AGENDA
FINANCE AND AUDIT COMMITTEE MEETING

Wednesday, July 19, 2023 at 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, 2023-JUN-14 at 9:00 a.m.

5.

PRESENTATIONS:

6.

DELEGATIONS:

7.

REPORTS:

a.

CMHC Housing Accelerator Fund

To be introduced by Dale Lindsay, General Manager, Development Services/Deputy CAO.

Purpose: To seek Council endorsement to submit an application to Canada Mortgage and Housing Corporation (CMHC) under the Housing Accelerator Fund (HAF).

Recommendation: That the Finance and Audit Committee recommend that Council direct Staff to submit an application to the Canada Mortgage and Housing Corporation - Housing Accelerator Fund, and commit to City Staff providing overall grant management, and that the application include an Action Plan with initiatives and proposed HAF funding allocation as outlined in the report dated 2023-JUL-19.

b.

Update of Reserve Policy and Minimum Balances

To be introduced by Laura Mercer, Director, Finance.

Purpose: To update the Reserve Policy to reflect the new Growing Communities Reserve Fund and review the minimum reserve balances for the three (3) financial stability reserves. 

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

1. Amend Reserve Policy COU-231 to include the Growing Communities Reserve Fund; and,
2. Revise the minimum balances for the three (3) financial stability reserves, to be reviewed every five (5) years, as follows:

a. $17,000,000 the General Financial Stability Reserve
b. $600,000 for the Sewer Financial Stability Reserve
c. $1,750,000 for the Water Financial Stability Reserve

c.

Midtown Water Supply Upgrade - 2024 Budget Update

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

Purpose: To seek Council direction for the funding of the additional budget required in 2024 to complete the Midtown Water Supply project, Phase 2.

Recommendation: That the Finance and Audit Committee recommend that Council direct Staff to fund the additional $4,595,259 required for the Midtown Water Supply project in the 2024-2028 Draft Financial Plan as follows:

• $263,750 from the Water Supply DCC's Fund,
• $263,750 from the Water Asset Management Reserve Fund,
• $1,967,759 from Water Reserves, and
• $2,100,000 from the Growing Communities Reserve Fund.

d.

Sponsorship Policy, Inventory Development and Valuation for the City of Nanaimo

To be introduced by Richard Harding, Acting CAO/General Manager, Parks, Recreation and Culture.

Purpose: To present to Council a draft Sponsorship, Advertising and Naming Rights Policy, the Inventory Development and Valuation Report, and the Draft Advertising and Naming Rights Strategy for the City of Nanaimo.

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

1. Endorse the Draft City of Nanaimo Sponsorship, Advertising and Naming Rights Policy as outlined in Attachment B of the report titled “Draft City of Nanaimo Sponsorship, Advertising and Naming Rights Policy”, dated 2023-JUL-19;
2. Receive the Executive Summary – City of Nanaimo Inventory Development & Valuation Report, Draft City of Nanaimo Sponsorship, Advertising and Naming Rights Policy, City of Nanaimo Sponsorship Strategy Report and City of Nanaimo 5-Year Sponsorship Revenue Projections – External Sales Strategy, as guiding documents; and,
3. Direct Staff to develop a pilot project to implement a sponsorship program using the Vancouver Island Convention Centre and the City of Nanaimo Stadium District - including the Nanaimo Aquatic Centre, Nanaimo Ice Centre and outdoor sports and events venues for Council’s review and consideration.

e.

Allocation of BC Destination Development Funds to Stadium Upgrades

To be introduced by Richard Harding, Acting CAO/General Manager, Parks, Recreation and Culture.

Purpose: To obtain Council approval for amending the 2023-2027 Financial Plan by allocating the $1.0 M Destination Development Funding to the Stadium District projects.

Recommendation: That the Finance and Audit Committee recommend that Council amend the 2023-2027 Financial Plan to increase the Stadium District project budget by $1.0 M funded from the successful Destination Development Fund grant application.

f.

Island Roots Market Co-Operative Report

To be introduced by Richard Harding, Acting CAO/General Manager, Parks, Recreation and Culture.

Purpose: To provide information to City Council as follow up to the presentation by the Island Roots Market Co-Operative on 2022-OCT-03.

g.

Caledonia Park Practice and Security Lighting Funding Request

To be introduced by Richard Harding, Acting CAO/General Manager, Parks, Recreation and Culture.

Purpose: To seek approval to add a project to the 2023-2027 Financial Plan, to install practice lighting and security improvements at Caledonia Park in 2023.

Recommendation: That the Finance and Audit Committee recommend that Council add a project for $111,100 funded from the Strategic Infrastructure Reserve Fund to the 2023-2027 Financial Plan, for practice lights on the East and West sides of the Caledonia Park field and security lighting at Caledonia Park.

h.

Nanaimo Legion Bid to Host 2026 and 2027 Legion National Youth Track and Field Championships

To be introduced by Richard Harding, Acting CAO/General Manager, Parks, Recreation and Culture.

Purpose: To request a financial commitment from Council regarding the proposal by the Nanaimo Legion 151 in their bid to host the 2026 and 2027 Legion National Youth Track and Field Championships for two years.

Recommendation: That the Finance and Audit Committee recommend that Council commit up to $100,000 in the 2024 - 2028 Financial Plan towards the Legion Branch 10 bid to host the 2026 and 2027 Legion National Youth Canadian Track and Field Championships through the Royal Canadian Legion Dominion Command together with Athletics Canada and funded from the Strategic Infrastructure Reserve Fund. 

8.

OTHER BUSINESS:

9.

QUESTION PERIOD:

10.

ADJOURNMENT: