Finance and Corporate Services

Committee Minutes

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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

1.
Commencement

 

The Finance and Corporate Services Committee held a meeting this date commencing at 2:05 p.m.

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

30 m
 

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 byMayor B. Vrbanovic

    it was resolved:

    "That the Asset Management Plans for the City’s non-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

30 m
This item has attachments. 
1.Reserve Fund Policy Update - FIN-2024-222.pdf
2.Attachment A- Reserve Fund Policy.pdf

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.

Councillor P. Singh left the meeting at this time.

  • On motion byCouncillor 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

 

6.
Adjournment

 

On motion, this meeting adjourned at 2:39 p.m.

 

Dianna Saunderson
Manager of Council/Committee Services & Deputy Clerk

No Item Selected