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2025-08-20 Finance Committee Minutes - Open Session Finance Committee Meeting Open Session August 20, 2025 MINUTES – OPEN SESSION FINANCE COMMITTEE MEETING AUGUST 20, 2025 AT 1:20 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 General Counsel M. Tompkins Fire Chief R. Nichol Assistant Deputy Chief L. Robichaud Commissioner Human Resources S. Hossack Commissioner Public Works & Transportation M. Hugenholtz Commissioner Utilities & Infrastructure I. Fogan Director Financial Services J. Forgie Director Financial Services C. Lavigne Intermediate Accountant V. Parikh Director Engineering M. Baker Director Development and Community Services C. McKiel 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 May 14, 2025 Moved by Mayor Noade Reardon, seconded by Councillor Stewart: RESOLVED that the minutes of May 14, 2025 be approved. MOTION CARRIED. 3. Approval of Agenda Moved by Councillor Stewart, seconded by Mayor Noade Reardon: RESOLVED that the agenda of August 20, 2025 be approved. MOTION CARRIED. 4. Disclosures of Conflict of Interest No disclosures. Finance Committee Meeting Open Session August 20, 2025 5. Consent Agenda 6. Business Matters 6.1 2024 Audited Financial Statements (J. Mallais and A. Gidney, Deloitte, joined the meeting electronically) Ms. Gidney reviewed the submitted presentation “The City of Saint John Report to the Finance Committee on the 2024 Audit for the period ended December 31, 2024.” An audit of the financial statements was performed in accordance with Canadian generally accepted auditing standards. The audit opinion of the financial statements is clean and presented fairly in all material respects, and in accordance to Canadian public sector accounting standards. An in-camera session with members of the Finance Committee was held to confirm that there are no known or suspected cases of fraud. C. Lavigne reviewed the submitted presentation “2024 Audited Consolidated Financial Statements.” Moved by Councillor Stewart, seconded by Mayor Noade Reardon: RESOLVED that the Finance Committee approve the 2024 Consolidated Financial Statements, the 2024 Saint John Trade and Convention Centre Financial Statements, and 2024 Trust Funds Financial Statements and forward to Common Council for approval. MOTION CARRIED. (J. Mallais and A. Gidney withdrew from the meeting) 6.2 2026 Shape your Budget – Public Engagement C. Lavigne reviewed the submitted presentation “2026 Shape Your Budget - Public Engagement” and provided an overview of the survey results from the 706 participants (an increase of 358% over last year). The results are not statistically significant but do provide interesting information to consider as the budget process continues. The results of the survey are for informational purposes. Moved by Mayor Noade Reardon, seconded by Councillor Radwan: RESOLVED that the submitted presentation “2026 Shape Your Budget – Public Engagement” and attached documents be received for information. MOTION CARRIED. 6.3 Fiscal Reform Update K. Fudge reviewed the submitted presentation “Provincial Fiscal Reform Update”, noting that the information used are best estimates, and that confirmed amounts are forthcoming from the province in September. The new funding model includes three funding streams – Fiscal Capacity (Equalization) Funding, Capital Renewal Funding, and Regional Services Support Funding. Moved by Mayor Noade Reardon, seconded by Councillor Stewart: RESOLVED that the Fiscal Reform Update be received for information. MOTION CARRIED. 6.4 Amendment to Wage Escalation Policy K. Fudge reviewed the submitted report “Amendment to Wage and Benefit Budget Escalation Policy”, noting the importance of the policy as part of the Long-Term Financial Plan to ensure wage and benefit budgets are affordable for taxpayers. Two revisions to the Wage & Benefit Budget Escalation Policy is recommended – the Equalization Grant Revenue and Wage Escalation Growth Factor. The amendment to the Wage Escalation Policy will continue to mitigate the risk of the City falling into future structural deficits while increasing transparency of calculation within the policy. Moved by Mayor Noade Reardon, seconded by Councillor Stewart: Finance Committee Meeting Open Session August 20, 2025 RESOLVED that the Finance Committee recommends that Common Council approve the amended Wage and Benefits Escalation Policy FAS-007. MOTION CARRIED. 6.5 2026 General & Utility Capital Budget Recommendation I. Fogan reviewed the submitted presentation “2026 Draft General and Utility Fund Capital Budget.” The proposed capital budgets align with the Capital Budget Policy, Reserve Policies and the Long-Term Financial Plan. They also balance the need for strategic reinvestment into the City’s infrastructure while ensuring there is also new investment. Moved by Mayor Noade Reardon, seconded by Councillor Stewart: RESOLVED that the Finance Committee approves the 2026 Draft General and Utility Fund Capital Budgets and that the budgets be forwarded to the next meeting of Common Council for receive and file. MOTION CARRIED. 6.6 2025 June Operating Budget Year-to-Date Results – General and Utility Fund C. Lavigne reviewed the submitted presentation “June 30, 2025 General and Utility Fund Year-to-Date Financial Results.” Most variances are due to timing differences. Overall, the financial results suggest a surplus which is mainly attributable to various vacancies and timing of the goods and services budget. Own source revenue is on budget, with a very favourable variance in building permits. There is however, some anticipated financial pressures due to the recent winter season and infrastructure failures. Moved by Mayor Noade Reardon, seconded by Councillor Stewart: RESOLVED that the Finance Committee receive and file the submitted presentation and direct any questions to staff. MOTION CARRIED. 7. Adjournment Moved by Mayor Noade Reardon, seconded by Councillor Stewart: RESOLVED that the Finance Committee meeting be adjourned. MOTION CARRIED. The Finance Committee open session meeting held on August 20, 2025, was adjourned at 3:10 p.m.