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2025-03-19 Finance Committee Minutes - Open SessionFinance Committee Meeting Open Session March 19, 2025 MINUTES —OPEN SESSION FINANCE COMMITTEE MEETING MARCH 19, 2025 AT 4:45 PM MEETING CONDUCTED BY ELECTRONIC PARTICIPATION Present: Mayor D. Noade Reardon Councillor G. Sullivan Councillor P. Radwan Councillor G. Stewart Absent: Councillor G. Norton Also Present: Chief Administrative Office B. McGovern Commissioner of Finance and Treasurer K. Fudge Fire Chief R. Nichol General Counsel M. Tompkins Commissioner Human Resources S. Hossack Commissioner Growth & Community Services A. Poffenroth Commissioner Public Works & Transportation M. Hugenholtz Commissioner Utilities & Infrastructure I. Fogan Director Parking, Parks & Recreation M. Dionne Director Saint John Water K. Mason Director Financial Services J. Forgie Director Financial Services C. Lavigne Intermediate Accountant V. Parikh Director Engineering M. Baker Procurement Manager C. Roberts Director Corporate Performance S. Rackley-Roach Director Legislative Services / City Clerk J. Taylor 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 December 4, 2024 Moved by Mayor Noade Reardon, seconded by Councillor Stewart: RESOLVED that the minutes of December 4, 2024 be approved. MOTION CARRIED. 3. Approval of Agenda Moved by Mayor Noade Reardon, seconded by Councillor Stewart: RESOLVED that the agenda of March 19, 2025 be approved. MOTION CARRIED. 4. Disclosures of Conflict of Interest No disclosures Finance Committee Meeting Open Session March 19, 2025 5. Consent Agenda 5.1 Annual Procurement Report Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the submitted report entitled "Procurement Updates" be received for information. MOTION CARRIED. 5.2 Caoital Reallocation — 2024 Plavground Renewal Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that as recommended in the submitted report "2024 Playground Renewal — Fund Allocation" the Finance Committee approve the use of the Playground Asset Renewal funding included in the 2024 General Fund Program to upgrade Rainbow Park. MA • •► WATIffiff 6. Staff Presentations 6.1 Saint John Water Lone Term Financial Plan Director Fogan reviewed the submitted presentation "Saint John Water 10 Year Long Term Financial Plan" noting that the updates to the Capital Budget and Debt Management Policy reflect changes to the long- term financial plan presented in November 2024. This is the first comprehensive long-term financial plan in the water utility's history and addresses key financial challenges faced by the utility. The utility is faced with a high debt load, a significant infrastructure deficit, and rate pressures due to no rate increases since 2019. Considerations built into the plan include affordability for rate payers, debt targets, addressing critical infrastructure needs and promoting growth. The plan also sets out targets for the implementation of Universal metering for all rate payers. Moved by Councillor Stewart, seconded by Mayor Noade Reardon: RESOLVED thatthe Finance Committee approve the Utility's 10Year Long Term Financial Plan and forward to Common Council for approval; and further that the Finance Committee approve Financial Policies, FAS 005 — Capital Budget Policy and FAS 006 — Debt Management Policy and forward to Common Council for approval. MOTION CARRIED. 6.2 ERP Presentation Director Rackley-Roach reviewed the submitted presentation "Enterprise Resource Planning (ERP) Project Update." The ERP is a strategic initiative that will transform how the City operates and interacts with customers. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the Finance Committee endorse the approach and refer to the 2026 Operating Budget and Capital Budget Process. MOTION CARRIED. 6.3 General Fund and Utility Fund Unaudited Year End 2024 Results Director Lavigne reviewed the submitted presentation "December 31, 2024 Unaudited Financial Results General Fund and Utility Fund." Staff and Auditors are working toward having audited consolidated financial statements to the Finance Committee for approval in late April/early May. Moved by Mayor Noade Reardon, seconded by Councillor Stewart: . • • r r �•y guestions to staff. Finance Committee Meeting Open Session March 19, 2025 6.4 Update on 5-Year Capital Plan Director Fogan reviewed the submitted presentation "Five Year Capital Investment Plan" which will provide a more comprehensive picture of the City's capital planning initiatives than the annual capital budget. The plan will allow for flexibility and opportunity to move project timelines to optimize budgets, ensure alignment with current Council priorities and capitalize on potential funding opportunities. It will be a five-year rolling plan starting from 2026-2030. An updated plan will be provided annually as part of the annual Capital budget process. Moved by Mayor Noade Reardon, seconded by Councillor Stewart: RESOLVED that the submitted presentation entitled "Five Year Capital Investment Plan" be received for information. MA • •► WART1.9 "I 7. Adjournment Moved by Mayor Noade Reardon, seconded by Councillor Stewart: RESOLVED that the Finance Committee meeting be adjourned. ►I• •► T:: The Finance Committee open session meeting held on March 19, 2025, was adjourned at 6:05 p.m.