1 00:02:57,410 --> 00:03:01,700 - Anyone speaking? 2 00:03:01,700 --> 00:26:13,570 - Maybe. 3 00:26:13,570 --> 00:26:14,470 - Good afternoon, everyone. 4 00:26:14,470 --> 00:26:16,150 Call the 11th meeting of the infrastructure 5 00:26:16,150 --> 00:26:18,710 and corporate services community to order. 6 00:26:18,710 --> 00:26:19,710 Please check the city website 7 00:26:19,710 --> 00:26:21,650 for additional meeting detail information. 8 00:26:21,650 --> 00:26:23,530 City of London is situated on the traditional 9 00:26:23,530 --> 00:26:23,720 lands 10 00:26:23,720 --> 00:26:25,660 of the Anishinaabek, the Haudenosaunee, 11 00:26:25,660 --> 00:26:27,610 Leno Wampak, and Adwondron. 12 00:26:27,610 --> 00:26:29,170 We honor and respect the history languages and 13 00:26:29,170 --> 00:26:29,430 culture 14 00:26:29,430 --> 00:26:30,580 that diverse indigenous people 15 00:26:30,580 --> 00:26:32,090 who call this territory home. 16 00:26:32,090 --> 00:26:33,750 City of London is currently home to many first 17 00:26:33,750 --> 00:26:34,180 nations, 18 00:26:34,180 --> 00:26:36,200 Métis, and anywhere today. 19 00:26:36,200 --> 00:26:37,910 As representatives of the people of the city of 20 00:26:37,910 --> 00:26:38,200 London, 21 00:26:38,200 --> 00:26:40,260 we are grateful to have the opportunity to work 22 00:26:40,260 --> 00:26:42,820 and live in this territory. 23 00:26:42,820 --> 00:26:44,520 We have all members of committee, 24 00:26:44,520 --> 00:26:46,520 either present or online, and Councillor Pribble 25 00:26:46,520 --> 00:26:48,630 is also joining us. 26 00:26:48,630 --> 00:26:50,220 The City of London is committed to making every 27 00:26:50,220 --> 00:26:50,490 effort 28 00:26:50,490 --> 00:26:52,400 to provide alternate formats and communication 29 00:26:52,400 --> 00:26:52,740 supports 30 00:26:52,740 --> 00:26:54,240 for meetings on requests. 31 00:26:54,240 --> 00:26:55,780 To make a request specific to this meeting, 32 00:26:55,780 --> 00:27:00,840 please contact ICSC@london.ca or 519-661-2489, 33 00:27:00,840 --> 00:27:04,770 extension 2425. 34 00:27:04,770 --> 00:27:07,080 And we'll look for disclosures of peculiar 35 00:27:07,080 --> 00:27:09,980 interests. 36 00:27:09,980 --> 00:27:11,310 Not seeing any. 37 00:27:11,310 --> 00:27:15,520 On consent, we have had request for items 2.3, 2. 38 00:27:15,520 --> 00:27:16,250 4, 2.7, 39 00:27:16,250 --> 00:27:19,680 and 2.10 to be pulled. 40 00:27:19,680 --> 00:27:23,750 So I would look for a motion for the other items. 41 00:27:23,750 --> 00:27:25,970 Okay, Councillor Frank and Councillor Birmingham, 42 00:27:25,970 --> 00:27:26,990 thank you. 43 00:27:26,990 --> 00:27:31,970 Okay, so 2.1, 2.2, 2.5, 2.6, 2.8, 44 00:27:31,970 --> 00:27:34,500 and 2.9 are on the floor, and looking for 45 00:27:34,500 --> 00:27:37,680 speakers. 46 00:27:37,680 --> 00:27:41,310 Okay, looking for any committee members first? 47 00:27:41,310 --> 00:27:43,310 Okay, not seeing any, go ahead, Councillor Perv 48 00:27:43,310 --> 00:27:43,670 all. 49 00:27:43,670 --> 00:27:45,220 - Sure, Mr. Chair, I'm online. 50 00:27:45,220 --> 00:27:46,270 I do have my hand up. 51 00:27:46,270 --> 00:27:47,410 - Oh, sorry. 52 00:27:47,410 --> 00:27:48,860 Go ahead, Councillor Plaza. 53 00:27:48,860 --> 00:27:50,200 - Sorry, thank you. 54 00:27:50,200 --> 00:27:51,980 That's okay. 55 00:27:51,980 --> 00:27:53,590 And Jerry and I, Councillor Perboon, 56 00:27:53,590 --> 00:27:56,800 I might be speaking to a few of the same items 57 00:27:56,800 --> 00:27:58,590 as we were all copied on an email 58 00:27:58,590 --> 00:28:00,510 that I know Kayleigh's addressed. 59 00:28:00,510 --> 00:28:03,950 In regards to item 2.2 on page 15 60 00:28:03,950 --> 00:28:07,840 for the provincial government, 61 00:28:07,840 --> 00:28:10,460 looking up for the new landfill operating 62 00:28:10,460 --> 00:28:11,120 committee, 63 00:28:11,120 --> 00:28:12,660 looking to see what the timelines would be on 64 00:28:12,660 --> 00:28:18,300 this from staff. 65 00:28:18,300 --> 00:28:19,070 - Yes, staff. 66 00:28:19,070 --> 00:28:21,780 Ms. J. Morris. 67 00:28:21,780 --> 00:28:23,240 - Thank you and through the chair. 68 00:28:23,240 --> 00:28:25,050 The new land cooperating committee 69 00:28:25,050 --> 00:28:27,650 is currently under review with the Ministry of 70 00:28:27,650 --> 00:28:28,240 Environment 71 00:28:28,240 --> 00:28:31,050 as it involves part of our larger indigenous 72 00:28:31,050 --> 00:28:34,140 community's communication plan. 73 00:28:34,140 --> 00:28:35,990 So we're waiting to hear back for approval from 74 00:28:35,990 --> 00:28:36,190 that. 75 00:28:36,190 --> 00:28:37,370 And once that approval is received, 76 00:28:37,370 --> 00:28:40,480 then we would go forth and canvas the related 77 00:28:40,480 --> 00:28:40,840 indigenous 78 00:28:40,840 --> 00:28:42,510 communities if they'd like to form and join a 79 00:28:42,510 --> 00:28:44,870 committee. 80 00:28:44,870 --> 00:28:46,700 - Follow up council. 81 00:28:46,700 --> 00:28:49,180 - Okay, so it just, it does the fluid timeline. 82 00:28:49,180 --> 00:28:50,240 Then it could be a few months, 83 00:28:50,240 --> 00:28:53,420 could be whenever the province does that approval 84 00:28:53,420 --> 00:28:53,530 . 85 00:28:53,530 --> 00:28:55,100 is my understanding from those comments made by 86 00:28:55,100 --> 00:28:57,710 Ms. Chambers. 87 00:28:57,710 --> 00:28:59,830 - Thank you to the chair and yes, 88 00:28:59,830 --> 00:29:02,260 that is we are waiting on them at this point, yes 89 00:29:02,260 --> 00:29:03,940 . 90 00:29:03,940 --> 00:29:05,800 - Okay follow up Council. 91 00:29:05,800 --> 00:29:08,290 - On that one, I appreciate that of just waiting 92 00:29:08,290 --> 00:29:09,800 on the province before we go out and do the 93 00:29:09,800 --> 00:29:10,470 engagement 94 00:29:10,470 --> 00:29:15,140 to see who may be interested in that capacity. 95 00:29:15,140 --> 00:29:17,680 In regards to I am 2.5 being the equipment rental 96 00:29:17,680 --> 00:29:20,060 and operators for W-12A. 97 00:29:20,060 --> 00:29:22,750 Looking at the tenders, just looking to staff, 98 00:29:22,750 --> 00:29:24,420 I realize that we're, 99 00:29:24,420 --> 00:29:26,600 the recommendation is the one that we currently 100 00:29:26,600 --> 00:29:26,900 use. 101 00:29:26,900 --> 00:29:30,700 just any comments on the one being essentially 102 00:29:30,700 --> 00:29:32,170 half the cost of the other 103 00:29:32,170 --> 00:29:38,530 tenders that we're looking at going with. Thank 104 00:29:38,530 --> 00:29:40,640 you through the chair. For sure 105 00:29:40,640 --> 00:29:42,800 we've been in touch with JBL construction who is 106 00:29:42,800 --> 00:29:43,670 doing the current 107 00:29:43,670 --> 00:29:45,770 operations and they're confident that they can 108 00:29:45,770 --> 00:29:47,010 deliver the same service for 109 00:29:47,010 --> 00:29:49,690 that price. Being the incumbent they do have 110 00:29:49,690 --> 00:29:52,710 already a lot of investment in the 111 00:29:52,710 --> 00:29:54,950 equipment and kind of having that advantage of 112 00:29:54,950 --> 00:29:56,240 being already set up shop. 113 00:29:56,240 --> 00:29:58,640 So we're comfortable and confident that they're 114 00:29:58,640 --> 00:30:00,010 still be delivering for that 115 00:30:00,010 --> 00:30:04,930 - Excellent price, go ahead, Chancellor. 116 00:30:04,930 --> 00:30:05,770 - Thank you. 117 00:30:05,770 --> 00:30:07,160 And just one further overview, 118 00:30:07,160 --> 00:30:08,630 realizing Councilor Pillow might touch 119 00:30:08,630 --> 00:30:10,000 on some things as well, 120 00:30:10,000 --> 00:30:13,200 had heard from the chair of the PLC at the landf 121 00:30:13,200 --> 00:30:13,400 ills. 122 00:30:13,400 --> 00:30:15,640 A few of these reports do relate to landfill 123 00:30:15,640 --> 00:30:15,940 things, 124 00:30:15,940 --> 00:30:18,770 but we're not a public notice distribution. 125 00:30:18,770 --> 00:30:21,540 If staff could just comment 126 00:30:21,540 --> 00:30:23,740 that they will forward those reports 127 00:30:23,740 --> 00:30:26,380 just to the chair for their concern, 128 00:30:26,380 --> 00:30:28,510 I know Council motion won't be required, 129 00:30:28,510 --> 00:30:30,630 but just if they're watching that, 130 00:30:30,630 --> 00:30:32,310 they'll know that they can get a copy. 131 00:30:32,310 --> 00:30:33,570 these reports coming through them, 132 00:30:33,570 --> 00:30:36,930 and they can distribute them as they see fit. 133 00:30:36,930 --> 00:30:38,460 - Go ahead, Sam. 134 00:30:38,460 --> 00:30:39,700 - Thank you, Mr. Chair. 135 00:30:39,700 --> 00:30:43,060 Yes, we can, in addition to sending the links 136 00:30:43,060 --> 00:30:46,070 to these specific reports, we can also in future, 137 00:30:46,070 --> 00:30:48,410 make sure that the Chair is apprised of reports 138 00:30:48,410 --> 00:30:50,560 coming forward to committee if they relate to W12 139 00:30:50,560 --> 00:30:50,660 A, 140 00:30:50,660 --> 00:30:54,960 and we'll add that to our procedures. 141 00:30:54,960 --> 00:30:56,700 - Any other comments, Councillor? 142 00:30:56,700 --> 00:30:57,970 - No, I appreciate that. 143 00:30:57,970 --> 00:30:59,870 Realising our current Chair of the PLC 144 00:30:59,870 --> 00:31:02,150 is more tech-savvy than some we've had in the 145 00:31:02,150 --> 00:31:02,490 past, 146 00:31:02,490 --> 00:31:04,150 and it just helps with the flow of information, 147 00:31:04,150 --> 00:31:05,420 so I greatly appreciate that. 148 00:31:05,420 --> 00:31:08,010 and that concludes my questions, thank you. 149 00:31:08,010 --> 00:31:10,480 - Thank you, go ahead Councillor Pribble. 150 00:31:10,480 --> 00:31:12,300 - Thank you, Mr. Chair, to the staff. 151 00:31:12,300 --> 00:31:14,000 I do have a couple of follow-up questions 152 00:31:14,000 --> 00:31:17,580 on the 2.1 regarding the review of the vehicle 153 00:31:17,580 --> 00:31:18,260 speeds. 154 00:31:18,260 --> 00:31:22,030 And the question is, do we consider 155 00:31:22,030 --> 00:31:26,450 when we do these studies intensifying these 156 00:31:26,450 --> 00:31:27,150 issues 157 00:31:27,150 --> 00:31:30,370 for such that the roads are narrow, there are no 158 00:31:30,370 --> 00:31:31,190 sidewalks, 159 00:31:31,190 --> 00:31:33,900 there is no, there are no barriers between the 160 00:31:33,900 --> 00:31:34,360 street 161 00:31:34,360 --> 00:31:41,060 and also the pedestrians, the citizens. 162 00:31:41,060 --> 00:31:42,030 - Mr. McCrady, do you give that one? 163 00:31:42,030 --> 00:31:44,650 Go ahead. 164 00:31:44,650 --> 00:31:47,170 - Yes, certainly through the chair, 165 00:31:47,170 --> 00:31:50,540 the studies were done in response to the concerns 166 00:31:50,540 --> 00:31:52,990 identified by the property owners. 167 00:31:52,990 --> 00:31:55,530 So it was focused on measuring speeds 168 00:31:55,530 --> 00:31:58,800 and comparing to speed limits. 169 00:31:58,800 --> 00:32:01,190 - Hello, Councillor. 170 00:32:01,190 --> 00:32:02,210 - Okay, so thank you very much, 171 00:32:02,210 --> 00:32:03,030 measuring on the speeds. 172 00:32:03,030 --> 00:32:04,690 But the question is, in this study, 173 00:32:04,690 --> 00:32:07,990 does it include or in any of the studies, 174 00:32:07,990 --> 00:32:11,890 do we include such things as the narrowness of 175 00:32:11,890 --> 00:32:12,480 the road? 176 00:32:12,480 --> 00:32:16,800 no sidewalks, no nothing between the street and 177 00:32:16,800 --> 00:32:19,520 pedestrian. So it's kind of more dangerous 178 00:32:19,520 --> 00:32:21,580 and what the residents are trying to say, it 179 00:32:21,580 --> 00:32:25,250 intensifies the issues with the speed limit. 180 00:32:25,250 --> 00:32:30,780 So is this being considered or in some cases or 181 00:32:30,780 --> 00:32:34,850 in this case? Go ahead, Mr. McCray. 182 00:32:34,850 --> 00:32:38,600 Through the chair, yes, certainly when we study 183 00:32:38,600 --> 00:32:40,240 streets, traffic operations, 184 00:32:40,960 --> 00:32:45,760 all road users and adjacent land uses are taken 185 00:32:45,760 --> 00:32:48,080 into consideration when when the results are 186 00:32:48,080 --> 00:32:52,060 processed and considered. All up, Councillor. 187 00:32:52,060 --> 00:32:53,720 Okay, thank you for that answer. In terms of 188 00:32:53,720 --> 00:32:56,730 the demand drive, no truck should be allowed on 189 00:32:56,730 --> 00:32:59,860 the street, no entrances and no exits. This road 190 00:32:59,860 --> 00:33:02,670 was not designed for such traffic. It was not 191 00:33:02,670 --> 00:33:05,570 properly paid to take on all this traffic. The 192 00:33:05,570 --> 00:33:08,210 truck should be taking Wellington and not cutting 193 00:33:08,210 --> 00:33:10,920 through their subdivisions. Can I please receive 194 00:33:10,920 --> 00:33:13,110 give a feedback on the statement from the 195 00:33:13,110 --> 00:33:14,970 residents. 196 00:33:14,970 --> 00:33:19,980 - Go ahead, Mr. McRae here, Mr. Chambers. 197 00:33:19,980 --> 00:33:22,440 - Through the chair, the identified operating 198 00:33:22,440 --> 00:33:22,860 routes 199 00:33:22,860 --> 00:33:28,060 to the landfill, identify the Wonderland Road 200 00:33:28,060 --> 00:33:31,510 and Wellington Road and Manning Drive. 201 00:33:31,510 --> 00:33:35,330 So not directing trucks onto Dingman Drive. 202 00:33:35,330 --> 00:33:37,750 So that is certainly accounted for. 203 00:33:37,750 --> 00:33:40,340 And then with respect to the overall nature 204 00:33:40,340 --> 00:33:45,100 of the road network, Dingman Drive is classified 205 00:33:45,100 --> 00:33:47,050 a rural thoroughfare, so it's a higher 206 00:33:47,050 --> 00:33:51,620 classification than the other rural roads. And in 207 00:33:51,620 --> 00:33:52,270 general 208 00:33:52,270 --> 00:33:54,300 for all rural roads, according to the official 209 00:33:54,300 --> 00:33:56,250 plan, the priority is on through movement 210 00:33:56,250 --> 00:34:00,010 of vehicles, farm equipment, freight, and goods. 211 00:34:00,010 --> 00:34:06,740 So although we try to limit truck traffic 212 00:34:06,740 --> 00:34:10,150 along Dingman, some is to be expected, just given 213 00:34:10,150 --> 00:34:12,750 the nature of the function of the road 214 00:34:12,750 --> 00:34:14,880 within the network. 215 00:34:14,880 --> 00:34:16,930 - Follow-up, Councillor? 216 00:34:16,930 --> 00:34:19,210 - Thank you, so just last follow-up. 217 00:34:19,210 --> 00:34:23,360 So the big heavy trucks that are driving through 218 00:34:23,360 --> 00:34:27,160 are they legally allowed to drive along Dingman? 219 00:34:27,160 --> 00:34:28,540 The trucks, I'm not talking about the farm 220 00:34:28,540 --> 00:34:29,530 equipment, et cetera. 221 00:34:29,530 --> 00:34:32,620 The specific trucks, are they allowed to drive on 222 00:34:32,620 --> 00:34:35,810 Dingman? 223 00:34:35,810 --> 00:34:37,270 - Go ahead, just through the chair. 224 00:34:37,270 --> 00:34:40,650 Yes, there is, I mean, aside from Highway Traffic 225 00:34:40,650 --> 00:34:41,340 Act rules, 226 00:34:41,340 --> 00:34:44,860 they are permitted to use the road. 227 00:34:44,860 --> 00:34:45,700 - Follow-up, Councillor? 228 00:34:45,700 --> 00:34:48,390 - Thank you, no more questions. 229 00:34:48,390 --> 00:34:49,490 - Okay, thank you. 230 00:34:49,490 --> 00:34:53,140 I did have a question in terms of 2.6. 231 00:34:53,140 --> 00:34:57,030 Just for awareness, 'cause I have a few people 232 00:34:57,030 --> 00:34:57,460 look at this 233 00:34:57,460 --> 00:34:59,300 and say, oh, these are the only new traffic 234 00:34:59,300 --> 00:34:59,650 signals 235 00:34:59,650 --> 00:35:02,180 or pedestrian signals in terms of how we 236 00:35:02,180 --> 00:35:02,820 prioritize, 237 00:35:02,820 --> 00:35:05,960 but then also if there are other opportunities 238 00:35:05,960 --> 00:35:09,660 in terms of these happening outside of this list. 239 00:35:09,660 --> 00:35:13,900 Look to staff for that one. 240 00:35:13,900 --> 00:35:17,270 - Through the chair, this report is sort of the 241 00:35:17,270 --> 00:35:18,030 final step 242 00:35:18,030 --> 00:35:23,070 in the process of the city evaluating requests 243 00:35:23,070 --> 00:35:26,570 and our regular monitoring of the traffic signal 244 00:35:26,570 --> 00:35:27,400 network 245 00:35:27,400 --> 00:35:29,750 for new additions, new additions of signals, 246 00:35:29,750 --> 00:35:32,530 pedestrian signals and pedestrian crossovers. 247 00:35:32,530 --> 00:35:36,290 So we are certainly happy to take requests 248 00:35:36,290 --> 00:35:38,300 through the service London portal. 249 00:35:38,300 --> 00:35:42,420 And those are processed by staff and if deemed 250 00:35:42,420 --> 00:35:42,940 warranted, 251 00:35:42,940 --> 00:35:44,560 they would end up in a future report. 252 00:35:44,560 --> 00:35:48,330 This is an annual process for implementation. 253 00:35:48,870 --> 00:35:51,210 Okay. Thank you. And then just to confirm, this 254 00:35:51,210 --> 00:35:53,460 is just for new for ones that are approved, 255 00:35:53,460 --> 00:35:55,310 but still in the works, they would not show up on 256 00:35:55,310 --> 00:35:56,220 this list, correct? 257 00:35:56,220 --> 00:36:00,760 Through the, Mr. Chair, yes, that is correct. 258 00:36:00,760 --> 00:36:04,830 Locations that were approved in previous years, 259 00:36:04,830 --> 00:36:08,280 reports that are, you know, still in the design 260 00:36:08,280 --> 00:36:10,680 process or just starting construction, yes, that 261 00:36:10,680 --> 00:36:12,700 those are still in progress and don't need to 262 00:36:12,700 --> 00:36:15,440 be, you know, that their approval is intact. Okay 263 00:36:15,440 --> 00:36:18,400 , thank you. And looking for other questions, 264 00:36:18,400 --> 00:36:20,690 go ahead Councillor. Thank you. I forget once 265 00:36:20,690 --> 00:36:22,700 through the chair to the staff 2.9 the 266 00:36:22,700 --> 00:36:26,110 expropriation of the lands. I have a question on 267 00:36:26,110 --> 00:36:29,300 the 3.0 financial implications. It states 268 00:36:29,300 --> 00:36:31,550 there's a budget available for Western road and 269 00:36:31,550 --> 00:36:35,560 starting our own Philippines. Unless I missed 270 00:36:35,560 --> 00:36:38,540 it in the report, I don't see there. The question 271 00:36:38,540 --> 00:36:41,000 is where is it available this budget? 272 00:36:41,000 --> 00:36:50,360 Mr. McRae. Yeah, through the chair. The purpose 273 00:36:50,360 --> 00:36:53,430 of this report is for the purposes of the 274 00:36:53,430 --> 00:36:53,830 property 275 00:36:53,830 --> 00:36:56,930 acquisition and expropriation process. So there's 276 00:36:56,930 --> 00:36:59,160 no financial commitment being requested here. 277 00:36:59,160 --> 00:37:03,000 The comment is in relation to the project being a 278 00:37:03,000 --> 00:37:07,350 funded one and the project financials are shown 279 00:37:07,350 --> 00:37:11,680 in the overall budget wrap-up documents. Follow- 280 00:37:11,680 --> 00:37:16,130 up, Councillor? Okay, thank you. Okay, looking for 281 00:37:16,130 --> 00:37:18,370 any other comments or questions in the items 282 00:37:18,370 --> 00:37:21,830 before us. Okay, not seeing any and just for a 283 00:37:21,830 --> 00:37:26,950 reminder this is for 2.1, 2.2, 0.5, 2.6, 2.8, and 284 00:37:26,950 --> 00:37:29,380 2.9. So open the vote on those. 285 00:37:29,380 --> 00:37:44,670 Councillor Palosa votes yes, might you describe 286 00:37:44,670 --> 00:37:45,510 it as malfunctioning? 287 00:37:45,510 --> 00:37:51,060 I'm having trouble with mine too, I vote yes. 288 00:37:51,060 --> 00:37:52,990 Yeah, it's just a bit slow right now, I've just 289 00:37:52,990 --> 00:37:53,410 given this. 290 00:37:53,410 --> 00:38:02,860 Councillor Frank votes yes as well. 291 00:38:02,860 --> 00:38:05,640 Councillor Vermeer Wriggen. 292 00:38:05,640 --> 00:38:12,630 It just came up, yeah. 293 00:38:12,630 --> 00:38:20,760 Closing the vote, motion carries five to zero. 294 00:38:20,760 --> 00:38:27,530 Okay, we have no scheduled items. 295 00:38:27,530 --> 00:38:30,920 Items for direction, so on to deferred matters, 296 00:38:30,920 --> 00:38:33,500 which are the ones that we moved from consent. 297 00:38:33,500 --> 00:38:35,230 We will go in order on those. 298 00:38:35,230 --> 00:38:38,670 So 2.3, can I look for a mover and a seconder for 299 00:38:38,670 --> 00:38:41,520 that? 300 00:38:41,520 --> 00:38:43,050 Councillor Frank, okay, I'll second that. 301 00:38:43,050 --> 00:38:49,870 So 2.3, looking for questions or comments? 302 00:38:49,870 --> 00:38:51,190 I'm not seeing any. 303 00:38:51,190 --> 00:39:15,130 We'll open the vote on 2.3. 304 00:39:15,130 --> 00:39:16,480 So Councillor Steeves and you're able to vote 305 00:39:16,480 --> 00:39:19,310 correctly. 306 00:39:19,310 --> 00:39:20,530 Let's hold on. 307 00:39:20,530 --> 00:39:23,640 - Closing the vote, motion carries four to one. 308 00:39:23,640 --> 00:39:24,440 - Okay, thank you. 309 00:39:24,440 --> 00:39:27,190 We are onto 2.4, looking for a mover and a second 310 00:39:27,190 --> 00:39:29,170 er on that. 311 00:39:29,170 --> 00:39:30,910 Okay, Councillor Frank, I'll second that. 312 00:39:30,910 --> 00:39:32,520 2.4 is on the floor. 313 00:39:32,520 --> 00:39:35,630 Looking for questions or comments. 314 00:39:35,630 --> 00:39:37,180 Okay, not seeing any. 315 00:39:37,180 --> 00:39:53,000 We'll open the vote on 2.4. 316 00:39:53,000 --> 00:39:54,790 - Closing the vote, motion carries through to two 317 00:39:54,790 --> 00:39:56,580 . 318 00:39:56,580 --> 00:40:00,310 - We're on 2.7, looking for we were seconder on 319 00:40:00,310 --> 00:40:01,870 this one. 320 00:40:01,870 --> 00:40:03,770 Councillor Frank, I will second that. 321 00:40:03,770 --> 00:40:08,480 2.7 is on the (mumbles) comments. 322 00:40:08,480 --> 00:40:10,380 Go ahead, Councillor Stinson. 323 00:40:10,380 --> 00:40:11,210 - Thank you. 324 00:40:11,210 --> 00:40:12,830 I asked a similar question last time. 325 00:40:12,830 --> 00:40:14,410 I'm just looking to understand, 326 00:40:14,410 --> 00:40:16,650 given the value of these contracts, 327 00:40:16,650 --> 00:40:22,200 when we continue to use the same consultant 328 00:40:22,200 --> 00:40:27,360 and just ask for them to send in a submission, 329 00:40:27,870 --> 00:40:29,960 Is there a change in procurement policy 330 00:40:29,960 --> 00:40:32,590 that's allowed this or is this been an ongoing 331 00:40:32,590 --> 00:40:36,180 practice? 332 00:40:36,180 --> 00:40:38,110 - Remlin, go ahead. 333 00:40:38,110 --> 00:40:39,470 - Thank you, through the chair. 334 00:40:39,470 --> 00:40:41,220 So this has been an ongoing practice. 335 00:40:41,220 --> 00:40:43,380 So that this was allowed under the previous 336 00:40:43,380 --> 00:40:43,770 policy 337 00:40:43,770 --> 00:40:44,850 and under this policy. 338 00:40:44,850 --> 00:40:45,930 So it is a limited tender 339 00:40:45,930 --> 00:40:48,580 because it is basically an extension of the 340 00:40:48,580 --> 00:40:49,430 services. 341 00:40:49,430 --> 00:40:52,330 So when we have an engineer perform the onsite 342 00:40:52,330 --> 00:40:53,540 inspection, 343 00:40:53,540 --> 00:40:56,360 it's best under engineering practice 344 00:40:56,360 --> 00:41:00,110 to have the firm that did the design work, 345 00:41:00,110 --> 00:41:03,160 also ensure that it's built to match the design. 346 00:41:03,160 --> 00:41:07,690 If we were to have a separate consultant come in, 347 00:41:07,690 --> 00:41:11,090 they would then have to perform basically a peer 348 00:41:11,090 --> 00:41:11,380 review 349 00:41:11,380 --> 00:41:13,250 on the design in order to then take 350 00:41:13,250 --> 00:41:14,710 responsibility for it 351 00:41:14,710 --> 00:41:17,950 to perform the inspection work. 352 00:41:17,950 --> 00:41:20,450 So that's why it's to the city's financial 353 00:41:20,450 --> 00:41:21,160 advantage 354 00:41:21,160 --> 00:41:23,510 and to rate payer's advantage as well, 355 00:41:23,510 --> 00:41:24,940 to have the same consultant 356 00:41:24,940 --> 00:41:27,340 to do the contract administration inside 357 00:41:27,340 --> 00:41:28,030 inspection 358 00:41:28,030 --> 00:41:30,370 as did the design. 359 00:41:30,370 --> 00:41:31,520 to follow up, Councillor. 360 00:41:31,520 --> 00:41:32,990 - Thanks, I appreciate that. 361 00:41:32,990 --> 00:41:36,190 So is it safe to say that it never goes out 362 00:41:36,190 --> 00:41:37,580 to tender these then? 363 00:41:37,580 --> 00:41:40,640 It's always just offered to the existing 364 00:41:40,640 --> 00:41:43,260 consultants. 365 00:41:43,260 --> 00:41:44,140 - Go ahead, Ms. Marilyn. 366 00:41:44,140 --> 00:41:45,230 - Thank you, through the chair. 367 00:41:45,230 --> 00:41:49,270 They are subject to a competitive process at the 368 00:41:49,270 --> 00:41:49,820 outset. 369 00:41:49,820 --> 00:41:53,350 So when the design work is sent out for proposal, 370 00:41:53,350 --> 00:41:55,290 that is a competitive process. 371 00:41:55,290 --> 00:41:57,550 So these were originally awarded that way. 372 00:41:57,550 --> 00:42:00,650 And then at some, for some projects, 373 00:42:00,650 --> 00:42:04,540 We actually award the construction administration 374 00:42:04,540 --> 00:42:05,030 work 375 00:42:05,030 --> 00:42:08,830 with the original project or with the original 376 00:42:08,830 --> 00:42:09,780 design work. 377 00:42:09,780 --> 00:42:10,890 Other projects, we don't, 378 00:42:10,890 --> 00:42:14,050 because there may be some question about the 379 00:42:14,050 --> 00:42:14,430 scope, 380 00:42:14,430 --> 00:42:15,630 the timelines, et cetera. 381 00:42:15,630 --> 00:42:17,770 And so it makes sense to get the additional price 382 00:42:17,770 --> 00:42:18,650 later on. 383 00:42:18,650 --> 00:42:20,520 But because of the total dollar value, 384 00:42:20,520 --> 00:42:22,340 that does mean that it comes before committee 385 00:42:22,340 --> 00:42:25,210 and council for transparency. 386 00:42:25,210 --> 00:42:26,750 - All of councilor? 387 00:42:26,750 --> 00:42:27,660 - No, I think that's good. 388 00:42:27,660 --> 00:42:29,480 It is just the amount, it's close to half a 389 00:42:29,480 --> 00:42:30,220 million dollars. 390 00:42:30,220 --> 00:42:31,440 So just double checking. 391 00:42:31,440 --> 00:42:33,300 - Thanks. 392 00:42:33,300 --> 00:42:35,170 - Okay, looking for any other questions, comments 393 00:42:35,170 --> 00:42:36,110 ? 394 00:42:36,110 --> 00:42:51,340 Okay, not seeing any, we'll open 2.7 for vote. 395 00:42:51,340 --> 00:42:53,160 - Opposed in the vote, motion carries five to 396 00:42:53,160 --> 00:42:55,690 zero. 397 00:42:55,690 --> 00:42:59,870 - We are on 2.10, looking for a mover, 398 00:42:59,870 --> 00:43:01,680 seconder for this, Councillor Frank, 399 00:43:01,680 --> 00:43:03,300 and I will second that. 400 00:43:03,300 --> 00:43:05,120 Oh, Councillor Pelosi, I saw your hand. 401 00:43:05,120 --> 00:43:07,290 Okay, your seconder on that one. 402 00:43:07,290 --> 00:43:11,910 Okay, and looking for questions or comments. 403 00:43:11,910 --> 00:43:13,500 Okay, go ahead, Councillor Stevenson. 404 00:43:13,500 --> 00:43:15,860 - Thanks, yes, I did send in some questions 405 00:43:15,860 --> 00:43:18,080 and thanks to staff for getting back to me on 406 00:43:18,080 --> 00:43:18,810 these. 407 00:43:22,770 --> 00:43:24,870 I'm just wondering a whole bunch of questions 408 00:43:24,870 --> 00:43:27,310 around this report. 409 00:43:27,310 --> 00:43:37,200 We have $1.7, $1.8 billion here in the investment 410 00:43:37,200 --> 00:43:37,300 portfolio. 411 00:43:37,200 --> 00:43:43,210 And I noticed if I go back to 2022, 412 00:43:43,210 --> 00:43:46,710 there was a Canada CPI graph. 413 00:43:46,710 --> 00:43:51,040 Just wondering why that's not included this time. 414 00:43:51,040 --> 00:43:54,700 - All right, Mr. Collins, what do you, go ahead. 415 00:43:54,700 --> 00:43:55,500 - Thank you, Mr. Chair. 416 00:43:55,500 --> 00:43:58,890 So we are constantly assessing what we think 417 00:43:58,890 --> 00:44:01,750 is the right information in telling 418 00:44:01,750 --> 00:44:06,470 and giving a picture of what is driving the 419 00:44:06,470 --> 00:44:07,710 financial markets 420 00:44:07,710 --> 00:44:10,520 and what is driving our investment portfolio 421 00:44:10,520 --> 00:44:11,010 returns. 422 00:44:11,010 --> 00:44:15,750 So from year to year, we may adjust or present 423 00:44:15,750 --> 00:44:16,070 something 424 00:44:16,070 --> 00:44:16,900 slightly differently. 425 00:44:16,900 --> 00:44:20,120 That kind of helps to indicate what 426 00:44:20,120 --> 00:44:22,510 the drivers of our investment portfolio 427 00:44:22,510 --> 00:44:25,130 performance was. 428 00:44:25,130 --> 00:44:28,770 For example, we've provided information 429 00:44:28,770 --> 00:44:32,260 as it relates to, for example, bond yields 430 00:44:32,260 --> 00:44:36,310 and yield curves that kind of help to illustrate 431 00:44:36,310 --> 00:44:38,540 kind of some of the relevant information 432 00:44:38,540 --> 00:44:41,330 that effectively tells the story for this year. 433 00:44:41,330 --> 00:44:44,150 So the information or the graphs that we include 434 00:44:44,150 --> 00:44:46,420 in kind of the narrative of the report may shift 435 00:44:46,420 --> 00:44:49,300 slightly from year to year, but generally it's 436 00:44:49,300 --> 00:44:49,560 about 437 00:44:49,560 --> 00:44:51,930 trying to explain kind of what drives 438 00:44:51,930 --> 00:44:54,440 our performance each year. 439 00:44:54,440 --> 00:44:56,130 Follow up, Councillor? 440 00:44:56,130 --> 00:44:56,970 - Yeah, thanks. 441 00:44:56,970 --> 00:44:58,600 I noticed the other graphs are all the same. 442 00:44:58,600 --> 00:45:00,230 it's just that one is missing. 443 00:45:00,230 --> 00:45:04,280 Same as the appendix last or in 2022 at least. 444 00:45:04,280 --> 00:45:06,790 The cash and cash equivalents were included 445 00:45:06,790 --> 00:45:08,650 and this time they're not in appendix A, 446 00:45:08,650 --> 00:45:12,390 so just wondering why the change in presentation. 447 00:45:12,390 --> 00:45:13,870 - Go ahead, Mr. Murray. 448 00:45:13,870 --> 00:45:14,830 Thank you, three, Mr. Chair. 449 00:45:14,830 --> 00:45:19,800 So this report has evolved to be specific 450 00:45:19,800 --> 00:45:24,490 to our investment portfolio, specifically our 451 00:45:24,490 --> 00:45:24,850 investments 452 00:45:24,850 --> 00:45:25,920 and not our cash. 453 00:45:25,920 --> 00:45:28,350 And really kind of the genesis of that 454 00:45:28,350 --> 00:45:32,820 was the implementation of new financial 455 00:45:32,820 --> 00:45:33,960 instruments 456 00:45:33,960 --> 00:45:36,430 reporting and accounting standards 457 00:45:36,430 --> 00:45:39,760 that came into effect a couple years ago 458 00:45:39,760 --> 00:45:41,700 that really drew that distinction 459 00:45:41,700 --> 00:45:43,920 between cash and cash equivalents 460 00:45:43,920 --> 00:45:46,480 and investments portfolio investments. 461 00:45:46,480 --> 00:45:49,170 So this report is focused on portfolio 462 00:45:49,170 --> 00:45:51,120 investments. 463 00:45:51,120 --> 00:45:52,030 Follow up, Councilor? 464 00:45:52,030 --> 00:45:52,850 - Yeah, thanks. 465 00:45:52,850 --> 00:45:54,120 That actually makes sense to me 466 00:45:54,120 --> 00:45:55,690 given the way it's presented on here. 467 00:45:55,690 --> 00:45:57,890 So thank you for that. 468 00:45:57,890 --> 00:46:00,790 The other question I have is I was looking up 469 00:46:00,790 --> 00:46:04,120 what other cities do and there was an interesting 470 00:46:04,120 --> 00:46:06,510 report that talked about whether a city did 471 00:46:06,510 --> 00:46:10,730 standardized reporting, enhanced reporting. 472 00:46:10,730 --> 00:46:13,400 Has the city looked at possibly doing more 473 00:46:13,400 --> 00:46:15,980 enhanced reporting for the portfolios? 474 00:46:15,980 --> 00:46:18,840 I noticed that other cities provide the details 475 00:46:18,840 --> 00:46:21,940 of all the investments that are, you know, 476 00:46:21,940 --> 00:46:23,860 and given the amount of it, the 1.8 billion. 477 00:46:23,860 --> 00:46:26,220 Go ahead, Mr. Roy. 478 00:46:26,220 --> 00:46:28,340 Thank you. 479 00:46:28,340 --> 00:46:29,340 Through you, Mr. Chair. 480 00:46:29,340 --> 00:46:31,690 Of course, we're very much interested in 481 00:46:31,690 --> 00:46:32,920 continuous improvement, and if there's 482 00:46:32,920 --> 00:46:33,440 opportunities 483 00:46:33,440 --> 00:46:36,480 to enhance the information that we're reporting 484 00:46:36,480 --> 00:46:39,450 on, we're certainly open to considering that. 485 00:46:39,450 --> 00:46:41,640 I think we provide a pretty good snapshot of our 486 00:46:41,640 --> 00:46:43,590 investment portfolio and performance 487 00:46:43,590 --> 00:46:45,340 through this annual report. 488 00:46:45,340 --> 00:46:48,270 It aligns with our legislative requirements, it 489 00:46:48,270 --> 00:46:51,010 aligns with our investment policy. 490 00:46:51,010 --> 00:46:54,110 I think the important thing to note as well is 491 00:46:54,110 --> 00:46:57,200 that our investment portfolio is not small 492 00:46:57,200 --> 00:47:00,100 uh, in terms of number of investment securities. 493 00:47:00,100 --> 00:47:03,240 Uh, as noted in the report, we have north of, uh, 494 00:47:03,240 --> 00:47:07,350 180 different, uh, investment, uh, securities in 495 00:47:07,350 --> 00:47:10,520 our portfolio. So it is a fairly, uh, 496 00:47:10,520 --> 00:47:13,520 sizable portfolio and in terms of, uh, number of 497 00:47:13,520 --> 00:47:16,390 securities. So, uh, you know, a pretty, a pretty 498 00:47:16,390 --> 00:47:19,320 good number, uh, to, to, uh, report on should, uh 499 00:47:19,320 --> 00:47:22,550 , we include that level of detail. So, you know, 500 00:47:22,550 --> 00:47:24,960 having said that, we're, we're always open to 501 00:47:24,960 --> 00:47:27,490 opportunities for improvement. And if there is, 502 00:47:27,810 --> 00:47:31,430 specific things that Council wants to direct us 503 00:47:31,430 --> 00:47:32,310 to include in the future. We're 504 00:47:32,310 --> 00:47:35,590 happy to receive that direction but otherwise 505 00:47:35,590 --> 00:47:38,320 happy to continue reviewing 506 00:47:38,320 --> 00:47:40,310 what others are doing as well and considering 507 00:47:40,310 --> 00:47:41,670 whether we can incorporate 508 00:47:41,670 --> 00:47:44,200 additional relevant information as well into our 509 00:47:44,200 --> 00:47:46,410 report. Follow up, Councilor? 510 00:47:46,410 --> 00:47:49,280 Yes, thank you and through the chair. Yeah, I 511 00:47:49,280 --> 00:47:51,440 think I'm gonna work on this, I'll 512 00:47:51,440 --> 00:47:53,450 reach out to staff and some of my colleagues 513 00:47:53,450 --> 00:47:54,740 between now and Council because 514 00:47:54,740 --> 00:47:56,610 it's the same thing as the multi-year budget. If 515 00:47:56,610 --> 00:47:58,290 we have 180 different 516 00:47:58,290 --> 00:48:01,430 investment securities, and we're managing 1.8 517 00:48:01,430 --> 00:48:04,980 billion of taxpayer money to have one line, 518 00:48:04,980 --> 00:48:07,680 or two lines, be nice if there was just something 519 00:48:07,680 --> 00:48:13,240 in between those two. I also, in best practices, 520 00:48:13,240 --> 00:48:15,630 there was reference to some cities choosing the 521 00:48:15,630 --> 00:48:17,910 prudent investor program. Is that something 522 00:48:17,910 --> 00:48:20,960 that staff have looked into? Go ahead, Mr. Ray. 523 00:48:20,960 --> 00:48:23,660 Thank you, through you. So, yes, we have reviewed 524 00:48:23,660 --> 00:48:27,070 the prudent investor program. We continue to 525 00:48:27,070 --> 00:48:29,790 monitor developments in that area. It is 526 00:48:29,790 --> 00:48:32,480 a relatively new option that has been introduced 527 00:48:32,480 --> 00:48:35,820 in the last few years to Ontario municipalities. 528 00:48:35,820 --> 00:48:37,700 I think there's a couple important things to note 529 00:48:37,700 --> 00:48:39,410 though that go along with the prudent 530 00:48:39,410 --> 00:48:42,540 investment regime. One of them being that council 531 00:48:42,540 --> 00:48:45,850 would give up some measure of control over the 532 00:48:45,850 --> 00:48:48,600 investment function to an external investment 533 00:48:48,600 --> 00:48:51,350 board. So that's, you know, I think one big 534 00:48:51,350 --> 00:48:53,590 consideration that if we were to ever move in 535 00:48:53,590 --> 00:48:54,690 that direction would need to be 536 00:48:54,690 --> 00:48:58,300 considered carefully. The other I think important 537 00:48:58,300 --> 00:49:00,820 thing to note as well is that 538 00:49:00,820 --> 00:49:04,790 the designation to opt into that prudent 539 00:49:04,790 --> 00:49:07,570 investment regime is irrevocable. So 540 00:49:07,570 --> 00:49:11,350 once you're in you can't opt back out. So we 541 00:49:11,350 --> 00:49:12,750 haven't we haven't gone in that 542 00:49:12,750 --> 00:49:16,150 direction to date. Our new kind of in-sourced 543 00:49:16,150 --> 00:49:17,770 investment management function 544 00:49:17,770 --> 00:49:21,820 is only a couple years old at this point, but if 545 00:49:21,820 --> 00:49:23,900 we down the road assess that we're not 546 00:49:23,900 --> 00:49:26,280 able to kind of adequately meet our broad 547 00:49:26,280 --> 00:49:29,320 investment objectives through our current model 548 00:49:29,320 --> 00:49:30,130 and our 549 00:49:30,130 --> 00:49:32,460 legal list framework that we currently utilize, 550 00:49:32,460 --> 00:49:34,800 and then it's possible that we may bring 551 00:49:34,800 --> 00:49:37,430 a recommendation in the future to counsel to 552 00:49:37,430 --> 00:49:40,600 consider the prudent investment regime. But again 553 00:49:40,600 --> 00:49:40,700 , 554 00:49:40,600 --> 00:49:44,000 it's something that is not without implications, 555 00:49:44,000 --> 00:49:47,760 and we'll keep looking at the developments in 556 00:49:47,760 --> 00:49:51,260 in that space in the years ahead. 557 00:49:51,260 --> 00:49:52,090 - Follow up, Councilor? 558 00:49:52,090 --> 00:49:54,160 - Thanks, yeah, just a couple more questions. 559 00:49:54,160 --> 00:49:55,940 When I go back to 2022, again, 560 00:49:55,940 --> 00:49:58,290 it talks about percentage of the portfolio 561 00:49:58,290 --> 00:49:58,920 externally 562 00:49:58,920 --> 00:50:00,550 versus internally managed. 563 00:50:00,550 --> 00:50:01,580 I don't see that here. 564 00:50:01,580 --> 00:50:04,720 Is it all internally managed now? 565 00:50:04,720 --> 00:50:06,350 - Go ahead, Mr. Mayor. 566 00:50:06,350 --> 00:50:08,260 - Through you, Mr. Chair, yes, we have, 567 00:50:08,260 --> 00:50:10,910 we have in sourced the investment management 568 00:50:10,910 --> 00:50:11,450 function 569 00:50:11,450 --> 00:50:12,280 at this point. 570 00:50:12,280 --> 00:50:16,820 So the only component that is externally managed, 571 00:50:16,820 --> 00:50:21,040 if you will, is the equity component of our 572 00:50:21,040 --> 00:50:21,790 portfolio. 573 00:50:21,790 --> 00:50:25,960 That is through the One Fund program 574 00:50:25,960 --> 00:50:31,330 that is offered through subsidiary of AMO. 575 00:50:31,330 --> 00:50:37,430 And it is the only means of us being able to get 576 00:50:37,430 --> 00:50:37,750 exposure 577 00:50:37,750 --> 00:50:39,660 to equities in our portfolio. 578 00:50:39,660 --> 00:50:43,390 So that is something that we cannot implement 579 00:50:43,390 --> 00:50:43,870 internally 580 00:50:43,870 --> 00:50:46,900 ourselves if we are not in the prudent investor 581 00:50:46,900 --> 00:50:47,410 program 582 00:50:47,410 --> 00:50:50,100 and therefore that is the one remaining 583 00:50:50,100 --> 00:50:53,120 kind of externally managed components. 584 00:50:53,120 --> 00:50:54,600 Follow up, sir? 585 00:50:54,600 --> 00:50:55,720 - Yeah, just a couple more. 586 00:50:55,720 --> 00:51:00,030 So when I look to, since 2022 to now, 587 00:51:00,030 --> 00:51:02,500 the investment portfolio looks like it's up 588 00:51:02,500 --> 00:51:05,350 about $300 million, is that budgeted? 589 00:51:05,350 --> 00:51:08,410 Do we know where we were expecting to be at this 590 00:51:08,410 --> 00:51:09,830 point? 591 00:51:09,830 --> 00:51:12,140 - Go ahead, Mr. Ray. 592 00:51:12,140 --> 00:51:15,160 - So I think we need to kind of differentiate 593 00:51:15,160 --> 00:51:15,330 here 594 00:51:15,330 --> 00:51:18,750 between the component of our investment portfolio 595 00:51:18,750 --> 00:51:22,900 is operating related versus those that relate 596 00:51:22,900 --> 00:51:25,380 to reserves and reserve funds. 597 00:51:25,380 --> 00:51:29,340 So operating investments or investments of 598 00:51:29,340 --> 00:51:30,320 operating funds, 599 00:51:30,320 --> 00:51:34,970 that investment income forms part of the property 600 00:51:34,970 --> 00:51:35,920 tax budget 601 00:51:35,920 --> 00:51:38,800 and that money offsets funds that would otherwise 602 00:51:38,800 --> 00:51:41,060 need to be collected through property taxes 603 00:51:41,060 --> 00:51:44,800 or through some other source of funding. 604 00:51:44,800 --> 00:51:47,190 So that's the one component, the other component 605 00:51:47,190 --> 00:51:51,160 And certainly the majority component is 606 00:51:51,160 --> 00:51:54,190 investments on reserve funds, and that is not 607 00:51:54,190 --> 00:51:54,800 budgeted, 608 00:51:54,800 --> 00:51:56,920 but is included in the forecast and the 609 00:51:56,920 --> 00:52:00,070 projections in our reserve fund schedules, in our 610 00:52:00,070 --> 00:52:00,580 reserve 611 00:52:00,580 --> 00:52:04,280 fund forecasts in the budget document. 612 00:52:04,280 --> 00:52:08,610 So that is kind of the two components of it. 613 00:52:08,610 --> 00:52:12,470 Ultimately, on the reserve fund piece, if we 614 00:52:12,470 --> 00:52:15,680 exceed our targets for investment income 615 00:52:15,680 --> 00:52:19,140 on reserve funds. That brings us closer to 616 00:52:19,140 --> 00:52:22,210 achieving the target balances on those reserve 617 00:52:22,210 --> 00:52:22,590 funds that 618 00:52:22,590 --> 00:52:25,450 we articulated back last month, in fact, in our 619 00:52:25,450 --> 00:52:29,200 reserve fund monitoring report. It also helps 620 00:52:29,200 --> 00:52:33,240 fulfill our capital plan requirements. So if we 621 00:52:33,240 --> 00:52:36,520 exceed our projections for investment income on 622 00:52:36,520 --> 00:52:40,320 reserve funds, that allows us to then look at the 623 00:52:40,320 --> 00:52:43,410 contributions that may be going into the reserve 624 00:52:43,410 --> 00:52:46,590 funds and adjust them accordingly as part of the 625 00:52:46,590 --> 00:52:48,550 next budget development cycle. 626 00:52:48,550 --> 00:52:50,850 Follow up, Councillor? 627 00:52:50,850 --> 00:52:51,830 Thank you. 628 00:52:51,830 --> 00:52:54,580 That's what I was hoping was that there might be 629 00:52:54,580 --> 00:52:57,430 some cost savings for the taxpayer. 630 00:52:57,430 --> 00:52:59,860 So did I miss a report that showed whether we 631 00:52:59,860 --> 00:53:02,270 were exceeding in terms of our investment 632 00:53:02,270 --> 00:53:04,750 income on reserve funds or not? 633 00:53:04,750 --> 00:53:06,810 Go ahead, Mr. Mayor. 634 00:53:06,810 --> 00:53:07,800 Thank you, through you, Chair. 635 00:53:07,800 --> 00:53:09,910 So we don't report out specifically on the 636 00:53:09,910 --> 00:53:12,540 investment income component, but more broadly 637 00:53:12,540 --> 00:53:16,390 on how the balances of our reserve funds are 638 00:53:16,390 --> 00:53:18,560 progressing towards their target balances. 639 00:53:18,560 --> 00:53:21,080 So it's part of the reserve fund monitoring, and 640 00:53:21,080 --> 00:53:23,000 I was keeping a report that we bring 641 00:53:23,000 --> 00:53:24,450 forward annually. 642 00:53:24,450 --> 00:53:25,660 Follow-up, Council? 643 00:53:25,660 --> 00:53:27,050 Yeah, thanks. 644 00:53:27,050 --> 00:53:29,640 I'll follow up on that one a little bit more 645 00:53:29,640 --> 00:53:30,430 offline. 646 00:53:30,430 --> 00:53:34,110 So when I look at 2025, the investment income was 647 00:53:34,110 --> 00:53:36,680 approximately $112 million. 648 00:53:36,680 --> 00:53:41,960 In 2022, the report showed it was $36 million. 649 00:53:41,960 --> 00:53:45,350 And then the operating fund investments, it's 0.5 650 00:53:45,350 --> 00:53:47,940 million this year, but it was 11 million 651 00:53:47,940 --> 00:53:48,940 back then. 652 00:53:48,940 --> 00:53:51,570 So I know things change, but if we're looking at 653 00:53:51,570 --> 00:53:53,990 it as a huge swing in both ways, anything 654 00:53:53,990 --> 00:53:56,820 that staff can share about that? 655 00:53:56,820 --> 00:53:58,340 Mr. Ryan. 656 00:53:58,340 --> 00:53:59,310 Thank you and through you. 657 00:53:59,310 --> 00:54:01,910 So the one thing I will point to that comes to 658 00:54:01,910 --> 00:54:04,690 mind, you know, very specifically is going 659 00:54:04,690 --> 00:54:07,600 back to the previous question around the change 660 00:54:07,600 --> 00:54:09,460 in the focus of this report. 661 00:54:09,460 --> 00:54:11,290 what you would have been seeing in 2022 would 662 00:54:11,290 --> 00:54:14,310 have been inclusive of not only investment 663 00:54:14,310 --> 00:54:19,540 income but also earnings on cash in our bank. 664 00:54:19,540 --> 00:54:21,260 This and I believe the chart that you're 665 00:54:21,260 --> 00:54:21,590 referring 666 00:54:21,590 --> 00:54:27,000 to is specifically related to investment earnings 667 00:54:27,000 --> 00:54:31,590 in this portfolio investment report. So that 668 00:54:31,590 --> 00:54:34,920 is the one big component that I can that I can 669 00:54:34,920 --> 00:54:37,990 refer you to. I mean of course our investments 670 00:54:37,990 --> 00:54:38,400 are 671 00:54:38,400 --> 00:54:42,680 all subject to market returns and market 672 00:54:42,680 --> 00:54:45,840 conditions and certainly interest rate 673 00:54:45,840 --> 00:54:46,540 environments now 674 00:54:46,540 --> 00:54:49,130 are very different have been very different in 675 00:54:49,130 --> 00:54:51,980 the last couple years than they were say back in 676 00:54:51,980 --> 00:54:56,270 2020-2021 and 2022 where interest rates were much 677 00:54:56,270 --> 00:54:58,810 much lower so we would naturally expect higher 678 00:54:58,810 --> 00:55:00,420 investment earnings just because of the very 679 00:55:00,420 --> 00:55:02,550 different interest rate environment we're now in. 680 00:55:02,550 --> 00:55:07,240 follow-up council. Okay, thanks. The other thing 681 00:55:07,240 --> 00:55:09,820 I looked at was, you know, given the amount of 682 00:55:09,820 --> 00:55:13,690 the reserve or the investment portfolio, when I 683 00:55:13,690 --> 00:55:17,550 look at other cities as a comparison of the 684 00:55:17,550 --> 00:55:19,800 amount that's in their investment portfolio 685 00:55:19,800 --> 00:55:22,380 versus their annual budget, ours seems to be 686 00:55:22,380 --> 00:55:25,180 significantly higher. Like a couple of the cities 687 00:55:25,180 --> 00:55:27,550 are 50 percent or one is 85 percent, 688 00:55:27,550 --> 00:55:30,760 one's 30 percent. We're 125 percent. Is that 689 00:55:30,760 --> 00:55:33,760 something that staff look at? Do we know sort of 690 00:55:33,760 --> 00:55:37,980 of are we in line with where we should be or is 691 00:55:37,980 --> 00:55:40,840 that even a relative statistic? 692 00:55:40,840 --> 00:55:42,720 Go ahead, Mr. Ray. 693 00:55:42,720 --> 00:55:43,690 Thank you, through you. 694 00:55:43,690 --> 00:55:46,750 So going back to my previous response, I think it 695 00:55:46,750 --> 00:55:49,300 's important to note that the majority 696 00:55:49,300 --> 00:55:51,890 of our investment portfolio relates to reserve 697 00:55:51,890 --> 00:55:52,430 funds. 698 00:55:52,430 --> 00:55:55,370 So I'll refer to Appendix A in the report. 699 00:55:55,370 --> 00:55:58,250 I think about 95% of our investments are related 700 00:55:58,250 --> 00:56:00,490 to reserve funds rather than operating 701 00:56:00,490 --> 00:56:02,090 funds. 702 00:56:02,090 --> 00:56:04,230 I think what I would say in relation to other 703 00:56:04,230 --> 00:56:06,980 municipalities is I suspect they have very 704 00:56:06,980 --> 00:56:10,430 different reserve funds for very different 705 00:56:10,430 --> 00:56:11,400 purposes. 706 00:56:11,400 --> 00:56:13,640 They no doubt have very different reserve fund 707 00:56:13,640 --> 00:56:15,550 levels that they're comfortable with 708 00:56:15,550 --> 00:56:19,100 and targeting to have. 709 00:56:19,100 --> 00:56:22,060 So I think that is likely to be a contributing 710 00:56:22,060 --> 00:56:23,510 factor as well. 711 00:56:23,510 --> 00:56:27,870 I suspect other municipalities, I don't know what 712 00:56:27,870 --> 00:56:31,590 they are including or excluding as well 713 00:56:31,590 --> 00:56:35,090 in their investment income reporting, others may 714 00:56:35,090 --> 00:56:37,820 have, you know, different approaches to 715 00:56:37,820 --> 00:56:39,870 investing or not, for example, some 716 00:56:39,870 --> 00:56:42,250 municipalities may choose to simply leave a 717 00:56:42,250 --> 00:56:43,230 greater portion 718 00:56:43,230 --> 00:56:46,640 of their financial resources in the bank and not 719 00:56:46,640 --> 00:56:49,400 invest it in the same way that we do. 720 00:56:49,400 --> 00:56:53,590 So that may lead to differences in terms of our 721 00:56:53,590 --> 00:56:57,320 investment portfolio relative to others. 722 00:56:57,320 --> 00:57:01,130 So it's really difficult, I think, comparison to 723 00:57:01,130 --> 00:57:03,350 do on the basis of operating budgets because 724 00:57:03,350 --> 00:57:05,290 there are a lot of different factors that could 725 00:57:05,290 --> 00:57:06,890 play into why those differences might 726 00:57:06,890 --> 00:57:08,970 exist. 727 00:57:08,970 --> 00:57:09,970 Follow up, Heather? 728 00:57:09,970 --> 00:57:10,960 No, fair enough. 729 00:57:10,960 --> 00:57:14,370 I'll just make a comment that I appreciate that 730 00:57:14,370 --> 00:57:17,330 this is what is required and that there's 731 00:57:17,330 --> 00:57:19,420 nothing wrong with the report that's been given 732 00:57:19,420 --> 00:57:21,470 to us, but I'm going to vote no to receiving 733 00:57:21,470 --> 00:57:24,010 it for the same reason I did with the multi-year 734 00:57:24,010 --> 00:57:26,440 budget and the strategic plan and that kind 735 00:57:26,440 --> 00:57:29,290 thing is I just don't feel that it's adequate 736 00:57:29,290 --> 00:57:32,260 reporting to the public to have 737 00:57:32,260 --> 00:57:35,750 two lines for 1.8 billion so I'm going to be 738 00:57:35,750 --> 00:57:37,690 voting no and then I'll look to see 739 00:57:37,690 --> 00:57:40,630 if there's a motion or support on council to do a 740 00:57:40,630 --> 00:57:42,670 more enhanced reporting 741 00:57:42,670 --> 00:57:45,120 as some other municipalities are doing especially 742 00:57:45,120 --> 00:57:46,290 when there's a lot of talk 743 00:57:46,290 --> 00:57:48,510 about that right now and a lot of desire from the 744 00:57:48,510 --> 00:57:51,730 public. Okay if any other 745 00:57:51,730 --> 00:57:55,110 questions comments not seeing any we'll open the 746 00:57:55,110 --> 00:58:19,520 vote on 2.10. Wasn't the vote 747 00:58:19,520 --> 00:58:25,080 motion carries 4-1. Okay thank you we are on to 748 00:58:25,080 --> 00:58:26,690 confidential matters I look 749 00:58:26,690 --> 00:58:29,290 for a motion to go into closed session. Okay Coun 750 00:58:29,290 --> 00:58:30,680 cillor Frank, Councillor 751 00:58:30,680 --> 00:58:32,300 Mirberg and thank you and we'll open the vote on 752 00:58:32,300 --> 00:58:37,710 that. 753 00:58:37,710 --> 01:00:18,270 Motion to vote motion carries 5-0. Okay we're 754 01:00:18,270 --> 01:00:19,790 back into public session I'll 755 01:00:19,790 --> 01:00:21,190 look to Councillor Frank to report out from 756 01:00:21,190 --> 01:00:23,740 closed session. Thank you I'm 757 01:00:23,740 --> 01:00:25,590 pleased to announce that progress is made for the 758 01:00:25,590 --> 01:00:26,550 items for which we went in 759 01:00:26,550 --> 01:00:31,490 camera for. Thank you and I look for a motion to 760 01:00:31,490 --> 01:00:34,920 adjourn. Councillor Ben Mirberg 761 01:00:34,920 --> 01:00:38,740 Councillor Frank, all those in favor? Any opposed 762 01:00:38,740 --> 01:00:42,060 ? Motion carries. Thank you everyone have a good 763 01:00:42,060 --> 01:00:42,300 day.