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Home My WebLink AboutNovember 26, 2001 Finance (10 am) City o0 Finance Committee Meeting Minutes _CI 121 Monday,November 26, 2001 at 10:00 a.m. Chair: Councillor Holland PRESENT: Mayor Wayne Arthurs COUNCILLORS: M. Holland ALSO PRESENT: T. Quinn -"Chief Administrative Officer G. Paterson - Director, Corporate Services & Treasurer T. Galinis - General Manager, Ajax/Pickering Transit N. Killens - Manager, Transit Services D. Kearns - Committee Coordinator (I) ADOPTION OF MINUTES Regular Meeting of October 22, 2001 (II) MATTERS FOR CONSIDERATION 1. CORPORATE SERVICES REPORT CS 32-01 CLOSURE OF THE MILLENNIUM ACCOUNT Approved See Recommendation #1 2. CORPORATE SERVICES REPORT CS 43-01 ESTABLISHMENT OF WORKERS' COMPENSATION RESERVE FUND Approved See Recommendation #2 By-law Forwarded to Council 3. CORPORATE SERVICES REPORT CS 44-01 VACATION PAY RESERVE AND RESERVE FOR INVENTORY Approved See Recommendation #3 • 4. CORPORATE SERVICES REPORT CS 41-01 VERIDIAN—INTER-CREDITOR AGREEMENT Approved See Recommendation #4 5. CORPORATE SERVICES REPORT CS 36-01 SECTION 442/443 OF THE MUNICIPAL ACT - ADJUSTMENT TO TAXES Approved See Recommendation #5 - 1 - Cite/ oie Finance Committee Meeting Minutes r =-j' Monday,November 26, 2001 at 10:00 a.m. Chair: Councillor Holland 6. CORPORATE SERVICES REPORT CS 38-01 BEAUBIEN COMMISSION Approved See Recommendation #6 7. CORPORATE SERVICES REPORT CS 39-01 2002 INTERIM SPENDING AUTHORITY Approved See Recommendation #7 8. CORPORATE SERVICES REPORT CS 40-01 2002 TEMPORARY BORROWING BY-LAW Approved See Recommendation #8 By-law Forwarded to Council (III) STAFF ITEMS FOR DISCUSSION 1. The Director, Corporate Services & Treasurer, distributed copies of Report CS 45-01, concerning Acquisition of Buses. Approved See Recommendation #9 (IV) OTHER BUSINESS 1. Councillor Holland questioned the Chief Administrative Officer on the timetable for the 2002 Budgets. (V) ADJOURNMENT The meeting adjourned at 10:36 a.m. - 2 - Cali o 2 A Appendix I Finance Committee Report o wa si t1 e[ FC-2001-3 That the Finance Committee of the City of Pickering having met on November 26, 2001, presents its third report to Council and recommends: 1. CORPORATE SERVICES REPORT CS 32-01 CLOSURE OF THE MILLENNIUM ACCOUNT That Report CS 32-01 of the Director, Corporate Services & Treasurer, concerning the Closure of the Millennium Account, be received for information and as there are no outstanding cash balances or bills due in the Millennium Account the matter be considered closed. 2. CORPORATE SERVICES REPORT CS 43-01 ESTABLISHMENT OF WORKERS' COMPENSATION RESERVE FUND 1. That Report CS 43-01 from the Director, Corporate Services & Treasurer, concerning the Establishment of Workers' Compensation Reserve Fund, be received; and 2. That Council approve the establishment of a Workers' Compensation Reserve Fund; and 3. That the attached By-law be read three times and passed; and 4. That the appropriate officials of the City of Pickering be authorized to take the necessary actions to give effect thereto. 3. CORPORATE SERVICES REPORT CS 44-01 VACATION PAY RESERVE AND RESERVE FOR INVENTORY 1. That Report CS 44-01 of the Director, Corporate Services & Treasurer regarding Vacation Pay Reserve and Reserve for Inventory, be received; and 2. That the Vacation Pay Reserve be closed and the estimated balance of $441,350 be transferred to the Self-Insurance Reserve; and 3. That the Reserve for Inventory be closed and the estimated balance of $245,271 be transferred to Reserve for Rate Stabilization; and 4. That the appropriate officials of the City of Pickering be authorized to take the necessary actions to give effect thereto. 4. CORPORATE SERVICES REPORT CS 41-01 VERIDIAN—INTER-CREDITOR AGREEMENT 1. That Report Number CS 41-01, of the Director, Corporate Services & Treasurer, regarding Veridian—Inter-Creditor Agreement, be received; 2. That the Mayor and Clerk be authorized to execute an Inter-Creditor Agreement in a form as attached hereto between the Bank of Nova Scotia, the Town of Ajax, the City of Belleville, the Municipality of Clarington, the City of Pickering, Veridian Corporation and Veridian Connections Inc. confirming the subordinated ranking of municipality held Promissory Notes to the senior debt financing to be issued by Veridian Corporation; 3. The Chief Administrative Officer and the Director, Corporate Services & Treasurer be authorized to undertake any discussions, negotiations or amendments to agreements - 3 - City 00 Appendix I • •,w41_411,=-.1 Finance Committee Report til��. 1 IOC FC-2001-3 necessary in order to put into effect he wishes of Council as expressed under these and previous Resolutions regarding this matter; and 4. That appropriate officials of the City of Pickering be given authority to give effect thereto. 5. CORPORATE SERVICES REPORT CS 36-01 SECTION 442/443 OF THE MUNICIPAL ACT - ADJUSTMENT TO TAXES , 1. That Report CS 36-01, regarding Section 442/443 of the Municipal Act — Adjustment to Taxes; be received 2. That write-offs of taxes due to change in assessment as provided under Section 442 of the Municipal Act R.S.O. 1990 as amended, be approved; and 3. That appropriate officials of the City of Pickering be authorized to take the necessary actions to give effect thereto. 6. CORPORATE SERVICES REPORT CS 38-01 BEAUBIEN COMMISSION That Report CS 38-01 of the Director, Corporate Services & Treasurer, regarding Beaubien Commission, be received for information. 7. CORPORATE SERVICES REPORT CS 39-01 2002 INTERIM SPENDING AUTHORITY 1. That Report CS 39-01 of the Director, Corporate Services & Treasurer, regarding 2002 Interim Spending Authority, be received; and 2. That the 2002 Interim Operating Expenditures be approved at 50% of the prior years' budget including exceptions as contained in Attachment 1, pending approval of the formal 2002 Current Budgets by Council; and 3. That the appropriate City of Pickering officials be authorized to take the necessary actions to give effect thereto. 8. CORPORATE SERVICES REPORT CS 40-01 2002 TEMPORARY BORROWING BY-LAW 1. That Report CS 40-01 of the Director, Corporate Services & Treasurer, regarding 2002" Temporary Borrowing By-law, be received; and 2. That the temporary borrowing limit to meet 2002 current expenditures pending receipt of taxes and other revenues be established at $21,000,000 for the period January 1, 2002 to September 30, 2002 inclusive, and $10,000,000 thereafter until December 31, 2002; and 3. That the temporary borrowing limit for capital purposes for 2002 be established at $12,000,000; and 4. That the attached By-law be read three times and passed; and 5. That the appropriate officials of the City of Pickering be authorized to take the necessary actions to give effect thereto. - 4 - Citit 00 _ Appendix I i ;- Finance Committee Report a'et FC-2001-3 9. CORPORATE SERVICES REPORT CS 45-01 ACQUISITION OF BUSES 1. That Report CS 45-01 from the Director, Corporate Services & Treasurer; concerning Acquisition of Buses, be received; and 2. a) That Council approve the acquisition of one refurbished GMC bus from Eastway Ontario Inc. at a cost of approximately $42,250 (plus applicable taxes) to replace the Orion VI bus that is undergoing extended repairs; and b) That this bus be leased to the Ajax/Pickering Transit Authority (APTA) until approximately October, 2002 and then a buyout provision be included in that lease; and c) That all terms and conditions of the purchase, lease and disposition of bus to be leased to APTA be subject to the approved of the Chief Administrative Officer and the Director, Corporate Services & Treasurer of the City of Pickering; and 3. A second 1983 GMC bus be purchased from Eastway Ontario Inc. with the cost to be split 50/50 with the Town of Ajax; and 4. The appropriate officials of the City of Pickering be authorized to take the necessary actions to give effect thereto. - 5 -