MINUTES - Finance Adivsory Committee - 20191218
Town of Aurora
Finance Advisory Committee
Meeting Minutes
Date: Wednesday, December 18, 2019
Time and Location: 5:00 p.m., Holland Room, Aurora Town Hall
Committee Members: Councillor Michael Thompson (Chair), Councillor John Gallo,
Mayor Tom Mrakas (departed at 6:15 p.m.)
Member(s) Absent: None
Other Attendees: Keith Taylor, Investment Manager, ONE Investment, Colin
Macdonald, Investment Services Manager, Municipal
Finance Officers’ Association of Ontario, Doug Nadorozny,
Chief Administrative Officer, Rachel Wainwright-van Kessel,
Director of Finance, Jason Gaertner, Manager, Financial
Management Services, Karen Oreto, Financial Analyst,
Laura Sheardown, Financial Analyst, Ishita Soneji,
Council/Committee Coordinator
Councillor Gallo was re-appointed to the Finance Advisory Committee at the Council
meeting of October 22, 2019.
The meeting time was changed to 5 p.m.
The Chair called the meeting to order at 5:05 p.m.
1. Approval of the Agenda
Moved by Councillor Gallo
Seconded by Mayor Mrakas
That the agenda as circulated by Legislative Services be approved.
Carried
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Wednesday, December 18, 2019 Page 2 of 4
2. Declarations of Pecuniary Interest and General Nature Thereof
There were no declarations of pecuniary interest under the Municipal Conflict of
Interest Act, R.S.O. 1990, c. M.50.
3. Receipt of the Minutes
Finance Advisory Committee Meeting Minutes of September 25, 2019
Moved by Mayor Mrakas
Seconded by Councillor Gallo
That the Finance Advisory Committee meeting minutes of September 25, 2019, be
received for information.
Carried
4. Delegations
None
5. Consideration of Items
The Committee consented to consider the items in the following order: Items 3, 2,
and 1.
1. Memorandum from Financial Management Advisor
Re: Review of Investment Policy Statement under Prudent Investor
Regime
Staff provided a brief overview of the memorandum and the process in
adopting the Prudent Investor Regime thus far noting that the investment
policy statement would outline the framework for long-term funds management
to be managed by ONE Joint Investment Board (JIB). Mr. Keith Taylor and Mr.
Colin Macdonald, representing ONE Investment and Municipal Finance
Officers’ Association of Ontario respectively, were present to respond to any
questions.
The Committee sought clarification on the ONE JIB process in determining the
funding strategy and framework, parameters of determining investment
Finance Advisory Committee Meeting Minutes
Wednesday, December 18, 2019 Page 3 of 4
specific risk tolerances, asset allocation and potential return on investments,
the reporting structure, and inquired about obtaining a legal opinion on Council
liability. Staff provided clarifications noting that ONE JIB would determine the
funding strategy specific to the Town based on the details provided in the
investment policy statement, municipal client questionnaire, and the current
financial circumstances communicated to ONE JIB.
The Committee requested further information regarding possible asset
allocations and best practices, projected return on investments and associated
risks, and suggested that in addition to an annual report to Council, a quarterly
report to the Finance Advisory Committee be provided as part of the process.
Moved by Councillor Gallo
Seconded by Mayor Mrakas
1. That the memorandum regarding Review of Investment Policy Statement
under Prudent Investor Regime, be received; and
2. That the comments and suggestions regarding the Review of Investment
Policy Statement under Prudent Investor Regime be referred to staff for
consideration and action as appropriate.
Carried
2. Memorandum from Project Management Office
Re: Town’s Major Capital Projects Update
Staff provided a status update of the Town’s current major capital projects,
noting that all projects are on schedule and on budget, and that staff is
currently working on delay claims regarding the Armoury project. The
Committee inquired about the possibility of sending notifications to residents
residing around the fire hall site and requested that the sign on the site be
updated upon award of contract and finalization of the new design.
Moved by Mayor Mrakas
Seconded by Councillor Gallo
1. That the memorandum regarding Town’s Major Capital Projects Update be
received for information.
Carried
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Wednesday, December 18, 2019 Page 4 of 4
3. Distribution and Introduction of Detailed Financial Budget Information
Re: Community Services Department
Staff noted that Robin McDougall, Director of Community Services would be
present at the next meeting to review the detailed budget information for the
Community Services department. The Committee requested that 2018 actual
and the most recent 2019 forecast amounts and variance explanations be
provided at the next meeting for discussion.
Moved by Councillor Gallo
Seconded by Mayor Mrakas
1. That the detailed financial budget information for community Services
Department be received and deferred for discussion and detailed review at
the January 21, 2020 meeting of the Finance Advisory Committee.
Carried
6. New Business
None
7. Adjournment
Moved by Councillor Gallo
Seconded by Councillor Thompson
That the meeting be adjourned at 6:16 p.m.
Carried