April 21,2015 Finance Committee

 
Agenda                    Minutes
 
4.1 Capital Financing for Police Equipment – 2015 – 2019 Financial Plan
Report: Financial Services Department, dated April 8, 2015 / File: 05-1700-03-12/2015

Discussion ensued with regard to which reserve should be used to fund the $97,216 shortfall in funding for 2015.

FC15/064
Moved, seconded and CARRIED
THAT the $97,216 shortfall for funding of Police Department equipment within the Equipment Capital Program in the Asset Reserve for 2015 be funded by the unused balance in the Asset Reserve as described in Option 1 of the report from the Financial Services Department dated April 8, 2015.
 
FC15/065
Moved, seconded and CARRIED
THAT the Police Board identify an annual 20-year spending plan for equipment for the 2016 budget process, averaging it out to establish an annual amount, to be presented to the Finance Committee as part of the 2016 Financial Plan deliberations and, if approved, established as the annual Police Department Equipment Capital Program allocation.
 
4.2 2015 – 2019 Capital Financial Plan Finalization
Presentation: Financial Services Department
Report: Financial Services Department, dated March 24, 2015 / File: 05-1705-01

Staff provided a brief review of discussion at the last meeting.

FC15/066
Moved, seconded and CARRIED
THAT the 2015 – 2019 Capital Financial Plan, as described in the report dated March 24, 2015 from the Financial Services Department and as amended at the April 7 and 21, 2015 Finance Committee meetings, be forwarded to Council for approval.
 
4.3 Public Consultation Results for 2015 Financial Plan
Report: Financial Services Department, dated April 10, 2015 / File: 05-1700-03--05/2015

Staff provided an overview of the report.

FC15/067
Moved, seconded and CARRIED
THAT the report dated April 10, 2015 from the Financial Services Department regarding the public consultation results for the 2015 Financial Plan be received for information.
 
 
4.4 2015-2019 Operating Plan
 
4.4 a Tax Class Discussion
 
Staff provided an overview of the City’s six tax classes. Discussion ensued with regard to tax rates for the various tax classes, specifically with regard to the Class 4 tax rates.
 
FC15/068
Moved, seconded and CARRIED
THAT staff report back with a year over year analysis of tax rates for classes 4, 5 and 6 as they apply to 10 actual properties in Port Moody for each class.
 
4.4 b 2015 – 2019 Operating Financial Plan Finalization
Presentation: Financial Services
Report: Financial Services Department, dated April 10, 2015  / File: 05-1715-20

Staff presented an overview of the 2015-2019 Operating Financial Plan for consideration.

FC15/069
Moved, seconded and CARRIED
THAT the 2015 – 2019 Operating Financial Plan as described in the report from the Financial Services Department dated April 10, 2015 be forwarded to Council for approval.
 
4.5 Financing New Computer Equipment and Software
Report: Corporate Services Department – Information Services Division, dated April 9, 2015  / File: 1350-01

Staff provided an overview of the report.

FC15/070
Moved, seconded and CARRIED
THAT staff be authorized to finance the purchase of computer equipment and software, through the Municipal Financing Authority, for a total pre-tax amount not to exceed $250,000.
 
4.6 Mercier Road Slope Stability Project
Report: Engineering and Parks Services, dated April 13, 2015 / File: 11-5280-30—02/Vol 01

Staff provided an overview of the report.

FC15/071
Moved, seconded and CARRIED
THAT Council authorize a transfer of $120,000 from the Noons Creek Slope Stability project (OWS09104) to the Mercier Road Slope Stability project (CWS14105) as recommended in the report dated April 13, 2015 from Engineering and Parks Services.

James Chandler, Brian Barnett and George MacDuff left the meeting at this point.

4.7 Maintenance of Colonel Richard Clement Moody’s Memorial at St. Peter’s Church, Bournemouth, UK 
Report: Corporate Services, Legislative Services Division, dated March 31, 2015 / File: 01-0530-01/2015
 
FC15/072
Moved, seconded and CARRIED
WHEREAS Council has approved the City enter into a one year agreement with Head and Wheble Funeral Directors for the maintenance of Colonel Richard Clement Moody's memorial at a cost of £90 (approximately $168.89 Canadian Dollars) as recommended in the report dated March 31, 2015 from Corporate Services, Legislative Services Division regarding Maintenance of Colonel Richard Clement Moody's memorial at St. Peter's Church, Bournemouth, UK;
AND WHEREAS the 2015 Council Contingency has a current balance of approximately $10,500;
BE IT RESOLVED THAT the funding for the for the one year agreement with Head and Wheble Funeral Directors for the maintenance of Colonel Richard Clement Moody's memorial at a cost of £90 (approximately $168.89 Canadian Dollars) be funded from Council Contingency.
 
4.8 Trans Mountain Pipeline Expansion – Legal Strategy Funding
File: 01-0430-20
 
FC15/073
Moved, seconded and CARRIED
WHEREAS Council has approved the City to continue to participate as an intervenor submitting arguments and evidence in a legal strategy to protect the City of Port Moody’s specific interests in the National Energy Board’s review of the proposed Trans Mountain Pipeline Expansion;
AND WHEREAS the City’s Accumulated Surplus reserve has a current available balance of approximately $900,000;
BE IT RESOLVED THAT up to $35,000 be set aside in the City’s Accumulated Surplus reserve to fund the legal strategy.
(Voting against: Councillor Dilworth and Mayor Clay)
 
5.1 Monthly Expenditure Report
Report: Monthly Expenditure Report for April 2015 / File: 05-1700-03--06
 
5.2 LED Lighting Project at Recreation Complex
Memo: General Manager of Community Services, dated April 10, 2015 / File: 02-0750-01
 
5.3 Civic Centre Amphitheatre Stage Roof
Memo: Community Services – Cultural Services, dated April 15, 2015 / File: 18-7780