Finance and Audit Committee Meeting

"That the agenda for the November 5, 2024 Finance and Audit Committee be approved."

WHERES the Northumberland Art Gallery plays a vital role in the cultural and educational landscape of Northumberland County, offering accessible artistic experiences, exhibitions, educational programs, and community engagement for all residents of the County; and WHEREAS the gallery has demonstrated its positive impact on local economic development by attracting visitors, supporting local artists, and promoting tourism within Northumberland; and WHEREAS the gallery is facing increasing costs due to inflation, rising operational costs, expansion needs, community demand for expanded programs, which affect its ability to maintain high-quality programming and accessibility for all residents; and WHEREAS investment in the arts has shown to increase community well- being, foster social cohesion, and contribute to overall quality of life; and WHEREAS the Town of Cobourg Residents have been the sole funders of the Gallery for 60 years despite it serving the entirety of the Northumberland Art Community for all those years; and WHEREAS the Gallery recently

"That the Finance and Audit Committee receive the correspondence from the Municipality of St. Charles regarding 'Asset Retirement Obligations' for information, noting that County Council previously considered correspondence regarding this subject matter at the October 16, 2024 County Council meeting and subsequently received the correspondence for information; and Further That the Committee recommend that County Council receive this correspondence for information."

"That the Finance and Audit Committee receive the 'Finance - Quarter 3, 2024 Financial Analysis' for information; and Further That the Committee recommend that County Council receive the 'Finance - Quarter 3, 2024 Financial Analysis' for information."

“That the Finance and Audit Committee, receive Report 2024-142 ‘Procurement Activity Quarterly Report – Quarter 3, 2024’ for information, noting that the Procurement By-law 21-2022 under section 4.2.2 requires the Purchasing Manager to provide a quarterly report to County Council that includes itemization of all purchases between $100,000 and $1,000,000; and include any over budget approvals up to 10% as authorized under section 6.2; and Further That the Committee recommend that County Council receive this report for information.”

“That the Finance and Audit Committee, having considered Report 2024- 143 ‘2024 Transfer of Funds to Reserve’, recommend that County Council enact a by-law at the November 20, 2024 County Council meeting to approve the transfer of funds to reserve, as identified in the attached By- law.”

“That the Finance and Audit Committee, having considered Report 2024- 144 ‘Community Grant Policy’, recommend that County Council adopt the Community Grant Policy at the November 20, 2024 County Council meeting; and Further That the committee recommend that County Council direct staff to develop the necessary procedures to accompany and implement the Community Grant Policy; and Further that the Finance and Audit Committee recommend that County Council identify this item for separate discussion at the November 20, 2024 County Council meeting.”

“That the Finance and Audit Committee, receive Report 2024-145 ‘2025 Budget Update’, for information; and Further That the Committee recommend that County Council identify this item for separate discussion at the November 20, 2024 County Council meeting.”

“That the Finance and Audit Committee recommend that County Council direct staff to prepare a report to be presented at the December 18, 2024 County Council Budget Deliberations meeting with further information regarding reserves and reserve funds.”