It only comes once a year, the annual shareholder meetings for both Guelph Municipal Holdings Inc, and Guelph Junction Railway.
City Council as Shareholder of Guelph Municipal Holdings Inc.
CLOSED MEETING: GMHI-2019-01 Guelph Municipal Holdings Inc. District Energy Assets Update
GMHI-2019-02 2018 GMHI Audited Financial Statements and Report from KPMG – Since last year, the merger of Guelph Hydro and Alectra Utilities has gone into effect, and that means other changes to the various GMHI assets; the decommissioning of the Hanlon Creek Business Park node of District Energy is almost complete, and options for the Downtown Node are being considered. In terms of organization, Jane Armstrong, the former Chair of the Guelph Hydro Board, was elected to be Guelph’s representative on the Alectra Board, while the newly merged company held its first town hall with employees in January. The Green Energy & Technology (GrE&T) centre is up and going, as is the advisory committee for the centre. Alectra has also invested $30,000 in various community activities.
GMHI-2019-03 Appointment of KPMG as Auditors for 2019 – It’s recommended that KPMG once again be appointed as the third-party auditor for GMHI.
Council as Shareholder of Guelph Junction Railway Annual General Meeting
CLOSED MEETING: GJR-2019-01 Guelph Junction Railway Limited Governance Review
GJR-2019-02 Guelph Junction Railway Limited Annual Report to the Shareholder – The annual report covers a wide range of information including historical, financial, and business related. Some of that information will be covered in a pair of specific reports, which is outlined below.
GJR-2019-03 Guelph Junction Railway Limited Assessment of Business and Governance – This report offers the shareholder an overview of GJR’s present governance, operations and ownership courtesy of the engineering firm AECOM. So what does that entail? Well, the report looks at things like insurance (we’re covered), safety (excellent), capital investments (improved), and pricing (competitive). Really, the only downside is that the report says that there’s a need for improvement on the governance side, with the GJR board needing to have a succession plan, and to further define the roles between GJR and City staff.
GJR-2019-04 Chief Financial Officer Report: 2018 Guelph Junction Railway Limited Audited Financial Statements – GJR had another good year in 2018, just not as good as 2017. For 2018, Guelph Junction Railway made a net income of $741,000, which is $116,000 less than the year before, which the audit blames on a decrease in plastic revenue and lower car counts due to the effect of bad winter weather. The dividend for the City this year is $80,000, while GJR is reinvesting $791,000 back into capital infrastructure, like the $135,000 they put towards the pedestrian trail system on the Eramosa River Bridge last year. In 2019, GJR will completely pay off their external loans with RBC, and will be initiating a debt repayment strategy to pay back money owed to the City.
GJR-2019-05 Appointment of KPMG LLP as Auditors for 2019 – Staff is endorsing KPMG to be the auditor for the 2019 fiscal year. KPMG has been the third-party auditor for Guelph Junction Railway since 2015.