If it’s February at the Grand River Conservation Authority then that means it’s time for the Annual General Meeting for the membership board, and if it’s the AGM, then that means it’s time for the final passage of the budget. Not much has changed with the budget in the last 30 days, just about half-a-million dollars or so, but there’s a lot of meeting to get through before the last word on the budget and that includes a lot of audit stuff.
NOTE: This meeting will be in a hybrid format and broadcast from the GRCA Administration Centre on YouTube starting at 9:30 am.
PRESENTATIONS:
There are two presentations listed on the agenda, but no materials were included in the agenda package. The titles of the two presentations are “Impacts of Climate Change on Precipitation Pattern” and “GRCA Stewardship Program Highlights.”
Correspondence – There’s one piece of mail this month, and it’s incoming. The Heritage Committee of Guelph/Eramosa Township passed a resolution last month to ask the GRCA to get the millstone from within the Everton Mill so that it can be incorporated into a new display.
Current Watershed Conditions – Although the first half of January had above average levels of precipitation, the first half of February had almost none. The snowpack from Janaury has been completely depleted, and the Low Water Response Team moved the regional back to normal conditions on February 1. For the next few months, the forecast is calling for above normal temperatures and below normal precipitation levels.
Canadian Heritage River 30th Anniversary Planning Update – As noted at a previous meeting, 2024 is the 30th year that the Grand River has had the status of a Canadian Heritage River. Activities planned to mark the anniversary will include an event at the Brant Conservation Area in September, encouraging other municipalities to create their own events, and submitting the 10-year report to the Canadian Heritage River Secretariat. Also, look for the commemoration plaque along the Speed River in Guelph to get replaced since the original one was lost and/or stolen.
Afforestation Services for Spring 2024 – The board needs to approve the awarding to two contracts to two different companies who are going to plant trees on private properties and GRCA lands along the watershed. The GRCA offers watershed residents access to a co-ordinated approach for afforestation services since the emphasis is planting trees in a naturalization-style to ensure best results and a successful planting season.
Elora Gorge Pines Trailer Staging and Sanitary Release Station – This is the awarding of another tender, in this case for a trailer staging and sanitary release station proposed for the Elora Gorge Conservation Area. Dozlan Construction was the winning (meaning lowest) tender out of ten bids.
Cash and Investment Status – As of the end of November, the GRCA had Notes Receivable in the amount of $57,746,577 with outstanding cheques written in the amount of $120,801.
Accounting for Tangible Capital Assets (TCA) Policy – As of the end of 2023, the audited financial statements of the GRCA need to include the estimated liability for Asset Retirement Obligations and Tangible Capital Assets created. The TCA is a broad term for the non-financial assets of a corporation, and they can be small as a computer and they could be as big as a piece of land or a building. As of the end of December, the TCA on the balance sheet is a little less that $94 million.
Audit Committee Terms of Reference – The terms of reference have only be slightly updated to reflect the new make up of the board and a couple of changes in the language. Still, they have be approved again by the full board.
Reserve Movements – Only one thing needs to be approved here, an increase to the Personnel Reserve of $150,000.
Approval of Financial Statements and Report of the Auditor – From the report, “In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Authority as at December 31, 2023, and its results of operations, its changes in net financial assets and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.”
Appointment of Auditors – Since KPMG did last year’s audit, and they are more or less the go-to firm for anyone in the public sector with financial statements that need to be reviewed by a third-party, the staff recommendation is to re-up with KPMG for 2024.
Presentation of Budget Estimates for the Current Year – Since we last looked at the budget, staff added $494,000 in new operating expenses for compensation, source protection, and planting. In some cases, these increases are covered by provincial funding, and in others it comes from increased fee revenues or a transfer from a reserve. There was also a $537,526 surplus for 2023, which is about four-times more than what was built into the 2023 budget this time last year. The 2024 budget for the GRCA is just over $37 million.
Provision for Borrowing (Pending Receipt of Municipal Levies) – Since the apportionment to the GRCA’s partner municipalities was only approved last month, the board needs to authorize GRCA staff to borrow $1 million so that they can pay the bills till the levy cheques start coming in.
Appointments to Committees – The board will have to vote for the make-up of the seven members of the Audit Committee, plus the appointment of two representatives to the Conservation Ontario Council.
CLOSED MEETING:
The only thing on this agenda are the minutes from the last closed meeting session.
Guelph Politico 