Budget Committee of the Whole Meeting
Agenda

BCW#01-24

Tuesday, May 28, 2024 at 1:30 P.m. - 4:30 P.m.

Council Chambers

225 East Beaver Creek Road

Richmond Hill, Ontario

Chair, Joe DiPaola, Regional and Local Councillor

PUBLIC NOTICE

City facilities are open to the public to attend Council and Committee meetings. The public can observe meetings of Council and Committees by attending in-person or by viewing the livestream of the open session part of these meetings which can be accessed on the City’s website (Richmondhill.ca) or on the City’s YouTube page (linked from the City’s homepage).

Public Comments: The public may submit written correspondence regarding agenda items by email to [email protected]. Written correspondence must be submitted by 12 p.m. (noon) one business day before the meeting. Comments submitted will be provided to all Members of Council, are considered as public information and will be included on the public agenda posted to the City's website.

Delegations: Any person who wishes to speak to Council on agenda items must pre-register with the Office of the Clerk by 12 p.m. (noon) one business day before the meeting. Applications to appear as a delegation can be submitted by email to [email protected] or by using the on-line application form found on Richmondhill.ca. Delegations can be in person, or electronically by video conference or telephone. The Office of the Clerk will provide instructions on appearing as a delegation.

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1.

Call to Order

2.

Adoption of Agenda

3.

Disclosures of Pecuniary Interest and General Nature Thereof

4.

Delegation(s)

5.

Scheduled Business

5.1

SRCFS.24.017 - Year-End Operating Results as of December 31, 2023

- Presentation by Gigi Li, Director, Financial Services and Treasurer

(Please note, this will be a 20 minute presentation)

• a) That the 2023 Operating Results overview be received for information purposes;

  b) That the 2023 Operating Budget carryforward items of $296,700 listed in Appendix “B” to staff report SRCFS.24.017, be approved and carried over to the 2024 Operating Budget;

  c) That the surplus allocation and deficit funding as detailed in Appendix “C” to staff report SRCFS.24.017, be approved:

  1. 2023 Operating Fund surplus of $5,904,890 be allocated as follows:
     • $3,491,900 transferred to the Tax Rate Stabilization Reserve for the surplus related to investment income
     • $1,206,495 transferred to the Tax Rate Stabilization Reserve
     • $1,206,495 transferred to the Community Enhancement and Economic Vitality Reserve Fund
  2. 2023 Water & Wastewater Fund surplus of $84,181 be transferred to the Water Rate Stabilization Reserve; and
  3. 2023 Stormwater Management Fund deficit of $83,461 be funded from the Water Quality Protection Reserve Fund

5.2

SRCFS.24.016 – 2023 Investment Portfolio Results

- Presentation by Gigi Li, Director, Financial Services and Treasurer

(Please note, this will be a 10 minute presentation)

• a) That staff report SRCFS.24.016 regarding the 2023 Investment Portfolio Results, be received for information purposes;

  b) That the updated Investment Policy be approved as provided in Appendix “D” to staff report SRCFS.24.016.

5.3

SRCFS.24.021 - 2023 Reserve and Reserve Fund Status

• a) That staff report SRCFS.24.021 regarding the 2023 Reserve and Reserve Fund Status be received for information purposes;

  b) That for administration purposes, the following reserve re-alignments be approved:

  1. The Inspection Reserve be amalgamated with the Engineering Review Fees Reserve;
  2. The Roads and Bridge Investment Fund be merged with the Infrastructure Repair and Replacement Reserve; and
  3. The respective by-laws be repealed, and their corresponding accounts be closed.

5.4

SRCFS.24.022 - 2023 Development Charges, Cash in Lieu of Parkland and Community Benefits Charge Reserve Funds Statement

• a) That staff report SRCFS.24.022 regarding the 2023 Development Charges, Cash in Lieu of Parkland and Community Benefits Charge Reserve Funds Statement, be received for information purposes; 

  b) That the 2023 Development Charges, Cash in Lieu of Parkland and Community Benefits Charge Reserve Funds Statement be made available to the public on the City of Richmond Hill website as outlined in staff report SRCFS.24.022.

6.

Adjournment