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HomeMy WebLinkAboutFin & Corp Svcs - 2005-01-31 SFINANCE & CORPORATE SERVICES COMMITTEE MINUTES January 31, 2005 CITY OF KITCHENER The Finance and Corporate Services Committee met this date, commencing at 9:10 p.m. Present: Chair - Councillor B. Vrbanovic Mayor C. Zehr and Councillors C. Weylie, J. Smola, J. Gazzola M. Galloway and G. Lorentz Staff: C. Ladd, Chief Administrator Officer P. Houston, General Manager, Financial Services & City Treasurer S. Sosnoski, General Manager, Corporate Services & City Clerk G. Stewart, General Manager, Development and Technical Services R. Browning, Interim General Manager, Strategic Services F. Pizzuto, General Manager, Community Services R. LeBrun, Manager of Budget and Financial Services R. Pitfield, Director Corporate Communications/Marketing R. Gosse, Director of Legislated Services L. Proulx, Director of Facilities Management D. Quinn, Director of Utilities K. Currier, Director of Operations J. McBride, Director of Traffic and Parking J. Witmer, Director of Building K. Baulk, Director, Enterprises D. Gilchrist, Committee Administrator The purpose of this special meeting was to give final consideration to the 2005 Operating and Capital Budgets and the 10 Year Capital Forecast 2005-2014. Councillor Vrbanovic commented that municipal councils across the country are facing many challenges, including amongst other things: downloading from senior levels of government, and an ever-increasing infrastructure deficit. The municipal budget document is as much a visioning document as it is a financial document. Historically, the City of Kitchener has looked to its future needs, and has recognized the value of such facilities as libraries and community centres for the community's well being, as well as trying to maintain reasonable tax rate increases. He appealed to the Committee, through this final consideration of the 2005 Budget, to consider value as well as cost. He also spoke of the Economic Development Investment Fund established last year by this Council, noting this is not the first time the City of Kitchener has invested in its future. He spoke of comparative household costs for Waterloo, Cambridge and Kitchener, noting the City of Kitchener is the least expensive. Councillor Vrbanovic concluded by noting the challenges facing the City in 2006, the mechanisms in place for this purpose, and the work to be undertaken starting immediately. FIN-05-004 - FINAL REVIEW OF 2005 OPERATING AND CAPITAL BUDGETS AND 10 YEAR CAPITAL FORECAST 2005-2014 Ms. Houston provided the Committee with an overview, noting: the cumulative tax rate history, the assessment growth history, cumulative assessment growth and comparisons of tax rates and inflation increases. Ms. Houston advised the tax rate increase required for the City's operations, excluding the levy for the Economic Development Investment Fund, is 5.19% lower than inflation (CPI). She also advised the household CPI, from November to November was 2.2%, whereas the City's CPI was 3.37%. Upon questioning by Councillor Gazzola, Ms. Houston noted the rate of inflation for construction is 5.8% and a substantial portion of the tax levy is used to pay for construction. Mayor Zehr commented that legitimately a high percentage of the levy pays for capital construction, and the CPI for the Region is 4%. Ms. Houston continued with her overview noting household comparisons of costs for the Cities of Kitchener, Waterloo and Cambridge. With respect to the cost per household for Regional Transit, Ms. Houston advised the Region is equalizing transit costs across the three municipalities, so taking into consideration all expenses Kitchener is now the least costly of the three urban municipalities. Mayor Zehr advised that since the year 2000, when responsibility for public transit was transferred to the Region, it was always intended there be a common rate for transit across the benefiting municipalities. A formula has been devised with respect to access to the transit system. This year 93% of each municipality's population will be within 450 metres of a January 31, 2005 FINANCE & CORPORATE SERVICES COMMITTEE MINUTES - 27 - CITY OF KITCHENER FIN-05-004 - FINAL REVIEW OF 2005 OPERATING AND CAPITAL BUDGETS AND 10 YEAR CAPITAL FORECAST 2005-20147 CONT'D transit stop; consequently, the portion of the Regional levy for transit has been equalized for the three urban municipalities. Ms. Houston next reviewed the 10 year rate impact projections required to accommodate the increase in the City's Operating costs for new capital projects and growth, for the years 2006- 2014. She noted these estimates do not include administrative costs. Ms. Houston advised the value to the City of 1% increase in the levy is $722,000, and the impact on the average household having a value of $183,000 is $8.07. The levy change required, based on the Budget as presented thus far, would be 4.42%. CENTRE IN THE SQUARE AND KITCHENER PUBLIC LIBRARY The Committee considered the 2005 Capital and Operating Budgets for the Centre In the Square and the Kitchener Public Library. Councillor Gazzola put forward a motion to reduce each of these Boards' Budgets by $25,000, stating his belief that it is necessary to reduce the increase in the tax levy to 1.9%, being the inflation rate, or at least 2.3%. A discussion took place as to the actual rate of inflation. Mayor Zehr commented on the direction given to the Administration in preparing this year's Budget, and that they have presented a Budget which meets the guidelines. Further discussion centred on the appropriate way of considering Budget cuts. Councillor J. Gazzola's motion to reduce the overall 2005 budgets for the Centre In The Square and the Kitchener Public Library by $25,000 each, was voted on and lost. On motion by Mayor C. Zehr it was resolved: "That the 2005 Capital and Operating Budgets for the Centre In The Square, as recommended by the Administration, be approved." On motion by Councillor G. Lorentz it was resolved: "That the 2005 Capital and Operating Budgets for the Kitchener Public Library, as recommended by the Administration, be approved." 2005 CAPITAL BUDGET & 10 YEAR CAPITAL FORECAST 2005-2014 The Committee considered capital projects not finally decided in previous Budget meetings, and Ms. Houston confirmed all but one of these projects has been included in the yearly totals in the 10 Year Capital Forecast. She then explained the funding sources for the Capital Pool, and a discussion took place with respect to transfers from the Hydro Capital Investment Reserve; it being noted this reserve should never be in a negative position. A discussion took with respect to the Fuel Tax Allocations, the projections having been made on the assumption that 50% of the allocation will come to the City and the other 50% to the Region. Ms. Houston advised if this assumption is not realized, the Capital Forecast will have to be revisited, and staff is developing a plan as to which projects can be removed from the Forecast. The Committee then considered repairs to the Duke and Ontario Streets Parking Garage. Mr. Stewart advised the consequences of not undertaking the repairs this year will mean barricading portions of the garage. The project is in the design phase now, and staff will be ready to proceed in 2-3 months. Mr. McBride advised a report concerning consultant selection for the parking garage repairs will be presented to the Development and Technical Services Committee on February 7, 2005. He also advised that a Downtown Parking Plan will be presented in April of this year. January 31, 2005 FINANCE & CORPORATE SERVICES COMMITTEE MINUTES - 28 - CITY OF KITCHENER FIN-05-004 - FINAL REVIEW OF 2005 OPERATING AND CAPITAL BUDGETS AND 10 YEAR CAPITAL FORECAST 2005-20147 CONT'D Mayor Zehr put forward a motion that this item be included in the Capital Forecast, but that final approval to undertake the work not be given prior to consideration of the Downtown Parking Plan. Councillor Gazzola questioned whether the City has ever considered selling this asset, and a brief discussion on this suggestion took place. On motion by Mayor C. Zehr it was resolved: "That the costs for the Duke and Ontario Streets Parking Garage Post Tensioning Tendon Repairs be included in years 2005 to 2012 of the 10 Year Capital Forecast 2005- 2014, as recommended by the Administration; and further, That final approval to commence these repairs not be given until staff submit a Downtown Parking Plan and a report on the potential for selling the Duke and Ontario Streets Parking Garage." The Committee next discussed the Budget Issue Paper regarding the Employee Development Program and Mr. R. Browning provided an overview noting the funding request is for $25,000 for each of the years 2005, 2006 and 2007. Councillor J. Gazzola asked if any funding for employee development comes from the Sick Leave Reserve. Ms. Houston advised that in 2004 supervisor training and the Employee Assistance Program were funded from this reserve. Councillor Gazzola advised that he would not support the request as he feels there are sufficient funds currently available for the program. On motion by Mayor C. Zehr it was resolved: "That the Corporate Employee Development Plan be approved and added to the Capital Budget with funding of $25,000 per annum for 2005, 2006 and 2007." The Committee considered the Budget Issue Paper requesting a budget increase for the Downtown Resource Centre. Mr. Pizzuto advised the new Downtown Resource Centre, which in part will replace the current Victoria School Senior's Centre, will be located in the former St. Mary's High School. Currently thrrr a capital budget in place, but it has been determined an increased amount is required. He explained the budget is divided between building capital improvements and operating capital. Due to on-going building component replacement, furnishing additions and replacement, staff are recommending an increase of $61,586 and $34,411, over the ten year period for building and operating capital budgets respectively. In response to questions form Councillor Gazzola, Mr. Pizzuto advised the City will pay the Waterloo Catholic District School Board $1.00 per year to lease the space for the Downtown Resource Centre, for the next 99 years. The Capital Budget for this Centre is similar to other community centres, with the following differences: the centre is larger, the City is a tenant, and there will be capital obligations for improvements. Staff is not fully aware of the costs associated with these capital obligations at this time. Councillor Gazzola raised a concern over the fact that the capital budget for the project has doubled from what was originally proposed yet little detail as to the increased costs have been provided. On motion by Councillor J. Smola it was resolved: "That the request to increase the capital budget and forecast for the Downtown Resource Centre be approved as follows: $61,586 - Building capital contingency $34,411 - Operations capital." January 31, 2005 FINANCE & CORPORATE SERVICES COMMITTEE MINUTES - 29 - CITY OF KITCHENER FIN-05-004 - FINAL REVIEW OF 2005 OPERATING AND CAPITAL BUDGETS AND 10 YEAR CAPITAL FORECAST 2005-20147 CONT'D The Committee reviewed the Budget Issue Paper with respect to the construction of a connecting trail to the 401 Pedestrian Bridge, being part of the Trans Canada Trail. A discussion took place concerning the relationship between the Trans Canada Trail and the Walter Bean Trail, and financing arrangements for the Walter Bean Trail. On motion by Mayor C. Zehr it was resolved: "That the $97,196 cost to construct the connecting trail to the 401 Pedestrian Bridge be reallocated from the year 2007 to the year 2005 of the 10 Year Capital Forecast 2005- 2014." The Committee considered additional information provided this date with respect to the request of K-W Counselling Services for a capital grant of $100,000. A discussion took place with respect to the delays experienced by this organization in the final site selection, the cost of remedial work on this site, and this group's initial funding request, which was in excess of $100,000. On motion by Councillor C. Weylie it was resolved: "That the request of K-W Counselling Services for a capital grant in 2005 of $100,000 to assist with their costs in constructing a new facility be approved." The Committee considered the Budget Issue Paper with respect to capital funds required for sidewalks on Regional roads. Mr. Stewart advised staff is discussing the transfer of the responsibility of sidewalks on Regional roads with the Region, which he anticipates will take place in 2006. To move forward in this direction will also involve discussions with the City of Waterloo. Historically, the City has budgeted $100,000 a year; however, this year $250,000 is required. On motion by Councillor J. Gazzola it was resolved: "That $250,000 be included only in the year 2005 of the 10 Year Capital Forecast 2005- 2014 for sidewalks on Regional Roads, until an agreement to transfer this work to the Region has been reached." The Committee next considered the inclusion of a new central maintenance facility in the Capital Forecast. Councillor Smola recommended the requested funding be included in the forecast, but that the Maple Leaf site not be the only location considered. A discussion took place as to whether the proposed facility is required, whether the proposed location is appropriate, and whether $30M should be included in the Capital Forecast at this time. Councillor Smola suggested there are still options to consider with respect to location, and there is still opportunity for discussion on whether the maintenance facility should be consolidated. Mr. Sosnoski responded to questions, advising the City has been considering the need for a new central maintenance facility for the past 20 years. In order for a new facility to be completed by 2007, a decision must be made today, or very shortly, as 2 years of hard work are required before a new facility can be completed. Mr. Sosnoski advised staff have considered 12 possible sites, and would not have recommended any other site. If a decision is not made in the immediate future, a facility will not be ready by 2007. If a different site is chosen, 3 years lead time will be required. Further, any contaminated sites will cost substantially more as remediation will be required. Mayor Zehr commented that discussions on another site can take place soon; however, a time limit for discussions needs to be established. He suggested a March 31st deadline. Mr. L. Proulx suggested such a deadline could be accommodated but would make timelines very tight. It was generally agreed to consider possible land acquisition matters for the central maintenance facility at the Council Caucus meeting to be held later this date. January 31, 2005 FINANCE & CORPORATE SERVICES COMMITTEE MINUTES - 30 - CITY OF KITCHENER FIN-05-004 - FINAL REVIEW OF 2005 OPERATING AND CAPITAL BUDGETS AND 10 YEAR CAPITAL FORECAST 2005-20147 CONT'D A recorded vote was requested. On motion by Councillor J. Smola it was resolved: "That funding for a central maintenance facility be included in the 10 Year Capital Forecast 2005-2014, as recommended by the Administration; and further, That staff consider other possible locations for a central maintenance facility." In Favour: Smola, G. Weylie Mayor C. Zehr and Councillors J. Lorentz, B. Vrbanovic J. Gazzola, C. Contra: Councillor M. Galloway Ms. Houston review those projects, both Engineering and Non-engineering, to be financed from the Development Charges Reserve Fund, and those Development Charge Projects to be financed with credit. She advised there are 2 separate funds, and each has its own priority ranking Ms. Houston presented those projects to be financed in 2005 by debenture, noting that road resurfacing will be a 10 year issue and the remainder of the projects will be a 15 year issue. Mayor C. Zehr declared a pecuniary interest with respect to the 'Stonegate Drive Slope Stabilization', as he owns property adjacent to this slope, and did not participate in any discussion or voting on this matter. On motion by Councillor C. Weylie it was resolved: "That the 2005 Capital Budget and 10 Year Capital Forecast 2005-2014, as recommended by the Administration and amended this date, be approved; except for the Debenture Financing for the 'Stonegate Drive Slope Stabilization'." On motion by Councillor J. Smola it was resolved: "That 2005 debenture issue for 15 years to finance the Stonegate Drive Slope Stabilization, as recommended by the Administration, be approved." Recorded Pecuniary Interest & Abstention: Mayor C. Zehr disclosed a pecuniary interest and abstained form all discussion and voting concerning this matter as he owns property adjacent to the slope. 2005 OPERATING BUDGET The Committee next considered those Operating Budget items not yet finally decided by them. The Committee was in receipt of a Budget Issue Paper outlining the funding request of the Business Enterprise Centre. Councillor Gazzola put forward a motion not to provide the additional $25,000 in base funding for the Business Enterprise Centre in 2005, as previously recommended by the Committee on January 17, 2005, which was voted on and lost. Councillor Gazzola referred to the Budget Issue Paper concerning groups requesting greater increases in their 2005 grants. He suggested $40,000 be cut from the total amount, and put forward a motion to reduce the requested grant for the Kitchener-Waterloo Performing Arts Association/Theatre and Company to $30,000; which was voted on and lost. January 31, 2005 FINANCE & CORPORATE SERVICES COMMITTEE MINUTES - 31 - CITY OF KITCHENER FIN-05-004 - FINAL REVIEW OF 2005 OPERATING AND CAPITAL BUDGETS AND 10 YEAR CAPITAL FORECAST 2005-20147 CONT'D The Committee considered a Budget Issue Paper providing options with respect to the timing and funding for the Urban Design Awards. On motion by Councillor C. Weylie it was resolved: "That the Urban Design Awards remain bi-annual and the Mike Wagner Heritage Awards become bi-annual and be combined as one bi-annual Planning Awards program, potentially including Environmental Awards; with annualized costs of $5,500, and an increase of $2,500 to the 2005 Operating Budget." The Committee next considered possible reduction to the 2005 Operating Budget, and Mayor Zehr recommended approval of the following: adjustment of penalty and interest revenue, a $20,000 reduction for Sports Tourism Bids, and an adjustment in the dividend from the Kitchener Power Corporation. With respect to penalty and interest revenue, Ms. Houston advised staff have reviewed the projected revenue and the current recommendation is based on the actual experience. On motion by Mayor C. Zehr it was resolved: "That Penalty and Interest Revenue be increased by $100,000 in the 2005 Operating Budget." On motion by Mayor C. Zehr it was resolved: "That the 2005 Operating Budget for Sports Tourism Bids be reduced by $20,000." Mayor Zehr advised that in addition to the debt payment on the investment, the City receives a dividend from the Kitchener Power Corproation,which is likely to continue into the future, and could be in the range of $500,000. He recommended including $250,000 of income as a line item in the budget. On motion by Mayor C. Zehr it was resolved: "That additional dividend income of $250,000 from Kitchener Power Corporation be included in the 2005 Operating Budget." Councillor J. Gazzola put forward a motion that "Other Expenses" in the Operating Budget be adjusted by 1%. Ms. Houston responded that the Budget has been adjusted by $108,000 or 4.68%, and can not accommodate any further reductions. Councillor Galloway suggested 1% is too much to accommodate and recommended a 0.5% reduction in "Other Expenses". Councillor Gazzola's motion to reduce "Other Expenses" by 1% was voted on and lost. Councillor Galloway's motion to reduce "Other Expenses" by 0.5% was voted on and lost. The Committee considered reductions in full-time equivalents and generally agreed that savings in staffing are being achieved through the Gapping Program. The Committee then debated a recommendation from Councillor Gazzola to reduce the levy for the Economic Development investment Fund to 1.25%. It was suggested by some that this fund is the only way to deal with revitalizing the Downtown, and investment is necessary in order to reap the rewards. Further, the public was informed of Council's intentions to establish this fund last year through a public consultation process and through the media. A recorded vote was requested. January 31, 2005 FINANCE & CORPORATE SERVICES COMMITTEE MINUTES - 32 - CITY OF KITCHENER FIN-05-004 - FINAL REVIEW OF 2005 OPERATING AND CAPITAL BUDGETS AND 10 YEAR CAPITAL FORECAST 2005-20147 CONT'D On motion by Councillor J. Gazzola- "That the 2005 levy for the Economic Development Investment fund be reduced to 1.25%." In favour: Councillor J. Gazzola Contra: Mayor C. Zehr and Councillors J. Smola, G. Lorentz, B. Vrbanovic, M. Galloway and C. Weylie Motion Lost. Councillor J. Gazzola advised he had put forward the suggestion that a reduction in the Communication budget could be considered. He further advised that when the Communications Division was first established, there was a concern that it would grow beyond its mandate, incurring unforeseen costs. He suggested this is the case currently as the Division is now involved in marketing and promotion and the budget could be reduced, although he has no supporting rationale at this time as to an amount. Councillor Gazzola put forward a motion to reduce the Communications Division budget by $100,000. Councillor G. Lorentz suggested that a broad-brush approach to budget reductions was not advisable and perhaps this year the Division should be reviewed as to its mandate with the idea of a budget reduction, keeping in mind the need to communicate with the community. Councillor Galloway advised that although he agreed with some of the statements made by Councillor Gazzola, there is a process in place through the Audit Committee and the CAO to review the Division, which should be done over the next 12 months; then a discussion should take place as to any budget reductions. Councillor Galloway suggested a formal motion directing that a review of the Division take place would be more appropriate. Councillor Gazzola withdrew his motion regarding a reduction in the Communications Division budget. Councillor Galloway put forward a motion to include the Communications Division in the 2005 initial review of City operations. Mayor C. Zehr advised the Audit Committee needs to deal with various City functions and not necessarily review specific departments and/or divisions. Councillor Lorentz suggested that the CAO report back to the Committee on the appropriate action to be taken with respect to reviewing the Communications Division. On motion by Councillor C. Weylie it was resolved "That the motion by Councillor M. Galloway directing that a review of the Communications Division take place in 2005 be deferred pending a report from the Chief Administrative Officer regarding options to be considered and the appropriate action to be taken with respect to the Divisional review." Councillor Gazzola questioned projected and actual surpluses for some of the City's Enterprises, and transfers of some of these surpluses to the City's Reserves and Reserve Funds. He recommended the transfer of an additional $500,000 from the Tax Stabilization Reserve Fund. It was generally agreed the Committee would review the City's Enterprises first, then the Reserves, at which time Councillor Gazola's motion will be considered. With respect to the 5 year Gas Works Projections, Mr. Quinn stated he believes the projected actuals are correct. He explained the variables affecting supply and demand and ultimately profits. January 31, 2005 FINANCE & CORPORATE SERVICES COMMITTEE MINUTES - 33 - CITY OF KITCHENER FIN-05-004 - FINAL REVIEW OF 2005 OPERATING AND CAPITAL BUDGETS AND 10 YEAR CAPITAL FORECAST 2005-20147 CONT'D The Committee next considered the 5 year Projections for Water and the Sanitary Utility. Mr. Quinn advised the City must adjust to evolving legislation from the province. Referring to the Sustainable Water and Sewer Act, Mr. Quinn stated the City must be able to cover its costs, and only when there are surpluses can the increase in rates be reduced. A recorded vote was requested. On motion by Mayor C. Zehr it was resolved: "That effective March 1,2005, the water rate be set at $1.0736 per cubic metre and the sewer rate be set at $1.0273 per cubic metre." In support: Mayor C. Zehr and Councillors J. Smola, G. Lorentz, B. Vrbanovic, M. Galloway and C. Weylie Contra: Councillor J. Gazzola The Committee considered the 2005 Budget for the Building Enterprise. Ms. Houston stated this is a new enterprise, and as we move forward, any surplus will have to be used to reduce fees. Staff advised that to the best of their knowledge, all permissible expenses have been included. Councillor Gazzola questioned whether this enterprise pays taxes as do other enterprises and Mr. Witmer responded the province has not indicated that taxes are an eligible expense. On Motion by Councillor G. Lorentz it was resolved: "That 2005 Budget for the City's Enterprises as recommended by the Administration, be approved." The Committee considered an increase in the mileage rate for staff who use their own vehicles for City Business. Councillor G. Lorentz moved the mileage rate as recommended by staff. Councillor Gazzola recommended consideration of the mileage rate be deferred to the next Finance and Corporate Services Committee, pending receipt of further information from staff; which was voted on and lost. On motion by Councillor G. Lorentz it was resolved: "That the mileage rate per kilometre be increased to $0.42 for the first 5,000 km and $0.36 for each additional km., effective February 1,2005, based on CCRA tiered rates." The Committee considered the 2005 Budgets for the City's Reserves and Reserve Funds. Ms. Houston noted detailed revenues and expenditures for these reserves have been provided to members of the Committee. Questions were raised and discussions took place concerning: closing out the Working Capital Reserve to the Tax Stabilization Reserve Fund; depreciation rates for the Equipment Reserve Fund; and the $1.1M of expenditures in 2005 for the Asset Management Reserve Fund. Ms. Houston was directed to bring forward a report on the depreciation rates used for the Equipment Reserve Fund sometime during the year. Councillor Gazzola recommended an additional $500,000 be transferred from the Tax Stabilization Reserve Fund. Ms. Houston advised that in previous years, before Building January 31, 2005 FINANCE & CORPORATE SERVICES COMMITTEE MINUTES - 34 - CITY OF KITCHENER FIN-05-004 - FINAL REVIEW OF 2005 OPERATING AND CAPITAL BUDGETS AND 10 YEAR CAPITAL FORECAST 2005-20147 CONT'D become an enterprise, there were operating surpluses. Now there is a lot less flexibility to handle such things as a harsh winter, tax write-offs, and shortfalls in investment income. Mayor Zehr suggested the City has to make certain it doesn't end up in great difficulty, and it will already face a challenge in 2006. He stated he would agree to the transfer of an additional $100,000 from the Tax Stabilization Reserve Fund for this year only. Councillor Vrbanovic commented on the challenges to be addressed next year which will include an increase of 1% or more for the OMERS pension plan contributions. A recorded vote was requested On motion by Councillor J. Gazzola - "That an additional $500,000 be transferred each year from the Tax Stabilization Reserve Fund." In Favour: Councillor J. Gazzola Contra: Mayor C. Zehr, and Councillors J. Smola, G. Lorentz, B. Vrbanovic, M. Galloway and C. Weylie Motion Lost. On motion by Mayor C. Zehr it was resolved: "That and additional $100,000 be transferred from the Tax Stabilization Reserve Fund in 2005." Mayor Zehr stated the Operations challenge was generally met, and certain functions can be dealt with through the Audit Committee. He commented that all costs related to projects were not complete, and staff was directed to do more detailed work on their business cases and budgets in future. On motion by Mayor C. Zehr it was resolved: "That the 2005 Operating Budget as recommended by the Administration, and amended by the Finance and Corporate Services Committee, be approved." On motion by Mayor C. Zehr it was resolved: "That the 2005 Capital Budget and 10 Year Capital Budget 2005-2014, as recommended by the Administration and amended by the Finance and Corporate Services Committee, be approved." Councillor Vrbanovic thanked the staff of the Financial Services Department for their hard work in preparing the 2005 Budgets. 2. ADJOURNMENT On motion, the meeting adjourned at 1:45 p.m. Dianne Gilchrist Committee Administrator