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HomeMy WebLinkAboutFIN 04-25Report to Council Report Number: FIN 04-25 Date: March 24, 2025 From: Stan Karwowski Director, Finance & Treasurer Subject: Banking and Financial Authorities File: F-1000-001 Recommendation: 1. That the Director, Finance & Treasurer be authorized and directed to undertake any and all activities, including the execution and signing of agreements and contracts, necessary to undertake, safeguard and ensure the financial affairs and banking of the City, including, but not limited to, those items and activities indicated in Attachment 1, Section A; 2. That the Mayor, Director, Finance & Treasurer, Division Head, Finance, Deputy Treasurer and Manager, Accounting Services be named Signing Officers for the purposes of conducting the financial affairs and banking of the City of Pickering, and that any two of them be authorized to undertake such activities in Attachment 1, Section B and any one of them be authorized to undertake the activities outlined in Attachment 1, Section C; 3. That the draft By-law included as Attachment 2 be adopted to appoint James Halsall as a Deputy Treasurer; and 4. That the appropriate officials of the City of Pickering be authorized to take the necessary actions as indicated in this report. Executive Summary: The purpose of this report is to update the City’s signing officers to reflect position changes in the Finance Department. At the same time, with the incumbent Manager, Accounting Services retirement, a new appointment as a Deputy Treasurer was required for the purpose of legislative duties. Relationship to the Pickering Strategic Plan: The recommendations in this report respond to the Pickering Strategic Plan Corporate Key to Deliver on Good Governance – Customer Service Excellence. Financial Implications: Adoption of the recommendations by Council will have no financial consequences. Discussion: The banking and financial authorities are established in the City and are provided for reference in Attachment 1. Report FIN 04-25 March 24, 2025 Subject: Banking and Financial Authorities Page 2 From time to time there may be a need to revisit and update to provide for changes in the Finance Department that occur with position changes or staff leaving. As a result, the appointments of the City’s signing officers need to be updated to include the Division Head, Finance and remove Manager, Budgets & Internal Audit. In addition, with the upcoming retirement Kristine Senior, Manager, Accounting Services, James Halsall, is to be appointed Deputy Treasurer for the City. Adoption of the recommendations will provide for both of these changes to take place. Attachments: 1. Banking and Financial Authority 2. Draft By-law to Appoint James Halsall as a Deputy Treasurer Prepared By: Approved/Endorsed By: Original Signed By: Original Signed By: Kristine Senior Stan Karwowski Manager, Accounting Services Director, Finance & Treasurer Recommended for the consideration of Pickering City Council Original Signed By: Marisa Carpino, M.A. Chief Administrative Officer Attachment 1 to Report FIN 04-25 City of Pickering Banking and Financial Authority Section A 1. Appoint the bankers of the Corporation, hereinafter referred to as “the bank” and any other financial institution. 2. To manage funds, including making investments under the appropriate legislation and Council approved Investment Policy, transferring funds, and borrowing money or otherwise obtaining credit from the bank or through another financial institution upon the credit of the Corporation by way of loans, advances, overdraft or otherwise. 3. To execute the bank’s, financial institution’s or lender’s form of agreement as to the operation and verification of the accounts of the Corporation; and also to execute any agreement with or authority to same relating to the banking business of the Corporation whether generally or with regard to any particular transaction (including, without limitation, instruction and information by telephone and fax) such that all acts and things done and documents executed on behalf of the Corporation as hereinbefore authorized may be relied upon by the bank or other financial institution and shall be valid and binding upon the Corporation whether or not the corporate seal of the Corporation has been affixed to any such document. 4. To provide the bank or other financial institution with a copy of this resolution and a list of the names of the persons authorized by this resolution to do any act or thing, together with specimens of their signatures, to be acted upon by each branch of the bank with which any dealings are had by the Corporation until notice to the contrary or of any change therein has been given in writing to the Manager or Acting Manager of such branch. Section B 1. To make, sign, draw, accept, endorse, negotiate, lodge, deposit or transfer all or any cheques, promissory notes, drafts, acceptances, bills of exchange, orders and forward exchange, whether or not an overdraft is thereby created in any account of the Corporation; also to execute any authority to any officer of the bank to accept and/or pay all or any drafts or bills of the Corporation; also to execute any authority to any officer of the bank to accept and/or pay all or any drafts, bills of exchange or promissory notes on behalf of the Corporation; also to execute receipts for and orders relating to any property of the Corporation held by or on behalf of the bank or financial institution. 2.To mortgage, hypothecate, charge, pledge, assign, transfer or otherwise create a security interest in or give security under the Bank Act or otherwise upon any or all currently owned or subsequently acquired real or personal, movable or immovable property of the Corporation including book debts, rights, powers, franchises and undertaking to secure any present or future indebtedness or liability of the Corporation to the bank or other financial institution or lender. 3.To do all acts and things and execute all documents requisite to give security to the bank or other financial institution or lender whether by mortgage, hypothecation, charge, pledge, assignment, transfer or otherwise, including, without limiting the generality of the foregoing, security upon accounts receivable, bills, notes and other negotiable instruments, securities (as defined in the Bank Act), warehouse receipts, bills of lading and mortgage security under the Bank Act, the National Housing Act or any other Act. Section C 1.To negotiate or deposit with or transfer to the bank or other financial institution (but for the credit of the Corporation’s account only) all or any cheques, promissory notes, drafts, acceptances, bills of exchange and orders for the payment of money, and for such purpose to draw, sign or endorse the same, or any of them, or to deliver the same, or any of them, to the bank endorsed with the name of the Corporation by any device; also to receive all paid cheques and other debit vouchers charged to any account of the Corporation and to execute the bank’s form of receipt therefor. Attachment 2 to Report FIN 04-25 The Corporation of the City of Pickering By-law No. XXXX/25 Being a by-law to appoint James Halsall as a Deputy Treasurer for The Corporation of the City of Pickering Whereas pursuant to Section 286(2) of the Municipal Act, 2001, as amended the Council may appoint a Deputy Treasurer who shall have all the powers and duties of the Treasurer under this and every other Act; Now therefore the Council of The Corporation of the City of Pickering hereby enacts as follows: 1. That James Halsall is hereby appointed Deputy Treasurer of The Corporation of the City of Pickering for purposes of legislative duties. 2. By-law No. 5731/00 is hereby repealed. By-law passed this 24th day of March, 2025. Original Signed By: ________________________________ Kevin Ashe, Mayor Original Signed By: ________________________________ Susan Cassel, City Clerk