HomeMy WebLinkAboutAFC 2021-03-08 Minutes.pdf)
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mapleridge.ca
City of Maple Ridge
Audit & Finance Committee
MEETING MINUTES
The Minutes of the Regular Meeting of the Audit & Finance Committee
held virtually and in the Blaney Room, City Hall on March 8, 2021 at 1:04 pm
COMMITTEE MEMBERS PRESENT
Councillor Robson*
Councillor Dueck
Mayor Morden, Chair
STAFF MEMBERS PRESENT
Al Horsman Chief Administrative Officer
Christina Crabtree* General Manager Corporate Services
Catherine Nolan Corporate Controller
Trevor Thompson Director of Finance
CK Lee Manager of Revenue and Collections
Erin Mark Clerk 3
*Participated remotely due to the COVID-19 pandemic.
1. CALL TO ORDER
2. APPROVAL OF THE AGENDA
R/2021-AFC-004
It was moved and seconded
That the agenda for the March 8, 2021 Audit & Finance Committee meeting be approved as
circulated.
CARRIED
3. ADOPTION OF MINUTES
R/2021-AFC-005
It was moved and seconded
That the minutes of the January 20, 2021 Audit & Finance Committee meeting be amended to
refer to the Audit and Finance Committee in R/2021-AFC-002 and that the minutes be adopted
as amended.
CARRIED
4. DELEGATIONS -Nil
Audit & Finance Committee Meeting Minutes
March 8, 2021
Page 2 of 3
5. NEW AND UNFINISHED BUSINESS
5.1. 2021 Property Assessment Review
The Manager of Revenue and Collections provided a presentation on BC Assessment's
preliminary assessment report and spoke about the City's tax base and growth in the community
by neighbourhood and housing types noting that market values bounced back slightly from the
previous year and that there was an average increase in property values. Staff shared how
property tax rates are calculated and explained that the class of property and change of a
properties value relative to other properties in the community may result in a tax increase that
is different than the average tax increase.
Committee members asked staff about how the property tax rates (mill rate) is set, inquired
about changes in property class of specific properties within the municipality, and the impacts
of new construction. Members requested additional information be provided to Council to show
property tax rate comparisons to other Metro Vancouver communities including a break down
of services provided and suggested that staff explore new communication tools to explain why
property tax bills may reflect a change different than the approved property tax increase.
5.2. 2020 Investment Report
The Director of Finance provided a brief overview on the 2020 Investment Report which showed
an annual return (ROI) for Maple Ridge's investment portfolio of 2.02%, beating the benchmark
of 1.85% and stated that the investments were short term and all within the parameters of the
Investment Policy. The Director of Finance spoke about new funds created by the Municipal
) Financial Authority and other new funds under development.
Committee members asked staff about the Investment Policy and the use of specified vs.
unspecified reserve funds.
5.3. 2020 Amenity Contributions
The Director of Finance provided an overview of Amenity Contributions and stated that
$7.5 million has been collected through Community Amenity Contributions (CAC's) to date and
that $7.1 million of those funds have been committed to projects. He clarified that annual
contributions vary year to year based on the rate of development.
Committee members enquired about how and where Amenity Contributions are collected and
used and the process of authorizing the spending of the funds. Members requested that the
review of the Amenity Contribution program consider expansion of the programs into different
neighbourhoods, usage of the funds, and rate comparison to other municipalities.
)
Audit & Finance Committee Meeting Minutes
March 8, 2021
Page 3 of 3
5.4. 2021 Meeting Schedule
R/2021-AFC-006
It was moved and seconded
That the amended 2021 Meeting Schedule for the Audit and Finance Committee be approved
as circulated.
CARRIED
6. QUESTION PERIOD -Nil
7. NOTICE OF CLOSED MEETING -Nil
8. ADJOURNMENT at 2:28 pm