1 00:00:03,840 --> 00:00:11,920 Oh, thank you to the uh welcome to the finance and audit committee meeting uh 2 00:00:08,800 --> 00:00:15,679 dated Thursday, September the 10th, 26. Uh thanks everybody for attending. And 3 00:00:14,160 --> 00:00:19,199 uh before we get going, I'd like to acknowledge that we begin this meeting 4 00:00:17,680 --> 00:00:22,960 by acknowledging that we are gathered on the traditional ancestral and unseated 5 00:00:20,960 --> 00:00:28,160 territories of the Inca Capm and the Silks people. Uh item number two, 6 00:00:26,320 --> 00:00:35,800 adoption of the minutes from last year, which was October 16th, 2025. 7 00:00:31,359 --> 00:00:35,800 Any questions or concerns? 8 00:00:37,760 --> 00:00:43,239 Can I have somebody uh move to accept them? 9 00:00:47,440 --> 00:00:56,480 those two uh councelor Baxter and councelor Olgan. 10 00:00:54,399 --> 00:01:01,280 Moving on to unfinished business. There isn't any unfinished business. Point 11 00:00:58,559 --> 00:01:07,840 number four, uh new business policy reserve update. Can I uh hand that over 12 00:01:04,879 --> 00:01:13,920 to you, Mr. McN? 13 00:01:10,320 --> 00:01:22,840 How do you pronounce your last name? >> CFO. Yeah. CFO. Okay. 14 00:01:18,720 --> 00:01:22,840 How do I turn your mic on? 15 00:01:24,960 --> 00:01:32,240 There we go. Thank you, chair. So, the intention of 16 00:01:29,600 --> 00:01:36,400 today's meeting is to take stock of some of the improvement that we've made over 17 00:01:33,680 --> 00:01:41,119 the last three years and provide some foundation and reference for a new 18 00:01:38,400 --> 00:01:47,200 4-year council term that will begin here shortly. So since 2023, we've focused on 19 00:01:45,200 --> 00:01:52,960 compounding continuous improvement as it relates to our reserve position. So as 20 00:01:50,399 --> 00:01:59,439 we may recall in 2023, we started with half a million in the sewer reserve and 21 00:01:56,240 --> 00:02:05,600 water, fire, transportation, parks, wreck, etc. were all zero. 22 00:02:03,360 --> 00:02:12,800 In 2024, we focused on adding contributions for water, uh, sewer, 23 00:02:09,840 --> 00:02:18,480 uh, and fire into the financial plan. In 2025, we added contributions for parks 24 00:02:16,080 --> 00:02:22,959 and wreck. We increased that base contribution for the fire reserve, and 25 00:02:20,800 --> 00:02:28,239 we also began reserving any surplus funds within protective services. 26 00:02:26,400 --> 00:02:34,239 The actions across those two years yielded and supported a 239% increase in 27 00:02:32,080 --> 00:02:40,239 reserve contributions and we leverage that into 2026 by 28 00:02:37,200 --> 00:02:44,800 focusing on a contribution for asset management. So we looked at the 29 00:02:42,800 --> 00:02:50,239 opportunity to have any development uplift or non-market change allocated 30 00:02:47,360 --> 00:02:55,280 between an infrastructure contribution and a lowering of the taxes on the 31 00:02:52,400 --> 00:03:00,959 existing rate payers. So these actions have made progress in 32 00:02:58,319 --> 00:03:04,480 improving our reserve position. However, when we look at the replacement values 33 00:03:02,720 --> 00:03:10,560 in our asset management plan, which I think we're about 350 million, you know, 34 00:03:07,200 --> 00:03:15,680 we have a ways to go and we don't have the ability to service uh liabilities to 35 00:03:14,319 --> 00:03:20,879 cover all of that infrastructure deficit. So, we need to continue to see 36 00:03:18,560 --> 00:03:25,680 compounding improvement year after year in our reserve position. 37 00:03:23,519 --> 00:03:31,519 So the policy updates an opportunity to provide that base of reference for that 38 00:03:29,120 --> 00:03:35,519 hopefully continuing on of the journey that we've started over the last three 39 00:03:32,959 --> 00:03:38,519 years into this next four-year council term. 40 00:03:38,879 --> 00:03:45,120 So as it relates to the actual policy, we can certainly walk through reserve by 41 00:03:43,280 --> 00:03:48,640 reserve or there's comments and questions that the committee have, we 42 00:03:47,200 --> 00:03:51,640 can have some focused conversation on those. 43 00:03:56,239 --> 00:04:06,239 Go ahead. Thank you. So I like what I see. Um I understand where we started 44 00:04:02,560 --> 00:04:10,959 and where we are right now. Um my only comment would be we are talking about uh 45 00:04:09,439 --> 00:04:19,120 5 7.5 million asset requirement right so 46 00:04:15,760 --> 00:04:23,520 and we are contributing only 2.9 million. I would like to know where the 47 00:04:21,840 --> 00:04:27,680 the the difference is coming from. So are we talking about taxes and utilities 48 00:04:25,440 --> 00:04:31,680 or where are they coming from to to meet that 7.5? 49 00:04:29,440 --> 00:04:36,560 » So it will be a combination of those two things. So if there is any surplus funds 50 00:04:34,160 --> 00:04:40,960 generated within water sewer from utility revenues we can definitely look 51 00:04:38,479 --> 00:04:45,600 at reserving any surplus there but the bulk of this will come from taxation 52 00:04:43,120 --> 00:04:50,400 revenues. So this is a infrastructure deficit gap that will have to continue 53 00:04:47,840 --> 00:04:55,520 to progress. You don't we can't do it all in one year. We know what that would 54 00:04:53,199 --> 00:05:01,120 look like in terms of a property tax increase, but the intention would be 55 00:04:58,000 --> 00:05:06,960 that we continue to make progress every year doing better than we did the prior 56 00:05:03,360 --> 00:05:12,880 year trying to narrow that gap over a 10 plus year period. 57 00:05:10,000 --> 00:05:17,199 Can I just ask uh if when you were go back to what you were saying when we had 58 00:05:15,600 --> 00:05:20,960 x number of dollars in the reserve but you didn't have enough to cover 59 00:05:18,400 --> 00:05:25,039 liabilities. What do you mean by that? >> So when we look at funding 60 00:05:22,960 --> 00:05:31,520 infrastructure over time we're generally looking at a combination of grants, debt 61 00:05:28,000 --> 00:05:35,600 and reserves. So our liability servicing capacity is restricted by the province 62 00:05:33,520 --> 00:05:40,720 to a certain percentage of our revenues. So we are not able to physically borrow 63 00:05:38,320 --> 00:05:45,360 everything that we might need to fund infrastructure over time. So it's 64 00:05:42,560 --> 00:05:50,000 essential that we have accommodation of reserves and savings on our own and 65 00:05:47,680 --> 00:05:54,080 hopefully some grants and other transfers from more senior local 66 00:05:51,680 --> 00:05:57,759 government to help close that deficit. So it'll be a combination of those three 67 00:05:55,919 --> 00:06:02,160 funding sources that tries to narrow that. 68 00:06:00,160 --> 00:06:07,080 » Anybody else? Well, castor organ 69 00:06:07,919 --> 00:06:11,479 something was feed 70 00:06:12,000 --> 00:06:15,000 back. 71 00:06:16,160 --> 00:06:20,680 » Okay. Uh, anybody else have any comments? 72 00:06:21,520 --> 00:06:30,400 » I do. I would just like to Am I on? I would like to know uh your suggestions 73 00:06:27,600 --> 00:06:34,880 on how you think we can in increase the reserves other than getting the money 74 00:06:32,479 --> 00:06:39,680 from the government and taxation. 75 00:06:36,800 --> 00:06:44,160 » Well, that is unfortunately where that is going to come from. So, the only 76 00:06:41,919 --> 00:06:50,800 recurring funding that we receive for infrastructure is our gas tax which is 77 00:06:47,120 --> 00:06:56,080 about 384,000 a year. And we do reserve that money. We do use that to fund 78 00:06:53,039 --> 00:07:01,360 projects across the community primarily in the water and recreation space 79 00:06:58,639 --> 00:07:06,560 because we didn't have that reserve or savings position to start with. So while 80 00:07:04,000 --> 00:07:13,360 we identified projects over the last few years that needed a funding source, that 81 00:07:09,599 --> 00:07:17,919 is what stepped in to fill that gap. But that's the only contribution that we can 82 00:07:15,520 --> 00:07:20,880 rely on from more senior levels of government. 83 00:07:18,319 --> 00:07:26,319 » Do we use that up every year? So we don't we have been building that up and 84 00:07:23,440 --> 00:07:30,639 then we've been drawing that down as we're trying to plug funding gaps for 85 00:07:28,960 --> 00:07:34,080 certain projects. >> So if we think about projects that got 86 00:07:32,479 --> 00:07:37,759 approved at the civic center, we're investing in the roof and the siding. 87 00:07:35,919 --> 00:07:42,639 That million dollars is coming from those funds that we've built up. 88 00:07:39,919 --> 00:07:45,680 » Thank you, Council Edard. 89 00:07:44,000 --> 00:07:49,360 » No, I like [clears throat] what we see here. I mean, we had a struggle to get 90 00:07:47,440 --> 00:07:56,319 to having the established reserves with what we can do and uh hopefully we can 91 00:07:52,720 --> 00:08:01,680 see some new commercial revenues coming in through development and hopefully 92 00:07:58,800 --> 00:08:05,440 make better planning for future um because I mean right now if we see the 93 00:08:03,360 --> 00:08:10,319 2.9 with some of it coming from interest at least that's an improvement over the 94 00:08:08,000 --> 00:08:13,919 either nothing or deficit position. I noticed that this year it had a negative 95 00:08:11,919 --> 00:08:18,319 384 um on the bottom line for our reserve. 96 00:08:16,560 --> 00:08:24,080 Was that because of sale of lands? Because I I noticed the 15.9 less 97 00:08:20,800 --> 00:08:27,599 384,000 in the one attachment there. >> You got me to where you're looking. 98 00:08:25,520 --> 00:08:30,240 » Um looking at the attachment where it had 99 00:08:28,879 --> 00:08:32,959 » Yeah. >> Well, it had Yeah. 100 00:08:31,120 --> 00:08:38,320 » Yeah. So I'm trying to give council or the committee a sense of before it gets 101 00:08:35,200 --> 00:08:42,000 to council what the reserve activity has been during the year before we get to 102 00:08:40,240 --> 00:08:44,000 year end financial statements. >> Yeah. 103 00:08:42,320 --> 00:08:47,440 » So we have collected property tax revenues. We have some prescribed 104 00:08:45,680 --> 00:08:50,160 savings built into the financial plan. So the column for year-to-ate 105 00:08:49,040 --> 00:08:52,480 contributions. >> Yeah. 106 00:08:50,560 --> 00:08:57,200 » Reflects those things that were built in to our plan. We've also had capital 107 00:08:55,519 --> 00:09:01,519 projects that have been in execution since January. Yeah. That we are 108 00:08:59,040 --> 00:09:07,279 penciling funding against even though those entries get booked at your end. 109 00:09:04,160 --> 00:09:12,000 » So I'm simply showing that mid year as of July we have used some of the money 110 00:09:10,000 --> 00:09:13,040 that is included in our reserve balances. 111 00:09:12,720 --> 00:09:15,279 » Yeah. >> To fund our capital program during the 112 00:09:14,880 --> 00:09:21,120 year. >> That's what I thought but I thought well 113 00:09:17,200 --> 00:09:24,640 I better ask just to clarify it. Okay. And so if if you're seeing that on the 114 00:09:22,880 --> 00:09:29,680 unrestricted side, it means that we didn't have a dedicated funding source 115 00:09:26,720 --> 00:09:34,000 for those capital projects. We have no choice but to use those funds to cover 116 00:09:32,240 --> 00:09:40,880 it. That would have been premised in our financial plan. So there's areas such as 117 00:09:37,040 --> 00:09:44,240 drainage, transportation, the cemetery, whole host of areas across the city 118 00:09:42,640 --> 00:09:49,120 where we don't have that dedicated source yet. So that is one of the areas 119 00:09:46,720 --> 00:09:53,279 that steps in to fill that funding gap. >> Yeah. Because I think in your report you 120 00:09:50,800 --> 00:09:56,160 mentioned that the cemetery expansion would come out of the unrestricted. Is 121 00:09:54,880 --> 00:10:00,320 that right? Correct. >> Okay. Yeah. Thank you 122 00:09:59,360 --> 00:10:05,360 councelor Holden. >> Yeah. Thank you. So um I feel like we 123 00:10:02,480 --> 00:10:13,120 need to understand that the city has large future infrastructure costs. So 124 00:10:09,839 --> 00:10:18,480 and we need to understand if our savings plan that we have in place is going to 125 00:10:15,839 --> 00:10:25,120 meet that demand. that is very very important. So uh in the past prior 126 00:10:22,480 --> 00:10:29,519 council uh they were utilizing some of the reserves that's something that this 127 00:10:27,279 --> 00:10:33,279 council changed instead of utilizing withdrawing money from the reserves we 128 00:10:31,519 --> 00:10:38,959 are able we have been able to put money aside but my biggest concern is that if 129 00:10:36,399 --> 00:10:43,920 that money aside is going to be enough you know when we consider a future cost 130 00:10:41,920 --> 00:10:49,040 it's again it's difficult to understand what is going to be the future cost for 131 00:10:45,519 --> 00:10:53,200 this specific infrastructure but the the better that we get the right and the 132 00:10:51,040 --> 00:10:58,000 accurate amount the easier is going to help us to set up a goal to meet that 133 00:10:56,480 --> 00:11:02,560 goal. So it's like >> that's money right? So we have to move 134 00:10:59,839 --> 00:11:08,920 around be able to uh save where we can and and try to not to spend when we are 135 00:11:05,920 --> 00:11:08,920 not. 136 00:11:09,600 --> 00:11:17,440 » So the asset management plan does reveal that annual requirement being about 7.5 137 00:11:14,959 --> 00:11:21,680 million. it doesn't fully factor in the true cost of the wastewater treatment 138 00:11:19,200 --> 00:11:25,279 plan. So that implementation project is currently ongoing within the 139 00:11:23,200 --> 00:11:29,839 infrastructure team. I expect that number to be even higher than that 7.5 140 00:11:28,160 --> 00:11:36,079 million by the time the full cost of that plant is reflected. So the journey 141 00:11:33,760 --> 00:11:42,079 that we've been on is every year trying to do better than the prior year as we 142 00:11:38,720 --> 00:11:47,040 try and narrow that gap. So yes, we know that we need to be somewhere north of 143 00:11:43,760 --> 00:11:50,320 7.5 million at a certain point in the future. 144 00:11:48,560 --> 00:11:55,200 As you can see in the graph, you know, we were starting with basically saving 145 00:11:52,640 --> 00:12:00,959 the gas tax. So that point4 reserve contribution in 2023 is the gas tax and 146 00:11:58,480 --> 00:12:08,079 nothing. We've increased that to 1.9 to 2.5 to 147 00:12:04,560 --> 00:12:13,680 2.9 every year trying to do better than the prior year. Keeping in mind that 148 00:12:11,360 --> 00:12:19,839 some of these years also had doubledigit tax increases. We didn't have the 149 00:12:15,760 --> 00:12:26,079 ability to exceed or go beyond contributions that we saw here. So yes, 150 00:12:23,920 --> 00:12:31,279 there is a gap that we need to continue working on over time every year trying 151 00:12:29,040 --> 00:12:35,760 to increase that contribution rate getting closer and closer to the seven 152 00:12:33,440 --> 00:12:39,959 and half. >> Thank you uh Mayor Gats. 153 00:12:40,959 --> 00:12:48,720 Uh Kevin, can you explain how the EMCR money comes in for flood mitigation? I 154 00:12:47,360 --> 00:12:51,600 know we don't get it all at once. I think we get it as we return in our 155 00:12:50,399 --> 00:12:56,560 receipts and stuff like that, but sometimes it comes in in a chunk. How 156 00:12:53,519 --> 00:13:00,320 does that all play into uh it work? Do we do we put it in an account where we 157 00:12:58,720 --> 00:13:03,760 can gain interest off it as it sits there? And I'm curious, are we allowed 158 00:13:02,000 --> 00:13:09,040 to take interest off something like that or is there rules against that? So 159 00:13:06,399 --> 00:13:13,680 there's a myriad of complex agreements as it relates to funding that entire 160 00:13:11,440 --> 00:13:18,320 program and they're all a little bit different in terms of you know what is 161 00:13:15,760 --> 00:13:23,120 prepaid and what has to be claimed and reimbursed to the municipality. There 162 00:13:20,800 --> 00:13:30,000 are a few sizable chunks that have come in that we do earn interest funds on and 163 00:13:26,800 --> 00:13:35,519 every year end I come before council with resolutions to place the interest 164 00:13:32,399 --> 00:13:39,680 funds into reserve. So, if you're looking at the chart in the staff 165 00:13:38,079 --> 00:13:45,360 report, there's a non-recurring contribution section that I've kind of 166 00:13:41,920 --> 00:13:50,240 penciled out. So, some of the interest funds would have been included in that 167 00:13:48,079 --> 00:13:58,000 non-recurring piece, and those don't get booked until year end. So, I'm kind of 168 00:13:54,480 --> 00:14:02,720 focused on the base contributions for the rest of the city's infrastructure. 169 00:14:00,240 --> 00:14:08,880 We are saving some of the interest funds on those monies that will be needed for 170 00:14:06,240 --> 00:14:13,839 some of the projects coming up that might have a city contribution that we 171 00:14:11,600 --> 00:14:19,760 have to come up with. So that will come before council at some point here in the 172 00:14:16,320 --> 00:14:25,120 back half of the year. Um that that currently is in progress and 173 00:14:22,880 --> 00:14:30,079 conversation with province. We anticipate some projects requiring a 174 00:14:27,600 --> 00:14:33,760 city portion and hopefully being able to use some of that interest money that we 175 00:14:31,839 --> 00:14:40,720 have saved towards those projects. 176 00:14:37,279 --> 00:14:45,760 » What projects might those be? I don't know if we're wanting to get 177 00:14:43,519 --> 00:14:50,480 into I'm looking at the CAO to see, you know, we're we're kind of in early 178 00:14:47,680 --> 00:14:56,160 reviews of some of that framework that's being discussed like overall projects or 179 00:14:52,720 --> 00:15:00,560 are we talking projects in particular? So, the ones in particular in which we 180 00:14:58,079 --> 00:15:05,519 have a draft agreement. >> Yeah. And I think there's still lots of 181 00:15:02,399 --> 00:15:10,320 work being done on schedule and that and >> so you're unable to release that. Well, 182 00:15:07,920 --> 00:15:13,839 I don't think it's all complete yet. And when when is 183 00:15:11,440 --> 00:15:18,160 » I'm not asking for explicit details. I'm just thinking in what areas are we 184 00:15:15,920 --> 00:15:21,519 considering those projects in like is it infrastructure? Is it dyking? Is it 185 00:15:20,000 --> 00:15:25,199 » be dking infrastructure? >> Okay. 186 00:15:23,760 --> 00:15:27,680 Thank you. Anybody else have any comments? 187 00:15:26,880 --> 00:15:31,600 » If I may. >> Yes, you may. 188 00:15:28,399 --> 00:15:36,639 » Um, thank you, chair. the I believe the last asset management plan probably 189 00:15:33,519 --> 00:15:43,120 identified if I recall a similar gap in funding and more to your question of are 190 00:15:39,199 --> 00:15:46,959 there other sources of funding. Um, yes, taxation grants are sort of the basic 191 00:15:45,680 --> 00:15:49,839 things, but the other way to would tackle this is very much like you would 192 00:15:48,560 --> 00:15:53,440 in your own home where you put some sweat equity in the things and we're 193 00:15:51,759 --> 00:15:57,440 having good success, you know, last year in a couple of projects being the 194 00:15:55,440 --> 00:16:02,800 removal of the bridge and the lineup for the Nicola Reservoir with Shana Alley 195 00:16:00,000 --> 00:16:06,639 water main. Those projects by us putting our hands on them and thinking outside 196 00:16:04,639 --> 00:16:10,800 of the box to deliver them are going to create some very significant cost 197 00:16:08,480 --> 00:16:14,720 savings over the original standard budget and standard way of delivering 198 00:16:12,800 --> 00:16:18,880 the project. We're also doing the same thing with the water meter project. 199 00:16:16,639 --> 00:16:24,000 We're trying to switch a four $4 million project into a $3 million grant and 200 00:16:22,399 --> 00:16:29,360 we're doing some of the work ourselves and and trying to find ways to economize 201 00:16:27,440 --> 00:16:33,360 and make some better decisions on how it goes instead of just send it out to a 202 00:16:31,680 --> 00:16:38,240 contractor pay an extra million dollars over top of the grant. So I think 203 00:16:35,199 --> 00:16:43,600 overall when we talk in the future the other way to handle it is to find ways 204 00:16:41,120 --> 00:16:48,240 to economize how we deliver projects in a lot of lot of cases and some of the 205 00:16:45,920 --> 00:16:52,320 good theories on that are challenge the status quo on how they get tendered and 206 00:16:50,240 --> 00:16:56,160 delivered. It's also a challenge the status quo on whether or not we need 207 00:16:54,000 --> 00:17:00,399 contractors to do them or is it something we can put together a small 208 00:16:57,920 --> 00:17:05,120 cost effective crew to just mainline some sewer pipes and things like that 209 00:17:02,160 --> 00:17:10,079 that you know might be you know 40 50% the cost compared to full contract. So 210 00:17:08,319 --> 00:17:14,319 lots of things we can do and we'll have to consider that side of it as well as 211 00:17:12,319 --> 00:17:17,839 other sources of money and that's going to make make it successful in the long 212 00:17:16,400 --> 00:17:21,000 term. >> Thank you. 213 00:17:24,319 --> 00:17:29,679 Just to clarify, I'm not hearing any changes that might need to be made 214 00:17:27,919 --> 00:17:33,600 before this goes in front of council for broader consideration. Overall, the 215 00:17:31,919 --> 00:17:37,760 committee's comfortable taking into >> I think so. Yeah. 216 00:17:36,080 --> 00:17:42,600 » So, ideally, we'll get this in front of council before the new four-year term 217 00:17:39,600 --> 00:17:42,600 starts. 218 00:17:43,600 --> 00:17:51,840 » So, these are the the main areas u under minimum and maximum balances. 219 00:17:49,360 --> 00:17:58,400 asset category, replacement cost. Those are the main um areas of our reserve 220 00:17:56,240 --> 00:18:03,600 that we're focusing on. So, I've tried to just give some context for each 221 00:18:00,400 --> 00:18:08,880 reserve as to how to think about planning in the financial planning 222 00:18:05,280 --> 00:18:12,320 process or saving some funds. when we include some of those longer 223 00:18:10,480 --> 00:18:16,000 term planning benchmarks, it's not that we're going to necessarily be able to 224 00:18:14,000 --> 00:18:20,559 accumulate that much in the reserve given our starting position and and 225 00:18:18,080 --> 00:18:24,799 we're not trying to have unrealistic expectations that we will be able to do 226 00:18:22,240 --> 00:18:30,480 so. But we should have notional ideas of how much is required for water, sewer, 227 00:18:27,760 --> 00:18:34,640 transportation, and other areas. So that when we're deciding things like the 228 00:18:31,919 --> 00:18:39,919 parcel tax uh increase for the year, for example, we can decide, you know, the 229 00:18:37,120 --> 00:18:46,080 prior year we did a $20 increase. Can we do a 25 or a $30 this year in that 230 00:18:42,480 --> 00:18:50,080 spirit of continuous improvement? Or are there other challenges within the base 231 00:18:48,160 --> 00:18:54,720 budget for the city that don't allow us to consider that? That'll continue to be 232 00:18:52,559 --> 00:18:58,400 a council decision as we go through the budgeting and financial planning 233 00:18:56,080 --> 00:19:02,720 process. But hopefully in that spirit of continuous 234 00:19:00,880 --> 00:19:06,799 improvement, we can try and make decisions that provide that 235 00:19:04,480 --> 00:19:11,520 year-over-year sequential improvement that will compound over time to 236 00:19:09,600 --> 00:19:14,559 something that, you know, narrows that infrastructure deficit. That's the goal 237 00:19:13,520 --> 00:19:17,760 and intention. >> Okay. Are you are you wanting this 238 00:19:16,080 --> 00:19:23,280 committee to make recommendations in certain areas? No. Okay. No, it'll still 239 00:19:21,360 --> 00:19:27,200 be all of council that'll decide that in the financial planning and budgeting 240 00:19:24,720 --> 00:19:31,440 process. Okay, that's good. >> More so that you agree that this is a 241 00:19:29,520 --> 00:19:37,120 reasonable base to reference and provides foundation for decision making. 242 00:19:34,080 --> 00:19:40,120 » Yeah. Yeah. Do anybody else have any comments? 243 00:19:42,640 --> 00:19:50,720 Councelor. Um, I just think given where we've come from, I mean, in 2021, 244 00:19:48,480 --> 00:19:54,000 we hoped to have a reserve policy set up where we had reserves, but unfortunately 245 00:19:52,720 --> 00:19:58,400 the budget had to be redundable about five different times that year due to 246 00:19:56,080 --> 00:20:01,760 the flood. So, um, I think given the circumstances that we've been fortunate 247 00:20:00,000 --> 00:20:06,480 enough to make [clears throat] it this far without I don't even want to jinx 248 00:20:04,320 --> 00:20:12,960 anything by saying it, but because we haven't had the major, you know, 249 00:20:08,080 --> 00:20:18,320 pandemic or disastrous flood so far. Um, so yeah, that um it's not what even 250 00:20:17,200 --> 00:20:22,080 though we're not at the 7 and a half million that we should have every year, 251 00:20:19,760 --> 00:20:26,400 at least the 2.9 is the start, at least we're halfway 252 00:20:23,679 --> 00:20:29,919 there. And I think that um leaving this for the next council to kind of improve 253 00:20:28,159 --> 00:20:34,240 on would probably be the best course. And maybe some of us will be there, 254 00:20:32,320 --> 00:20:36,720 maybe not. Who knows? >> But I appreciate the work that you put 255 00:20:35,919 --> 00:20:39,919 in >> and 256 00:20:38,559 --> 00:20:46,440 » overall, I think it looks good the way it is. Thank you. I would tend to agree, 257 00:20:42,960 --> 00:20:46,440 but good work. 258 00:20:46,559 --> 00:20:53,840 I don't know what else to do. I think that's it. 259 00:20:51,440 --> 00:20:57,360 » Pardon me. >> Read the recommendation. Oh, yes. The 260 00:20:55,919 --> 00:21:00,960 recommendation is that the audit and finance committee recommends that the 261 00:20:59,360 --> 00:21:06,720 city of merit reserve policy be forwarded to council for consideration. 262 00:21:04,080 --> 00:21:12,240 Council Edart. Councelor Olen. Thank you. All in favor? 263 00:21:09,679 --> 00:21:16,039 Gary >> termination of meeting.