Finance and Audit Committee - November 18, 2020

Reports

Community Connect Pilot Project Update to Council
A recommendation will be going to Council to direct staff to prepare a business case for consideration of the following financial request from the Community Connect Program, to be included in Council’s budget deliberations: 

“Fund a grant of $147,000 to Community Connect to continue enhanced neighbourhood safety program between January 1, 2021 and June 30, 2021.”
Section 6 b

Cardena Road Storm Sewer
A recommendation will be going to Council to direct staff to proceed with watermain replacements along Meadow Lane and Kite Way, with a projected cost of $550,000.
Section 7 a

Housing First Rent Supplements
Staff informed the Finance and Audit Committee of the Housing First Rent Supplement Program to obtain approval to provide $35,000 for one year’s worth of rent supplement funding to the Nanaimo Region John Howard Society.

A recommendation will be going to Council to direct staff to provide $35,000 in funding from the Housing Legacy Reserve to the Nanaimo Region John Howard Society in order to continue to fund the Housing First Rent Supplement Program for 2021.
Section 7 c

Downtown Business Improvement Area
A presentation was given to outline the process and considerations in establishing a new business improvement area in the Downtown core.

A recommendation will be going to Council to direct staff to work with the Downtown Nanaimo Business Association leading to the establishment of the New Downtown Business Improvement Area for a 5 year term starting in 2021 and to undertake the new Downtown Business Improvement Area as a Council initiative in a petition against process.
Section 7 e

Reserve Policy Update
An update was given to the Finance and Audit Committee regarding the City’s Reserve Policy.

A recommendation will be going to Council to revise the minimum and set a maximum balance for the three (3) financial stability reserves, to be reviewed every five (5) years, as follows:

Minimum Balances:

$15,000,000 for the General Financial Stability Reserve
$500,000 for the Sewer Financial Stability Reserve
$1,700,000 for the Water Financial Stability Reserve

Maximum Balances:

60 days of prior year’s budgeted general operating expenditures for all three (3) financial stability reserves.
Section 7 f

November 18, 2020 Finance and Audit Committee Meeting – agenda, documents and video

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