Financial Planning Committee Meeting Minutes

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Final – Financial Planning Committee – October 21, 2015
 
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Financial Planning Committee 
Minutes of Meeting 
 
Date: 
Location: 
October 21, 2015 
Islands Trust Victoria Boardroom 
200-1627 Fort Street, Victoria, BC 
 
Members Present Peter Grove, Chair 
Alison Morse, Vice Chair 
George Grams, EC Rep 
Paul Brent, LPC Rep 
Dereck Atha, TFB Rep (by phone) 
Peter Luckham, EC Rep 
Laura Busheikin, EC Rep (by phone) 
Susan Morrison, EC Rep 
George Harris, Local Trustee 
 
Regrets - Derek Masselink 
 
 
 
Staff Present Cindy Shelest 
Nancy Roggers 
Linda Adams 
Lisa Gordon 
David Marlor 
 
1. CALL TO ORDER 
 
The meeting was called to order at 10:12 am 
 
2. APPROVAL OF AGENDA 
 
By general consent the Committee approved the agenda as presented. 
 
3. ADOPTION OF MINUTES / COORDINATION 
 
3.1 Minutes of Meeting - August 26, 2015 
  
The minutes of August 26, 2015 were amended to include Ann Kjerulf as staff 
present 
 
The minutes were adopted as amended by general consensus. 
 
3.2 Follow up Action List 
 
Director Shelest provided an update on each of the items in the FUAL. 

 
Final – Financial Planning Committee – October 21, 2015
 
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It was requested that Director Shelest  add the follow up action items from the 
August 26, 2015 in camera session to the FUAL. 
 
FPC-2015-050 
  It was MOVED and SECONDED 
that the 2014/15 Statement of Financial Information and all future Statement of 
Financial Information reports be posted to the Islands Trust website.    
          CARRIED 
 
4. BUSINESS 
 
4.1 2nd Quarter Results 
 
Director Shelest reviewed the financial results to September 30, 2015 and 
requested questions from the Committee. 
 
The Committee requested that Director Shelest add a comment to the briefing 
about the status of the provincial grant funding and that an amount for Denman 
legal costs that was allocated to Trust Council be adjusted so that it falls within 
Local Planning with all other legal costs. 
 
FPC-2015-051 
It was MOVED and SECONDED 
that the Financial Planning Committee forward the September 30/15 quarterly 
financial report to Trust Council recommending approval. 
CARRIED 
 
4.2 TPC Budget Change 
   
Director Gordon advised the Committee that more funds were required for 
meeting and travel costs to cover additional meetings relating to the Policy 
Statement review. 
 
4.3 2016/17 Budget - Draft 1 
 
Chair Grove asked for direction from the committee about how they would like to 
proceed with budget discussions. 
 
The Committee discussed the following: 
• Percentage of tax increase for 2016/17 
• Funding operations using the general revenue surplus fund 
   
Chair Grove advised the Committee that there will be a general discussion about 
the general revenue surplus fund after all of the budget items are reviewed. 
 

 
Final – Financial Planning Committee – October 21, 2015
 
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Director Shelest reviewed the revenue and expense budgets   on a line by line 
basis advising the Committee as to the assumptions and princ

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