June 3, 2024 - Minutes
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Finance Committee
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Date: |
Monday, June 3, 2024 |
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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 4:55 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 Committee held on May 6, 2024, be adopted as circulated. |
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CARRIED |
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FINANCE AND CORPORATE SERVICES DIVISION |
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1. |
2023 ANNUAL REPORT AND 2023 ANNUAL REPORT HIGHLIGHTS (File Ref. No. 01-0375-01) (REDMS No. 7671605) |
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In response to queries from the Committee, staff noted (i) both the 2023 Annual Report and the 2023 Annual Report – Highlights will be posted online for the public inspection period in advance of adoption by Council, and that a copy of the reports will be forwarded to the Richmond Chamber of Commerce, as requested, and (ii) decreasing housing starts could be attributed to factors such as interest rates, the availability of labour, and uncertainties surrounding recent Provincial residential housing legislation. |
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It was moved and seconded |
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That the reports titled, “2023 Annual Report” and “2023 Annual Report – Highlights” be approved. |
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CARRIED |
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2. |
ACTIVE CAPITAL PROJECTS FINANCIAL UPDATE – 1ST QUARTER MARCH 31, 2024
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It was moved and seconded |
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That the staff report titled, “Active Capital Projects Financial Update – 1st Quarter March 31, 2024”, dated May 6, 2024 from the Director, Finance, be received for information. |
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The question on the motion was not called as staff responded to queries from the Committee, noting that (i) at this time there are no plans for additional parking at the Minoru Centre for Active Living, (ii) the Capital Building Program is on target and on budget, and (iii) the canal stabilization works for Sidaway Road is typical of the scope of work undertaken annually. |
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The question on the motion was then called and it was CARRIED. |
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3. |
FINANCIAL INFORMATION – 1ST QUARTER MARCH 31, 2024 (File Ref. No. 03-0905-01) (REDMS No. 7654482) |
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It was moved and seconded |
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That the staff report titled, “Financial Information – 1st Quarter March 31, 2024”, dated May 3, 2024 from the Director, Finance, be received for information. |
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CARRIED |
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4. |
DEVELOPMENT COST CHARGES IMPOSITION BYLAW ANNUAL INFLATIONARY UPDATE (2024) (File Ref. No. 03-0900-01) (REDMS No. 7654741) |
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It was moved and seconded |
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(1) |
That the proposed Development Cost Charges Imposition Bylaw No. 9499, Amendment Bylaw No. 10558, as recommended in the staff report titled “Development Cost Charges Imposition Bylaw Annual Inflationary Update (2024)” dated May 6, 2024 from the Director, Finance, be introduced and given first reading; and |
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(2) |
That the staff report titled “Development Cost Charges Imposition Bylaw Annual Inflationary Update (2024)” dated May 6, 2024 from the Director, Finance, be endorsed as the basis for public consultation in establishing the amended Development Cost Charges Imposition Bylaw. |
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The question on the motion was not called as a brief discussion ensued with respect to Development Cost Charges (DCC). Staff noted that not all infrastructure costs are born by the developers; depending on the burden of growth, a portion of infrastructure costs are partially paid by taxpayers. |
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The question on the motion was then called and it was CARRIED with Cllr. Loo opposed. |
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5. |
RICHMOND OLYMPIC OVAL CORPORATION – 1ST QUARTER 2024 FINANCIAL INFORMATION (File Ref. No. 03-1200-09) (REDMS No. 7689869) |
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A revised Richmond Olympic Oval Corporation Balance Sheet (page FIN – 161), dated March 31, 2024, was distributed on table (attached to and forming part of these minutes as Schedule 1) |
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It was moved and seconded |
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That the report on the first Quarter 2024 Financial Information 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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6. |
LULU ISLAND ENERGY COMPANY - 2024 1ST QUARTER FINANCIAL INFORMATION |
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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 1st Quarter Financial Information”, dated May 17, 2024, from the Chief Executive Officer and Chief Financial Officer, 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 (5:13 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, June 3, 2024. |
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Mayor Malcolm D. Brodie |
Lorraine Anderson |