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2022-06-09 Finance Committee Minutes - Open SessionFinance Committee Meeting Open Session June 9th, 2022 MINUTES —OPEN SESSION FINANCE COMMITTEE MEETING JUNE 9, 2022, AT4:30 PM MEETING CONDUCTED BY ELECTRONIC PARTICIPATION Present: Mayor D. Noade Reardon Councillor G. Sullivan Councillor P. Radwan Councillor D. Hickey Councillor G. Norton Also Present: City ManagerJ. Collin Commissioner of Finance and Treasurer K. Fudge Commissioner Transportation & Environment M. Hugenholtz Commissioner Saint John Water B. McGovern Commissioner Growth J. Hamilton Fire Chief K. Clifford Senior Financial ManagerJ. Forgie Senior Financial Manager C. Lavigne Director Engineering & Chief City Engineer M. Baker Administrative Officer R. Evans Deputy Clerk P. Anglin 1. Meeting Called to Order Councillor Sullivan called the Finance Committee open session meeting to order. 1.1 Approval of Agenda Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the agenda of May 26, 2022, be approved. MOTION CARRIED. 1.1.2 Conflict -of -Interest Councillor Radwan declared a conflict -of -interest with one line item on the Integrated Bilateral Fund. 1.2 Integrated Bilateral Fund Referring to the submitted report "Integrated Bilateral Fund" Chief City Engineer M. Baker advised the financial breakdown for the Integrated Bilateral program remains the same as what was before the Finance Committee in March 2022. However, some important dates have changed; there has been an extension to the expiry date for the program which now expires March 31, 2034. The original expiry date was March 31, 2028. Project construction timelines were also changed. All project construction must now be completed by October 2033. The original construction completion date was October 2027. The deadline for Federal approval has changed to March 31, 2023. The original was March 31, 2025. Therefore, with the new date changing to 2023 it is important that the City identify and submit its funding priorities at this time. The projects proposed to be submitted under this funding opportunity based on additional feedback from the Regional Development Corporation (RDC), as a result of changes to the Bilateral funding program Finance Committee Meeting Open Session June 9th, 2022 (2027 to 2033 for construction) and due to significant market price increases in the past couple of months were listed. Councillor Radwan withdrew from the voting on the motion. Moved by Councillor Hickey, seconded by Mayor Noade Reardon: RESOLVED THAT: Finance Committee endorse the updated proposed project list for application to the Integrated Bilateral Agreement (IBA) funding opportunity, and Direct Staff to bring back recommendations as part of the 2023 Capital Budget process. MOTION CARRIED. Adjournment Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the Finance Committee meeting be adjourned. MOTION CARRIED. The Finance Committee open session meeting held on May 26, 2022, was adjourned at 4:35 pm.