MINUTES - Finance Advisory Committee - 20200128
Town of Aurora
Finance Advisory Committee
Meeting Minutes
Date: Tuesday, January 28, 2020
Time and Location: 5:45 p.m., Holland Room, Aurora Town Hall
Committee Members: Councillor John Gallo (Chair), Councillor Michael Thompson,
Mayor Tom Mrakas
Member(s) Absent: None
Other Attendees: Keith Taylor, Investment Manager, ONE Investment, Colin
Macdonald, Investment Services Manager, Municipal
Finance Officers’ Association of Ontario, David Waters,
Acting Chief Administrative Officer, Robin McDougall,
Director of Community Services, Rachel Wainwright-van
Kessel, Director of Finance, Jason Gaertner, Manager,
Financial Management Services, Tracy Evans, Financial
Management Advisor, Laura Sheardown, Financial
Management Advisor, Ishita Soneji, Council/Committee
Coordinator
Councillor Thompson called the meeting to order at 5:45 p.m.
Appointment of Committee Chair
Moved by Mayor Mrakas
Seconded by Councillor Thompson
That Councillor Gallo be appointed as Chair for Year 2020 of the Finance Advisory
Committee 2018-2022 Term.
Carried
Councillor Gallo assumed the Chair at 5:46 p.m.
Finance Advisory Committee Meeting Minutes
Tuesday, January 28, 2020 Page 2 of 4
1. Approval of the Agenda
Moved by Mayor Mrakas
Seconded by Councillor Thompson
That the agenda as circulated by Legislative Services be approved.
Carried
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 December 18, 2019
Moved by Councillor Thompson
Seconded by Mayor Mrakas
That the Finance Advisory Committee meeting minutes of December 18, 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 2, 1,
and 3.
1. Review of Detailed Financial Budget Information
Re: Community Services
Staff presented an overview of the line-by-line analysis and year-to-date
comparison of the final approved 2019 budget for the Community Services
department, including detailed explanations regarding the highlighted budget
Finance Advisory Committee Meeting Minutes
Tuesday, January 28, 2020 Page 3 of 4
variances. Staff responded to questions and provided details on the budget
variances for leases, federal grants, and tax rate stabilization contributions. It
was mentioned that the department has noted a recent history of revenue
surpluses and is working towards aligning its revenue budgets based on
historical trends, and noted that the Facilities budget would be streamlined in
the future.
Moved by Councillor Thompson
Seconded by Mayor Mrakas
1. That the comments and suggestions of the Review of Detailed Financial
Budget Information for Community Services be received and referred to
staff for consideration and action as appropriate.
Carried
2. FAC20-001 – FAC Review of Prudent Investor Regime
Staff provided an overview of the staff report providing details on the benefits of
investing under a prudent investor regime, modelling of the expected returns
under this regime, and comparison of historical rates of returns for various
investment portfolios as managed per the Legal List and the regime. It was
noted that quarterly reports to the Finance Advisory Committee has been added
to the draft investment policy. Mr. Keith Taylor, Investment Manager, ONE
Investment, and Mr. Colin Macdonald, Investment Services Manager, Municipal
Finance Officers’ Association of Ontario, presented a draft investment plan for
the Town’s funds not required immediately, and outlined the specific risk
tolerances and projected return on investments.
The Committee sought clarification on the annual return expectation range
mentioned in the Municipal Client Questionnaire and the probability of incurring
loss, and staff noted that a risk aversive investment plan could be considered
and updated as needed.
The Committee was in agreement with a report to a future General Committee
meeting and requested that a side-by-side comparison of the Town’s current
investment model’s historical returns and the new prudent investor regime
including the costs and risks, and information regarding ONE JIB’s cost
recovery framework be included in the forthcoming report to Council.
Finance Advisory Committee Meeting Minutes
Tuesday, January 28, 2020 Page 4 of 4
Moved by Mayor Mrakas
Seconded by Councillor Thompson
1. That Report No. FAC20-001 be received; and
2. That the comments and suggestions regarding the Prudent Investor
Regime be received and referred to staff to be incorporated into a report to
General Committee.
Carried
3. 2020 Work Plan for Finance Advisory Committee
Staff provided a brief overview of the work plan. The Committee requested that
the February 11, 2020 meeting be rescheduled due to lack of quorum on the
scheduled day, and staff agreed to follow up.
Moved by Councillor Thompson
Seconded by Mayor Mrakas
1. That the proposed 2020 Work Plan for the Finance Advisory Committee be
received; and
2. That the 2020 Work Plan be approved.
Carried
6. New Business
The Committee referred to Item 2 and suggested that background information on
the ONE Investment organization be included in forthcoming report to Council for
information purposes for the members of public.
7. Adjournment
Moved by Mayor Mrakas
Seconded by Councillor Thompson
That the meeting be adjourned at 6:50 p.m.
Carried