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Priorities and Finance Committee July 19, 2016

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The July 19, 2016, Priorities and Finance Committee meeting included:

Q2 2016 Update on the Capital Infrastructure Investment Strategy

The Priorities and Finance Committee received an update on the progress of the Capital Infrastructure Investment Strategy and discussed items referred from Council’s Strategic Planning Meeting on June 27, 2016. The Priorities and Finance Committee recommends that Council direct Administration to proceed with presenting the 2016 capital recast to the Priorities and Finance Committee on Sept. 20, the 2017 capital budget recast, reprioritizing the capital budget and bringing forward the proposed reprioritization list to Council in Fall 2016; and, identifying and assessing opportunities to advance infrastructure investment that will promote private investment.

2015 Audited Financial Statements for Business Revitalization Zones

The Priorities and Finance Committee recommends that Council receive the 2015 Audited Financial Statements for all Calgary’s Business Revitalization Zones. The Committee also approved an amendment directing Administration to bring forward an annual report on the business plan, budget and governance activities identified in Action Plan 2015-2018 and return to SPC on CPS no later than Q2 2017.

The Province of Alberta passed enabling legislation in 1983 June to allow municipalities to establish BRZs. The provisions are now contained in Municipal Government Act (MGA) section 50, as amended, and BIA Regulation sections 2 to 7. Legislation requires Council to review the audited financial statements from each BRZ annually. Effective July 1, 2016, the reference to BRZ in the MGA has been replaced by the Business Improvement Area (BIA) Regulation.

Pension Governance Report

The Priorities and Finance Committee received an update on the Pension Governance Report and recommends that Council receive the report for information. The Corporate Pension Governance Committee annually brings forward a report to City Council on the state of Corporate Pensions based upon the reporting fundamentals of clarity, transparency and full disclosure.

LAPP and SFPP are multi‑employer plans governed by provincial legislation and individual trustee boards.

2015 Report on Reserves and Long Term Liabilities

The Priorities and Finance Committee recommends that Council receive the 2015 Report on Reserves and Long Term Liabilities for information. Reserves information is reported to the Priorities and Finance Committee and to Council in the annual Reserves Report for information purposes as per Council policy #CFO013. The report presents detail on all reserves and long term liabilities including the approval and authorization, funding sources, any conditions and restrictions on use as well as a summary of activity in each of the last five years.

The creation, use and management of reserve funds in a formalized financial reserve policy is a best practice and consistent feature of most large cities in Canada and the United States. A properly balanced approach to the planning and use of reserves is considered good financial management and is a key component of The City’s strong credit rating. Administration agreed to establish a website to ensure robust public information on reserves and long term liabilities is accessible to the public to ensure confidence and fulfill the need for transparency and accountability.

Investment Policy Amendment Report

The Priorities and Finance Committee recommends that Council approve the proposed amendments to the Investment Policy CFO007, and direct Administration to incorporate the approved amendments into the Council Policy Template in accordance with the Council Policy Program CC046 prior to being forwarded to Council, and forward to the July 25, 2016, Regular Meeting of Council, as an item of Urgent Business.

The Investment Advisory Committee recently completed an in‑depth Investment Strategy and Asset Mix Review. As a result, amendments to the Investment Policy are proposed to optimize investments. While the amendments are not considered to be major or wholesale in nature, they are important changes designed to enhance investment strategies, portfolio diversification, and risk management of City investments.

Subdivision and Development Appeal Board - Resignations

The Priorities and Finance Committee recommends that Council accept the resignation of two members of the Calgary Subdivision and Development Appeal Board effective July 1, 2016, and Sept. 1, 2016, respectively, and that they be thanked for their service; receive for information that the vacancies not be filled until the end of the year.

Audit Committee – Resignation

The Priorities and Finance Committee recommends that Council accept the resignation of Rajesh Ghosh as an elector member of the Audit Committee, and that he be thanked for his service; and direct that the position remain vacant until the 2016 Organizational Meeting of Council when Council will make regular appointments to the Audit Committee. The Committee also moved an amendment to the report and directed Administration to share the resumes of citizen applicants with the Chair of Audit Committee and forward as an item of urgent business to Council on July 25.

 


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