HomeMy WebLinkAboutFCS Minutes - 2024-05-13
Finance and Corporate Services
Committee Minutes
May 13, 2024, 2:00 p.m.
Council Chambers - Hybrid
City of Kitchener
200 King Street W, Kitchener, ON N2G 4G7
Present: Mayor B. Vrbanovic
Councillor S. Davey
Councillor D. Schnider
Councillor J. Deneault
Councillor C. Michaud
Councillor A. Owodunni
Councillor P. Singh
Councillor B. Ioannidis
Councillor M. Johnston
Councillor D. Chapman
Councillor S. Stretch
Staff: D. Chapman, Chief Administrative Officer
M. May, General Manager, Community Services and Deputy
Chief Administrator
J. Readman, General Manager, Development Services
J. Lautenbach, Chief Financial Officer, Financial Services
R. Hagey, Director, Financial Planning
K. Fischer, Director, Financial Reporting & ERP Solutions
B. Wakelin, Manager, Infrastructure Asset Planning
D. Saunderson, Deputy Clerk
M. Blake, Committee Administrator
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1. Commencement
The Finance and Corporate Services Committee held a meeting this date
commencing at 2:05 p.m.
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2. Disclosure of Pecuniary Interest and the General Nature Thereof
None.
3. Consent
3.1 None.
4. Discussion Items
4.1 Asset Management Plans, Non-Core Assets, FIN-2024-208
The Committee considered the Financial Service Department report FIN-2024-
208, dated May 1, 2024 recommending approval of the proposed Asset
Management Plans for non-core City asset management plans.
Brad Wakelin, Manager, Asset Management, presented the report and responded
to questions from the Committee. Ryan Hagey, Director, Financial Planning was
also in attendance to respond to questions from the Committee.
Councillor P. Singh entered the meeting at this time.
Councillor A. Owodunni left the meeting at this time.
On motion by Mayor B. Vrbanovic
it was resolved:
-core assets as
outlined in the Financial Services Department report FIN-2024-208 be
approved; and further,
That Policy GOV-COR-506 Corporate Asset Management as attached to
Report FIN-2024-208 be approved."
Carried
4.2 Reserve Fund Policy Update, FIN-2024-222
The Committee considered Financial Service Department report FIN-2024-222,
dated May 13, 2024 recommending and amendment to Reserve Fund Policy
FIN-RES-770 as well as fund transfers from the Tax Stabilization Reserve Fund
to the Investment Stabilization Reserve Fund and the Tax Capital Reserve Fund.
Councillor A. Owodunni re-entered the meeting at this time.
Katie Fischer, Director, Financial Reporting & ERP Sol, presented the report and
responded to questions from the Committee.
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Councillor P. Singh left the meeting at this time.
On motion by Councillor B. Ioannidis
it was resolved:
"That Policy FIN-RES-770 Reserve Funds be amended as identified in the
Financial Service Department report FIN-2024-222; and,
That funds in the amount of $400,863 be transferred from the Tax
Stabilization Reserve Fund to the Investment Stabilization Reserve Fund;
and further,
That funds in the amount of $4,488,866 be transferred from the Tax
Stabilization Reserve Fund to the Tax Capital Reserve Fund."
Carried
5. Information Items
5.1 Strategic Plan Update - April 2024 Implementation, CAO-2024-220
6. Adjournment
On motion, this meeting adjourned at 2:39 p.m.
Dianna Saunderson
Manager of Council/Committee Services & Deputy Clerk
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