Financial Planning Committee Meeting Minutes

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FINAL – FINANCIAL PLANNING COMMITTEE MINUTES – February 15, 2012    Page 1 
 
Islands Trust 
Financial Planning Committee 
Meeting Minutes 
February 15, 2012 
 
Location:   Victoria Boardroom 
 
Date:     February 15, 2012 
 
Present: Gary Steeves (Chair), Paul Brent, Louise Decario, Jeanine Dodds, Susan 
Morrison, Ken Hancock, David Graham, Peter Luckham, Sheila 
Malcolmson 
 
By Phone: Peter Grove  
 
Staff: Craig Elder, Cindy Shelest, Linda Adams, David Marlor, Nicole Ranger, 
Marion Grau, Clare Frater, Lisa Gordon 
 
Call to order:   10:00 a.m. 
 
 
1.  Approval of Agenda 
 
Chair Steeves suggested moving agenda item 4.4 (RFD - Policy 
Statement Review) to come after agenda item #7 (RFD – Borrowing 
Anticipation Bylaw No. 147). 
 
The agenda as amended was approved by consensus. 
 
2.  2.1 Minutes of    
           previous meeting  
           January 18, 2012  
 Section number 3 – additional wording that had been left off the draft was 
added to read: “The members agreed that staff and trustees should 
ensure these practices in future meetings.” 
The minutes were amended to show that Paul Brent left the meeting at 
12:30pm. 
A wording change was made to the last paragraph of Section 16 to  
change “then” to “than”. 
A wording change was made to Section 18 to change “direction from the 
Committee” to “agreement from the Committee members”. 
 
    Resolution FIN860/12 
It was moved and seconded that the Financial Planning Committee adopt 
the minutes of January 18, 2012 as amended. 
CARRIED 
 

   
FINAL – FINANCIAL PLANNING COMMITTEE MINUTES – February 15, 2012    Page 2 
 
3.  3.1 Follow-up Action List (FUAL) 
 
Cindy Shelest, Director of Administrative Services, reviewed and provided 
the Committee with a status update on each of the items on the FUAL. 
 
 
4.  4.1 RFD Quarterly Financial Statements 
To December 31, 2011 
 
Cindy Shelest reviewed the December 31, 2011 Quarterly Financial 
Report. 
 
Resolution FIN861/12 
It was moved and seconded that the Financial Planning Committee 
forward the December 31, 2011 Quarterly Financial Report to Trust 
Council. 
           CARRIED 
 
5.  4.2.1 Briefing Note Financial Forecast for March 31, 2012 Year-End 
 
Cindy Shelest discussed the Briefing Note and provided an explanation on 
variances as outlined in the document. David Marlor, Director of Local 
Planning Services (LPS), provided additional information regarding the 
LPS salaries and benefits variance. David provided an update that the 
Planner 1 position at 0.6 has now been filled and the 0.6    Bylaw 
Enforcement Officer Position will be filled dependant on budget approval.  
 
David Marlor provided further explanation regarding OCP/LUB budget 
variances. Common reasons for variances include the LTC changing their 
area of focus, and the number of variable costs associated with the budget 
figure such as legal costs. 
 
 
6.  4.2.2  Financial Forecast Detail for 2011/12 fiscal year 
4.2.3  OCP Forecast for 2011/12 fiscal year 
 
Cindy S

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