CONCLUSION
The Buffalo Pound Water Treatment Corporation (Corporation) has presented its semi-annual report attached as Appendix A. The plan has been prepared based on the requirements defined in the Unanimous Membership Agreement. The report supports improved infrastructure stewardship, capital acquisition and capital reinvestments. It also supports the creation of a sustainable business plan for the Corporation.
BACKGROUND
The Buffalo Pound Water Treatment Corporation is the non-profit corporation that is responsible for the operation and maintenance of the Buffalo Pound Water Treatment Plant. The Corporation provides the Cities of Regina and Moose Jaw with a reliable and affordable supply of safe, high quality drinking water which meet the needs and expectations of consumers.
Under the terms of the Unanimous Membership Agreement, the Corporation is owned jointly by the City of Regina (74%) and the City of Moose Jaw (26%). The agreement requires the Corporation to provide the Cities with semi-annual reporting.
DISCUSSION
The Buffalo Pound Water Treatment Corporation is exclusively managed by the Board of Directors who are independent from the Cities of Regina and Moose Jaw and have the full authority to make strategic business decisions.
The semi-annual report includes the following information:
a) The strategic plan update for the Corporation
b) Project major capital expenditures in excess of $1 million
c) And matters that require the approval of the cities pursuant to Article 5 of the agreement
d) Six month financial statement for the period ending June 30 and financial projections against budget
e) Financial and operational performance against stated goals and objectives, including key performance indicator report
f) Capital and operational plans and budgets for the upcoming year
g) Reporting on performance of the board of Directors and any updates on the required skills and experience matrix for future appointments
h) Information that is likely to materially affect either of the cities
RECOMMENDATION IMPLICATIONS
Financial Implications
The Corporation has presented the required financial information in accordance to the agreement. They have presented the Q3 2017 operating results that are projecting a surplus to be transferred to their operating reserve at the end of the year. Their 2017 Capital budget is projected to be on target with all projects either in progress or complete. The 2018 water, capital and electrical rates have been established and are presented as information.
Environmental Implications
None with respect to this report.
Policy and/or Strategic Implications
None with respect to this report.
Other Implications
None with respect to this report.
Accessibility Implications
None with respect to this report.
COMMUNICATIONS
None with respect to this report.
DELEGATED AUTHORITY
The Buffalo Pound Board of Directors has the authority to make strategic business decisions, including approval of the operating and capital budgets for the Corporation and it is presented to City Council as information.
Respectfully submitted, Respectfully submitted,
June Schultz, Director Barry Lacey, Executive Director
Finance Financial & Corporate Services
Report prepared by:
Trevor Black, Manager, Budget & Financial Services