Minutes (Appointed) - Finance Advisory Committee - 20250121
Town of Aurora
Finance Advisory Committee
Meeting Minutes
Date:
Time:
Location:
Tuesday, January 21, 2025
5:45 p.m.
Holland Room, Aurora Town Hall
Committee Members: Mayor Tom Mrakas (Chair)
Councillor Harold Kim (Vice Chair)
Councillor Michael Thompson
Other Attendees: Sara Tienkamp, Director, Operational Services
Luigi Colangelo, Manager, Public Works
Matthew Volpintesta, Manager, Parks and Fleet
Rachel Wainwright-van Kessel, Director, Finance
Jason Gaertner, Manager, Financial Management
Elizabeth Adams-Quattrociocchi, Manager, Financial Reporting
and Revenue
Mohamedali Kamalia, Financial Management Advisor*
Linda Bottos, Council/Committee Coordinator
*Attended electronically
_____________________________________________________________________
1. Call to Order
The Council/Committee Coordinator called the meeting to order at 5:47 p.m.
Mayor Mrakas assumed the Chair at 5:48 p.m.
1.1 Appointment of Committee Chair
Moved by Councillor Thompson
Seconded by Councillor Kim
1. That Mayor Tom Mrakas be appointed as Chair of the Finance
Advisory Committee for a two-year term (2025-2026) .
Carried
Finance Advisory Committee Meeting Minutes
January 21, 2025 2
1.2 Appointment of Committee Vice Chair
Moved by Councillor Thompson
Seconded by Mayor Mrakas
1. That Councillor Harold Kim be appointed as Vice Chair of the Finance
Advisory Committee for a two-year term (2025-2026) .
Carried
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 Kim
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 October 8, 2024
Moved by Councillor Kim
Seconded by Councillor Thompson
Finance Advisory Committee Meeting Minutes
January 21, 2025 3
1. That the Finance Advisory Committee Meeting Minutes of October 8,
2024, be received for information.
Carried
6. Delegations
None.
7. Matters for Consideration
7.1 Memorandum from Manager, Financial Reporting and Revenue; Re: 2024
Audit Planning Report
Maria Khoushnood, Lead Audit Engagement Partner, KPMG, gave a
summary of the Town’s 2024 Audit Planning Report, highlighting key items
of the audit plan including the new accounting and auditing standards;
materiality calculation; involvement of actuarial specialist for employee
future benefits; risk assessment; standard inquiries for those charged with
governance; and the appendices. Andrew Grossi, Audit Senior Manager,
and Muhammad Saqib, Audit Senior Manager, KPMG, were also present.
In response to Committee inquiries, Maria Khoushnood provided
clarification on matters including the impact of the new PS 3400 standard
with respect to changes in revenue recognition and the new PSG 8
guideline which provides guidance for purchased intangibles; the future
impact of ESG (environmental, social and governance) reporting on
audited financial statements; and the requirement to include management
overrides and fraud risk from revenue recognition as considerations of the
audit plan, noting these items were not reported as findings.
Moved by Councillor Thompson
Seconded by Councillor Kim
1. That the memorandum regarding 2024 Audit Planning Report be
received; and
2. That the Finance Advisory Committee comments regarding 2024 Audit
Planning Report be received and referred to staff for consideration and
further action as appropriate.
Carried
Finance Advisory Committee Meeting Minutes
January 21, 2025 4
7.2 Memorandum from Senior Advisor, Financial Management; Re: Line by Line
Budget Review of Operational Services
Staff presented an overview of the comparison between the 2023 actuals
and the October 2024 forecast for the operating budget of Operational
Services, highlighting some of the external factors that have affected
Operations and those that may have an impact on the 2025 budget.
Staff responded to questions regarding the process for handling
unexpected asset expenditures greater than budgeted and their impact on
the Asset Management Plan; multi-year averaging to budget for items
such as salt, fuel, and salaries due to external factors including weather
and cost fluctuations; and the increased cost of insurance and impact of
events across the country.
Moved by Councillor Kim
Seconded by Councillor Thompson
1. That the memorandum regarding Line-by-Line Budget Review of
Operational Services be received; and
2. That the Finance Advisory Committee comments regarding Line-by-
Line Budget Review of Operational Services be received and referred
to staff for consideration and further action as appropriate.
Carried
7.3 Memorandum from Manager, Financial Management; Re: 2025 Finance
Advisory Committee Workplan
Staff provided a brief overview of the memorandum and workplan for
2025. The Committee suggested to include an item for review and
discussion regarding the economic outlook for the year and any potential
budget risks or impacts that may require proactive attention.
The Committee inquired about the Aurora Town Square partnership
budget and staff noted that a related report would be included on the
Committee of the Whole agenda next month, and staff would follow up
regarding key performance indicators related to attendance and revenue
for the Aurora Cultural Centre and Performance Hall later in the year.
Finance Advisory Committee Meeting Minutes
January 21, 2025 5
Moved by Councillor Thompson
Seconded by Councillor Kim
1. That the memorandum regarding 2025 Finance Advisory Committee
Workplan be received; and
2. That the Finance Advisory Committee comments regarding 2025
Finance Advisory Committee Workplan be received and referred to
staff for consideration and further action as appropriate.
Carried
8. New Business
Councillor Kim requested an update on the ONE JIB (Joint Investment Board)
membership, and staff advised that a number of municipalities have joined since
the fall, including the Region of Durham, and the Town’s Director, Finance has
joined the Board for the ONE Investment Fund beginning this year.
9. Adjournment
Moved by Councillor Kim
Seconded by Councillor Thompson
That the meeting be adjourned at 6:21 p.m.
Carried