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2019-01-30 Finance Committee Minutes - Open SessionFinance Committee Meeting Open Session January 30, 2019 MINUTES — OPEN SESSION FINANCE COMMITTEE MEETING JANUARY 30, 2019 AT 5:30 PM 8t" FLOOR COMMON COUNCIL CHAMBER (LUDLOW ROOM), CITY HALL Present: Mayor D. Darling Councillor D. Merrithew Councillor G. Sullivan Councillor S. Casey Councillor D. Reardon Councillor G. Norton Also Present: City Manager J. Collin Deputy City Manager N. Jacobsen City Solicitor J. Nugent Commissioner of Finance and Treasurer K. Fudge Commissioner Growth & Community Development J. Hamilton Commissioner Saint John Water B. McGovern Comptroller Finance C. Graham Senior Manager Financial Planning H. Nguyen Director Corporate Performance S. Rackley -Roach Assistant Comptroller Finance and Administrative Services C. Lavigne Deputy Commissioner Administrative Services I. Fogan Commissioner Transportation & Environment M. Hugenholtz Web Specialist T. McGraw Senior Financial Analyst J. Forgie Fire Chief K. Clifford Corporate Performance N. Moar Administrative Assistant K. Tibbits 1. Meeting Called To Order Moved by Councillor Reardon, seconded by Councillor Sullivan: RESOLVED that the Finance Committee meeting be called to order. MOTION CARRIED. Councillor Merrithew called the Finance Committee open session meeting to order. 1.1 Approval of Minutes — December 6, 2018 Moved by Councillor Reardon, seconded by Councillor Sullivan: RESOLVED that the minutes of December 6, 2018, be approved. MOTION CARRIED. 1.2 Corporate and Community GHG and Energy Action Plan Finance Committee Meeting Open Session January 30, 2019 Referring to the submitted report, Mr. Yammine provided an overview of the Corporate and Community GHG and Energy action plan. The plan will identify current greenhouse emissions, identify targets and identify a strategy or action plan to meet those targets, with a goal of reducing energy costs and emissions. Mr. Yammine discussed the benefits to the City and the community at large. Mr. Yammine stressed the importance of establishing a government structure and having the support of Common Council in order to move the action plan forward. The plan would concentrate on specific projects, with a one project/one strategy approach. Moved by Mayor Darling, seconded by Councillor Sullivan: RESOLVED that the Finance Committee recommend that Common Council approve the Corporate and Community GHG and Energy Plan; and further that the City Manager explore options for a governance structure to move the plan forward. MOTION CARRIED. 1.3 Disaster Mitigation Adaptation Funding Mr. Lavigne commented on funding opportunities under the umbrella of Disaster Mitigation Adaptation funding. The City experienced historical flooding in 2018 which caused significant damage to municipal infrastructure. The Disaster Mitigation Adaptation Fund has been developed to support large-scale infrastructure projects that have a minimum cost requirement of $20M, and provides 40% funding of cost-sharing with municipalities. It is a bundle of three projects under one large project for flooding. There has been no commitment made by the City, but staff did not want to lose the opportunity to submit an application. The projects include: • Seawall refurbishment • Several Pumping Stations • Electrical substations with Saint John Energy Mr. Fudge noted that these projects cab be funded over multiple years, adding that some projects would have to be completed regardless as part of the City's long-term capital investment plan. (Mayor Darling withdrew from the meeting) Moved by Councillor Reardon, seconded by Councillor Norton: RESOLVED that the submitted report entitled, "Disaster Mitigation Adaptation Funding", be received for information. MOTION CARRIED. 1.4 Loniz-Term Financial Plan Tarizets and Principles (Mayor Darling re-entered the meeting) Referring to the submitted report, Mr. Fudge commented on the principles and targets that will be embedded in the long-term financial plan. The overarching principle of the plan is sustainability. If the plan and initiatives such as the Wage Escalation Policy are successful, the structural imbalance in the budget can be addressed over the next 10 years. Mr. Collin noted that a tax rate reduction is a priority of Council and there needs to be a focus in terms of reducing the tax burden. He suggested that the wording in the Long -Term Financial Plan be clear in that tax reduction is part of the overall plan as opposed to a blanket singular statement regarding tax reductions. There may be value in reinforcing success, ie: if the growth agenda is successful, it may be beneficial to accelerate that momentum. 2 Finance Committee Meeting Open Session January 30, 2019 Moved by Councillor Sullivan, seconded by Councillor Reardon: RESOLVED that the Finance Committee direct staff to incorporate the Financial Principles and Targets as presented in the Draft 10 Year Long -Term Financial Plan. LTA [I)f[[47►[GL1ilk]ilk] Iif91 Adjournment Moved by Councillor Sullivan, seconded by Councillor Reardon: RESOLVED that the open session meeting of the Finance Committee be adjourned. LTA [I)f[[47►[GL1ilk]ilk] Iif91 The Finance Committee open session meeting held on January 30, 2019 was adjourned at 7:15 p.m.