Minutes (Appointed) - Finance Advisory Committee - 20240910
Town of Aurora
Finance Advisory Committee
Meeting Minutes
Date:
Time:
Location:
Tuesday, September 10, 2024
5:45 p.m.
Holland Room, Aurora Town Hall
Committee Members: Mayor Tom Mrakas (Chair)
Councillor Michael Thompson
Councillor Ron Weese
Other Attendees: Doug Nadorozny, Chief Administrative Officer
Rachel Wainwright-van Kessel, Director, Finance
Robin McDougall, Director, Community Services
Jason Gaertner, Manager, Financial Management
John Firman, Manager, Business Support Services
Philip Rose, Manager, Library Square
Tracy Evans, Advisor, 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.
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Tuesday, September 10, 2024 2
3. Approval of the Agenda
Moved by Ron Weese
Seconded by Councillor Thompson
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 June 11, 2024
Moved by Councillor Thompson
Seconded by Ron Weese
1. That the Finance Advisory Committee Meeting Minutes of June 11,
2024, be received for information.
Carried
6. Delegations
None.
7. Matters for Consideration
7.1 Memorandum from Financial Management Advisor; Re: Budget Review of
Community Services
Staff provided a brief overview and answered questions regarding the
operating budget of Community Services and the forecast for 2024,
highlighting key components including program delivery expenses,
impacts on operational costs, and facility maintenance and repair costs.
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Tuesday, September 10, 2024 3
The Committee and Staff discussed changes to the availability of
community grants and inquired about further information around grants
and sponsorships in the budget review, when revenue will be reported in
terms of the opening of Aurora Town Square, variances in community
programming revenue, changes in revenue projections due to fluctuations
in rentals and vacancies, the increase cost for services and consultants,
and spending on departmental training courses.
Moved by Councillor Thompson
Seconded by Ron Weese
1. That the memorandum regarding the Budget Review of Community
Services be received; and
2. That the Finance Advisory Committee comments regarding the Budget
Review of Community Services be received and referred to staff for
consideration and further action as appropriate.
Carried
7.2 Memorandum from Financial Management Advisor; Re: Prudent Investor
Update
Staff provided a brief update on the Town's prudent investor investments
since transferring funds to the ONE Joint Investment Board (JIB) and
presented the quarterly statements for 2024, discussing the expansion of
JIB as the organization shifts towards an Outsourced Chief Investment
Officer model, the wide variety of funds becoming available, and the
increase in investment opportunities.
The Committee and Staff discussed moving forward with the current
investment strategy, the use of data to increase reserves and determine
how much will be included in the user rate and tax levy, and how to
mitigate investment returns to offset future increases.
Moved by Ron Weese
Seconded by Councillor Thompson
1. That the memorandum regarding the Prudent Investor Update be
received; and
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Tuesday, September 10, 2024 4
2. That the Finance Advisory Committee comments regarding the
Prudent Investor Update be received and referred to staff for
consideration and further action as appropriate.
Carried
8. New Business
None.
9. Adjournment
Moved by Councillor Thompson
Seconded by Ron Weese
That the meeting be adjourned at 6:11 p.m.
Carried