Financial Planning Committee Meeting Minutes

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FINAL – FINANCIAL PLANNING COMMITTEE MINUTES – January 18, 2012    Page 1 
 
Islands Trust 
Financial Planning Committee 
Meeting Minutes 
January 18, 2012 
 
Location:   Victoria Boardroom 
 
Date:     January 18, 2012 
 
Present: Peter Grove, Susan Morrison 
 
By Phone: Gary Steeves (Chair), Paul Brent, Louise Decario, Jeanine Dodds, David 
Graham, Ken Hancock, Peter Luckham, Sheila Malcolmson,  
 
Staff: Craig Elder, Cindy Shelest, Linda Adams, David Marlor, Nancy Roggers, 
Marion Grau 
 
Call to order:   10:10 a.m. 
 
1.  Election of Chair and Vice Chair: 
 
Election for Chair, Financial Planning Committee 
Nominated:  Gary Steeves, Peter Grove 
Elected:  Gary Steeves 
 
Election for Vice-Chair, Financial Planning Committee 
Nominated:  Peter Grove 
Acclaimed:  Peter Grove 
 
2.  Approval of Agenda 
 
The agenda was approved by consensus. 
 
3.  3.1 Minutes of    
           previous meeting  
           November 16, 2011  
Wording changes were made to Section number 10 – bullet 1 – change 
the word “requirements” to “legislation” and bullet 4 – correct the spelling 
error – word should be “policies” 
Section number 12 – additional wording that had been left off the draft was 
added to read:  “Committee members discussed the surplus level and 
options for modifying the recommended amount.” 
     
The amended minutes were adopted by consensus. 
 
Trustee Malcolmson commented that where Trustees have notified staff 
that they are unable to attend the minutes should indicate them as 

   
FINAL – FINANCIAL PLANNING COMMITTEE MINUTES – January 18, 2012    Page 2 
 
“Regrets” rather than “Absent” .  Also that each resolution should stand 
alone in its content. The members agreed that staff and trustees should 
ensure these practices in future meeting minutes. 
 
4.  3.1 Follow-up Action List (FUAL) 
 
Craig Elder reviewed and provided the Committee with a status update on 
each of the items on the FUAL. 
 
 
5.  5.1 Comments on the 
2012/13 budget from Trustees 
 
Craig Elder distributed a 1 page document to the Committee that had 
been submitted by Trustee Law with comments about the budget. 
 
Resolution FIN847/12 
It was moved and seconded that the Financial Planning Committee 
include Tony Law’s January 10, 2012 letter to the Financial Planning 
Committee on a future agenda for discussion. 
          CARRIED UNANIMOUSLY 
 
6.  5.2 General discussion 
and questions about overall budget 
 
The Financial Planning Committee members had a general discussion 
about how to proceed with their review of the 2012/13 budget and to 
ensure timelines for the budget consultation process are met.  It was 
agreed unanimously that the first step should be a review and 
understanding of the budget assumptions and principles. 
 
7.  5.3.1 
2012/13 Budget Assumptions 
and Principles  
 
  
Craig Elder reviewed the budget assumptions and principles presented to 
December 2011 Trust Council and highlighted changes made since that 
date .   
• The Consumer Price Ind

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