Minutes - Finance Advisory Committee - 20240611
Town of Aurora
Finance Advisory Committee
Meeting Minutes
Date:
Time:
Location:
Tuesday, June 11, 2024
5:45 p.m.
Holland Room, Aurora Town Hall
Committee Members: Mayor Tom Mrakas (Chair)
Councillor Michael Thompson
Councillor Ron Weese
Other Attendees: Rachel Wainwright-van Kessel, Director, Finance
Jason Gaertner, Manager, Financial Management
Emily Freitas, Council/Committee Coordinator
_____________________________________________________________________
1. Call to Order
The Chair called the meeting to order at 5:45 p.m.
2. Land Acknowledgement
The Committee acknowledged that the meeting took place on Anishinaabe lands,
the traditional and treaty territory of the Chippewas of Georgina Island,
recognizing the many other Nations whose presence here continues to this day,
the special relationship the Chippewas have with the lands and waters of this
territory, and that Aurora has shared responsibility for the stewardship of these
lands and waters. It was noted that Aurora is part of the treaty lands of the
Mississaugas and Chippewas, recognized through Treaty #13 and the Williams
Treaties of 1923.
3. Approval of the Agenda
Moved by Councillor Thompson
Seconded by Ron Weese
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Tuesday, June 11, 2024 2
That the agenda as circulated by Legislative Services be approved.
Carried
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 May 14, 2024
Moved by Councillor Thompson
Seconded by Ron Weese
1. That the Finance Advisory Committee Meeting Minutes of May 14,
2024, be received for information.
Carried
6. Delegations
None.
7. Matters for Consideration
7.1 Memorandum from Financial Management Advisor; Re: Budget Review
Aurora Public Library
Bruce Gorman, CEO, and Julia Rocca, Finance Manager, from Aurora
Public Library, provided a brief overview and answered questions
regarding Aurora Public Library's budget review and 2022 audited financial
statements. Further details were provided regarding the cost-effective
strategies used, including its capital plan and reserves that will ensure the
growth of the facility, current financial position and key operational
pressure drivers including inflation, staff salary and benefits, and future
programming at Aurora Town Square.
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Tuesday, June 11, 2024 3
The Committee and Staff discussed the revenue differences between the
library’s audited financial statements due to accrual-based accounting and
variances in the budget over the years such as expenditures for digital
collections, potential budgetary pressures and impacts due to Town
Square.
Moved by Councillor Thompson
Seconded by Ron Weese
1. That the memorandum regarding the Budget Review of the Aurora
Public Library be received; and
2. That the Finance Advisory Committee comments regarding the Budget
Review of the Aurora Public Library be received and referred to staff
for consideration and further action as appropriate.
Carried
7.2 Memorandum from Financial Management Advisor; Re: Community Partner
Reserve Fund Policy
Staff presented an update on the Community Partner Reserve Fund Policy,
highlighting the policy’s proposed reserve regulations and guidelines for
reserve balances to ensure financial stability and to offer guidance in the
management of any excess reserve balances.
The Committee expressed support for the draft policy and further
discussed about various aspects such as the criteria for an acceptable
reserve and the requirements for boards to improve the creation of
reserves. There was further discussion regarding the calculation of the
total value of operating reserves, possibility of growing operating
expenses, analysis of expenditures by auditors, timelines of notifying the
organizations prior to the implementation of the policy, and the
adjustment of Community Partner reserves. Staff confirmed that the
Town’s applicable Community Partners will be consulted on the proposed
policy prior to its presentation to Council for consideration in the fall.
Moved by Councillor Thompson
Seconded by Ron Weese
Financial Advisory Committee Meeting Minutes
Tuesday, June 11, 2024 4
1. That the memorandum regarding Community Partners Reserves
Management Policy be received; and
2. That the Finance Advisory Committee comments regarding
Community Partners Reserve Management Policy be received and
referred to staff for consideration and further action as appropriate.
Carried
8. New Business
None.
9. Adjournment
Moved by Ron Weese
Seconded by Councillor Thompson
That the meeting be adjourned at 6:25 p.m.
Carried