Finance Committee Meeting
Report No. 17
May 17, 2016
A regular meeting convened at 5:00 pm., Tuesday, May 17, 2016, at the TDSB Offices, 5050 Yonge Street, Toronto, with Sheerin Sheikh, Chair of the Committee, presiding.
The following members were present: A. Brown, G. Gershon and B. Patterson.
Regrets were received from: D. Crombie
The following from TDSB were in attendance: Angelos Bacopoulos, Marisa Chiu, Lisa Kivlichan, and Janna Lagaev
1. Call to Order
The meeting was called to order by S. Sheikh, Chair, Finance Committee, presiding.
2. Approval of the Agenda
G. Gershon, seconded by B. Patterson, moved:
That the agenda be approved as distributed.
The motion was carried.
3. Declarations of Possible Conflict of Interest
There were no declarations of conflict of interest reported.
4. Operating Report for 6 months: September 1, 2015 to February 29, 2016|
Committee members had for their consideration the Operating Report for 6 months: September 1, 2015 to February 29, 2016 report. D. Sage reviewed the above reports with Committee members, speaking to highlights associated with the reports.
In relation to the Operating Revenues and Expenditures:
Over the first 6 months, revenues from disposition for the period September 1, 2015 ending February 29th, 2016 reflect the sale of a portion of the Lawrence/Midland site to the City of Toronto.
Expenditures for TDSB Staff and services as well as TLC administrative expenses are tracking below budget at the six-month mark resulting from a positive variance in management salaries and few expenditures in TLC operations overall, as a result of fewer property sales.
TLC staff noted that TLC has an annual Capital Renewal Budget in the amount of $1,000,000 and is shown annually in the budget. The purpose of the allocation is to address the capital needs of the lease properties in the TLC inventory. It looks at the highest and most urgent needs for buildings. TLC tends to reserve a portion of the fund knowing buildings are aging rapidly. The result is a carry forward. TLC has two (2) years in which to spend the allocation. In the current year, the capital renewal budget is $1,000,000 plus a carry forward balance of $393,503. It is important to note the fund does not come out of TLC revenue and is stated in the operating report for information purposes.
B. Patterson seconded by A. Brown moved:
That the Operating Report for 6 months: September 1, 2015 to February 29, 2016, be received.
The motion was carried.
5. Proposed 2016-17 TLC Budget
The Committee had for consideration the TLC Proposed Budget for 2016-17. D. Sage noted that development of the budget is similar to previous years and is in line with the TDSB direction to flat-line all budgets. The budget has been held constant from year to year. The significant factor in the 2016-17 Budget pertains to proceeds of disposition. TLC is not projecting any revenues for 2016-17 fiscal due to the uncertainty of potential surplus declarations by the TDSB in their Capital Budget. Should TDSB refer sites to TLC at its June 2016 meeting, proceeds will be captured in the TLC final budget in November 2016.
D. Sage noted further details will be provided in the in-camera portion of the meeting.
G. Gershon, seconded by B. Patterson, moved:
That the report titled Proposed 2016-2017 TLC Budget be approved with the understanding that a final budget will be presented in November 2016.
The motion was carried.
6. Resolution into Committee of the Whole
On a motion from G. Gershon seconded by B. Patterson the Committee convened in-camera portion of the meeting at 5:20 p.m.
G04 (May 17, 2016)FinComm, In-camera Minutes, final)lp.8000