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October 27,2012 Finance Committee

Agenda             Minutes

The City Manager provided an overview of the intended budget deliberation process.

The Director of Corporate Services outlined legislative requirements for the financial plan. He then made a presentation on budget and financial planning concepts and concerns and comments from the historical perspective.

Presentation on Financial Sustainability Review:

John Weninger, Urban Systems Ltd. made a presentation on financial benchmarking statistics and how Port Moody compares to other jurisdictions. He offered observations on Port Moody’s financial position, requirements for financial sustainability, conclusions related to Port Moody’s current financial position, and recommendations for the future.

Mr. Weninger left the meeting at 11:03am.

Following Mr. Weninger’s presentation, the Director of Corporate Services continued his presentation outlining the current financial perspective, future perspective, and introduced the 2013 budget information for deliberations and outlined some budget options.

The City Manager outlined the purpose of today’s meeting, key considerations, the 2013 budget summary, and comments on legislation and regulations. He also outlined priorities proposed by the Corporate Leadership Team as high, medium, and low operational service priorities.

A question was raised as to why the Police budget is over the anticipated budget. In response, the Finance Committee was advised that their budget is based on three year averaging as per Council policy.

The Committee requested information on the breakdown of the salaries and benefits line in terms of how much is increases, how much is steps, and how much is reclassifications. It was suggested this question would be more appropriately addressed in-camera.

Following discussion on reserve funds, the City Manager provided an overview of the total tax increase of the proposed 5 year plan for general taxation, projected 2013 utilities costs, and the costs for the average 2012 assessed household. He also addressed a list of potential opportunities to increase non-tax revenues. He also spoke to a list of expenditure controls and service adjustment opportunities.

He requested that Finance Committee members forward via email any questions they have on line items and staff will provide answers.

A question was raised regarding the process for the Police Board budget and it was suggested that questions related to the Police Department be forwarded to Mayor Clay, Chair of the Police Board.

The next Finance Committee meeting where budget deliberations will take place is proposed to be November 6, 2012.
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