2016-03-15 Finance Committee Minutes Open SessionFinance Committee Meeting
Open Session
March 15, 2016
2
MINUTES - OPEN SESSION FINANCE COMMITTEE MEETING
MARCH 15, 2016 AT 5:30 PM
11th FLOOR BOARDROOM, CITY HALL
Present: Councillor D. Merrithew
Councillor D. Reardon
Councillor R. Strowbridge
Regrets: Councillor J. MacKenzie
Councillor G. Lowe
Also
Present: Commissioner of Finance and Treasurer K. Fudge
Commissioner Saint John Water B. McGovern
Comptroller C. Graham
Assistant Comptroller H. Nguyen
Assistant Comptroller C. Lavigne
Common Clerk J. Taylor
Adminstrative Assistant K. Tibbits
1. Meeting Called To Order
Councillor Merrithew called the Finance Committee open session meeting to order.
1.1 Approval of Agenda
Moved by Councillor Reardon, seconded by Councillor Strowbridge:
RESOLVED that the agenda of March 15, 2016, be approved.
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1.2 Approval of Minutes — November 12, 2015
Moved by Councillor Reardon, seconded by Councillor Strowbridge:
RESOLVED that the minutes of the Finance Committee meeting of November 12, 2015, be
approved.
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1.3 Preliminary 2015 Yearend Operatina Results Saint John Water
Mr. Fudge commented on the preliminary 2015 year end operating results for Saint John
Water. The results are unaudited and there could be some minor adjustments as a result of the
auditing process.
Finance Committee Meeting
Open Session
March 15, 2016
Referring to the utility fund, Mr. Lavigne stated that the fund is currently in a surplus position of
$667,000 for 2015, representing a variance of 1.57 %. The surplus is due to a combination of a
positive variance in the operating expenses of approximately $1,100,000 and a shortfall in
revenues of approximately $438,000.
Moved by Councillor Strowbridge, seconded by Councillor Reardon:
RESOLVED that the submitted report entitled 2015 Preliminary Year End Results for Saint John
Water, be received for information.
MOTION CARRIED
1.4 Water and Sewerage Accounts Receivable Update
Mr. Lavigne reported that there is a receivable of approximately $12,200,000, however
$9,600,000 of that is current and not yet due. Since October 31St, approximately $8,100,000
has been collected and an additional 470 payment plans have been set up for approximately
$400,000 in arrears.
Moved by Councillor Reardon, seconded by Councillor Strowbridge:
RESOLVED that the submitted report entitled Water and Sewerage Accounts Receivable
Update, be received for information.
MOTION CARRIED
Adjournment
Moved by Councillor Reardon, seconded by Councillor Strowbridge:
RESOLVED that the Finance Committee open session meeting held on Tuesday, March 15, 2016
be adjourned.
MOTION CARRIED
The Finance Committee meeting held on March 15, 2016 was adjourned at 5:45 p.m.
Councillor D. Merrithew
Chair, Finance Committee