AGENDA
FINANCE AND AUDIT COMMITTEE MEETING

Wednesday, June 14, 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-MAY-17 at 9:00 a.m.

5.

PRESENTATIONS:

a.

2023 Tour de Rock

Lance Stephenson, Rider - City of Nanaimo Tour de Rock Fundraising Committee & Retired Paramedic, and Corp. Mike Ramsey, Rider, Nanaimo RCMP, to provide a presentation regarding the 2023 Tour de Rock.

b.

2024-2028 Financial Plan Development

To be introduced by Laura Mercer, Director, Finance. 

6.

DELEGATIONS:

7.

REPORTS:

a.

2024-2028 Draft Project Plan

To be introduced by Laura Mercer, Director, Finance. 

Purpose:  To provide the Finance and Audit Committee with an overview of projects currently in years 2024–2027 of the approved 2023-2027 Financial Plan as well as seek direction from the Committee on projects or initiatives they would like to see incorporated into the 2024–2028 Draft Financial Plan.

b.

20 Year Investment Plan and Asset Management Plan Update

To be introduced by Laura Mercer, Director, Finance. 

Purpose:  To present the 20 Year Investment Plan and Asset Management Plan Update to the Finance and Audit Committee and seek support for recommendations.

Presentation:

1. Laura Mercer, Director, Finance

Recommendation:  That the Finance and Audit Committee recommend that Council support the recommendations included in the 20 Year Investment Plan and Asset Management Plan Update and direct staff to include in the 2024 – 2028 Financial Plan:

1. An annual one per cent increase to property taxes for contribution to the General Asset Management Reserve Fund for the next five years (2024- 2028) or until the next update and recommendations have been presented to Council; and
2. Maintaining the annual two per cent increase to water user fees for contribution to the Water Asset Management Reserve Fund until the next update and recommendations have been presented to Council.

c.

Beban Park Pool, Steam Room Repairs

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

Purpose:  To obtain Council approval to complete repairs at the Beban Park Pool, on the steam room walls and ceiling, so that it can be re-opened.

Recommendation:  That the Finance and Audit Committee recommend that Council approve adding a project for $60,000 to the 2023-2027 Financial Plan to complete the necessary repairs at the Beban Pool to be funded by the Facility Development Reserve Fund. 

d.

Terminal Avenue Corridor Upgrades Phase 1

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

Purpose:  To seek Council direction to allocate funds to increase the budget for the Terminal Avenue Corridor Upgrades Phase 1 project.

Recommendation:  That the Finance and Audit Committee recommend that Council increase the budget for the Terminal Avenue Corridor Upgrades Phase 1 project by $1,556,158 in 2023 funded by $150,652 from General Capital Reserve, $1,343,243 from the General Asset Management Reserve Fund and $62,263 from the Water Asset Management Reserve Fund.

8.

OTHER BUSINESS:

9.

QUESTION PERIOD:

10.

ADJOURNMENT: