TAMRMS#: B06
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GPFC Recommendations: Annual Review of Financial Policies
Presented by: Diane McMordie, Director / CFO, Finance & Assessment Department
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RECOMMENDATION(S)
recommendation
1. That the revised version of policy C-FS-01 Financial Reserves, provided as an attachment to the November 4, 2019 agenda report titled “GPFC Recommendations: Annual Review of Financial Policies”, be approved.
2. That the revised version of policy C-FS-02 Investments, provided as an attachment to the November 4, 2019 agenda report titled “GPFC Recommendations: Annual Review of Financial Policies”, be approved.
3. That the revised version of policy C-FS-03 Debt Management, provided as an attachment to the November 4, 2019 agenda report titled “GPFC Recommendations: Annual Review of Financial Policies”, be approved.
4. That the revised version of policy C-FS-05 Budget and Taxation Guiding Principles, provided as an attachment to the November 4, 2019 agenda report titled “GPFC Recommendations: Annual Review of Financial Policies”, be approved.
5. That the revised version of policy C-FS-16 Municipal Fees and Charges, provided as an attachment to the November 4, 2019 agenda report titled “GPFC Recommendations: Annual Review of Financial Policies”, be approved.
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PURPOSE OF REPORT
Each year, Administration is required by Policy to review specific Council Financial Policies. All such Policies have been reviewed by Administration and proposed amendments are provided to Council for consideration. Some of the recommendations are based on specific Council motions and others are recommendations from administration for purposes of completeness and clarity.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
N/A
ALIGNMENT TO LEVELS OF SERVICE DELIVERY
Development of financial policies and procedures to ensure appropriate financial internal controls are in place. Fiscal responsibility is ensured through monitoring and compliance of policies and procedures.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On October 15, 2019 the Governance, Priorities and Finance Committee passed the following motion:
(AR-19-366)
That the Governance, Priorities and Finance Committee recommend to Council that amendments to the following Council Policies, provided as attachments to the October 15, 2019 Agenda Report titled “Annual Review of Financial Policies”, be approved:
C-FS-01 Financial Reserves
C-FS-02 Investments
C-FS-03 Debt Management
C-FS-05 Budget and Taxation Guiding Principles
C-FS-16 Municipal Fees and Charges
BACKGROUND AND DISCUSSION
Details of the recommended changes to each of the referenced policies were provided in a “Red-Lined” format to the Governance, Priorities and Finance Committee on October 15, 2019.
STAKEHOLDER COMMUNICATIONS OR ENGAGEMENT
None
IMPLICATIONS OF RECOMMENDATION(S)
Financial:
None at this time
Legal / Risk:
Recommended changes will ensure that Council policies are up to date, relevant, legislatively compliant, support best practice and reflect specific direction provided by Council.
Program or Service:
None at this time
Organizational:
None at this time
ALTERNATIVES AND IMPLICATIONS CONSIDERED
Council may choose to approve only some or none of the recommendations provided or may provide specific alternate direction for Administration to incorporate and bring back to the Governance Priorities and Finance committee or Council for further review or approval.
Implications: Some of the recommendations are related to previous Council direction and are required to be incorporated/excluded into/from the relevant Policies.
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Report Date: November 4, 2019
Author(s): Diane McMordie
Committee/Department: Finance & Assessment Department
Deputy Chief Administrative Officer: Kerry Hilts
Chief Administrative Officer: Kevin Scoble