2023-10-26 Finance Committee Minutes - Open Session
Finance Committee Meeting
Open Session
October 26, 2023
MINUTES – OPEN SESSION FINANCE COMMITTEE MEETING
OCTOBER 26, 2023 AT 4:30 PM
MEETING CONDUCTED BY ELECTRONIC PARTICIPATION
Present: Mayor D. Noade Reardon
Councillor G. Sullivan
Councillor G. Norton
Councillor D. Hickey
Councillor P. Radwan
Also
Present: Chief Administrative Office B. McGovern
Commissioner of Finance and Treasurer K. Fudge
Acting Commissioner Growth & Community Services A. Poffenroth
Deputy Fire Chief R. Nichol
Commissioner Utilities & Infrastructure I. Fogan
Commissioner Human Resources S. Hossack
Director Financial Services J. Forgie
Director Engineering & Chief City Engineer M. Baker
Director Financial Services C. Lavigne
Intermediate Accountant V. Parikh
Director Corporate Performance S. Rackley-Roach
Administrative Officer R. Evans
Administrative Assistant K. Tibbits
1. Meeting Called to Order
Councillor Sullivan called the Finance Committee open session meeting to order.
2. Approval of Minutes
2.1 Minutes of August 24, 2023
Moved by Councillor Hickey, seconded by Mayor Noade Reardon:
RESOLVED that the minutes of August 24, 2023 be approved.
MOTION CARRIED.
3. Approval of Agenda
Moved by Mayor Noade Reardon, seconded by Councillor Hickey:
RESOLVED that the agenda of October 26, 2023 be approved.
MOTION CARRIED.
4. Disclosures of Conflict of Interest
No disclosures.
5. Consent Agenda
Finance Committee Meeting
Open Session
October 26, 2023
6. Business Matters
6.1 Revised 2024 General and Utility Fund Capital Programs
M. Baker reviewed the submitted presentation Utility & General Fund - 2024 Capital Programs Revision.
Moved by Mayor Noade Reardon, seconded by Councillor Hickey:
RESOLVED that as recommended in the submitted report entitled “Revised 2024 General and Utility Fund
Capital Programs” the Finance Committee:
Approve the revised 2024 General Fund Capital Budget in the amount of $33,253,193 (gross) with
contributions from other sources of $19,005,526, yielding a net Capital budget in the amount of
$14,247,667 to be funded by debt issue (net) as set in Appendix A; and,
Approve the revised 2024 Water and Sewerage Utility Fund Capital Budget in the amount of
$11,452,048 (gross) with contributions from other sources of $5,911,292 yielding a net capital
budget in the amount of $5,540,756 to be funded by pay as you go (net) as set in Appendix B. In
addition, a $800,000 addition is to be added to the 2024 Utility Capital budget from the Utility’s
Capital Reserve fund; and,
The Finance Committee recommend approval of the revised General Fund and Utility Fund Capital
Budgets at the next meeting of Common Council.
MOTION CARRIED.
6.2 2024 Tax Base, Equalization Grant and Council Feedback
K. Fudge reviewed the submitted presentation “2024 Tax Base and Grant” which included discussions on
tax base growth and community funding grant, multiplier break even analysis and fair taxation, the Wage
Escalation Policy recommendation, consideration of Council feedback and direction from the Finance
Committee with respect to tax rate and service enhancements. The first draft of the 2024 Operating
th
Budget will be presented at the next Finance Committee meeting, scheduled for November 8.
(Councillor Norton withdrew from the meeting)
Moved by Mayor Noade Reardon, seconded by Councillor Hickey:
RESOLVED that the submitted presentation entitled “2024 Tax Base and Grant” be received for
information.
MOTION CARRIED.
7. Adjournment
Moved by Councillor Hickey, seconded by Mayor Noade Reardon:
RESOLVED that the Finance Committee meeting be adjourned.
MOTION CARRIED.
The Finance Committee open session meeting held on October 26, 2023, was adjourned at 5:45 pm.