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Jan 17,2012 Finance Committee

Agenda                Minutes
4.1 Debt Reserve and Asset Levy analysis
The Committee discussed the Debt Reserve and Asset Levy Analysis as presented. 
Mayor Clay requested information on alternate uses of the asset levy.
Move, seconded and CARRIED
THAT item 4.1 be deferred to the next meeting, at which the following information will be presented:
 Other short-term borrowing options with the opportunity to make annual payments to repay the debt sooner;
 Utilization of other City reserves to repay the debt sooner; and,
 Impact of incrementing the asset levy for 1, 3, or 5 years with and without establishing a debt reserve
4.2  2012-2016 Operating and Capital Plan Review
Staff noted that three reserves are not balanced, and recommended balancing the Capital Maintenance and Replacement Reserve and the Taxation Reserve.

Staff noted that balancing the Capital Maintenance and Replacement Reserve requires deferring or eliminating $20,000 of projects.

The Committee expressed concerns with deferring/eliminating projects without staff input on context and potential consequences. The Committee suggested that additional staff attend the next meeting to provide further technical information on the projects.

Move, seconded and CARRIED
THAT item 32 - Civic Centre - Walkway Cobblestone Repairs be brought forward to 2012; and,
THAT item 31 - Civic Centre - Replacement of Second Floor Security Gates be deferred to 2017.
(Voting Against: Councillors Royer, Small, and Glumac)

Staff noted that to balance the taxation reserve, approximately $413,000 of projects would have to be deferred or removed from years 2012 and 2013.

Councillor Nuttall deferred the balancing of the taxation reserve to the next meeting, at which staff will be available to answer technical questions on the listed projects.

The Committee discussed the 2012 Tax Rate Increase Breakdown as presented. The Committee requested the contingency amount to be distributed to department budgets for comparison purposes.

Action: staff to included the contingency amount, by department, in a revised report.

4.3 Budget Consultation Process
The Committee discussed public consultation options as presented by staff.
Moved, seconded and CARRIED
THAT a town hall meeting be held in the Inlet Theatre;
THAT a door prize, such as an iPad, be given away to encourage attendance;
THAT information displays and feedback collection forms and boxes be set up at the Recreation Complex, Kyle Centre, and other civic buildings one week to ten days prior to the town hall meeting, inviting residents to attend the town hall meeting; and,
THAT an online survey be developed, which will include a link to contact staff for further information at the end of the survey.

Action: Staff to report back with a public consultation plan at the next meeting, including a list of potential survey questions.

4.4 2012 Project Pre-Approval Requests 

The Committee discussed the 2012 Project Pre-Approval Requests as presented, including the on-table addition on Police Building Crawl Space Cleaning and Partition Wall Construction.

Moved, seconded and CARRIED
THAT all 2012 Project Pre-approval Requests be approved as presented except for #7 - Public Consultation on City Services.
5.1  Updated cost estimate, MyCIty Portal and Ebiling for utilities and taxes
This item was received for information.
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