The Dec. 13, 2016, Priorities and Finance Committee meeting included:
Calgary Municipal Land Corporation Internal Loan Request
The Committee directed Administration to prepare a loan bylaw to support a loan of up to $57.5 milllion dollars and requested in be forwarded to the December 19, 2016, Council Meeting as an urgent business item. The Committee recommended Council give first reading to the loan bylaw. The funds will be used for the construction of a parking structure. The City’s internal loan will assist CMLC in making a significant contribution to The City’s East Village Redevelopment Plan.
2016 Triennial Reserves Review Report
The Committee approved the proposed changes to the Triennial reserves. The changes help to streamline administration of reserves and, where required, update reserve purposes, conditions and restrictions to Council and the general public. Reserves are part of good management that allows for funds to be either spent judiciously over time or to ensure service levels are maintained and not immediately impacted by potential downturns in the economy. The Triennial Reserve Review process helps The City become a more effective organization by ensuring its reserves are being managed properly and effectively.
Progress Report Update - Stage Gating, Capital and Contingency
The Committee recommended that Council direct Administration to continue its work regarding the implementation of a capital budgeting process that aligns to the stage gating, project risk management, estimation and contingency standards and report back to the Priorities and Finance Committee prior to the end of December 2017. The recommendation supports Administration’s ongoing work to develop a comprehensive and value added project management and infrastructure investment approach for The Corporation.
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