Financial Planning Committee Meeting Minutes
· Islands Trust Area · Meeting Documents · 2012
Original Trust document
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5,472 characters of machine-extracted text. Extraction is automatic and can be wrong; the original governs.
Topics: Governance & budget — our classification, not the Trust's.
Extracted text (beginning)
Page 1 Financial Planning Committee Minutes of Meeting Date: Location: Attending: Staff/Other: Monday, May 28, 2012 Islands Trust Victoria Boardroom 200-1627 Fort Street, Victoria, BC Gary Steeves (Chair), Peter Grove, Paul Brent, Louise Decario, Jeanine Dodds, Susan Morrison, Sheila Malcolmson, David Graham, Peter Luckham, Ken Hancock Linda Adams, Cindy Shelest, Nancy Roggers 1. CALL TO ORDER The meeting was called to order at 10:00 am 2. APPROVAL OF AGENDA By general consensus the agenda as amended was approved. 3. MINUTES / COORDINATION 3.1. Minutes of Meetings/Resolutions Without Meeting Resolution FIN870/12 It was MOVED and SECONDED that the Financial Planning Committee adopt the minutes of February 15, 2012 as amended. CARRIED 3.2. Follow up Action List Cindy Shelest provided an update on each of the items in the FUAL. Page 2 4. BUSINESS 4.2. RFD - March 31, 2012 Audited Financial Statements Cindy Shelest reviewed the RFD on the March 31, 2012 Audited Financial Statements. Resolution FIN871/12 It was MOVED and SECONDED that the Financial Planning Committee forward the RFD on the March 31, 2012 Audited Financial Statements to the Audit Committee. CARRIED 4.3. Financial Planning Committee Report to Trust Council Cindy Shelest reviewed the Financial Planning Committee Report to Trust Council. The Committee requested that each of the 3 policies listed in Item 4 be shown separately and provide existing policy numbers if applicable. The Committee also requested that there be further description on the intention of the Restructuring Policy. Resolution FIN872/12 It was MOVED and SECONDED that the Financial Planning Committee Report to Trust Council as amended be forwarded to Trust Council. CARRIED 4.4. Budget Process Debrief Cindy Shelest requested input from the Committee prior to beginning work on the 2013/14 budget assumptions and principles which will be reviewed at the August FPC Meeting. Linda Adams advised that changes related to reviewing the budgeting process would need to be part of the Strategic Plan discussion and approval process. The following issues were discussed: - Commonly used budgeting approaches - zero based budgeting, participatory budgeting currently being used by other local governments - Budget using line by line basis and comparing with previous years actual. Suggested formats were discussed. Page 3 - Timing for going to LTC about their projects - Criteria for recommendation of projects included in the budget to be more transparent at the LTC and TC level - Working copy to be provided in advance to provide more time to look at initial draft - Include implications of funding an item and that the include a breakdown of all of the associated costs 4.5. Indemnification By-Law Linda Adams reviewed the draft of Indemni
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