Town of Aurora

Finance Advisory Committee

Meeting Minutes

Meeting #:
Date:
Time:
-
Location:
Holland Room, Aurora Town Hall
Committee Members:
  • Mayor Tom Mrakas (Chair)
  • Councillor Michael Thompson
  • Councillor Ron Weese
Other Attendees:
  • Rachel Wainwright-van Kessel
  • Jason Gaertner, Manager, Financial Management
  • Emily Freitas

1.
Call to Order

 

The Chair called the meeting to order at 5:45 p.m.

2.
Land Acknowledgement

 

The Committee acknowledged that the meeting took place on Anishinaabe lands, the traditional and treaty territory of the Chippewas of Georgina Island, recognizing the many other Nations whose presence here continues to this day, the special relationship the Chippewas have with the lands and waters of this territory, and that Aurora has shared responsibility for the stewardship of these lands and waters. It was noted that Aurora is part of the treaty lands of the Mississaugas and Chippewas, recognized through Treaty #13 and the Williams Treaties of 1923.

3.
Approval of the Agenda

 
  • Moved byCouncillor Thompson
    Seconded byRon Weese

    That the agenda as circulated by Legislative Services be approved.

    Carried

4.
Declarations of Pecuniary Interest and General Nature Thereof

 

There were no declarations of pecuniary interest under the Municipal Conflict of Interest Act, R.S.O. 1990, c. M.50. 

5.
Receipt of the Minutes

 

5.1
Finance Advisory Committee Meeting Minutes of May 14, 2024

This item has attachments. 
1.Post-Meeting Minutes - FAC_May14_2024 - English.pdf
  • Moved byCouncillor Thompson
    Seconded byRon Weese
    1. That the Finance Advisory Committee Meeting Minutes of May 14, 2024, be received for information.
    Carried

6.
Delegations

 

None.

7.
Matters for Consideration

 

7.1
Memorandum from Financial Management Advisor; Re: Budget Review Aurora Public Library

This item has attachments. 
1.Memo-BudgetReviewofAuroraPublicLibrary.pdf
2.Attachment 1-APL FAC Memo June 11 2024.pdf
3.Attachment 2-APL Financial Line By Line Detail.pdf
4.Attachment 3-2022 Audited Financial Statements-FAC-LB.pdf

Bruce Gorman, CEO, and Julia Rocca, Finance Manager, from Aurora Public Library, provided a brief overview and answered questions regarding Aurora Public Library's budget review and 2022 audited financial statements. Further details were provided regarding  the cost-effective strategies used, capital plan and reserves that will ensure the growth of the facility, current financial position and operations, statement of cash flows, pressures from inflation, and future programming at Aurora Town Square.

The Committee and Staff discussed the revenue differences in the audited financial statements due to accrual-based accounting and variances in the budget over the years such as expenditures for digital collections, potential budgetary pressures and impacts due to Town Square.

  • Moved byCouncillor Thompson
    Seconded byRon Weese
    1. That the memorandum regarding the Budget Review of the Aurora Public Library be received; and
    2. That the Finance Advisory Committee comments regarding the Budget Review of the Aurora Public Library be received and referred to staff for consideration and further action as appropriate.
    Carried

7.2
Memorandum from Financial Management Advisor; Re: Community Partner Reserve Fund Policy

This item has attachments. 
1.Memo-Community Partner Reserve Fund Policy.pdf
2.Attachment 1-Community Partner Reserve Management Policy.pdf

Staff presented an update on the Community Partner Reserve Fund Policy, highlighting that the policy will include providing regulations and guidelines for reserve balances to ensure financial stability and managing any excess reserve balances.

The Committee expressed support for the policy and further discussed about various aspects such as the criteria for an acceptable reserve and the requirements for boards to improve the creation of reserves. There was further discussion regarding the calculation of the total value of operating reserves, possibility of growing operating expenses, analysis of expenditures by auditors, timelines of notifying the organizations prior to the implementation of the policy, balancing the budget process, and the possibility of funding organizations based on what they present during this process.

  • Moved byCouncillor Thompson
    Seconded byRon Weese
    1. That the memorandum regarding Community Partners Reserves Management Policy be received; and
    2. That the Finance Advisory Committee comments regarding Community Partners Reserve Management Policy be received and referred to staff for consideration and further action as appropriate.
    Carried

8.
New Business

 

None.

9.
Adjournment

 
  • Moved byRon Weese
    Seconded byCouncillor Thompson

    That the meeting be adjourned at 6:25 p.m.

    Carried
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