FINANCE & INTERGOVERNMENTAL COMMITTEE AGENDA Regular Meeting Wednesday, June 28, 2017 10:00 AM - Heritage Room 2580 Shaughnessy Street 1. CALL TO ORDER 2. ADOPTION OF THE AGENDA 2.1 Adoption of June 13, 2017 Finance and Intergovernmental Committee Meeting Agenda Recommendation: That the June 13, 2017 Finance and Intergovernmental Committee Meeting Agenda be adopted. 3. CONFIRMATION OF MINUTES 3.1 Minutes of May 30, 2017 Recommendation: That the Minutes of May 30, 2017 Finance and Intergovernmental Committee meeting be adopted. 4. DELEGATIONS 4.1 Translink An update on Translink initiatives 5. REPORTS 5.1 Municipal Finance Authority Survey on Socially Responsible Investing Recommendation: That the Director of Finance be authorized to respond to the survey on behalf of the City of Port Coquitlam that the city is not interested at this time in investing in an SRI fund. 6. RESOLUTION TO CLOSE 6.1 Resolution to Close the Finance and Intergovernmental Committee Meeting of June 13, 2017 Recommendation: That the Finance and Intergovernmental Committee Meeting be closed to the public under the following subsection of section 90 (1) j) information that is prohibited, or information that if it were presented in a document would be prohibited, from disclosure under section 21 of the 1
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FINANCE & INTERGOVERNMENTAL COMMITTEE AGENDA …€¦ · Mayor Greg Moore Councillor Laura Dupont Councillor Michael Forrest Councillor Darrell Penner Councillor Glenn Pollock Councillor
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FINANCE & INTERGOVERNMENTAL COMMITTEEAGENDA
Regular MeetingWednesday, June 28, 201710:00 AM - Heritage Room2580 Shaughnessy Street
1. CALL TO ORDER
2. ADOPTION OF THE AGENDA
2.1 Adoption of June 13, 2017 Finance and Intergovernmental CommitteeMeeting AgendaRecommendation: That the June 13, 2017 Finance and IntergovernmentalCommittee Meeting Agenda be adopted.
3. CONFIRMATION OF MINUTES
3.1 Minutes of May 30, 2017Recommendation: That the Minutes of May 30, 2017 Finance andIntergovernmental Committee meeting be adopted.
4. DELEGATIONS
4.1 TranslinkAn update on Translink initiatives
5. REPORTS
5.1 Municipal Finance Authority Survey on Socially Responsible InvestingRecommendation: That the Director of Finance be authorized to respond tothe survey on behalf of the City of Port Coquitlam that the city is notinterested at this time in investing in an SRI fund.
6. RESOLUTION TO CLOSE
6.1 Resolution to Close the Finance and Intergovernmental CommitteeMeeting of June 13, 2017Recommendation: That the Finance and Intergovernmental CommitteeMeeting be closed to the public under the following subsection of section 90(1)j) information that is prohibited, or information that if it were presented in adocument would be prohibited, from disclosure under section 21 of the
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Freedom of Information and Protection of Privacy Act;k) negotiations and related discussions respecting the proposed provisionof a municipal service that are at their preliminary stages and that, in the viewof council, could reasonably be expected to harm the interests of themunicipality if they were held in public.
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Minutes of the Meeting of the Finance & Intergovernmental Committee
Held on May 30, 2017
FINANCE & INTERGOVERNMENTAL
COMMITTEE MINUTES OF
TUESDAY, MAY 30, 2017
To review all matters referred to the Committee that are related to the
overall administration of the City including human resources, the City's
finances including audit, and other government organizations.
A meeting of the Finance & Intergovernmental Committee of the Corporation of the City of Port Coquitlam
was held in the Heritage Room, City Hall, 2580 Shaughnessy Street, Port Coquitlam, on May 30, 2017 at 4:45
pm.
PRESENT:
Mayor Greg Moore
Councillor Laura Dupont
Councillor Michael Forrest
Councillor Darrell Penner
Councillor Glenn Pollock
Councillor Dean Washington
Councillor Brad West
STAFF REPRESENTATIVES:
John Leeburn, Chief Administrative Officer
Lori Bowie, Director of Recreation
Nick Delmonico, Fire Chief
Karen Grommada, Director of Finance
Gabryel Joseph, Manager of Corporate Office & Lands
Jennifer Little, Manager of Planning
Steve Traviss, Director of Human Resources
Laura Lee Richard, Director of Development Services
Robin Wishart, Director of Corporate Support
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Minutes of the Meeting of the Finance & Intergovernmental Committee
Held on May 30, 2017
1. ADOPTION OF THE AGENDA
1.1 It was moved and seconded:
That the Agenda of the May 30, 2017 Finance and Intergovernmental Committee meeting be
adopted.
Carried
2. ADOPTION OF MINUTES
2.1 It was moved and seconded:
That the Minutes of the May 23, 2017 Finance and Intergovernmental Committee meeting be
adopted as circulated.
Carried
3. REPORTS
3.1 CRCP April Monthly Report
A discussion on the CRCP April Monthly report.
3.2 CRCP SCOPE OF OFFSITE WORKS
A discussion on the CRCP Scope of Offsite Works.
4. ADJOURNMENT
It was moved and seconded:
That the Finance and Intergovernmental Committee Meeting of May 30, 2017 be adjourned at 4:52pm.
The official Minutes of the May 30, 2017 Finance & Intergovernmental Committee Meeting are not read and adopted until certified correct by the Committee
Chairperson.
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Report to FIG
DATE:
June 5, 2017
TO:
Finance and Intergovernmental Committee
FROM:
Karen Grommada, Director of Finance
SUBJECT:
MUNICIPAL FINANCE AUTHORITY SURVEY ON SOCIALLY
RESPONSIBLE INVESTING
EXECUTIVE SUMMARY
The Municipal Finance Authority of British Columbia (MFABC) has issued a survey to find out
if there is an interest from regional districts and municipalities for a socially responsible
investing (SRI) – type pooled investment fund option. This report provides information on SRI,
and staff is seeking direction on how the city will respond to the survey.
The city’s investments are limited by the guidelines in the Community Charter, and the city
currently invests with credit unions and MFABC to maximize investment returns while
maintaining short term liquidity. Socially responsible investing may be defined as an investment
strategy which seeks to consider both financial return and social good to bring about social
change. SRI funds may use negative and/or positive screens of environmental, social and
governance risks to align a portfolio to specific values. Because with SRI there is a higher risk,
higher fees and less liquidity than the investments the City is currently investing in, it is
recommended that the Director of Finance respond to the survey that the city is not interested at
this time in investing in an SRI fund.
RECOMMENDATION
That the Director of Finance be authorized to respond to the survey on behalf of the City of Port
Coquitlam that the city is not interested at this time in investing in an SRI fund.
BACKGROUND & COMMENTS:
The Municipal Finance Authority of British Columbia (MFABC) has requested feedback from
all regional districts and municipalities as to their interest in a socially responsible investing
(SRI) – type pooled investment fund option. One individual per municipality is to submit a
response on behalf of the organization. This report provides information on SRI and staff is
seeking direction on how the city will respond to the survey. See attachment 1 for the survey.
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Guidelines on the investment of municipal funds in BC are laid out in the Community Charter.
Eligible investments under Section 183 of the Charter include:
Securities of the Municipal Finance Authority;
Pooled investment funds under section 16 of the Municipal Finance Authority Act;
Securities of Canada or of a province;
Securities guaranteed for principal and interest by Canada or by a province;
Securities of a municipality, regional district or greater board;
Investments guaranteed by a chartered bank;
Deposits in a savings institution, or non-equity or membership shares of a credit union.
Guidelines for MFABC pooled funds are laid out in the Municipal Finance Authority Act.
Eligible investments under Section 16 of the Act and the Pooled Funds Investment Policy
include:
Investments permitted under the provisions of the Trustee Act respecting the investment
of trust property by a trustee (“Prudent Investor Rule” guides these funds)
Highly rated commercial paper issued by Canadian corporations;
Investment-grade rated Canadian corporate bonds;
o Includes securitized instruments (i.e. credit card trusts);
Deposits, notes and certificates guaranteed by a savings institution;
Securities of a Canadian province or municipality; and
Securities of the government of Canada or the United States.
At December 31, 2016, the City of Port Coquitlam had the following types of investments:
Cash in the bank Guaranteed by a chartered
bank
$ 7,245,717
Term deposits with credit unions Guaranteed by Canada $160,000,000
Municipal Finance Authority Pooled Funds Pooled investment funds $ 6,062,702
In common with many public institutions, the MFABC has been approached with requests to
divest their pooled investment fund program of fossil-fuel related investments. The MFABC
believes that the narrow approach of divesting from fossil-fuel related investments is not feasible
(see attachment 2), however, they are open to exploring a broader, “socially responsible
investing” based approach to investment management.
Socially responsible investing may be defined as an investment strategy which seeks to consider
both financial return and social good to bring about social change. SRI funds may use negative
and/or positive screens of environmental, social and governance risks to align a portfolio to
specific values.
Examples of potential environmental, social and governance screens are:
Environment Social Governance
Greenhouse gas emissions Fair trade products Executive compensation
Climate change impacts Workplace health and safety Bribery and corruption
Renewable energy Labour standards Shareholder rights