Governance Committee Regular Meeting Addendum

Extracted text (beginning)

Governance Committee
Addendum
 

Date:Thursday, January 19, 2023
Time:10:00 am - 2:00 pm
Location:Electronic Zoom Meeting
Pages
8.BUSINESS - WORK PROGRAM ITEMS
8.4Budget - Discussion
8.4.1Draft Budget 2023/23 Review of Funding Requests - Briefing
2 - 4
Late item referred from Financial Planning Committee's (FPC) January 18,
2023 meeting.
Attachment 1. references FPC's agenda package.
https://islandstrust.bc.ca/document/financial-planning-committee-regular-
meeting-agenda-12/
 
11.CORRESPONDENCE
11.2Minister Cullen response re: Provincial Review request letter dated September 23,
2022
11.2.1Item 4.4 from December Trust Council re: Provincial Review
5 - 5
11.3M. Gang re: need for review and restructure email dated November 10, 2022
6 - 7
Correspondence referred to Governance Committee from Trust Council's December
meeting.

Islands Trust Briefing Page 1 
 
 
 
 
BRIEFING 
 
 
To: Governance Committee  For the Meeting of: January 19, 2023 
     
From: Financial Planning Committee  Date Prepared: January 18, 2023 
     
SUBJECT:
  
Draft Budget 2023/24 Review of Funding Requests 
 
 
PURPOSE:  
To request that the Governance Committee review their funding request(s) for the 2023/24 fiscal year 
and report back to Financial Planning Committee with additional information and identified reductions 
where possible.  
BACKGROUND:  
At its regular meeting on January 18, 2023, Financial Planning Committee (FPC) reviewed the latest 
version of the draft 2023/24 budget, which reflects the following:  
 
 Total proposed planned spending of $9.8M: 
o Operating budget $9.0M 
o Projects budget $700,000 
o Capital budget $127,000 
 A proposed local trust area general tax increase of 2.75% plus an additional 8.0% in tax revenue 
generated from new construction and development in the Trust Area. 
 A proposed Bowen Island Municipal tax increase of 3.0% plus an additional 6.6% in taxes 
generated from new construction and development on Bowen Island.  
 A proposed draw from the General Revenue Surplus Fund of $269,000, resulting in a potential 
deficit to the minimum balance required to be held in the fund of approximately $115,000.  
 A proposed draw from the LTC Project Reserve Fund of $52,000. 
 
During its budget discussions, FPC received as a late item from a Committee member, a list of 
budget items for potential reduction (attached). FPC discussed the items and felt additional 
information was needed from Committees and staff prior to making decisions on any specific item. 
To this end, the Committee made the following resolution:  
 
that Financial Planning Committee (FPC) request that Regional Planning Committee, Trust 
Programs Committee, Governance Committee, Executive Committee, [the] Islands Trust 
Conservancy Board and staff review the budget areas in the draft budget revision list proposed 
by a trustee on January 18, 2023, and not yet voted on by the FPC, and propose possible 
reductions for Financial Planning Committee’s consideration and respond

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