Financial Planning Committee Meeting Minutes

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Final – Financial Planning Committee – August 24, 2016
 
1 
 
Financial Planning Committee 
Minutes of Meeting 
 
Date: 
Location: 
August 24, 2016 
Islands Trust Victoria Boardroom 
200-1627 Fort Street, Victoria, BC 
 
Members Present 
 
 
 
 
 
 
 
 
Regrets 
Peter Grove, Chair 
Alison Morse, Vice-Chair (by phone) 
Brian Crumblehume, TPC Rep 
Paul Brent, LPS Rep 
Peter Luckham, EC Rep 
Laura Busheikin, EC Rep (by phone) 
George Grams, EC Rep 
Susan Morrison, EC Rep 
 
 
George Harris, Local Trustee 
 
Staff Present Cindy Shelest, Director Administrative Services 
Nancy Roggers, Finance Officer 
Russ Hotsenpiller, Chief Administrative Officer 
David Marlor, Director Local Planning Services 
 
 
1. CALL TO ORDER 
 
The meeting was called to order at 10:02 am 
 
2. APPROVAL OF AGENDA 
  
The following additions to the agenda were made: 
 
Add 4.0 Director of Administration Transition 
 
Add 4.3.1 Electronic Meetings 
 
 By general consent, the Committee approved the agenda as revised. 
 
3. ADOPTION OF MINUTES / COORDINATION 
 
3.1 Minutes of Meetings - May 31, 2016 
   
Amend last sentence of item 3.2 to read: The Committee “requested” that the 
KPMG report on Information technology be circulated “to all Trustees and staff” 
 
Amend Victoria Office Lease section to say:  has been “extended and” renewed 
for an additional year.  

 
Final – Financial Planning Committee – August 24, 2016
 
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By general consent, the minutes of May 31, 2016 were adopted.  
 
3.2 Follow up Action List 
 
Director Shelest provided an update on each of the items in the FUAL. 
 
4. BUSINESS 
 
4.0 Director of Administration Transition 
   
Director Shelest advised that she would be retiring in January, 2017 and that a 
new hire should be in place by November 7, 2016. She advised that there will be 
lots of transition time to provide continuity to the budget process.  
 
Chief Administrative Officer Hotsenpiller advised that the job description is being 
reviewed and the posting for the position would go out soon.  He advised the 
Committee that they would be kept informed as the process moves forward.  He 
thanked Director Shelest for giving ample time for turnover to a new staff 
member
.  
 
4.1 Briefing - RFP for Audit Services 
  
Director Shelest advised that a Request for Proposals (RFP) is being prepared 
for audit services. The RFP will provide for a year over year renewal for up to 5 
years with the yearly appointment of the auditors by the Executive Committee. 
Although we are pleased with the performance of our current auditors, our 
purchasing policy indicates that we will issue RFP’s after each period to ensure 
that Islands Trust is receiving the best value for money. 
 
The Committee requested that the documents clearly indicate that it is a yearly 
appointment. 
 
4.2 1st Quarter Financial Results 
 
Director Shelest reviewed the first quarter financial results with the Committee 
and spoke to specific areas: 
• fees are well ahead compared to previous 

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