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That the meeting adjourn (4:32 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 Tuesday, January 7, 2025. |
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Mayor Malcolm D. Brodie |
Sarah Goddard |