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2016-06-20_Agenda Packet--Dossier de l'ordre du jour n o i t a t n e i r June 20, 2016 Kevin Fudge O l Commissioner a i c n a n i F l i c n u o C Finance and Administrative Services n o m m o C e v i t Keep Everyone Awake You Learn Something c e j 1.2. b O Two Main Objectives for this session: 2 a d n Council Priority Session Long Term Financial Planning Budget Basics Service Based Budgeting Asset Management Budget Challenges Budget timeline Audited Consolidated Financial Statements e g A 1.2.3.4.5.6.7.8.3 SETTING COUNCIL PRIORITY 4 -sizes-sizes multi-purpose recreation facility multi-purpose recreation facility a a investment in our roadways and sidewalks investment in our roadways and sidewalks Implement internal processes to facilitate investment and development Deliver an integrated approach to economic development Cooperate with neighbouring municipalities to advance the True Growth 2.0 Invest wisely to build our community while maintaining a healthy financial position Implement an affordable and sustainable plan to address pension issues Implement policies that create a livable community Implement policies that create a livable community Continue to invest in key community recreation facilities Continue to invest in key community recreation facilities Work with community partners to develop/maintain Work with community partners to develop/maintain Build a more robust transit system Build a more robust transit system Implement policies that maintain the integrity of all our infrastructure assets Implement policies that maintain the integrity of all our infrastructure assets Execute an equitable city-wide strategic road improvement plan Execute an equitable city-wide strategic road improvement plan Implement a city-Implement a city-Secure funding for projects to deliver quality drinking water to our citizens Secure funding for projects to deliver quality drinking water to our citizens Strategic communication Strategic communication Accountability for service results Accountability for service results Responsive customer service Responsive customer service Service-based decision-making Service-based decision-making Improve Improve Health Choice Economic Sustainable Council Priority Setting Infrastructure Community of Citizen-Focused Service Delivery 5 Based Budget Service- Plan Annual Report / Strategic Corporate Scorecard Priorities Council Priority Setting Strategic Decision-Making 6 Refine and Adopt Priorities September 2020 Define How and Success Identify July Council Priority Setting Outcomes Priority Setting 2016- 7 PLANNING LONG TERM FINANCIAL 8 capacity Service wants Funding e l b a n Performance Reporting i a t s u s e b o t w Find other sources of revenues (Revenue Generation Program) Find ways to provide service more efficiently (Continuous Improvement Program) Demonstrate Value (Key Performance Indicators) Control costs Use available resources strategically, wisely and effectively Achieve growth in assessment base (Development incentives) o Challenges of allocating scare resources among competing priorities To be sustainable, municipality has to: H 9 Long term financial planning g n i n n a Capital Budgets l Annual Operating & p Corporate plans l a i c n a n i f m r e t g Asset Management n o L 10 Long-term financial planning is the process of aligning financial capacity with long-term service objectives LTFP is a financial roadmap toward sustainability position Sustainable debt g n i n n a l Sustainable Infrastructure p l Financial Policies a i c n a n i f m r e services affordable t Sustainable & g n o L 11 Provide Council and Staff with a financial lens in making effective long-term decisions and priorities to ensure financial sustainability management Benefits of long term financial planning Long term financial plan will: 12 BUDGET BASICS 13 s t e g d u B y t i C 6 1 0 2 d e v o r p p General Operating Budget $151.5M General Capital Budget $21.9M Utility Operating Budget $43.9MUtility Capital Budget $10.1M A All 2016 budgets can be found at: www.saintjohn.ca/en/home/cityhall/financeadmin/financialmanagement/2011budgetreport/default.aspx 14 Rates) s Sewer Rates t e g Council sets the Water & by User Fees (Water & Sewer d Utility Services funded primarily u B d n u F y t i l i t U Accounts are Separately Tracked & l a Rate r e n e by Property Taxes & Unconditional Grant G Council sets the Property Tax General Services funded primarily 15 d n u f g n i t a r e p O y t i l t i i t c i Uf e & d l / s a r u l e p n r e u Gs 16 balanced (surpluses or deficits cannot be retained) General Operating fund surplus/deficit: To be included in the W&S Utility Operating fund surplus/deficit: To be included in one or more of the Operating budgets of the four subsequent years, commencing with the second next ensuing year. t e g d u B g n i t a r e p O l a r e n e G 6 1 0 2 17 67,609 110,104 113,675 210,566 253,254 2016 Budget/Road KM 265,096 - 50,000 300,000 250,000 200,000 150,000 100,000 n o s i 1.21 r a p 1.27 m o C 1.37 l a c s 1.4211 i F 2016 Tax Rate 6 1.6497 1 0 2 1.785 18 Compare Saint John 2016 tax rate and Budget/Road KM to other municipalities 210 1.81.61.41.20.80.60.40.2 58,898 69,919 74,041 86,271 86,571 93,979 Residential Tax Base per Capita - 80,000 60,000 40,000 20,000 100,000 72,808 92,143 96,065 103,500 Capita 112,805 Municipal Tax Base per 123,321 2016 Municipal and Residential Tax base per Capita 19 - 80,000 60,000 40,000 20,000 140,000 120,000 100,000 2016 769,510,100 4,126,543,200 2015 2014 l a i r 2013 t s u d 2012 Assessment Base - Residential n I & 2011 l a i t 2010 n e d i 2009 s e R 2008 e s 2007 a b t 650,915,000 2006 2,579,233,800 n e m - s Assessment Base - Industrial (excluding LNG) s e s s 500,000,000 A 4,500,000,000 4,000,000,000 3,500,000,000 3,000,000,000 2,500,000,000 2,000,000,000 1,500,000,000 1,000,000,000 20 e u Property TaxesUnconditional GrantOther Sources n e v e R 92% - Property Tax Revenue & Grant $151.5M - $120.1M - t e g d u B d n u F 79% g n % i t 8 a r General Operating Revenues e p 13% O l a r $11.5M e n $19.9M e G 21 s e c r u o S r e h t O m o r f e u n e v e R 22 or 3.72% $5.6M Or 41.5M 27.41% $ Corporate Services Transportation & Environment t e g d u b g n i t $13.5M or 8.92% $29.2M a or 19.22% r Other Charges e p Finance & Administration O Expenditures - $151.5M 2016 Budgeted Operating l a r e n e G or Or 52.1M 6.37% $9.6M 6 34.36% $ Public Safety 1 0 Growth & Development 2 23 Goods & Services $75,962,739 t e ABCs & Grants g d u b g n Fiscal Charges i t a r e $10,455,415 p O l Pension & LTD $36,166,491 a r 2016 General Operating budget $151.5 Mil e $16,031,173 n e $12,926,366 G 6 1 Salaries & Benefits 0 2 24 4.39% t i f e n 20.54% e B & y r Growth & Community Development servicesFinance & Administrative services a l a S 4.78% g n i t a r 58.05% e p 12.24% O l a r 2016 Salary & Benefit allocations by Services (%) e n e t G e g 6 TransportationPublic Safety ServicesCorporate services d 1 u 0 2B 25 s s e c o r : p g Municipal Financing Corporation advises the City of the n i NB w o r r o Step 1. Notice of motion: Council gives notice of intent to borrow after 30 days from the day of Council resolution Step 2. After expiration of 30 days, Council authorizes staff to issue and sell to the NB Municipal Financing Corporation debentures at such terms and conditions recommended by the Corporation Step 3. Application form filled out and submitted to the NB Municipal Financing Corporation Step 4. actual bond issue Step 5. Staff reports back to Council regarding terms of the issue, coupon rate, price, average yield and settlement date. B Approval process 26 Saint JohnFrederictonMoncton 13.50%10.58%5.28% 6 1 2016 0 2 - 2 1 0 2 2015 n o s i r a Service Ratio p 2014 m o C Debt o i t 2013 a R e c i v t 14.90% r 2012 e 5.20% 10.43% g e d u S B t s i b 6 1 e 0 2 8.00%6.00%4.00%2.00%0.00% D* 27 16.00%14.00%12.00%10.00% Debt perCapita Debt per Capita n $- o $800 $600 $400 $200 s ƚƷğƌ 5ĻĬƷ ķźǝźķĻķ ĬǤ tƚƦǒƌğƷźƚƓ $1,800 $1,600 $1,400 $1,200 $1,000 i r a p LTD m o C t b e D LTD m r e T g $- n o $80,000 $60,000 $40,000 $20,000 L 28 $140,000 $120,000 $100,000 t e g d parties rd u B l a t i p a C l a r Contributions from 3Contributions from the operating fund Borrowing (debt) e n .ƚƩƩƚǞźƓŭ ΛķĻĬƷΜ ğŅŅĻĭƷƭ ƷŷĻ Ʒğǣ ƩğƷĻ ĬĻĭğǒƭĻ ƦƩźƓĭźƦğƌ ğƓķ źƓƷĻƩĻƭƷ ƦğǤƒĻƓƷƭ ƚƓ ƷŷĻ ķĻĬƷ ğƩĻ ĻǣƦĻƓƭĻķ źƓ ƚƦĻƩğƷźƓŭ ŅǒƓķ e Capital Expenditures are budgeted by the City through the General Capital Budget There are several methods to fund capital expenditures G 29 s t c a F k c i u 1% increase in tax base equals $1.2 Mil in revenue 1 cent increase/reduction in tax rate equals $673,000 $10 million in new debt amortized over 15 years at 4% average yield costs $3.2 million in interest over that period; $10 million in new debt amortized over 20 years at 4% average yield cost $4.7 million in interest over that period; Interest expense impacts the tax rate Q 30 e c i v r e S y b 15,323,800 Growth & Community DevelopmentPublic Safety t e g d u B l a 1,865,000 t i p a C l a 4,060,000 r e n e 677,500 G Transportation & EnvironmentFinance & Administrative 6 1 0 2 31 Flat Rate AccountsMetered AccountsFire Protection LevyStorm Sewer LevyOther Revenue'sPrevious Year's Surplus e u n $43.947 Mil e v e R t $19.758M e Revenue g d u B g n i t $1.014M a r e p O $0.567M y t i l 2016 Utility Operating i t The Utility is Saint John Water $2.4M U 6 1 0 2 $0.995M 32 $19.213M 2016 $1,224 2015 $1,152 2014 $1,080 2013 $1,008 2016 $972 2012 $936 2011 $864 2010 Annual Flat Water Rates $830 2009 $696 2008 $696 2007 Flat Water Rates 2006- $658 2006 33 1400-1450 1,364 t e g d u 1,296 B y t i l i t 1,224 U d e v o 1,152 r p p A 20202019201820172016201520142013 6 1 2016 Approved Budget = $1,224 per year Flat Rate Customer. Increase of $6 per month over previous year. Anticipating rates to reach $1,400 - $1,450 per year once Safe Clean Drinking water treatment plant is fully operational in 2019. 0 2 34 $1,410,000 s e r u t i Fiscal ChargesReserves d $7,874,000 n e p x $10,460,090 E t e g d u b y t $2,779,000 Pension & LtdGood and Services i l i$8,500,000 t U g n i $12,923,910 t a r 2016 Utility Operating Budget $43.947 Mil e p O 6 1 Salaries and BenefitsCapital from Operating 0 2 35 Drinking Water - 9.69MIndustrial Water - 1.634MWasteWater - 10.132MInfastructureManagement - 1.278MInternal Charges/Pension -2.06MFiscal Charges/SCDWReserves - 19.153M $43,947,000 % 4 Budget 23% 22% 3% 2016 Approved 5% 43% 2016 Approved Utility Operating Budget - Expenditures 36 Infastructure RenewalWaterInfastructure RenewalSanitaryWatershed ProtectionSafe, Clean DrinkingWater Project $10,055,000 - Water 54.6% SCWP 1.0% Utility Capital Budget 2016 Watershed 0.8% 37 2016 Approved Utility Capital Budget Sanitary 43.5% City Funding - 6.2MOther Funding - 3.855M $10,055,000 - City 61.66% Budget 2016 Utility Capital 2016 Utility Capital Budget - Funding 38 Other 38.34% SERVICE BASED BUDGET 39 Service Delivery Sustainable Customer Focused Results Oriented Performance Driven What is Service-Based Budgeting? 40 Metrics y m o t a s n A t e Resource g d u B d e s a B - Levels e Service c i v r e S 41 s g n i d l i u B t n a c a V d n a s u o r e g n a D e l p m a x 2011 Example evaluated by Common Council E 42 Note: - 3.98 lane 66.9 +/ Funding Lane Km $3,737,300 Scenario C Target: PCI = 77.5 58 g n Funding Lane Km i $3,237,300 Scenario B c Target: PCI = 75.6 a f r u s e R 43 t l a Funding Lane Km $2,237,300 h Scenario A p Target: PCI = 71.8 s An adjustment in funding in increments of $250,000 results in A e l p 51 m Funding Lane Km a $2,737,300 Status Quo x Note 2012 Analysis: kilometres of asphalt resurfacing. The effect on the PCI is +/- 0.945 Target: PCI = 73.7 E 43 Results depend on s t l u s $1.3 million added funding in roadway maintenance (all maintenance) PCI increased to 76.5 from 73.4 in the previous year Number of streets with a poor or lower rating (PCI < 55) decreased to 7.5% from 12.56% the previous year Note: contract costs and weather e R ( g n i c a f r u s Continued investment e R t l a h p s A maintenance needs, not an indicator of ridability maintenance needs, not an indicator of ridability in PCI e l p ) Impact on decision 3 m 1 a PCI determines condition of pavement and rate of deterioration to identify PCI determines condition of pavement and rate of deterioration to identify 0 x E2 44 Council Priorities Outcomes Community g n i k a M - n o i s i c e D 45 Based on service planning and financial Lower priorities give way to higher priorities when resources are limited g n i t e g d u B d e s a B - e c i v r e S f o s t i f e n mprovement e Policy document that supports accountability for results and transparency in decision making Tool for making services more effective and efficient through planning and iFlexibility to respond to a changing environment B 46 ASSET MANAGEMENT 47 n h o J t n i a S f o y l t ia t i C p y a b C d d e n n u w F o l a s r t e e s n s e A Total replacement costs: $1.2 Billion (Estimate using NRBCPI & CPI) Total historical costs: $853 Mil G 48 Combined Sewer NetworkSanitary Sewer NetworkWater and WastewaterNetworkWater Network $336,164,213 Sanitary Sewer e u l a V $30,614,060 t Network Combined Sewer Water and Wastewater e $214,860,770 s s A y t i l i t Total replacement costs: $1,085 Mil (Estimated using NRBCPI & CPI) Total historical costs: $551 Mil U 49 $502,938,886 Water Network s s a l C t e s s A n h o J 69 t n i a 63 S 850 f o y t i C 56 350 Transportation - 1246 KM Lane Vehicles -Buildings- 75, 10 ABC(s) Water and Wastewater Facilities- Water Distribution Networks-567 KM Sanitary Sewer Distribution Networks-340 KM Combined Sewer Network Pipes-65 KM Parks/Land Improvement-Machinery & Equipment-Transit Buses-Land ? s e c n e u q e s n o C e h t e r a t a h W Line Breaks, Potholes High Costs, Overtime, etc. Reconstruction of Roads Increase deterioration of pipes, equipment and roads impact capital costs Emergency Contractor fees, staff overtime, unplanned repairs, inefficiency , etc.. Increase Risk of Failure Increase in Capital Costs Increase in Maintenance Repairs and Operating Costs ) S O L ( e c i v r to e S f o l service e v e L Snow removal Poor road conditions Water Quality Recreation Facilities Health and safety Assets provide a the customers Consequences on the LOS ? n o i t u l o S e h t s i t a h W To provide an optimum Level Of Service (LOS) at the Asset Management is an integrated business approach involving planning, finance, engineering and operations to effectively manage existing and new infrastructure to maximize benefits, reduce risk and provide satisfactory levels of service to community users in a socially, What is Asset Management? National Roundtable for Sustainable Infrastructure Mission: lowest Life Cycle Cost (LCC) through the management of current and future assets in effective, efficient and sustainable manner ? t n e m e g a n a M t e s s A y h W Comply with the Gas Tax Fund Agreement Dec 2017 deadline and secure other grants/funding Reduce risk exposure to the City Understand the costs of providing services (i.e. LOS) Demonstrate investment accountability to residents and business Make better decisions on when to replace, renew or decommission assets with long term sustainable investment plans ? s e i g e t a r t S e h t e r a t a h W Asset LOS Vs. Customer Link Asset to LOS ( Level Of Service) Asset Condition Risk =Likelihood * Sum of Impacts Level Of Service ( Current Vs. Desired) Asset Renewal Strategies Robust Capital Investment Planning (CIP) Long Term Financial Planning Asset Maintenance Strategy Decision Making process Robust Risk Assessment - ISO 55000 (International standard for asset management) International Infrastructure Management Manuel (IIMM) Develop and Implement a Comprehensive AMP Based on Best Practices: General Fund FINANCIAL CHALLENGES 57 s e g n e l l a h C l a i c n a n i Operating expenditures are outpacing revenue growth Tax resistance: No desire to increase tax rate Reliance on unconditional grants: Grants have been inconsistent Significant infrastructure deficit Need to manage existing debt load F 58 2016 2015 19,923,206 2014 2013 2012 2011 2010 2009 2008 2007 18,742,621 2006 UNCONDITIONAL GRANT 30,000,00020,000,00010,000,000 2016 2015 120,141,178 2014 2013 2012 118,239,743 2011 2010 2009 2008 PROPERTY TAXES 2007 80,140,223 2006 Property taxes and unconditional grants 59 Property taxes: modest increase since 2013, projected to be flat or negative in 2017Unconditional grants: inconsistent 90,000,00080,000,00070,000,00060,000,000 130,000,000120,000,000110,000,000100,000,000 2016 0.58% 1.45% 2015 2014 0.33% 2013 2.55% 2012 4.14% 2011 3.22% 2010 5.36% 2009 6.98% 2008 6.54% Property taxes & Unconditional grants (Year over Year Increase %) 4.53% 2007 Property taxes & Unconditional grants 60 8.00%7.00%6.00%5.00%4.00%3.00%2.00%1.00%0.00% Expenditures 2021 Revenues Revenue growth is not keeping pace with expenditure growth Wages & benefits are increasing by an average of $2.3 Mil/year Fiscal Charges increase by $700K/year and will become stable if capital expenditure is under control (not more than $12 Mil/year) 5 Year Financial forecast 2017- 61 Key findings: Wage trends by employee groups 62 2015 117,930,000 2014 d 2013 n u F l 2012 a r e n 2015 2011 e G 2010 5 1 0 2 - 2009 6 DEBENTURE BALANCE 0 0 2 2008 t b e d 2007 m r e 54,788,800 2006 t g n - o L 63 Outstanding debenture balances 2006- 80,000,000 60,000,000 40,000,000 20,000,000 140,000,000 120,000,000 100,000,000 2025 129,107,008 102,707,003 2024 2023 5 2 2022 0 2 - 6 2021 1 0 2 2020 t s a c 2019 e r o f 2018 t b e d Projected Debenture Balances (12 Mil - City Share/year)Projected Debenture Balances (16 Mil - City Share/year) 2017 m r e 117,593,000 2016 t g 0 n o L 64 80,000,00060,000,00040,000,00020,000,000 140,000,000120,000,000100,000,000 Jan-16 Jul-15 2.822% Jan-15 Jul-14 Jan-14 Jul-13 Jan-13 Jul-12 Jan-12 Jul-11 Jan-11 Jul-10 Jan-10 Jul-09 Jan-09 Jul-08 Jan-08 Jul-07 AVERAGE YIELD Jan-07 Jul-06 Jan-06 Jul-05 Jan-05 Jul-04 Jan-04 Jul-03 Jan-03 5.630% Jul-02 Average yield from 2002 to 2016 65 6.000%5.000%4.000%3.000%2.000%1.000%0.000% 2016 Budget 16,031,173 2015 Budget 2014 Budget 2016 2013 Budget 2012 Budget 2011 Budget charges budget 2010 Budget Fiscal General Fund 2007- 2009 Budget 2008 Budget 2016 2007 11,625,571 Budget - Fiscal charges 66 Fiscal charges: Escalated fast during 2008-2012, slowed down and stabilized from 2013- 8,000,000 6,000,000 4,000,000 2,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 2025 17,779,053 20,420,720 2024 5 2023 2 0 2 - 7 2022 1 0 2 d 2021 n u F l a 2020 r e n e 2019 G s e 2018 g s r n a o i h t c 16,615,026 c 2017 l 16,698,026 Projected Fiscal Charges (3.5% Interest rate, $12 Mil Capital Expenditure (City Share)/Year)Projected Fiscal Charges (3.5% Interest rate, $16 Mil Capital Expenditure (City Share)/Year) e a j c o s r - i Fp 67 5,000,000 25,000,000 20,000,000 15,000,000 10,000,000 UTILITY FUND FINANCIAL CHALLENGES 68 2015 68.0 M 2014 2013 2012 2011 56.8 M 2010 2009 Outstanding Debt 2008 2007 44.3 M 2006 0 Water Utility Outstanding Debt 2006-2015 69 80,000,00070,000,00060,000,00050,000,00040,000,00030,000,00020,000,00010,000,000 2025 60,257,000 2024 2023 5 2 0 2022 2 - 5 2021 1 0 2 2020 t b e 2019 D d e 2018 Owing and Future Debt t c 106,583,000 e j 2017 o Debt r P 2016 d n a 2015 t n 0 e r r u C 70 80,000,00060,000,00040,000,00020,000,000 120,000,000100,000,000 Harbour Cleanup Completed in 2011 > $100MSafe Clean Drinking Water Project est. completion in 2018 >$200M These projects are Capital intensive and has increased the financial pressure on rate payers. Long Term Debt and Debt Management 71 Debt has grown and will continue to grow until 2018/19 Contributing factors to increase in debt: t n e m e g a n a M t b e D d n a t b e D m r e T g n Debt will peak at approx. $107 Million in 2018 upon completion of the Safe Clean Drinking Water project. The Utility will manage debt retirement strategically. Future capital investment will be part of the yearly capital renewal expenditures. Importance of developing a Long term debt and debt management plan. Need to link long term financial planning with debt and asset management. o L 72 2016 7,874,000 2015 2014 6 1 0 2013 2 - 7 0 2012 0 2 d 2011 n u Fiscal charges stable, benefit from F 2010 y t i l i 2016 t - 2009 U lower interest environment 2007 s 2008 e g r a 8,595,357 2007 h C l 0 Fiscal Charges a c s i F 73 8,000,0006,000,0004,000,0002,000,000 12,000,00010,000,000 2025 8,209,088 2024 2023 5 2 0 2022 2 - 7 1 0 2021 2 d n u 2020 F y t i 10,366,755 l i t 2019 U s 2018 e g s r n a 7,695,538 o h i t 2017 C c l e a j 0 c o s 3.5% Interest rate, $45 Mil Capital 2018 SCDWP, Pay as you go for future expenditures r i FP 74 Projected Fiscal Charges 8,000,0006,000,0004,000,0002,000,000 12,000,00010,000,000 g n i n n a l P l a i c n a n i F m r e T g n o L c i g e t a r t financial road map over 10-25 years Asset management plan will bring evidence based decision making on how City spends it Capital to ensure money is being spent in most effectively and efficiently. Debt Management plan and a Debt Management Policy will ensure that the City maintains a sound debt position that supports the long term financial objectives of the community S 75 BUDGET TIMELINE 76 e n i l e m i T t e g d u B g n i t a r e p O l a r e n e G 7 1 June 1, 2016: General Operating budget submission to Finance June to August 2016: Budget reviewSeptember 15, 2016: First draft budget to Council October 31, 2016: Second draft budget to Council November 30, 2016: Assessment information released by Province of New Brunswick (Estimate only) December 5, 2016: Third draft budget to Council December 12, 2016: Final budget to Council for approval 0 2 77 2017 Review submission Submitted to Council for information purposes Submitted Council for final approval Budget submission to Finance September Capital Budget Timelines General and Utility June 30 July October 17 October 31 78 e n i l e m i T t e g Third Reading d u B Budget Review g n i t Submitted for Council questions and Council a r Submitted to Council for information e p Draft Budget Submission O y t i l i t U June 30 July to September October 31 purposes November 14 approval. (First and Second Reading) November 28 7 1 0 2 79 Statements Public Sector Accounting & Consolidated Financial 80 ) s t Control of Municipalities Act n e m e t a t S l a i c n a n i F 81 Compliance with Legal Provisions Maintain an adequate system of Internal Control Full Disclosure of financial operations of Municipality Conform with Public Sector Accounting Standards Accounting & Reporting objectives (Municipal Financial Reporting Manual issued under the s e i t i t n e d e l l o r t n o C 7 City of Saint John General Operating fund City of Saint John Capital and Loan fund City of Saint John Water & Sewerage Utility Operating fund City of Saint John Water & Sewerage Utility Capital and Loan fund Saint John Parking Commission Saint John Transit Commission Saint John Non Profit Housing Inc. Saint John Development Corporation Saint John Industrial Parks Inc. 1 82 1.2.3.4.5.6.7.8.9.10. Harbour Station Commission 11. Saint John Aquatic Centre Commission 12. Saint John Trade & Convention Centre 13. Saint John Energy 14. Lord Beaverbrook Rink 15. Saint John Police Commission 16. Saint John Free Public Library 17. Saint John Jeux Canada Games Foundation, Inc. f o s m r e T t n e r r u C e e t t i m m o e C c e n c e r n e a f n e i FR 83 activities (annual financial statements, budget analysis) Monitor the audit process Assess the existence and adequacy of systems of corporate control and management of business risk. Administrative powers and duties: o t y t i n u t r o e pc n p e O r e f e e eR t f t i o m s m m r o e C T e d c n n a a Annual municipal operating and capital budget recommendation to Common Council Long term financial planning p n x i FE 84 Giving due consideration to and making recommendations to Council on the following subjects: Opportunity to expand the Finance Committee terms and conditions to include: ; reducing d e d n e m m o c e R e e e c t n t i e r m e f m e o R C f o e c s n m a r n i e FT 85 Developing financial expertise among members of the Finance Committee Giving direction to staff and working with staff to develop budgets and financial policies ! 86 u o Y k n a h T