June 5,2012 Finance Committee

Agenda                 Minutes
4.1  Budget Concept - three year average cost
The committee discussed the advantages and risks of basing budget figures on average costs.
Moved, seconded and CARRIED
THAT the three-year average actual cost information be incorporated in to the budget process and staff provide an explanation for all accounts that deviate from the three-year average actual cost.
4.2 2013 Budget Guideline Approval
Staff presented the 2013 Budget Guideline and highlighted the changes in the timeline.
The Committee discussed the changes in the 2013 Guideline. Councillor Dilworth noted that the field on the Project Details form referring to alignment with the Strategic Plan should take a description rather than a yes or no.
Moved, seconded and CARRIED
THAT the 2013 Budget Guidelines be approved as amended.
4.3  Division Funcatinoal Budget Overview - Financial Services Division
Staff provided a Division Functional Overview presentation for the Financial Services Division and noted that the presentation will serve as a template for other departments' presentation if the Committee approves of the format and content.  At the request of the Committee, staff provided additional information on budgeting software, electronic billing, staffing, and centralized purchasing.

The Committee noted that the presentation was highly informative and that they are looking forward to presentations from other departments given in the same format.

Moved, seconded and CARRIED
THAT the report on Division Functional Budget Overview from the Financial Services Division be received.
4.4  Inlet Centre Fire Hall - Timing of $ 3million phase 2 borrowing
Staff noted that additional funds for the Inlet Centre Fire Hall construction will not be required until Spring 2013, and recommended that the borrowing be deferred.
Moved, seconded and CARRIED
THAT in recognition of the revised construction schedule, Council direct staff to defer the Phase 2 Municipal Finance Authority borrowing (up to $3 million) for the Inlet Centre Fire Hall from fall 2012 to spring 2013.