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2023-11-29 Finance Committee Minutes - Open SessionFinance Committee Meeting Open Session November 29, 2023 MINUTES —OPEN SESSION FINANCE COMMITTEE MEETING NOVEMBER 29, 2023 AT 5:00 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 Fire Chief K. Clifford Commissioner Public Works & Transportation M. Hugenholtz Commissioner Utilities & Infrastructure I. Fogan Senior Manager Human Resources K. Shannon Director Financial Services J. Forgie Senior Financial Manager Police F. Szalai Director Financial Services C. Lavigne Intermediate Accountant V. Parikh Director Corporate Performance S. Rackley-Roach Director Growth & Community Services D. Dobbelsteyn Administrative Assistant A. MacLean 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 November 22, 2023 Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the minutes of November 22, 2023 be approved. MOTION CARRIED. 3. Approval of Agenda Moved by Mayor Noade Reardon, seconded by Councillor Hickey: RESOLVED that the agenda of November 29, 2023 be approved. MOTION CARRIED. 4. Disclosures of Conflict of Interest No disclosures. 5. Consent Aeenda Finance Committee Meeting Open Session November 29, 2023 6. Business Matters 6.1 October 2023 Financial Report and Year End Projections Referring to the submitted presentation, Mr. Lavigne provided an overview of the estimated year-end financial forecasts for the General Fund and Utility Fund operating budgets. Commissioners of the various departments discussed specific impacts to their budgets and anticipated year-end results. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the Finance Committee endorse the staff recommendation to transfer $2,275,000 to the General Fund Capital Reserve and $750,000 to the Utility Fund Potable Capital Reserve; and that the Finance Committee receive and file this presentation and direct any questions to staff. MOTION CARRIED. 6.2 2023 Ooeratin2 and Capital Reserves Mr. Lavigne reviewed the submitted report "2023 Operating and Capital Reserves". The Reserve Policy is intended to address longer term funding strategies to minimize debt servicing costs, address the infrastructure deficit, and mitigate the effects of unanticipated events. The City must also comply with the Provincial Reserve Fund Regulation which states that the establishment, funding, and withdrawal of reserve funds can only be done through resolutions of Council before the end of each calendar year. To comply with Provincial Legislation, Staff recommend approval of the recommendation in the report for contribution to and withdrawal from the Reserves. Moved by Councillor Hickey, seconded by Mayor Noade Reardon: RESOLVED that members of the Finance Committee approve the transfers to and from the following reserves and forward a copy of the report to Common Council for approval: General Operating Reserves • $422,289 from the General Operating Fund to the General Operating Reserve • $161,700 from the General Operating Reserve to the General Operating Fund General Capital Reserves • $10,495,154 from the General Operating Fund to General Capital Reserve • $5,495,152 from the General Capital Reserve to the General Capital Fund Utility Operating Reserves • $895,516 from the Utility Operating Fund to the Utility Operating Reserve (Industrial Rate Stabilization) • $1,000,000 from the Utility Operating Reserve to the Utility Capital Reserve Utility Capital Reserves • $3,326,113 from the Utility Operating Fund to the Utility Fund Capital Reserve • $303,018 from the Utility Capital Reserve (Fleet) to the Utility Capital Fund • $1,000,000 from the Utility Operating Reserve to Utility Capital Reserve MOTION CARRIED. 7. Adjournment Moved by Councillor Hickey, seconded by Mayor Noade Reardon: RESOLVED that the Finance Committee meeting be adjourned. ►A Mail► _:: The Finance Committee open session meeting held on November 29, 2023, was adjourned at 6:10 pm.