AGENDA

FINANCE AND AUDIT COMMITTEE MEETING

Meeting #:
Date:
-
Location:
SHAW AUDITORIUM, VANCOUVER ISLAND CONFERENCE CENTRE
80 COMMERCIAL STREET, NANAIMO, BC

To be introduced by Wendy Fulla, Manager, Business, Asset and Financial Planning.

Purpose:  To provide the Finance and Audit Committee with the revised 2018 – 2022 projected property tax increases based on the motions passed at the 2018-APR-04 Finance and Audit Committee meeting.

Recommendation:  That the 2018 - 2022 Financial Plan Amendment report dated 2018-APR-11 be received for information.

To be introduced by Laura Mercer, Manager, Accounting Services.

Purpose: To provide the Finance and Audit Committee information regarding the allocation of the 2017 operating surplus.

Recommendation:  That the Finance and Audit Committee recommend that Council approve the allocation of the 2017 operating surplus as follows:

1. General Fund

 

a. Property Purchase Reserve

$1,100,000

b. General Capital Reserve

752,919

c. General Financial Stability Reserve

500,000

d. RCMP Contract Adjustment Reserve

247,081

e. Unallocated Water Surplus

112,000

 

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$2,712,000

 

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2. Sewer Fund

 

a. Sewer Reserve

$400,000

b. Unallocated Sewer Surplus

69,000

 

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$469,000

 

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3. Water Fund

 

a. Water Supply Reserve

$180,000

b. Water Distribution Reserve

   720,000

c. Unallocated Water Surplus

112,000

 

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$1,012,000

 

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To be introduced by Michelle Miller, Financial Analyst.

Purpose: To receive Council endorsement for one of two projects presented to apply for under the Smart Cities Challenge program.

Recommendation:  That the Finance and Audit Committee recommend that Council endorse the application for the project proposal addressing Nanaimo’s housing crisis for the Smart Cities Challenge.

To be introduced by Richard Harding, Director of Parks and Recreation.

Purpose: To advise the Finance and Audit Committee with results of Request for Tender #2095 – Beban Park Boiler Plant Upgrade & Replacement of HV-1 Heat Recovery Coils, and request additional funding.

Recommendation: That the Finance and Audit Committee recommend that Council increase the budget for the Beban Park Boiler Plant Upgrade and Replacement of Heat Recovery Coils projects by $68,080, to be funded by a FortisBC incentive grant of $35,373 and an allocation of $32,707 from the Facility Development Reserve Fund.