Please note: this meeting's minutes have not been finalized yet. Actions taken on legislation and their results are not available.
Meeting Name: General Committee Agenda status: Final
Meeting date/time: 11/20/2021 9:00 AM Minutes status: Draft  
Meeting location: Council Chamber/Virtual
Published agenda: Agenda Agenda Published minutes: Not available  
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21-G-268 2  Presentation - GCPRESENTATION CONCERNING THE LONG RANGE FINANCIAL PLAN, TIMING OF DEVELOPMENT AND 10-YEAR CAPITAL PLAN DEFERRAL OPTIONS Craig Millar, Director of Finance/Treasurer, Michelle Banfield, Director of Development Services, Bala Araniyasundaran, General Manager of Infrastructure and Growth Management and Dawn McAlpine, General Manager of Community and Corporate Services provided a presentation concerning the proposed Long Range Financial Plan (LFRP), the timing of future City development and deferral options for the 10-Year Capital Plan. Mr. Millar, Ms. Banfield, Mr. Araniyasundaran and Ms. McAlpine discussed slides concerning the following topics: Long Range Financial Plan - Five Strategies to Strengthen the City’s Financial Position: · The purpose of a Long Range Financial Plan and financial policy updates; · A bar graph illustrating the City’s debt capacity from 2021 to 2041; · An overview on allocation of the Barrie Hydro dividend (BHHI); · Charts illustrating the current and proposed projections of the Reinvestment and Tax Capital Reserves from 2022 to 2029; · The positive outcom   Not available Not available
21-G-269 1  RecommendationTIMING OF DEVELOPMENT AND 10-YEAR CAPITAL DEFERRAL OPTIONS 1. That the following Infrastructure Projects be amended in the 2022 to 2031 Capital Plan: a) That Project EN1375 Big Bay Point Road Expansion - Prince William to Street N (City) be deferred with the proposed expenditures of $40 thousand in 2025, $44 thousand in 2026, $375 thousand in 2027, $375 thousand in 2028, $186 thousand in 2029, $386 thousand in 2030 and $2.96 million in 2031 deferred to 2032, 2033, 2034, 2035. 2036, 2037 and 2038 respectively; b) That the start of the Lockhart Road ROW Expansion related Projects be deferred as follows: i. That Project EN1354 Lockhart Road ROW Expansion - Huronia to Yonge (City) be deferred with the proposed expenditures of $266 thousand in 2027, $413 thousand in 2028, $1.2 million in 2029, $6.35 million in 2030 and $1.42 million in 2031 deferred to 2034, 2035, 2036, 2037 and 2038 respectively; ii. That Project 000334 Lockhart Road ROW Expansion - Prince William to East of Collector 11 (Developer) be deferred with the proposed expenditures of $47 thousand in 2025,    Not available Not available
21-G-270 1  Deferred Business - GCLONG RANGE FINANCIAL PLAN AND FINANCIAL POLICY FRAMEWORK UPDATE 1. That the Watson and Associates Economists Ltd. (Watson) Long Range Financial Plan attached as Appendix “A” to Staff Report FIN018-21, be received. 2. That the existing Financial Policies Framework be replaced with the revised Financial Policies Framework as identified in Appendix “B” to Staff Report FIN018-21. 3. That the following strategies be implemented to strengthen the City’s financial position: a) That beginning in 2023, the contribution to the Dedicated Infrastructure Renewal Fund (Tax Capital Reserve) be increased to 1%; b) That staff be directed to bring forward an updated Development Charge Background Study and related by-law in 2023 and a proposed new Community Benefit Charge; c) To consider revising the phasing requirements in the Official Plan for the Salem and Hewitt’s Secondary Plan areas to ensure that future phases are not unreasonably developed before areas where capacity currently exists; and d) That traditional front-ending agreements or credit agreements with longer payback pe   Not available Not available
21-G-271 1  Deferred Business - GCLONG RANGE FINANCIAL PLAN AND FINANCIAL POLICY FRAMEWORK UPDATE That the following strategy be implemented to strengthen the City’s financial position: b) That beginning in 2023, allocate 50% of the Barrie Hydro Holdings Inc. dividend to the Tax Capital reserves and the remaining 50% to the Reinvestment Reserve. LOST   Not available Not available