Council’s Audit, Finance, and Administration meeting started at 9:33am.

Valery DC Extension Request Denied

They voted down a request by Valery Homes, by way of their Agent Urban Solutions, seeking a new Development Charges credit extension for the Chedoke Browlands. An extension was granted in March 2013, until December 31, 2016. The normal expiry of credits is five years after demolition. The DC credits were worth $36,822. Staff opposed, and Council agreed with the staff position.

Centralizing Internal Supports

The City Manager will re-centralize internal city support services in Human Resources, Communications, Design, and Finance/Administration.
Presently, those functions are dispersed across various departments reporting to the six different general managers.
IT, Marketing, Procurement functions will be reviewed for centralization.

Reserve Funds

The City’s internal auditor reviewed the City’s reserve funds and will come back to Council with more detailed suggestions to merge various accounts.
Hamilton has 147 reserve fund accounts. By comparison, Toronto has 115 and Calgary 47.
The auditor notes the Tax Stabilization Reserve account – which is used by Council for all kinds of spending – was down to $12-million at end of 2015, and is expected to be even lower once the 2016 books are closed.
The fund is suppose to be $40-million.
The auditor identified other reserve funds that can be closed and merged into the Tax Stabilization reserve that would result in $88-million in the account.
The meeting adjourned at 10:26am