Mar 6,2012 Finance Committee
3.1 2012-2016 Capital Plan Review
Staff provided an overview of the Taxation Reserve and the Tangible Capital Asset Reserves, noting changes based on the two recent decisions to increment the asset levy and to establish a debt reserve.
Staff noted that balancing the Taxation Reserve requires deferring or eliminating projects for 2012 and 2013, and that with the taxation reserve at $453,000 at the end of the five years, it would be possible to reduce the annual funding level by about $80,000 each year.
The Committee discussed projects in the Taxation Reserve. Staff provided clarification on specific projects.
Moved, seconded and CARRIED
THAT the Inlet Theatre Outdoor Stage Covering project (design and construction) be removed from the Taxation Reserve.
Voting against: Councillor Nuttall
Staff noted that money could be borrowed from another reserve to cover the shortfalls in 2012 and 2013, which would be paid back in 2014 to 2016 with minimal financial impact.
The Committee discussed the Public Consultation of City Services.
Councillor Glumac arrived at 5:33pm.
Moved, seconded and CARRIED
THAT the Public Consultation of City Services be deferred to 2014.
Voting against: Mayor Clay, Councillor Royer, Councillor Dilworth, Wayne Byhre
Moved, seconded and CARRIED
THAT the annual funding level of the Taxation Reserve be reduced by $80,000 per year for 2012 to 2016.
Moved, seconded and CARRIED
THAT shortfall in the Taxation Reserve for 2012 and 2013 be covered by borrowing from the unallocated capital and operating reserves, which would be paid back in 2014 to 2016.
3.2 2012-2016 Operating Plan Review
Staff provided an updated executive summary of the 2012- 2016 Operating Plan, noting that the new taxation increase is now 6.47%.
Councillor Glumac proposed deferring an item in the Tangible Capital Asset Reserve.
The Committee discussed the Moody Street Overpass Seismic Upgrade project.
Moved, seconded and DEFEATED
THAT the Moody Street Overpass Seismic Upgrade budget for $140,000 in 2012 be deferred to 2013.
Voting against: Councillor Nuttall, Councillor Royer,Councillor Dilworth, Councillor Elliott, Councillor Small,Mayor Clay, Wayne Byhre, Jason Hulbert, Michael Price
Moved, seconded and CARRIED
THAT staff report back on account 6003-140, auxiliary budget in Legislative Services.
Moved, seconded and CARRIED
THAT staff report back on discrepancies between budgeted figures and actual figures for account 6000, salaries for all departments in 2010 and 2011.
Moved, seconded and CARRIED
THAT staff report back on why budget figures consistently exceed actual figures for account 6112, training for all departments.
Voting against: Councillor Dilworth, Councillor Glumac
Councillor Nuttall noted that the operating plan review will be on the agenda for the next meeting.
4.1 Budget Town Hall Meeting Survey Results & Feedback
This item was moved to the beginning of the agenda.
Staff presented the budget survey results.
Councillor Elliott noted that the response rate is so low that it cannot serve as a reflection of general public opinion.
Councillor Nuttall noted that the meeting was well carried out, but that the response rate is low.
Councillor Dilworth suggested live-streaming the next public town hall meeting.
Moved, seconded and CARRIED
THAT the 2012 budget survey results be received for information.
4.2 2013 Centennial Celebration
Staff recommended that the $29,400 for the 2013 Centennial Celebration be funded from the Unallocated Capital Reserve.
Moved, seconded and CARRIED
THAT the $29,400 for the 2013 Centennial Celebration be funded from the Unallocated Capital Reserve.
Voting against: Councillor Dilworth