AGENDA
FINANCE AND AUDIT COMMITTEE MEETING

Wednesday, June 19, 2024

9:00 A.m. - 12:00 P.m.

SHAW AUDITORIUM, VANCOUVER ISLAND CONFERENCE CENTRE

80 COMMERCIAL STREET, NANAIMO, BC

SCHEDULED RECESS AT 10:30 A.M.

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1.

CALL THE MEETING TO ORDER:

[Note:  This meeting will be live streamed and video recorded for the public.]

2.

INTRODUCTION OF LATE ITEMS:

3.

ADOPTION OF AGENDA:

4.

ADOPTION OF MINUTES:

a.

Minutes

Minutes of the Finance and Audit Committee Meeting held in the Shaw Auditorium, Vancouver Island Conference Centre, 80 Commercial Street, Nanaimo, BC, on Wednesday, 2024-MAY-15, at 9:00 a.m.

5.

PRESENTATIONS:

a.

2025-2029 Financial Plan Development

To be introduced by Laura Mercer, General Manager, Corporate Services.

6.

DELEGATIONS:

a.

Tom Weinreich re: Funding for the Nanaimo Curling Club 

7.

REPORTS:

a.

Nanaimo Aquatic Centre Roof Renewal Funding 

To be introduced by Bill Sims, General Manager, Engineering and Public Works.

Purpose:  To adjust the project budget for the renewal of the parapet walls at the rear mechanical roof of the Nanaimo Aquatic Centre.

Recommendation:  That the Finance & Audit Committee recommend that Council approve an increase to the 2024 project budget for the Nanaimo Aquatic Centre: Rear Mechanical Parapet Wall project from $83,600 to $393,600 funded by the Facility Development Reserve Fund.

b.

Warming Centre Services and Supports Update

To be introduced by Jeremy Holm, Director, Planning and Development.

Purpose:  To provide the Finance and Audit Committee with an overview of the warming centre services and supports provided over the 2023/2024 winter season. 

Recommendation:  That the Finance and Audit Committee recommend that Council:

1. allocate $400,000 from the Special Initiative Reserve and reallocate the remaining 2023/2024 winter season funding to match funds provided by the Reaching Home Community Advisory Board to support up to two year-round drop-in hubs that can also serve as warming and cooling centre services for the City of Nanaimo’s extreme weather response starting in the 2024 winter season; and,
2. direct Staff to provide Council with an evaluation of the drop-in hub service as part of the City’s extreme weather response for future funding consideration in summer 2025.

c.

Home Energy Retrofit Financing Program 

To be introduced by Jeremy Holm, Director, Planning and Development.

Purpose:  To seek Council direction to submit an application for funding to implement a Property Assessed Clean Energy (PACE) style home energy retrofit financing program in Nanaimo.

Recommendation:  That the Finance and Audit Committee recommend that Council direct Staff to:

1. apply to the Federation of Canadian Municipalities (FCM) Community Energy Efficiency Financing (CEF) program for pilot funding to support a Property Assessed Clean Energy (PACE) style home energy financing program and if successful, launch a PACE style home energy financing program for Nanaimo residents; and,
2. allocate up to $200,000 from the Climate Action Reserve Fund to support a home energy retrofit financing program.

d.

Other Grant Application - Tourism Association of Vancouver Island

To be introduced by Laura Mercer, General Manager, Corporate Services.

Purpose:  To present the ‘Other Grant’ application received from the Tourism Association of Vancouver Island for consideration by the Finance and Audit Committee.

Recommendation:  That the Finance and Audit Committee recommend that Council:

1. Award an ‘Other Grant’ in the amount of $4,100 to the Tourism Association of Vancouver Island to assist in the purchase of a lift to their second-floor unit at 1934 Boxwood Road, with funding being contingent on the installation of the lift being successfully completed. 

e.

Permissive Tax Exemption Policy and Security Checks and Other Grants Policy Updates

To be introduced by Laura Mercer, General Manager, Corporate Services.

Purpose:  To present an updated Permissive Tax Exemption Policy and Security Checks and Other Grants Policy for review and endorsement.

Recommendation:  That the Finance and Audit Committee recommend that Council: 

1. Approve the Permissive Tax Exemption Administrative Policy as outlined in the Staff report titled "Permissive Tax Exemption Policy and Security Checks and Other Grants Policy Updates" dated 2024-JUN-19;
2. Approve the Security Checks and Other Grants Administrative Policy as outlined in the Staff report titled "Permissive Tax Exemption Policy and Security Checks and Other Grants Policy Updates" dated 2024-JUN-19; and
3. Repeal the Council ‘Grants Policy and Guidelines’ Policy COU-185.  

8.

NOTICE OF MOTION:

a.

Councillor Geselbracht Notice of Motion re: Update of Current Investment Policy

Councillor Geselbracht advised that he would be bringing forward the following motion for consideration at a future Finance and Audit Meeting:

"That staff provide a report with options to update the current investment policy to include a percentage of the City’s portfolio be in socially responsible (ESG) and low GHG investments.  Report to provide; 

1. Budgetary considerations for socially responsible investments at 10%, 30%, 50%, 75%, 100% of total city portfolio
2. Updated background on fossil fuel divestment and responsible investing with updated numbers from the October 2021 staff report and brief summary of practices of other local governments leading in responsible investment."

9.

OTHER BUSINESS:

10.

QUESTION PERIOD:

11.

ADJOURNMENT: