December 2, 2024 - Agenda

Pg. #

ITEM

MINUTES

FIN-5

Motion to adopt the minutes of the meeting of the Finance Committee held on November 4, 2024.

RICHMOND PUBLIC LIBRARY

1.

2025 Operating and Capital Budgets for Richmond Public Library

(File Ref. No. 03-0970-01) (REDMS No. 7866348)

FIN-8

See Page FIN-8 for full report

Designated Speaker:  Susan Walters

STAFF RECOMMENDATION

That the 2025 proposed Richmond Public Library budget with a municipal contribution of $11,803,300 as presented in Attachment 1 from the Chief Librarian and the Secretary of the Board, be approved.

FINANCE AND CORPORATE SERVICES DIVISION

2.

2025 Proposed Capital Budget

(File Ref. No. 03-0970-25-2025-01) (REDMS No. 7775861)

FIN-16

See Page FIN-16 for full report

Designated Speakers:  Mike Ching & Jenny Ho

STAFF RECOMMENDATION

(1)

That the 2025 Proposed Capital Budget as presented in Appendix 3 totaling $152,581,457 be approved; and

(2)

That the 2025 Proposed Capital Budget as approved be included in the Consolidated 5 Year Financial Plan (2025-2029).

3.

2025 Proposed Operating Budget

(File Ref. No. 03-0970-01) (REDMS No. 7811426)

FIN-159

See Page FIN-159 for full report

Designated Speakers:  Mike Ching & Melissa Shiau

STAFF RECOMMENDATION

That:

(1)

The 2025 Proposed Operating Budget as presented in Budget Option 1 for a total of 5.86% be approved as outlined below:

(a)

A same level of service budget increase of $6,115,400 after tax growth with a tax increase of 1.99% be approved; and

(b)

Ongoing funding for expenditures previously approved by Council totaling $5,675,000 as presented in Table 11 on page 22 with a tax increase of 1.85% be approved; and

(c)

Emerging organizational additional levels in the amount of $2,647,135 as presented in Attachments 9, 10, 11, and 12 of the staff report titled 2025 Proposed Operating Budget with a tax increase of 0.86% be approved; and

(d)

The Rate Stabilization Account be used to pay for the one-time initial capital costs for the recommended additional levels from Attachment 11 and 12 totaling $246,688 be approved; and

(e)

Transfer to reserves for Investment in Community Facilities as per Council’s Long Term Financial Management Strategy in the amount of $3,066,765 with a tax increase of 1.00% be approved; and

(f)

Senior level government and other government agency increase of $2,121,638 with a tax increase of 0.69% be approved; and

(g)

Use of reserves for program expenditures for Affordable Housing, Child Care and Public Art programs of $1,442,191 as presented in Attachment 8 on page 59 be approved; and

(h)

Operating budget impacts totalling $368,774 with a tax increase of 0.12% be approved; and

(i)

The Rate Stabilization Account be used to reduce the overall impact of additional operating costs for a total of $2,000,000 resulting in a tax decrease of 0.65% be approved; and

(2)

The 2025 Operating Budget as approved be included in the Consolidated 5 Year Financial Plan (2025-2029).

4.

2025 One-Time Expenditures

(File Ref. No. 03-0970-01) (REDMS No. 7833379)

FIN-237

See Page FIN-237 for full report

Designated Speakers:  Mike Ching & Melissa Shiau

STAFF RECOMMENDATION

That the one-time expenditures totaling $2,690,457 as outlined in Attachment 1 of the 2025 One-Time Expenditures staff report, be approved with funding from the Rate Stabilization Account and included in the Consolidated 5 Year Financial Plan (2025-2029).

LULU ISLAND ENERGY COMPANY

5.

Lulu Island Energy Company – 2025 Operating and Capital Budgets

(File Ref. No. 01-0060-20-LIEC1) (REDMS No. 7862558)

FIN-243

See Page FIN-243 for full report

Designated Speakers:  Alen Postolka & Helen Zhao

STAFF RECOMMENDATION

That the Lulu Island Energy Company report titled “Lulu Island Energy Company – 2025 Operating and Capital Budgets”, dated November 15, 2024 from the Chief Executive Officer and Chief Financial Officer, Lulu Island Energy Company be received for information.

ADJOURNMENT