Minutes (Appointed) - Finance Advisory Committee - 20250415
Town of Aurora
Finance Advisory Committee
Meeting Minutes
Date:
Time:
Location:
Tuesday, April 15, 2025
5:45 p.m.
Holland Room, Aurora Town Hall
Committee Members: Mayor Tom Mrakas (Chair)
Councillor Harold Kim
Councillor Michael Thompson
Other Attendees: Doug Nadorozny, Chief Administrative Officer*
Rachel Wainwright-van Kessel, Director, Finance
Jason Gaertner, Manager, Financial Management
Sandeep Dhillon, Advisor, Financial Management
Laura Sheardown, Financial Management Advisor
Ishita Soneji, Deputy Town Clerk
Julia Shipcott, Council/Committee Coordinator
*Attended electronically
_____________________________________________________________________
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.
Finance Advisory Committee Meeting Minutes
April 15, 2025 2
3. Approval of the Agenda
Moved by Councillor Thompson
Seconded by Councillor Kim
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 February 18, 2025
Moved by Councillor Kim
Seconded by Councillor Thompson
1. That the Finance Advisory Committee meeting minutes of February 18,
2025, be received for information.
Carried
6. Delegations
None.
7. Matters for Consideration
7.1 Memorandum from Senior Advisor, Financial Management; Re: Proposed
Water and Wastewater Rate Strategy
Sandeep Dhillon, Senior Advisor, Financial Management presented an
overview of current rate structures related to the delivery of water and
wastewater services and outlined two alternative rate structure options
introduced to share the burden equitably across all customers. The
Committee inquired on the percentage of residents who will see a rate
increase, the current percentage of inactive/vacant properties, the
Finance Advisory Committee Meeting Minutes
April 15, 2025 3
potential impact of senior's home residents being charged independently
as opposed to collectively, and the method of tallying the meter charge,
and staff provided responses.
The Committee shared concerns that those residents conserving through
lower water consumption will see an increase and inquired on opportunities
available to engage residents and capture feedback for a future Council
meeting, prior to implementation in 2027. Committee members shared their
option preferences, and staff identified next steps for proceeding.
Moved by Councillor Kim
Seconded by Councillor Thompson
1. That the memorandum regarding the Proposed Water and Wastewater
Rate Structure be received; and
2. That the Finance Advisory Committee comments regarding the
proposed water and wastewater rate structure be received and referred
to staff for consideration and further action as appropriate.
Carried
7.2 Memorandum from Financial Management Advisor; Re: Annual Investment
Policy Review
Staff provided an overview of the memorandum pertaining to
administrative changes in terminology, and additions of alternative
investment and restricted special assets sections to the policy.
The Committee inquired as to whether short-term investments with Money
Not Required Immediately (MNRI) are allowed, and requested clarification
of an MNRI's term, and staff provided a response.
Moved by Councillor Thompson
Seconded by Councillor Kim
1. That the memorandum regarding the annual investment policy review
be received; and
2. That the Finance Advisory Committee comments regarding the annual
investment policy review be received and referred to staff for
consideration and further action as appropriate.
Carried
Finance Advisory Committee Meeting Minutes
April 15, 2025 4
7.3 Memorandum from Manager, Financial Management Services; Re: Financial
Risk Assessment – Possible US Tariffs
Staff provided an overview of the memorandum pertaining to potential
exposure based on possible US Tariffs.
The Committee inquired on the outlook of current investments, and staff
clarified with an explanation of current strategies implemented to limit
losses and avoid tariffs thus far. The Committee further reported on an
upcoming enactment of trade-barrier legislation.
Moved by Councillor Kim
Seconded by Councillor Thompson
1. That the memorandum regarding the Financial Risk Assessment of
Possible US Tariffs be received; and
2. That the Finance Advisory Committee comments regarding the
Financial Risk Assessment of Possible US Tariffs 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 Councillor Kim
That the meeting be adjourned at 6:21 p.m.
Carried