MINUTES - Finance Advisory Committee - 20210608 1
Town of Aurora
Finance Advisory Committee
Meeting Minutes
Date:
Time:
Location:
Tuesday, June 8, 2021
5:45 p.m.
Video Conference
Committee Members: Councillor Harold Kim (Chair)
Mayor Tom Mrakas
Councillor Michael Thompson
Other Attendees: Doug Nadorozny, Chief Administrative Officer
Rachel Wainwright-van Kessel
Jason Gaertner, Manager, Financial Management
Laura Sheardown, Advisor, Financial Management
Sandeep Dhillon, Advisor, Financial Management
Ishita Soneji, Council/Committee Coordinator
_____________________________________________________________________
1. Procedural Notes
This meeting was held electronically as per Section 19. i) of the Town's
Procedure By-law No. 6228-19, as amended, due to the COVID-19 situation.
That Chair called the meeting to order at 5:46 p.m.
2. Approval of the Agenda
Moved by Mayor Mrakas
Seconded by Councillor Thompson
That the agenda as circulated by Legislative Services, be approved.
Carried
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3. 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.
4. Receipt of the Minutes
4.1 Finance Advisory Committee Meeting Minutes of May 11, 2021
Moved by Councillor Thompson
Seconded by Mayor Mrakas
That the Finance Advisory Committee meeting minutes of May 11, 2021,
be received for information.
Carried
5. Delegation
None.
6. Matters for Consideration
6.1 Memorandum from Financial Management Advisor; Re: Prudent Investor
Update
Staff provided an overview of the memorandum noting the intent to restart
the process to invest under the Prudent Investor regime through joining
the ONE Joint Investment Board (JIB). Staff noted that the associated
investment policy will be brought forward for Committee's consideration
at a future meeting in 2021.
The Committee inquired about the Town's total investment portfolio value
and available operating funds for investment, and staff provided
clarification. The Committee further inquired about the overall status and
performance of the ONE JIB and other municipalities currently with the
JIB, and staff noted that performance data will be included in upcoming
updates to the Committee and is also available on the ONE Investment
website. The Committee sought clarification on the redemption conditions
as discussed at previous Committee meetings and suggested that more
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detailed information regarding the redemption operating terms and
structure be included.
Moved by Councillor Thompson
Seconded by Mayor Mrakas
1. That the memorandum regarding Prudent Investor Update be received;
and
2. That the Finance Advisory Committee comments regarding Prudent
Investor be received and referred to staff for consideration and further
action as appropriate.
Carried
7. New Business
None.
8. Adjournment
Moved by Councillor Thompson
Seconded by Mayor Mrakas
That the meeting be adjourned at 5:58 p.m.
Carried