MERGED AGENDA
FINANCE AND AUDIT COMMITTEE MEETING

-
Shaw Auditorium, Vancouver Island Conference Centre
80 Commercial Street, Nanaimo, BC

SCHEDULED RECESS AT 10:30 A.M.

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

This item has attachments. 
1.FA250219M.pdf

Minutes of the Finance and Audit Committee Meeting held in the Shaw Auditorium, Vancouver Island Conference Centre, 80 Commercial Street, Nanaimo, BC, on Wednesday, 2025-FEB-19, at 9:00 a.m.

5.
PRESENTATIONS:

 

a.
2026 - 2030 Project Plan

 

[Note:  PowerPoint presentation to be distributed on the addendum.]

6.
DELEGATIONS:

 

7.
REPORTS:

 

a.
2024 Surplus Allocation

This item has attachments. 
1.RPT_FA250319_2024SurplusAllocation.pdf
2.AttA_SummaryOf2024Surplus_2024SurplusAllocation_RPT_FA250319.pdf

To be introduced by Wendy Fulla, Director, Finance.


Purpose:  To provide the Finance and Audit Committee with information pertaining to the recommended allocation of the 2024 operating surplus.


Recommendation:  That the Finance and Audit Committee recommend that Council approve the allocation of the 2024 operating surplus as follows:

1. General Fund

a. RCMP Contract Reserve                       1,411,438
b. General Financial Stability Reserve       1,094,545
c. Special Initiatives Reserve                     5,290,000
                                                                 $7,795,983

2. Sewer Fund

a. Sewer Reserve                                        $342,240

b.
Reorder Agenda Item 7(d) Loudon Park Improvements to become Agenda Item 7(b) and reorder subsequent Agenda Items.

This item has attachments. 
1.RPT_FA250319_LoudonParkImprovements.pdf
2.DelegationRequest_RoweAshley.pdf
3.DelegationRequest_MortKiersten.pdf
4.DelegationRequest_MesserNolan.pdf
5.DelegationRequest_RutherfordKate.pdf

To be introduced by Darcie Osborne, Director, Parks, Recreation and Culture.


Purpose:  To provide Council with funding options to advance the proposed improvements to Loudon Park.


Delegations:

  1. Ashley Rowe
  2. Kiersten Mort, Nanaimo Rowing Club
  3. Nolan Messer
  4. Kate Rutherford, Long Lake Flatwater Training Centre Society

Recommendation:  That the Finance and Audit Committee recommend that Council direct Staff to increase the budget by $6,169,373 funded by $4,000,000 from the Special Initiatives Reserve and $2,169,373 from the Strategic Infrastructure Reserve Fund to proceed with the current design for the Loudon Park improvements.

c.
2024 Budget Carryforwards

This item has attachments. 
1.RPT_FA2503192024BudgetCarryfowards.pdf
2.AttA_ 2024CarryforwardAnalysis_2024BudgetCarryforwards_RPT_FA250319.pdf

To be introduced by Wendy Fulla, Director, Finance.


Purpose:  To provide the Finance and Audit Committee with a summary of the 2024 budgets carried forward to 2025.

d.
Retaliatory Tariffs Between Canada and the United States

This item has attachments. 
1.RPT_FA20250319_Response to Tariffs.pdf

To be introduced by Wendy Fulla, Director, Finance.


Purpose:  To present the Finance and Audit Committee with a brief overview of the proactive efforts undergone to establish methods of dealing with the United States tariffs, the retaliatory Canadian tariffs and the impacts to the City’s supply chain. 

8.
OTHER BUSINESS:

 

9.
QUESTION PERIOD:

 

10.
ADJOURNMENT:

 
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