MINUTES - Finance Advisory Committee - 20220509 1
Town of Aurora
Finance Advisory Committee
Meeting Minutes
Date:
Time:
Location:
Monday, May 9, 2022
5:45 p.m.
Video Conference
Committee Members: Mayor Tom Mrakas (Chair)
Councillor Harold Kim
Councillor Michael Thompson
Other Attendees: Rachel Wainwright-van Kessel, Director of Finance
Jason Gaertner, Manager, Financial Management
Ishita Soneji, Council/Committee Coordinator
_____________________________________________________________________
1. Call to Order
The Chair called the meeting to order at 5:51 p.m.
2. Land Acknowledgement
The Committee acknowledged that the meeting took place on the traditional
territory of the Anishinaabe, the Haudenosaunee, and the Wendat peoples whose
presence here continues to this day. It was noted that Aurora is part of the treaty
lands of the Mississaugas of the Credit and the Williams Treaties First Nations,
and we thank them for sharing the land.
3. Approval of the Agenda
Moved by Councillor Thompson
Seconded by Councillor Kim
That the agenda as circulated by Legislative Services be approved.
Carried
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4. 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.
5. Receipt of the Minutes
5.1 Finance Advisory Committee Meeting Minutes of February 8, 2022
Moved by Councillor Kim
Seconded by Councillor Thompson
That the Finance Advisory Committee meeting minutes of February 8,
2022, be received for information.
Carried
6. Delegations
None.
7. Matters for Consideration
7.1 Memorandum from Financial Management Advisor; Re: 2022 Prudent
Investor Regime Review
Staff provided a brief overview of the memorandum. The Committee and
staff discussed about various aspects of the Prudent Investor Regime
including the appropriateness and timing of pursuing investing under this
regime based on the current condition of the investment market. The
Committee further sought clarification regarding the ONE JIB Investment
compensation process including costs and expenses and the liquidity
regulations and flexibility, and staff provided clarifications.
The Committee expressed overall support for the initiative and suggested
that information regarding historical performance record of Town
investments be provided in the upcoming report to General Committee.
Moved by Councillor Kim
Seconded by Councillor Thompson
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1. That the memorandum regarding 2022 Prudent Investor Regime
Review be received; and
2. That the Finance Advisory Committee comments regarding 2022
Prudent Investor Regime Review be received and referred to staff for
consideration and further action as appropriate.
Carried
7.2 Memorandum from Manager, Financial Management; Re: Town of Aurora
Debt Management Update
Staff provided an overview of the memorandum and summary of various
short-term and long-term debt financing initiatives. The Committee
expressed overall support for the initiatives. There was discussion
regarding the importance of debt financing in relation with the various
investment initiatives of the Town. The Committee sought clarification
regarding the factors affecting the status of debt obligation, and staff
noted that a Debt Management Policy is being developed which will
include further details regarding debt obligation and will be brought for the
Committee's input to the next Finance Advisory Committee meeting.
Moved by Councillor Thompson
Seconded by Councillor Kim
1. That the memorandum regarding Town of Aurora Debt Management
Update be received; and
2. That the Finance Advisory Committee comments regarding the Town
of Aurora Debt Management Update be received and referred to staff
for consideration and further action as appropriate.
Carried
7.3 Memorandum from Project Management Office; Re: Town's Major Capital
Projects Update
Staff provided an overview of the memorandum highlighting aspects of
the ongoing major capital projects. The Committee referred to the Aurora
Town Square Project and inquired about the consultant fees variance and
if the variance is intended to change, and staff agreed to follow up. The
Committee further inquired about the new targeted turn-over date for the
Aurora Public Library, and staff provided a response.
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The Committee referred to the Join Operations Centre additional work and
inquired about the impact on the budget status due to the upcoming
storage buildings sub-project, and staff agreed to follow up.
Moved by Councillor Kim
Seconded by Councillor Thompson
1. That the memorandum regarding Town’s Major Capital Projects
Update be received for information.
Carried
8. New Business
None.
9. Adjournment
Moved by Councillor Kim
Seconded by Councillor Thompson
That the meeting be adjourned at 6:47 p.m.
Carried